Tilak Ventures Limited is a Mumbai-based financial services firm that has successfully transitioned from its historical roots in travel technology into a specialized **Non-Banking Financial Company (NBFC)** and commodity trading entity. The company focuses on high-yield capital market activities, credit provision to underserved segments, and active treasury management. --- ### **Core Business Segments & Revenue Streams** The company’s operations are strategically divided into two primary reportable segments designed to balance high-risk market returns with steady credit income. * **Finance & Investment Activities:** * **Credit Provision:** Advancing loans and advances to individuals, firms, and bodies corporate. The company targets "financially under-served" segments where formal credit penetration is low, utilizing data and technology to assess creditworthiness. * **Treasury Management:** Managing a diversified portfolio across **Equities, Mutual Funds, Government Securities (G-Sec), and Derivatives (F&O)**. * **Financial Intermediation:** Acting as underwriters, agents, and brokers for various instruments, including **National Saving Certificates** and **Small Saving Schemes**. * **Commodity & Bullion Trading:** * Active trading in **Commodities and Bullion**, leveraging internal expertise in market volatility patterns and sectoral movements to drive trading returns. **Revenue Contribution (FY 2023-24):** * **Securities Trading:** **33.00%** of total revenue. * **Government Securities (G-Sec):** **19.00%** of total revenue. --- ### **Strategic Capital Expansion & Rights Issues** Tilak Ventures is currently undergoing a massive capital infusion phase to scale its lending book and investment capacity. * **Rights Issue (January 2026):** The company recently completed a significant allotment of **89,13,93,612 fully paid-up equity shares** at a price of **₹1.00 per share**, raising **₹89.14 crore**. This followed an entitlement ratio of **2:1**. * **Rights Issue (October 2024):** Allotted **22,28,48,403 shares** at **₹2.20 per share** (including a premium of **₹1.20**), raising approximately **₹49.03 crore**. * **Authorized Capital Growth:** To accommodate these equity infusions, the **Authorised Share Capital** was increased from **₹73.25 crore to ₹173.25 crore** in September 2025. * **Utilization of Proceeds:** Funds are primarily earmarked for **Working Capital** (investments in shares, bullion, and derivatives) and **General Corporate Purposes** (capped at **25%**), including brand building and marketing. --- ### **Financial Performance & Growth Trajectory** The company has demonstrated a strong upward trend in both top-line revenue and bottom-line profitability over the last three fiscal cycles. | Metric (Standalone) | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | :--- | | **Total Revenue** | **₹26.06 Crore** | **₹15.99 Crore** | **₹9.03 Crore** | | **Net Profit** | **₹6.27 Crore** | **₹5.45 Crore** | **₹2.43 Crore** | | **Basic EPS (₹)** | **0.14** | **0.24** | **(0.39 Lakhs Loss in 2022)** | *Note: FY 2022-23 figures were restated in FY 2023-24 to correct a prior-period error regarding the non-recognition of **₹32.92 Lakhs** in goodwill from a business combination.* --- ### **Capital Structure & Liquidity Management** Tilak Ventures maintains a highly liquid balance sheet with a **negative net debt** position, providing a significant buffer against market shocks. | Metric (Consolidated - ₹ in Lakhs) | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Total Borrowings** | **801.70** | **239.75** | | **Less: Cash & Cash Equivalents** | **(2,736.47)** | **(892.49)** | | **Net Debt** | **(1,934.77)** | **(652.74)** | | **Total Equity** | **13,805.22** | **7,766.14** | | **Gearing Ratio (%)** | **(16.26%)** | **N/A** | * **Liability Profile:** Financial liabilities are almost exclusively short-term, with **₹801.70 Lakhs** in borrowings maturing within one year. * **Strategic Limits:** Shareholders have approved an increase in investment and loan limits up to **₹200 crore** and enhanced borrowing powers to **₹200 crore** to allow for leveraged growth. --- ### **Portfolio Rationalization & Corporate Restructuring** The company has taken steps to simplify its corporate structure and focus on its core financial competencies. * **Subsidiary Divestment:** On **June 4, 2025**, the Board approved the **100% sale** of its equity investment in **Yosto Ventures Pvt Ltd** (an e-commerce office supply startup). Following this divestment, the company has returned to reporting on a **Standalone** basis. * **Asset Allocation:** While pursuing high-yield returns in **Derivatives** and **Equity**, the company balances risk by maintaining a portion of its portfolio in low-risk **Government Securities** and **Liquid Bees**. --- ### **Risk Mitigation & Internal Controls** Management employs a multi-layered approach to risk, though recent audits have highlighted areas for improvement. * **Credit & Operational Risk:** The company implements stringent credit appraisal systems to keep **Loss Given Defaults (LGD)** within acceptable limits. It employs an external audit team to identify control gaps. * **Market Risk:** Exposure to interest rate volatility is managed through **fixed-rate contracts** for loans repayable on demand. * **Identified Weaknesses:** Recent secretarial audits noted **inadequate internal financial controls** regarding the monitoring of loan granting processes and the preparation of financial statements. --- ### **Regulatory Challenges & Contingent Liabilities** The company has faced significant scrutiny from **SEBI** regarding historical compliance issues. * **SEBI Penalties:** * **₹70,00,000 penalty** (Company and Directors Girraj Kishor Agrawal and Tanu Girraj Agarwal) for **Insider Trading** violations related to funding their own preferential issue. This is currently under appeal before the **Supreme Court of India**. * **₹28,00,000 penalty** (July 2023) for **PFUTP violations** involving mis-utilization of funds from preferential issues in 2010-2013. * **Market Restrictions:** A 6-month market ban imposed in July 2023 was stayed by the **Securities Appellate Tribunal (SAT)** in August 2023. * **Contingent Financial Exposures:** * **₹12.15 Crore:** Income Tax matters (AY 2013-14) regarding capital loss disallowance. * **₹26.07 Lakh:** Income Tax demand (AY 2014-15) related to trading losses. * **₹50.60 Lakh:** Uncalled preference share capital commitments. --- ### **Forward-Looking Outlook & Macro Factors** Tilak Ventures' growth is tied to the broader Indian financial landscape and its ability to navigate market volatility. * **Management Dependence:** The company is heavily reliant on its **Promoter Directors**, though it is notable that they held **no shares** as of late 2025 and did not participate in the most recent Rights Issue. * **Economic Sensitivity:** Profitability is sensitive to **GST/GAAR** tax changes, global financial instability (U.S. and Asian markets), and fluctuations in **crude prices** which impact commodity trading margins. * **Operational Strategy:** The company maintains a lean human resources structure to remain agile, focusing on improving margins through **operational efficiency** rather than simple cost-cutting.