Almondz Global Securities Ltd Forensic Report - SOIC x StockScans Report

as of Sep 2026

Almondz Global Securities' record is mixed: eight years of unqualified audits sit alongside a web of promoter-linked transactions, concentrated subsidiary profits, and recurring self-ratification of board pay. The group's cash generation has been negative in three of the last four years, and its reported borrowings understate economic obligations through extended promoter capital and parent guarantees.

Key findings

  1. Promoter-linked transactions dominate revenue and loans, with approvals repeatedly sought Major - Related-party revenue from promoter entities reached 34% of total in FY2025-26, and the company is again seeking shareholder approval for material transactions with its parent and a subsidiary. The FY2025-26 AGM notice proposes limits of Rs. 386.50 crore with ACMS and Rs. 315 crore with Almondz Finanz Limited, each for fifteen months. The FY2024-25 notice sought similar approvals for up to Rs. 265 crore and Rs. 125 crore respectively. A 2023 notice had sought a five-year omnibus approval covering lending, guarantees, and securities up to Rs. 800 crore per annum with subsidiaries and associates.
  2. Reported borrowings understate the group's economic obligations: promoter preference capital was extended from 3 to 20 years, subsidiary debt is backstopped by parent guarantees and pledged parent properties, and the group's own cash disclosures include deposits under lien Major - The 7% Non-Convertible Non-Cumulative Redeemable Preference Shares of Rs. 100 each aggregating Rs. 1,200 lac issued to promoter Avonmore Capital & Management Services Limited were redeemed pre-maturity on 31 December 2023. The group's total cash of Rs. 2,300.26 lac as at March 31, 2025 is stated to include bank deposits under lien, excluding interest accrued but not due. Properties at Goregaon and Mumbai were pledged with Bank of Baroda on behalf of Almondz Global Infra Consultant Ltd (AGICL) for two term loans. The working capital term loan of Rs. 5 crore from ICICI Bank is secured by hypothecation of equipment and collateral property at Grande Palladium, Kalina, Mumbai, and is corporate guaranteed by holding company Almondz Global Securities Limited and personally guaranteed by Mr. Navjeet Singh Sobti. The overdraft facility from ICICI Bank with sanctioned limit Rs. 500.00 lacs is secured against hypothecation of book debts and current assets plus collateral property at Grande Palladium, Kalina, Mumbai, and is corporate guaranteed by holding company Almondz Global Securities Limited and personally guaranteed by Mr. Navjeet Singh Sobti. Corporate guarantees outstanding to lenders of AGICL were Rs. 1,209.95 lac as at March 31, 2025, with no financial entry made for these financial guarantee contracts because management assessed fair value as nil. The group states "there were no borrowings at floating interest rates" as of the reporting date, while the FY2022-23 consolidated notes state the group's borrowings were contracted at floating rates.
  3. Promoter-controlled board repeatedly ratifies its own remuneration with near-unanimous votes, while public shareholders barely participate Major - Promoter and promoter group held 88,878,130 shares and voted 99.9966% of them in favour of appointing Mrs. Neelu Jain as Independent Director on 8 July 2026, while public non-institutions voted only 7.6403% of their 84,540,569 shares. Shareholders ratified excess perquisite of Rs 71.89 Lakhs paid to Mr. Ajay Pratap, Director Legal Corporate Affairs & Company Secretary, for FY 2024-25 arising from exercise of stock options, with 99.999% of 97,176,721 valid votes in favour on 30 September 2025. Promoter and promoter group held 15,602,102 shares and voted 100% of them in favour of appointing Mr. Manoj Kumar Arora as director and whole-time director on 22 July 2024, while public institutions held 774,457 shares and cast 0 votes. Promoter shareholding was 55.01% as of latest FY, with pledge at 0.00%.
  4. Operating cash flow has been negative in three of the last four reported years, while cumulative CFO covers only 63% of adjusted PAT over nine years, indicating profit is not consistently backed by cash generation Minor - Consolidated CFO was ₹-4.09 crore in FY2025-26, ₹-9.42 crore in FY2024-25, ₹35.06 crore in FY2023-24, and ₹-13.73 crore in FY2022-23, against PAT of ₹28.72 crore, ₹17.32 crore, ₹34.07 crore, and ₹15.78 crore respectively. Cumulative CFO of ₹70 crore over nine years equals 0.63x of cumulative PAT of ₹149 crore less other income of ₹37 crore. ROCE was 11.89% in FY2025-26, 8.10% in FY2024-25, and 16.81% in FY2023-24.
  5. Corporate guarantees to lenders of wholly owned subsidiaries fell from Rs.1,727.70 lacs to Rs.1,209.95 lacs in FY25, with no financial provision made on management's assessment of nil fair value Minor - Corporate guarantees outstanding to lenders of AGICL (wholly owned subsidiary) were Rs.1,209.95 lac in FY25, down from Rs.1,727.70 lacs in the previous year; guarantees to lenders of Skiffle (wholly owned subsidiary) were Rs.Nil lac, down from Rs.1.89 lacs. Management made no financial entry for these financial guarantee contracts at inception or balance sheet date, stating fair value is nil as the guarantees "merely to fulfil the requirements of loan" with no interest-rate savings and no probability of default by subsidiaries due to "strong order book & cash flows in the forseeable future". Corporate guarantees given to lenders of AGICL were Rs.1,191.66 lac in FY23 (previous year Rs.1,142.58 lacs) and to lenders of Skiffle were Rs.23.44 lac (previous year Rs.43.00 lacs). Corporate guarantees given to lenders of AGICL were Rs.1,142.58 lac in FY22 (previous year Rs.662.93 lacs) and to lenders of Skiffle were Rs.43.00 lac (previous year Rs.51.13 lacs). Properties at Goregaon and Mumbai were pledged with Bank of Baroda on behalf of Almondz Global Infra Consultant Ltd (AGICL) for two term loans. A term loan from bank (AGSL) of Rs.672 lac was secured by equitable mortgage of property at Unit No. 501, Grande Palladium, Kalina, Santacruz East, Mumbai, and guaranteed by Mr. Navjeet Singh Sobti (MD) and corporate guarantee by Avonmore Capital & Management Services Limited.
  6. Eight consecutive years of unqualified audit opinions with clean CARO reports, but the audit-trail control was not fully effective in FY2024 and the auditor has repeatedly relied on management representations for the Rule 11(e) fund-routing checks Minor - The consolidated auditor's report for FY2026 (Mohan Gupta & Company, FRN 006519N, dated 22 May 2026) expressed an unqualified opinion on the consolidated Ind AS financial statements. The auditor's report for FY2026 stated that the accounting software's audit trail (edit log) facility operated throughout the year for all transactions, was not tampered with, and was preserved as per statutory requirements. The auditor's report for FY2026 stated that CARO reports for the Company and subsidiaries contained no qualifications or adverse remarks. The auditor's report for FY2024 stated that the audit trail (edit log) feature was not enabled throughout the year for one accounting software of the Holding Company, and the audit trail was not enabled for direct changes to database and related interfaces across accounting software. The auditor's report for FY2026 stated that managements of the Company and India-incorporated subsidiaries represented that no funds were advanced, loaned, or invested to intermediaries with an understanding to lend or invest in ultimate beneficiaries or provide guarantee or security on their behalf. The auditor's report for FY2026 stated that managements of the Company and India-incorporated subsidiaries represented that no funds were received from funding parties with an understanding to lend or invest in ultimate beneficiaries or provide guarantee or security on their behalf. The auditor's report for FY2026 stated that, based on audit procedures, nothing came to the auditor's notice causing belief that the Rule 11(e) representations contained material misstatement. The auditor's report for FY2025 stated that managements of the Company and its India-incorporated subsidiaries represented that no funds were advanced, loaned, or invested to any intermediary with the understanding that the intermediary shall lend or invest in ultimate beneficiaries or provide guarantee or security on their behalf. The auditor's report for FY2025 stated that, based on audit procedures performed, nothing came to the auditor's notice causing belief that the Rule 11(e) representations contained any material misstatement. The auditor's report for FY2020 stated that unsecured loans granted to parties covered under the Section 189 register had no stipulated schedule of repayment of principal and payment of interest, and the auditor was "unable to comment on regularity"; no overdue amounts existed. The auditor's report for FY2026 stated that no directors of Group companies or associates incorporated in India were disqualified as on 31 March 2026 under Section 164(2). The auditor's report for FY2026 stated that managerial remuneration for the year ended 31 March 2026 was paid or provided by the Holding Company, subsidiaries, and associates in accordance with Section 197 read with Schedule V.

What to watch

Bottom line: Almondz Global Securities presents a clean audit record, but the substance of its related-party dealings, subsidiary structure, and cash generation warrants scrutiny. The company's profit is heavily concentrated in subsidiaries, its promoter-related transactions are material and recurring, and its operating cash flow has been negative in three of the last four years. The board's near-unanimous self-ratifications, with minimal public participation, and the extension of promoter preference capital to 20 years, suggest governance that prioritises promoter interests. Watch the upcoming AGM votes and the amalgamation's terms for further signals.