Avonmore Capital & Management Services is a listed Indian financial holding company that has spent three decades quietly building a federation of businesses - from capital markets advisory to infrastructure consulting, lending, green fuel, and even eye care - under one roof. It began with the 1994 launch of Almondz Global Securities, an advisory firm that proved the group could navigate India’s regulatory and market shifts, and that success became the template for everything that followed. The recurring approach is to use a near debt-free balance sheet to act opportunistically - acquiring, incubating, or restructuring businesses when the moment is right, then simplifying the structure when it gets too complex. # Business segments Five engines at different stages - a capital markets advisory cash cow, a fast-growing infrastructure consultancy, a lending business being folded back into the parent, a green-fuel bet awaiting its second act, and a small chain of eye clinics - each built with the cash flows of the one before. ## 1. Capital markets advisory: the group’s original engine and fee-income anchor **Almondz Global Securities has been advising companies on deals, restructuring, and capital raising since 1994, earning fees rather than taking balance-sheet risk.** - **Paid for advice, not lending** - the firm earns fee-based revenue from equity and debt syndication, IPO and FPO management, bespoke advisory, wealth management advisory, and equity broking, serving corporate, institutional, high-net-worth, and retail clients. - **A consulting firm, not just a broker** - its subsidiary Almondz Global Securities Limited has pivoted over time into a diversified consulting company offering strategic advisory, transaction advisory, business transformation, turnaround and restructuring, risk advisory, insolvency activities, and valuation services. - **What remains gets absorbed** - the Remaining Business of Transferor Company No. 1 is proposed to be transferred into the Transferee Company, with shareholders receiving 967 Avonmore shares for every 1,000 shares they hold. ## 2. Infrastructure consulting: the project pipeline that feeds on government spending **Almondz Global Infra-Consultant turns government infrastructure budgets into fee income by providing everything from concept to commissioning - and it is empanelled with more than 30 government departments, which makes displacing it hard.** - **Full lifecycle, one contract** - its services span project concept development, structuring, transaction advisory, planning, design, engineering, project management, supervision, independent engineer roles, safety audits, and operation and maintenance. - **Empanelled with the gatekeepers** - Almondz Global Infra-Consultant Limited, a step-down subsidiary, is empanelled with more than 30 government departments and agencies, creating a barrier to entry for competitors who lack the same credentials and track record. - **Scale that is visible in the project count** - it has completed more than 50 projects and is currently handling more than 100 across roads, highways, bridges, tunnels, smart cities, urban infrastructure, water, wastewater, tourism, railways, metro rail, ports, inland waterways, and airports. - **Bought with the rights-issue proceeds** - in August 2025, Avonmore Capital acquired a 20.85% stake in AGICL by converting an outstanding loan into equity, deploying capital raised in the January 2025 rights issue. ## 3. NBFC lending: a secured-loan book being folded back into the parent **Almondz Finanz provides secured mid-market corporate loans and trades debt and equity, but it is being amalgamated into Avonmore as part of a deliberate simplification of the group’s NBFC licences.** - **Secured lending to companies** - the business generates interest income from loans to corporate borrowers, focused on secured mid-market lending, alongside income from trading debt and equity securities. - **Short to medium term** - Almondz Finanz Limited provides inter-corporate loans and business loans, with interest recognised on an accrual basis except for non-performing assets, where RBI prudential norms apply. - **Moved up the chain, then absorbed** - originally a subsidiary of AGSL, it became a direct wholly owned subsidiary of Avonmore in February 2024 after RBI approval, and is now proposed to be amalgamated into Avonmore to reduce the number of NBFCs in the group and surrender licences. ## 4. Green fuel and ethanol: a distillery business waiting for its second plant to fire **Premier Green Innovations is the largest ethanol supplier in Himachal Pradesh and runs a 285 KLPD grain-based distillery, but its Odisha expansion - a 200 KLPD plant that is fully built - cannot start commercial production until it wins a procurement contract from the government’s oil marketing companies.** - **Two products, one feedstock** - it manufactures and sells grain-based Extra Neutral Alcohol (ENA), ethanol, and other alcohol products including Indian Made Foreign Liquor and Country Liquor, serving both the government’s ethanol-blending programme and the alcoholic beverage market. - **The Himachal plant is the cash engine** - operating since 2015, the Sansarpur Terrace facility has a total installed capacity of 285 KLPD, a modern bottling plant, Zero Liquid Discharge infrastructure, and FSSC 22000 food-safety certification. - **Odisha is built but idle** - the 200 KLPD greenfield plant in Sambalpur District has completed all construction, installation, and commissioning and is fully ready for commercial operations, but as of May 2026 it had not started because a procurement agreement with oil marketing companies was still awaited, with the next tender expected in June 2026. - **A waste-to-value side bet** - in September 2025, PGIPL entered a strategic alliance with Entity 1 Value Emission Pvt Ltd to deploy microbial electrochemical cell technology at the Kangra site, aiming to convert agricultural and industrial waste into hydrogen, methanol, and ethyl acetate. ## 5. Eye care: a small chain of super-specialty clinics **Skiffle Advisory Services runs four eye centres in Delhi and Uttar Pradesh under the “Itek Vision Centre” brand, offering a full range of surgical and diagnostic services.** - **Super-specialty, not general practice** - the centres specialise in cataract, glaucoma, paediatric, neuro-ophthalmology, cornea, retina, LASIK, and oculoplasty services. - **Revenue follows the procedure** - fees are recognised over the period of service in proportion to the stage of completion, recorded at invoice value net of discounts and taxes. # Group structure and partners **Avonmore operates through a multi-tier holding structure that it is actively simplifying - a composite scheme of arrangement filed in 2025 aims to collapse several layers, reduce the number of NBFCs, and bring the advisory business directly into the listed parent.** - **The listed parent at the top** - Avonmore Capital & Management Services is the RBI-registered, non-deposit-taking NBFC that sits at the apex of the group, with direct and step-down subsidiaries, associates, and joint ventures. - **Almondz Global Securities is the material subsidiary** - it holds the infrastructure consultancy (AGICL), wealth advisory and broking (Almondz Financial Services, with 6 offices and over 20,000 registered sub-brokers), commodity trading (Almondz Commodities), and eye-care (Skiffle Advisory Services) businesses. - **The ethanol joint venture** - Premier Green Innovations is held 8.88% directly by Avonmore and 40.99% by AGSL, giving the group combined control of just under half the equity. - **The simplification scheme** - the September 2025 composite scheme proposes to demerge AGSL’s broking business into a separate listed entity, amalgamate AGSL’s remaining advisory business into Avonmore, and amalgamate five other subsidiaries (including Almondz Finanz) into Avonmore, with the goal of rationalising the corporate structure, reducing shareholding tiers, and surrendering NBFC licences to the RBI. - **A clean exit from insurance broking** - the group sold its 26% stake in Willis Towers Watson India Insurance Brokers to Willis Europe BV in April 2022 for Rs. 136.61 crores, after receiving IRDAI approval. - **A new bolt-on acquisition** - in April 2026, Avonmore acquired a 100% stake in Excelling Geo & Engineering Consultant Private Limited, adding engineering consultancy capabilities adjacent to the existing infrastructure consulting business.