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Latest filing: 2026-07-24 18:54
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Ad-Manum Finance to Expand into Fiduciary Services and Renewable Energy Financing
Ad-Manum Finance, a micro-cap NBFC with a market cap of Rs 40 Cr, has approved major amendments to its Memorandum of Association (MOA) to diversify its business. The company is adding fiduciary services, including acting as escrow agents, trustees, and custodians for various assets. Crucially, it is also incorporating a new clause to finance and invest in renewable energy projects such as solar, wind, and hydro. These changes were approved by the board on July 24, 2026, and are now subject to shareholder approval at the upcoming Annual General Meeting.
Confidence: HIGH
What changedThe company is updating its legal charter to allow it to operate in fiduciary services and renewable energy financing, moving beyond its traditional NBFC scope.
Why it mattersFor a micro-cap company with TTM revenue of Rs 17 Cr, entering the renewable energy sector represents a potential strategic pivot into a high-growth industry, which could lead to a business re-rating if executed successfully.
Market Cap: Rs 40 CrTTM Revenue: Rs 17 CrTTM PAT: Rs 11 CrPromoter Holding: 74.3%New Clause Number: 53
📅 Short termNeutral in the immediate term as the changes are procedural and require shareholder approval before any operational impact.
📈 Long termPotentially significant if the company successfully transitions into green energy financing, leveraging its existing NBFC framework for higher-growth assets.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Execution risk in entering specialized sectors like renewable energy
- Regulatory compliance requirements for fiduciary services
- Small scale of operations (Rs 17 Cr revenue)
Key Highlights
Board approved the adoption of a new MOA aligned with the Companies Act 2013 on July 24, 2026.
Expanded object clause to include fiduciary roles such as escrow agents, trustees, and executors for assets in India and abroad.
Added Clause 53 specifically to promote, finance, and invest in renewable energy projects (solar, wind, hydro).
Company maintains a high promoter holding of 74.3% as of March 2026.
TTM PAT stands at Rs 11 Cr, which is significant relative to its Rs 40 Cr market cap.
👀 What to Watch
Investors should monitor the upcoming Annual General Meeting for shareholder approval and watch for management's roadmap on capital allocation for the new renewable energy financing vertical.
Rs 2.63 Cr PAT: Ad-Manum Finance Q1 FY27 Profit Drops 30% YoY Despite 5% Revenue Growth
Ad-Manum Finance reported a 5% YoY increase in total income to Rs 5.23 Cr for Q1 FY27. However, Net Profit declined significantly by 30.4% YoY to Rs 2.63 Cr, down from Rs 3.78 Cr in the same period last year. The profitability squeeze was driven by higher tax expenses of Rs 1.20 Cr compared to Rs 0.73 Cr YoY. The Finance segment remains the primary driver, contributing Rs 4.55 Cr to the top line.
Confidence: HIGH
What changedThe company reported its first-quarter results for FY27, showing a disconnect between revenue growth and bottom-line performance.
Why it mattersFor a micro-cap NBFC with a market cap of only Rs 40 Cr, a 30% drop in quarterly profit is material and suggests operational or tax-related headwinds.
Q1 FY27 Revenue: Rs 5.23 CrQ1 FY27 Net Profit: Rs 2.63 CrRevenue vs TTM Revenue: 30.7%YoY PAT Growth: -30.4%Finance Segment Revenue: Rs 4.55 Cr
📅 Short termThe stock may face downward pressure in the short term as the market reacts to the 30% decline in net profit and EPS.
📈 Long termLimited structural significance; the company remains a small-scale NBFC with volatile quarterly earnings and high tax sensitivity.
⚠ Risk flags
- Significant margin contraction
- High tax incidence impacting bottom line
- Potential data inconsistency in filing (identical PAT reported for June 2025 and March 2026)
Key Highlights
Total Income grew 5% YoY to Rs 5.23 Cr from Rs 4.98 Cr in the year-ago quarter
Net Profit fell 30.4% YoY to Rs 2.63 Cr, resulting in an EPS of Rs 3.51 vs Rs 5.04 YoY
Finance segment revenue stood at Rs 4.55 Cr, while Wind Power generation contributed a marginal Rs 0.07 Cr
Total expenses increased to Rs 0.98 Cr from Rs 0.47 Cr in the corresponding quarter of the previous year
Tax expenses rose sharply to Rs 1.20 Cr, representing a significant portion of the pre-tax profit of Rs 4.25 Cr
👀 What to Watch
Investors should monitor the company's rising expense structure and tax incidence which led to a sharp margin contraction despite stable revenue growth.
