Quest Capital Markets Ltd (500069)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Quest Capital's revenue was ₹1.2 Cr (-47.0% year on year, +16.2% on the previous quarter), and net profit ₹0.7 Cr (-52.9% year on year); the operating margin was 86.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1.2 | -47.0% | +16.2% |
| Operating profit | ₹1.0 | -51.0% | +37.0% |
| Net profit | ₹0.7 | -52.9% | +36.8% |
| EPS (₹) | 0.73 | -52.6% | +37.7% |
| Operating margin | 86.9% | — | — |
📢 Recent Corporate Announcements
Quest Capital Markets Limited has announced the resignation of its Chief Executive Officer, Ms. Tanuja Mantri, tendered on August 17, 2026. Her resignation will become effective from the close of business hours on September 15, 2026, as she departs to pursue opportunities outside the company. The company confirmed that there are no other material reasons for the resignation. Investors will look forward to the board's appointment of a new CEO to steer the NBFC's lending and capital market operations.
- Chief Executive Officer Ms. Tanuja Mantri submitted resignation on August 17, 2026
- Cessation is effective from the close of working hours on September 15, 2026
- Stated reason is to pursue outside career growth opportunities, with no other material reasons cited
- Company operates as an NBFC with a market capitalization of ₹268 Cr and TTM revenue of ₹30 Cr
Quest Capital Markets Limited has announced that Chief Executive Officer Ms. Tanuja Mantri tendered her resignation on August 17, 2026. The resignation has been accepted by the company and will become effective at the close of working hours on September 15, 2026. Ms. Mantri cited pursuing outside professional opportunities as the reason for leaving, with no other material reasons reported. The company, which holds a market cap of ₹268 Cr and TTM revenue of ₹30 Cr, will need to appoint a successor to oversee its capital market and NBFC operations.
- Resignation letter tendered by CEO Tanuja Mantri on August 17, 2026
- Cessation effective from close of working hours on September 15, 2026
- Notice period of approximately 29 days provided for leadership handover
- Reason cited is pursuing outside opportunities for professional growth
Quest Capital Markets reported Q1 FY27 revenue of ₹1.15 crore and a net profit of ₹0.73 crore, a slight improvement over the ₹0.53 crore reported in the previous year's quarter. The company appointed Mr. Alok Kalani (Group Finance) and Mr. Gopal Rathi (Group M&A) from the RP-Sanjiv Goenka Group as Additional Directors following RBI approval. Notably, the company recorded a massive Other Comprehensive Loss of ₹248.29 crore for the quarter due to fair valuation changes in its investment portfolio. Despite this, the company maintains a strong net worth of ₹1,051 crore relative to its ₹268 crore market capitalization.
- Q1 FY27 Net Profit stood at ₹0.73 crore compared to ₹0.53 crore in the same quarter last year.
- RBI granted approval on July 30, 2026, for the appointment of two new directors until July 1, 2031.
- Other Comprehensive Loss of ₹248.29 crore reported for Q1 FY27 due to investment valuation changes.
- Total Revenue from operations for the quarter was ₹1.15 crore, up from ₹0.99 crore in the preceding quarter.
- The company maintains a high Net Worth of ₹1,051 crore as of March 31, 2026.
Quest Capital Markets reported a weak Q1 FY27 with net profit falling to ₹0.73 Cr from ₹1.54 Cr in the year-ago period. Revenue from operations declined to ₹1.15 Cr compared to ₹2.17 Cr YoY, reflecting lower interest and investment income. The most significant impact was a non-cash loss of ₹248.29 Cr in Other Comprehensive Income (OCI) due to fair valuation changes of investments, leading to a total comprehensive loss of ₹249.02 Cr. The company also strengthened its board by appointing two senior RP-Sanjiv Goenka Group executives following RBI approval.
- Net Profit for Q1 FY27 declined 52.5% YoY to ₹0.73 Cr.
- Total Revenue from operations fell to ₹1.15 Cr from ₹2.17 Cr in Q1 FY26.
- Recorded a massive non-cash loss of ₹248.29 Cr in Other Comprehensive Income due to investment valuation changes.
- RBI approved the appointment of Mr. Alok Kalani and Mr. Gopal Rathi as Directors until July 2031.
- Total Comprehensive Loss for the quarter stood at ₹249.02 Cr compared to a profit of ₹36.15 Cr YoY.
Quest Capital Markets reported a Q1 FY27 net profit of ₹0.73 Cr, a 37% increase from ₹0.53 Cr in the same quarter last year. The headline figure is dominated by a massive Total Comprehensive Income of ₹249.02 Cr, driven by a ₹248.29 Cr non-cash gain in the fair valuation of investments. The company also strengthened its board by appointing two senior RP-Sanjiv Goenka Group executives, Alok Kalani and Gopal Rathi, following RBI approval. Despite the large asset base, operational revenue remains modest at ₹1.15 Cr for the quarter.
- Q1 FY27 Revenue from operations stood at ₹1.15 Cr, up from ₹0.99 Cr in Q1 FY26.
- Net Profit for the quarter reached ₹0.73 Cr, compared to ₹0.53 Cr in the year-ago period.
- Total Comprehensive Income surged to ₹249.02 Cr due to a ₹248.29 Cr gain in investment fair valuations.
- Appointed two Additional Directors (Non-Executive) with terms valid until July 1, 2031, following RBI approval on July 30, 2026.
- The company continues to trade at a significant discount to its book value, with a Market Cap of ₹268 Cr against a Net Worth of ₹1,051 Cr.
Quest Capital Markets has scheduled a board meeting for August 11, 2026, to approve its unaudited financial results for the quarter ended June 30, 2026. The company, part of the RP-Sanjiv Goenka Group, currently trades at a significant discount to its book value with a P/B of 0.3 and a net worth of Rs 1,051 Cr against a market cap of Rs 266 Cr. Investors should note the high volatility in quarterly revenue, which ranged from Rs 0.99 Cr to Rs 27.03 Cr in FY26. The trading window for designated persons remains closed until 48 hours after the results are declared.
- Board meeting scheduled for August 11, 2026, to consider Q1 FY27 results
- Trading window has been closed since June 25, 2026, per SEBI regulations
- Company reported a high Operating Profit Margin of 98.0% in FY26
- Net worth of Rs 1,051 Cr is approximately 3.9x the current market capitalization of Rs 266 Cr
Financial Performance
Revenue Growth by Segment
Total revenues decreased in FY25 compared to the previous year, primarily driven by a decline in interest income from NBFC operations. Specific segment-wise percentage growth was not disclosed.
Geographic Revenue Split
Operations are primarily concentrated in West Bengal, India, with the registered office located in Kolkata. Regional percentage contribution is not disclosed.
Profitability Margins
Net Profit Margin was 76.04% in FY25, a slight decline from 76.17% in FY24. Operating Profit Margin was 98.30% in FY25 compared to 98.55% in FY24. The decline is attributed to increased administrative and employee benefit expenses.
EBITDA Margin
Operating profit decreased during the year due to a considerable increase in administrative and other expenses. Operating Profit Margin stood at 98.30% for FY25.
Capital Expenditure
The company spent INR 13.50 Lakhs on CSR projects in FY25, exceeding the required INR 13.44 Lakhs by INR 6,000. Specific historical or planned industrial CapEx was not disclosed.
Credit Rating & Borrowing
The company reported zero debt as of March 31, 2025. Consequently, debt-equity and interest coverage ratios are not applicable. Finance costs marginally increased during the year.
Operational Drivers
Raw Materials
As a financial services company (NBFC), the primary 'raw material' is capital for investment and lending. Specific physical raw materials are not applicable.
Key Suppliers
Not applicable; however, the company utilizes M/s C. B. Management Services (P) Ltd. as its Registrar and Share Transfer Agent.
Capacity Expansion
Not applicable for the current business model of trading and dealing in securities and mutual funds.
Raw Material Costs
Not applicable. Operating expenses increased considerably, impacting the operating profit margin which fell by 0.25% YoY.
Manufacturing Efficiency
Not applicable. The company operates with a lean staff of 3 permanent employees as of March 31, 2025.
Strategic Growth
Growth Strategy
The company plans to leverage digital credit enablement through RBI's frictionless platforms and adoption of ONDC and Open Credit Enablement Network (OCEN) to improve credit penetration and sourcing efficiency.
Products & Services
Trading and dealing in Securities and Mutual Funds; NBFC lending and capital market operations.
Brand Portfolio
Quest Capital Markets (formerly BNK Capital Markets Limited).
New Products/Services
Adoption of digital sourcing and servicing for NBFC operations is expected to enhance service delivery, though specific revenue contribution percentages were not disclosed.
Market Expansion
The company is focusing on underserved people and SMEs through financial inclusion processes, leveraging its geographical scope as an NBFC.
Strategic Alliances
The company is part of the RP-Sanjiv Goenka Group and implements CSR through the RP-Sanjiv Goenka Group CSR Trust.
External Factors
Industry Trends
The NBFC sector is undergoing a digital transformation with the rise of neo-banking, UPI, and digital authentication, which modularizes financial services and credit.
Competitive Landscape
The sector features heterogeneous business models with increasing competition from digital-first lenders and traditional banks focusing on MSME lending.
Competitive Moat
Durable advantages include being part of the established RP-Sanjiv Goenka Group and maintaining a very high Capital to Risk Weighted Assets Ratio (CRAR) of 122.40%, providing significant financial resilience.
Macro Economic Sensitivity
Highly sensitive to interest rate changes and regulatory shifts by the RBI regarding NBFC operations.
Consumer Behavior
Shift toward digital credit and mobile-based financial services is driving the company's adoption of frictionless platforms.
Regulatory & Governance
Industry Regulations
Operations are governed by RBI directions for NBFCs, including Asset Liability Management (ALM) guidelines and IT Strategy requirements.
Taxation Policy Impact
The company reported a Net Profit After Tax of INR 1962.57 Lakhs on a Profit Before Tax of INR 2537.12 Lakhs, implying an effective tax rate of approximately 22.6%.
Risk Analysis
Key Uncertainties
Liquidity risk and interest rate sensitivity are identified as critical risks. The CRAR decreased from 137.15% to 122.40% YoY.
Geographic Concentration Risk
High concentration in Kolkata, West Bengal, where the registered office and primary operations are located.
Third Party Dependencies
Dependency on M/s C. B. Management Services (P) Ltd. for registrar and share transfer services.
Technology Obsolescence Risk
The company has established an IT Strategy Committee to mitigate technology risks and oversee the adoption of digital credit platforms.
Credit & Counterparty Risk
The Investment Committee monitors NPA classification and the quality of demand and call loans made to various parties.
