Scans

Tools

Home

Charts

Watchlist

Products

Upsurge Investment & Finance Ltd

UPSURGE

BSE

₹56.95+1.41%19 Oct 2026

Reports

NBFC Others

Upsurge Investment & Finance Ltd

UPSURGE

BSE

₹56.95

+1.41%

19 Oct 2026

SOICxStockScans Reports

Ask AI

NBFC Others

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.

Upsurge Investment & Finance Ltd is a Mumbai-based financial services firm that hunts for “hidden gems” - small and mid-size businesses it believes are undervalued because of temporary industry downturns - and then provides them with the money and strategic advice to accelerate their growth. It has operated for more than two decades as a non-deposit-taking NBFC registered with the Reserve Bank of India, listed on the BSE since 1996, and led by a team whose senior professionals carry over 120 years of combined experience in financial structuring and advisory. That same philosophy of identifying undervalued assets and backing them with patient capital runs through everything it does, whether it is lending against collateral, trading listed shares, or advising a business from its earliest days up to a pre-IPO fundraise.

Business segments

A single financial-services engine that makes money three ways - lending to small businesses, trading and investing in listed securities, and advising SMEs on strategy and capital - all built around the same skill of spotting undervalued opportunities.

1. Fund-based lending and investment: the balance-sheet engine

The company puts its own capital to work by making secured loans to small enterprises and by actively buying and selling listed shares, with every asset marked to market daily.

Loans backed by collateral - it provides term loans to micro, small and medium enterprises (MSMEs) and for construction finance, secured against a pledge of shares, the underlying asset being financed, cash, or bank guarantees. As of March 2025, 78.5% of its loan book was secured by tangible assets, and every single loan was classified as low credit risk with no past-due accounts.
Credit risk caught early - the company uses a three-stage expected credit loss model that tracks days past due, so a loan moves into a watchlist at 30 days and is considered in default at 90 days. That is how it keeps its entire portfolio in Stage 1, meaning all loans were in Stage 1 as of the reporting dates.
Funded lightly, so the downside is contained - the company carries very little debt, with a debt-equity ratio of just 0.07 as of March 2024, and its borrowings are limited to an overdraft secured against its own fixed deposits. That means it funds most of its lending and investing from its own equity rather than from borrowed money.

2. SME advisory and capital-raising: the fee-for-expertise engine

The company sells its know-how to small and mid-size businesses that need a strategic roadmap and access to capital, taking them from seed stage all the way to a pre-IPO round.

Strategy first, money second - the advisory work begins with reconceptualising a client’s business model, fixing its financial structure, and bringing in board-level governance and succession-planning experience. The company concurrently helps raise money through structured funding options for SMEs.
A menu of funding options - it arranges standard business loans, loans against commodities, project financing, and syndicated facilities that pool multiple lenders, so a growing SME does not have to rely on a single bank relationship.
Down to the retail level - the firm also offers microcredit, term loans, and working-capital assistance to small traders and even low-income families, using a tech-based loan facilitator to generate leads. That extends its reach beyond the mid-size companies that form its core advisory clients.
The full lifecycle play - by covering everything from seed funding through to pre-IPO capital raises, the advisory practice can stay with a client for years, earning fees at each stage as the business grows from a “hidden gem” into a more established enterprise.

Group structure and partners

The company stands alone - no subsidiaries, no joint ventures, no foreign operations - and is controlled by its promoters with just over half the equity.

The promoters hold 54.40% of the shares, with the public holding the remaining 45.60%.
It has no subsidiary or joint venture in any period covered by its filings, and it operates entirely within India with no foreign-currency transactions.
The only related-party transaction of note is a rent payment of ₹4.2 lakh per year to Sankalp Properties Pvt. Ltd., where a key manager is a member.
The paid-up equity capital was expanded through the conversion of 18.5 lakh convertible warrants at an exercise price of ₹54.75 per share, bringing in fresh equity rather than debt.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹125Cr

Close Price

₹56.95

Industry

NBFC Others

Price To Earnings

10.59

Price To Sales

1.85

Revenue

₹68Cr

Rev Gr TTM

Revenue Growth TTM

-41.78%

PAT Gr TTM

PAT Growth TTM

-39.29%

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	10	17	21	19	39	18	37	22	22	9	2	34
Growth YoY Revenue Growth YoY%	-17.9	173.9	364.7	77.0	306.2	5.2	78.1	15.5	-44.6	-49.2	-93.4	53.0
Expenses ExpensesCr	7	14	17	14	28	16	36	13	21	7	10	14
Operating Profit Operating ProfitCr	3	3	3	6	12	2	0	9	1	2	-8	21
OPM OPM%	33.0	18.2	16.2	29.5	30.1	11.9	0.4	41.3	5.4	17.8	-320.3	59.9
Other Income Other IncomeCr	0	0	0	0	0	0	1	2	0	0	0	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	3	3	3	6	12	2	0	11	1	1	-8	21
Tax TaxCr	1	1	1	1	2	0	0	3	0	0	-2	5
PAT PATCr	3	2	3	4	9	2	0	8	1	1	-6	16
Growth YoY PAT Growth YoY%	20.7	386.2	197.9	31.3	258.4	-29.3	-88.7	71.0	-90.0	-51.7	-2,109.7	109.1
NPM NPM%	27.0	14.8	13.3	23.1	23.8	9.9	0.8	34.1	4.3	9.4	-257.4	46.7
EPS EPS₹	1.7	1.6	1.8	3.0	5.2	1.0	0.2	3.8	0.5	0.4	-2.8	7.3

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	10	17	21	19	39	18	37	22	22	9	2	34
Growth YoY Revenue Growth YoY%	-17.9	173.9	364.7	77.0	306.2	5.2	78.1	15.5	-44.6	-49.2	-93.4	53.0
Expenses ExpensesCr	7	14	17	14	28	16	36	13	21	7	10	14
Operating Profit Operating ProfitCr	3	3	3	6	12	2	0	9	1	2	-8	21
OPM OPM%	33.0	18.2	16.2	29.5	30.1	11.9	0.4	41.3	5.4	17.8	-320.3	59.9
Other Income Other IncomeCr	0	0	0	0	0	0	1	2	0	0	0	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	3	3	3	6	12	2	0	11	1	1	-8	21
Tax TaxCr	1	1	1	1	2	0	0	3	0	0	-2	5
PAT PATCr	3	2	3	4	9	2	0	8	1	1	-6	16
Growth YoY PAT Growth YoY%	20.7	386.2	197.9	31.3	258.4	-29.3	-88.7	71.0	-90.0	-51.7	-2,109.7	109.1
NPM NPM%	27.0	14.8	13.3	23.1	23.8	9.9	0.8	34.1	4.3	9.4	-257.4	46.7
EPS EPS₹	1.7	1.6	1.8	3.0	5.2	1.0	0.2	3.8	0.5	0.4	-2.8	7.3

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	14	13	39	26	23	28	38	33	58	113	54	68
Growth Revenue Growth%	-50.0	-6.7	198.4	-34.8	-12.0	25.5	34.9	-14.5	77.7	95.2	-52.7	-41.8
Expenses ExpensesCr	14	13	36	24	27	19	27	32	45	93	49	52
Operating Profit Operating ProfitCr	0	1	4	2	-4	10	11	1	13	20	4	16
OPM OPM%	1.6	4.5	9.3	6.2	-17.6	34.2	28.6	3.3	23.0	17.6	8.0	23.1
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	1	2	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	1	1	1
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	0	1	4	1	-4	10	11	1	13	20	5	15
Tax TaxCr	0	0	1	0	0	0	1	0	2	4	2	3
PAT PATCr	0	1	3	1	-4	9	9	1	11	16	3	12
Growth PAT Growth%	53.1	167.9	492.6	-62.2	-452.2	323.7	2.9	-94.6	2,139.4	41.6	-79.8	-39.3
NPM NPM%	1.4	3.9	7.8	4.5	-18.0	32.1	24.5	1.5	19.4	14.1	6.0	17.2
EPS EPS₹	0.1	0.3	2.0	0.8	-2.7	6.0	6.2	0.3	7.4	8.8	1.5	5.4

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	14	13	39	26	23	28	38	33	58	113	54	68
Growth Revenue Growth%	-50.0	-6.7	198.4	-34.8	-12.0	25.5	34.9	-14.5	77.7	95.2	-52.7	-41.8
Expenses ExpensesCr	14	13	36	24	27	19	27	32	45	93	49	52
Operating Profit Operating ProfitCr	0	1	4	2	-4	10	11	1	13	20	4	16
OPM OPM%	1.6	4.5	9.3	6.2	-17.6	34.2	28.6	3.3	23.0	17.6	8.0	23.1
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	1	2	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	1	1	1
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	0	1	4	1	-4	10	11	1	13	20	5	15
Tax TaxCr	0	0	1	0	0	0	1	0	2	4	2	3
PAT PATCr	0	1	3	1	-4	9	9	1	11	16	3	12
Growth PAT Growth%	53.1	167.9	492.6	-62.2	-452.2	323.7	2.9	-94.6	2,139.4	41.6	-79.8	-39.3
NPM NPM%	1.4	3.9	7.8	4.5	-18.0	32.1	24.5	1.5	19.4	14.1	6.0	17.2
EPS EPS₹	0.1	0.3	2.0	0.8	-2.7	6.0	6.2	0.3	7.4	8.8	1.5	5.4

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	15	15	15	15	15	15	15	15	15	20	22
Reserves ReservesCr	6	7	10	9	5	14	22	22	33	84	95
Current Liabilities Current LiabilitiesCr	0	1	5	1	3	4	2	5	5	2	6
Non Current Liabilities Non Current LiabilitiesCr	0	0	0	0	0	0	0	0	0	1	0
Total Liabilities Total LiabilitiesCr	22	23	30	25	23	33	39	42	52	107	123
Current Assets Current AssetsCr	20	21	25	9	11	15	20	26	24	48	56
Non Current Assets Non Current AssetsCr	2	2	5	15	12	18	19	16	28	60	67
Total Assets Total AssetsCr	22	23	30	25	23	33	39	42	52	107	123

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	15	15	15	15	15	15	15	15	15	20	22
Reserves ReservesCr	6	7	10	9	5	14	22	22	33	84	95
Current Liabilities Current LiabilitiesCr	0	1	5	1	3	4	2	5	5	2	6
Non Current Liabilities Non Current LiabilitiesCr	0	0	0	0	0	0	0	0	0	1	0
Total Liabilities Total LiabilitiesCr	22	23	30	25	23	33	39	42	52	107	123
Current Assets Current AssetsCr	20	21	25	9	11	15	20	26	24	48	56
Non Current Assets Non Current AssetsCr	2	2	5	15	12	18	19	16	28	60	67
Total Assets Total AssetsCr	22	23	30	25	23	33	39	42	52	107	123

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-2	6	4	-4	4	2	-15	10	-2	-27	-15
Investing Cash Flow Investing Cash FlowCr	0	0	-3	-3	-2	3	18	-9	1	-15	12
Financing Cash Flow Financing Cash FlowCr	0	0	0	-1	0	0	-1	-1	-1	41	9
Net Cash Flow Net Cash FlowCr	-2	6	2	-8	2	5	3	0	-2	-1	6
Free Cash Flow Free Cash FlowCr	-2	6	5	-4	4	2	-15	10	-2	-27	-15
CFO To PAT CFO To PAT%	-993.5	1,082.6	139.3	-351.1	-90.8	21.6	-160.6	1,946.6	-19.2	-171.2	-459.6
CFO To EBITDA CFO To EBITDA%	-831.7	933.5	116.5	-256.8	-92.9	20.3	-137.6	916.8	-16.3	-137.3	-345.9

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-2	6	4	-4	4	2	-15	10	-2	-27	-15
Investing Cash Flow Investing Cash FlowCr	0	0	-3	-3	-2	3	18	-9	1	-15	12
Financing Cash Flow Financing Cash FlowCr	0	0	0	-1	0	0	-1	-1	-1	41	9
Net Cash Flow Net Cash FlowCr	-2	6	2	-8	2	5	3	0	-2	-1	6
Free Cash Flow Free Cash FlowCr	-2	6	5	-4	4	2	-15	10	-2	-27	-15
CFO To PAT CFO To PAT%	-993.5	1,082.6	139.3	-351.1	-90.8	21.6	-160.6	1,946.6	-19.2	-171.2	-459.6
CFO To EBITDA CFO To EBITDA%	-831.7	933.5	116.5	-256.8	-92.9	20.3	-137.6	916.8	-16.3	-137.3	-345.9

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	37	22	67	30	17	35	69	50	70	166	125	125
Price To Earnings Price To Earnings	186.5	43.4	22.0	26.0		3.8	7.4	100.4	6.2	10.4	38.8	10.6
Price To Sales Price To Sales	2.6	1.7	1.7	1.2	0.8	1.2	1.8	1.5	1.2	1.5	2.3	1.9
Price To Book Price To Book	1.7	1.0	2.7	1.3	0.8	1.2	1.8	1.4	1.5	1.6	1.1	1.1
EV To EBITDA EV To EBITDA	148.7	24.6	17.1	17.8	-3.8	3.0	5.4	38.0	4.7	7.1	26.1	7.0
Profitability Ratios Profitability Ratios
GPM GPM%	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0
OPM OPM%	1.6	4.5	9.3	6.2	-17.6	34.2	28.6	3.3	23.0	17.6	8.0	23.1
NPM NPM%	1.4	3.9	7.8	4.5	-18.0	32.1	24.5	1.5	19.4	14.1	6.0	17.2
ROCE ROCE%	1.7	2.8	13.0	6.3	-17.8	29.4	27.8	2.6	26.2	19.6	4.9	4.9
ROE ROE%	0.9	2.4	12.3	4.8	-20.5	31.4	24.9	1.4	23.6	15.3	2.8	2.8
ROA ROA%	0.9	2.2	10.1	4.7	-18.0	27.4	23.7	1.2	21.5	14.9	2.6	2.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	37	22	67	30	17	35	69	50	70	166	125	125
Price To Earnings Price To Earnings	186.5	43.4	22.0	26.0		3.8	7.4	100.4	6.2	10.4	38.8	10.6
Price To Sales Price To Sales	2.6	1.7	1.7	1.2	0.8	1.2	1.8	1.5	1.2	1.5	2.3	1.9
Price To Book Price To Book	1.7	1.0	2.7	1.3	0.8	1.2	1.8	1.4	1.5	1.6	1.1	1.1
EV To EBITDA EV To EBITDA	148.7	24.6	17.1	17.8	-3.8	3.0	5.4	38.0	4.7	7.1	26.1	7.0
Profitability Ratios Profitability Ratios
GPM GPM%	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0
OPM OPM%	1.6	4.5	9.3	6.2	-17.6	34.2	28.6	3.3	23.0	17.6	8.0	23.1
NPM NPM%	1.4	3.9	7.8	4.5	-18.0	32.1	24.5	1.5	19.4	14.1	6.0	17.2
ROCE ROCE%	1.7	2.8	13.0	6.3	-17.8	29.4	27.8	2.6	26.2	19.6	4.9	4.9
ROE ROE%	0.9	2.4	12.3	4.8	-20.5	31.4	24.9	1.4	23.6	15.3	2.8	2.8
ROA ROA%	0.9	2.2	10.1	4.7	-18.0	27.4	23.7	1.2	21.5	14.9	2.6	2.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	IBLFL	SANGAMFIN	RAAMA	UPSURGE	SONAL	TRUSTEDGE	KIFS
Market CapitalizationMkt CapCr	147	145	126	125	122	120	119
Close PriceClose₹	59.50	31.00	13.85	56.95	82.66	130.30	110.00
IndustryIndustry	NBFC Others	NBFC Others	NBFC Others	NBFC Others	NBFC Others	NBFC Others	NBFC Others
Price To EarningsPE	60.71	19.14	16.10	10.59	5.15	106.80	14.27
Price To SalesPS	8.59	6.26	3.79	1.85	3.33	16.72	3.07
RevenueRevenueCr	17	23	33	68	37	7	39
Revenue Growth TTMRev Gr TTM%	32.3%	16.4%	7,620.9%	-41.8%	4.0%	349.4%	26.8%
PAT Growth TTMPAT Gr TTM%	3.8%	-12.2%	74,000.0%	-39.3%	0.8%	818.8%	1.2%

	IBLFL	SANGAMFIN	RAAMA	UPSURGE	SONAL	TRUSTEDGE	KIFS
Market CapitalizationMkt CapCr	147	145	126	125	122	120	119
Close PriceClose₹	59.50	31.00	13.85	56.95	82.66	130.30	110.00
IndustryIndustry	NBFC Others	NBFC Others	NBFC Others	NBFC Others	NBFC Others	NBFC Others	NBFC Others
Price To EarningsPE	60.71	19.14	16.10	10.59	5.15	106.80	14.27
Price To SalesPS	8.59	6.26	3.79	1.85	3.33	16.72	3.07
RevenueRevenueCr	17	23	33	68	37	7	39
Revenue Growth TTMRev Gr TTM%	32.3%	16.4%	7,620.9%	-41.8%	4.0%	349.4%	26.8%
PAT Growth TTMPAT Gr TTM%	3.8%	-12.2%	74,000.0%	-39.3%	0.8%	818.8%	1.2%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26