1. Investment book compounding - The portfolio (AIF ₹42.43 cr, mutual funds ₹16.38 cr, equity ₹13.66 cr) threw off ₹4.95 cr of AIF income and ₹5.58 cr of fair-value gains in FY26. At a ₹110 cr market cap, the investment book alone is worth multiples of the share price, and FY26's ₹8.50 cr operating cash flow gives it fresh capital to keep deploying.
2. Trading revenue scaling - FY26 revenue jumped to ₹52.21 cr from ₹33.48 cr, with purchases up to ₹50.07 cr from ₹31.96 cr. The trading book is compounding at 40%+ a year with zero debt, and the jump to three 10%+ customers (₹37.21 cr of revenue) shows the order book is broadening.
3. IG Petrochemicals dividend stream - The 13.23% associate stake paid ₹4.08 cr in FY26 dividends, up from ₹3.06 cr. That is a growing, cash-returning anchor on a ₹176 cr carrying value that trades at a fraction of the associate's ₹1,333 cr equity base.
4. AIF income ramp - AIF income rose 42% to ₹4.95 cr in FY26, and the ₹42.43 cr AIF corpus is the single largest investment line. At current yields, this stream alone covers the entire operating cost base of the trading business.
5. Interest income on cash - Interest received climbed to ₹5.89 cr in FY26 from ₹4.14 cr, on a balance sheet with essentially zero debt. Every rupee of trading profit and dividend reinvested at current rates adds directly to the bottom line.
6. Property sale proceeds redeployed - The ₹14.04 cr profit on sale of immovable properties in FY25 has been recycled into the investment portfolio, which grew to ₹85.65 cr by March 2026. That is a one-time gain converted into a recurring yield stream.