Avonmore Capital & Management Services Limited (**ACMS**) is a diversified Indian financial services conglomerate and a registered **Non-Banking Financial Company (NBFC)**. Operating as an **Investment and Credit Company (NBFC-ICC)**, the group has evolved from a traditional finance house into a multi-disciplinary platform spanning infrastructure consultancy, capital markets, healthcare, and high-growth green energy sectors. --- ### **Strategic Corporate Restructuring & Value Unlocking** The group is currently undergoing a transformative **Composite Scheme of Arrangement** (filed **September 2025**) designed to simplify its corporate architecture and ensure regulatory compliance with **SCRR** norms. * **Demerger of Broking Vertical:** The equity and commodity broking business of **Almondz Global Securities Ltd (AGSL)** is being carved out into a standalone entity, **Almondz Broking Services Ltd**. * **Consolidation of NBFC Operations:** Six entities—including **Almondz Finanz Limited**, **Apricot Infosoft**, and **Avonmore Developer**—are being amalgamated into the parent, **Avonmore Capital**. * **Strategic Objectives:** This restructuring eliminates **NBFC license multiplicity**, reduces administrative overheads, and allows the broking and lending businesses to pursue independent capital-raising and growth strategies. * **Shareholder Swap Ratio:** Shareholders of **AGSL** will receive shares in the new broking entity at a **1:1** ratio and in **Avonmore Capital** at a ratio of **967:1000**. --- ### **Diversified Business Segments & Subsidiary Ecosystem** The Group’s operations are managed through a robust network of subsidiaries and associates: | Segment | Key Entity | Core Operations | | :--- | :--- | :--- | | **Infrastructure Advisory** | **AGICL** | **ISO 9001:2015** certified; consultancy for highways, tunnels, and smart cities. | | **Investment Banking** | **AGSL** | Merchant banking, underwriting, loan syndication, and corporate advisory. | | **Lending & Finance** | **Almondz Finanz** | Commercial and consumer lending; debt and bond trading. | | **Wealth & Broking** | **Almondz Broking** | Equity/commodity broking (NSE, BSE, MCX) and mutual fund distribution. | | **Green Fuels** | **PGIPL (Associate)** | Production of Ethanol, ENA, and potable alcohol. | | **Waste-to-Value** | **Strategic Alliance** | MECC-based production of Bio-hydrogen and Methanol. | | **Healthcare** | **Skiffle Healthcare** | Super-specialized eye care under the **"Itek Vision Centre"** brand. | --- ### **Infrastructure Consultancy: The Growth Engine** Through **Almondz Global Infra-Consultant Limited (AGICL)** and the recent **100% acquisition** of **Excelling Geo & Engineering Consultant Private Limited** (completed **April 2026**), the group has established a dominant position in technical consultancy. * **Project Portfolio:** Managing over **100 projects** across India, including high-complexity assignments like the **Sungal and Naushera tunnels**. * **Human Capital:** A specialized pool of **50+ professionals**, including experts in hydrology and tunnel engineering, many with **Ex-NHPC** backgrounds. * **Financial Performance:** In **Q3 FY 2025-26**, the segment reported revenue of **₹31.51 Crore** and a **PAT of ₹2.66 Crore**, with a projected growth outlook of **~20%**. * **Order Book:** Stands at a healthy **₹187 Crore** as of **December 31, 2025**. --- ### **Green Energy & Waste-to-Value Innovation** ACMS is aggressively pivoting toward the renewable energy sector, capitalizing on India’s **10-20% ethanol blending mandates**. #### **1. Ethanol Production (PGIPL)** * **Himachal Pradesh Plant:** Currently operating an **85 KLPD** distillery. * **Expansion:** Developing a **200 KLPD** dedicated ethanol plant and a **250 KLPD** greenfield project in **Odisha**. * **Operational Status:** The Odisha plant is commissioned; commercial production is slated for **March 2026** following participation in the **OMC tender**. * **Financials:** PGIPL recorded **Q3 FY 2025-26** revenue of **₹206.12 Crore** and a profit of **₹13.95 Crore**. #### **2. MECC Technology Platform** The group has formed a **₹500 Crore strategic alliance** to deploy **Microbial Electrochemical Catalytic Cell (MECC)** reactors. This "Waste-to-Value" platform converts agricultural and food waste into high-value chemicals and fuels. | Product | Status | Application | | :--- | :--- | :--- | | **Bio-hydrogen** | **Plant Scale** | Industrial blending & methanol synthesis | | **Bio-methane (CBG)** | **Plant Scale** | CGD networks & power generation | | **Methanol** | **Plant Scale** | Industrial chemical (Priced at **₹22/litre**) | | **Acetic/Ethyl Acetate** | **Plant Trials** | Chemical feedstock | --- ### **Financial Profile & Capital Management** The group maintains a strong, nearly **debt-free balance sheet** at the holding level, providing the flexibility to fund opportunistic expansions. #### **Historical Performance (Consolidated)** | Metric (₹ Crore) | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :---: | :---: | :---: | | **Total Income** | **181.56** | **126.99** | **214.80** | | **Profit After Tax (PAT)** | **37.58** | **-** | **121.86** | | **Total Equity** | **344.98** | **277.57** | **254.19** | #### **Capital Raising & Liquidity Actions** * **Rights Issue (Jan 2025):** Raised **₹48.65 Crore** at **₹10 per share**. * **Preferential Allotment:** Approved issuance of **3,77,00,000 warrants** to promoters at **₹19.85**, totaling **₹74.83 Crore**. * **Stock Split (June 2024):** Sub-divided shares from **₹10 to ₹1** face value to enhance retail liquidity. * **Buyback (July 2022):** Repurchased **9,17,680 shares** at **₹95 per share**. * **Reserves:** Transferred **₹3.6 Crore** to the **Statutory Reserve Fund** in **FY 2024-25** (20% of net profit) per RBI mandates. --- ### **Risk Framework & Mitigation** * **Market Volatility:** The group’s earnings are sensitive to capital market fluctuations. A **Mark to Market (MTM) loss** of **₹70.79 Crore** was recorded in **Q2 FY 2025-26** due to equity market corrections, though management expects a reversal as indices recover. * **Credit Risk:** Managed via an **Expected Credit Loss (ECL)** model under **Ind AS 109**, with a **2% provision** on interest receivables and strict **180-day** default definitions. * **Project Execution:** The **Odisha Ethanol plant** faces timing risks related to **OMC procurement tenders**. * **Regulatory Oversight:** The company maintains a rigorous compliance framework to navigate **SEBI**, **RBI**, and **Stock Exchange** regulations, including recent clarifications on **SCRR Rule 8** regarding non-securities business. * **Liquidity Management:** Borrowings are minimal (**₹14.63 Crore** consolidated) and primarily consist of secured vehicle/equipment loans and overdrafts from **Axis Bank** and **IDBI Bank**.