PH Capital Ltd (500143)
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, PH Capital's revenue was ₹22.2 Cr (-33.7% year on year), and net profit ₹-1.6 Cr (a smaller loss than a year earlier); the operating margin was -11.1%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹22.2 | -33.7% | — |
| Operating profit | ₹-2.5 | loss narrowed | loss widened |
| Net profit | ₹-1.6 | loss narrowed | loss widened |
| EPS (₹) | -5.33 | loss narrowed | loss widened |
| Operating margin | -11.1% | — | — |
📢 Recent Corporate Announcements
PH Capital Limited has approved the allotment of 3,00,01,000 bonus equity shares in a 10:1 ratio, capitalising ₹30.00 crore from free reserves and expanding paid-up capital to ₹33.00 crore. Additionally, the Board approved the incorporation of three wholly owned subsidiaries focused on corporate advisory, research platforms, and asset management/PMS. The total proposed capital subscription across the three new subsidiaries is up to ₹7.16 crore, representing roughly 12.3% of the company's net worth of ₹58 crore. The company also appointed Ms. Shrusti Barlota as Company Secretary and Compliance Officer effective October 08, 2026.
- Allotted 3,00,01,000 bonus shares of ₹10 each in a 10:1 ratio, capitalising ₹30,00,10,000 from reserves
- Paid-up share capital expanded from ₹3,00,01,000 to ₹33,00,11,000
- Incorporating 3 wholly owned subsidiaries: AHB Advisors, StrategicAlpha Research Platforms, and Strategic Alpha Asset Management
- Total subscription cost of up to ₹7.16 crore committed across the 3 subsidiaries (up to ₹7.00 crore in the PMS arm)
- Incorporations to be completed within an indicative timeline of 45 days, subject to SEBI approvals where applicable
PH Capital Limited has approved the allotment of 3,00,01,000 bonus equity shares in a 10:1 ratio, capitalising ₹30.00 crore from free reserves and expanding paid-up capital to ₹33.00 crore. Additionally, the Board approved the incorporation of three wholly owned subsidiaries focused on corporate advisory, research platforms, and asset management/PMS. The total proposed capital subscription across the three new subsidiaries is up to ₹7.16 crore, representing roughly 12.3% of the company's net worth of ₹58 crore. The company also appointed Ms. Shrusti Barlota as Company Secretary and Compliance Officer effective October 08, 2026.
- Allotted 3,00,01,000 bonus shares of ₹10 each in a 10:1 ratio, capitalising ₹30,00,10,000 from reserves
- Paid-up share capital expanded from ₹3,00,01,000 to ₹33,00,11,000
- Incorporating 3 wholly owned subsidiaries: AHB Advisors, StrategicAlpha Research Platforms, and Strategic Alpha Asset Management
- Total subscription cost of up to ₹7.16 crore committed across the 3 subsidiaries (up to ₹7.00 crore in the PMS arm)
- Incorporations to be completed within an indicative timeline of 45 days, subject to SEBI approvals where applicable
PH Capital Limited has approved the allotment of 3,00,01,000 bonus equity shares in a 10:1 ratio, capitalising ₹30.00 crore from free reserves and expanding paid-up capital to ₹33.00 crore. Additionally, the Board approved the incorporation of three wholly owned subsidiaries focused on corporate advisory, research platforms, and asset management/PMS. The total proposed capital subscription across the three new subsidiaries is up to ₹7.16 crore, representing roughly 12.3% of the company's net worth of ₹58 crore. The company also appointed Ms. Shrusti Barlota as Company Secretary and Compliance Officer effective October 08, 2026.
- Allotted 3,00,01,000 bonus shares of ₹10 each in a 10:1 ratio, capitalising ₹30,00,10,000 from reserves
- Paid-up share capital expanded from ₹3,00,01,000 to ₹33,00,11,000
- Incorporating 3 wholly owned subsidiaries: AHB Advisors, StrategicAlpha Research Platforms, and Strategic Alpha Asset Management
- Total subscription cost of up to ₹7.16 crore committed across the 3 subsidiaries (up to ₹7.00 crore in the PMS arm)
- Incorporations to be completed within an indicative timeline of 45 days, subject to SEBI approvals where applicable
PH Capital Limited has approved the allotment of 3,00,01,000 equity shares of ₹10 each as fully paid-up bonus equity shares on October 08, 2026. The bonus shares were issued in the ratio of 10:1 (10 bonus shares for every 1 existing share) to eligible shareholders holding shares on the record date of October 07, 2026. Consequently, the company's paid-up share capital expanded tenfold from ₹3.00 crore to ₹33.00 crore, comprising 3,30,01,100 equity shares.
- Allotment of 3,00,01,000 bonus equity shares of face value ₹10 each
- Bonus ratio set at 10:1 (ten bonus shares for every one existing share)
- Paid-up share capital increased to ₹33,00,11,000 comprising 3,30,01,100 shares
- Record date for bonus eligibility was October 07, 2026
PH Capital Limited has approved the allotment of 3,00,01,000 bonus equity shares in a 10:1 ratio, capitalising ₹30.00 crore from free reserves and expanding paid-up capital to ₹33.00 crore. Additionally, the Board approved the incorporation of three wholly owned subsidiaries focused on corporate advisory, research platforms, and asset management/PMS. The total proposed capital subscription across the three new subsidiaries is up to ₹7.16 crore, representing roughly 12.3% of the company's net worth of ₹58 crore. The company also appointed Ms. Shrusti Barlota as Company Secretary and Compliance Officer effective October 08, 2026.
- Allotted 3,00,01,000 bonus shares of ₹10 each in a 10:1 ratio, capitalising ₹30,00,10,000 from reserves
- Paid-up share capital expanded from ₹3,00,01,000 to ₹33,00,11,000
- Incorporating 3 wholly owned subsidiaries: AHB Advisors, StrategicAlpha Research Platforms, and Strategic Alpha Asset Management
- Total subscription cost of up to ₹7.16 crore committed across the 3 subsidiaries (up to ₹7.00 crore in the PMS arm)
- Incorporations to be completed within an indicative timeline of 45 days, subject to SEBI approvals where applicable
PH Capital Ltd has fixed Wednesday, October 7, 2026, as the record date for its 10:1 bonus equity share issue. Shareholders will receive 10 new fully paid-up shares of Rs 10 face value for every 1 existing share held. The company will issue 3,00,01,000 bonus shares, expanding its equity base from 30,00,100 shares to 3,30,01,100 shares. Deemed allotment is scheduled for October 8, 2026, with trading expected to begin on October 9, 2026.
- Bonus issue ratio fixed at 10:1 (10 new shares for every 1 existing share)
- Record date set for Wednesday, October 7, 2026
- Existing equity share count of 30,00,100 shares to expand with 3,00,01,000 bonus shares
- Deemed allotment date set for October 8, 2026, and trading starts October 9, 2026
PH Capital Limited has submitted a Practicing Chartered Accountant certificate under Regulation 45(1) of SEBI LODR regarding its name change to AHB Capital Limited. The name change was approved by shareholders via special resolution at the AGM on 18 September 2026. The company acknowledged an inadvertent procedural oversight for not appending this certificate to the original AGM notice. The auditor confirmed compliance, noting that the prior name change took place on 8 April 2009 and no new business activity is implied by the new name.
- Shareholders approved the change of name from PH Capital Limited to AHB Capital Limited at the AGM on 18 September 2026
- Auditor confirmed over 1 year has elapsed since the last name change, which was on 8 April 2009
- Regulation 45(1)(b) and 45(1)(c) revenue and asset thresholds were certified as not applicable because no new business activity is suggested
- Practicing CA certificate dated 23 September 2026 submitted belatedly due to an inadvertent procedural omission
PH Capital Ltd has issued the notice for its 53rd Annual General Meeting scheduled for September 18, 2026. Key special business includes a massive 10:1 bonus share issue, capitalizing up to Rs 30.001 crore from free reserves. To facilitate this, the company proposes increasing its authorized share capital from Rs 4.00 crore to Rs 44.001 crore. Additionally, shareholder approval is sought for raising asset mortgage and borrowing limits up to Rs 1,000 crore.
- Proposed bonus share issue in the ratio of 10:1 (10 new fully paid shares for every 1 existing share)
- Capitalization of up to Rs 30,00,10,000 from free reserves to execute the bonus issue
- Increase in authorized share capital from Rs 4,00,00,000 to Rs 44,00,10,000 (4.40 crore shares of Rs 10 each)
- Approval sought for mortgage/security creation and borrowing limits up to Rs 1,000 Crores
- 53rd Annual General Meeting scheduled for Friday, September 18, 2026
PH Capital Limited has published its 53rd Annual Report along with the AGM notice scheduled for September 18, 2026. Key special business items include proposing a massive 10:1 bonus issue by capitalizing up to ₹30.00 crore from free reserves, representing over 51% of its net worth (₹58 crore). The company also seeks shareholder approval to expand its authorized share capital from ₹4.00 crore to ₹44.00 crore (4.40 crore shares of ₹10 each), supporting the recent leadership transition to Managing Director Aditya Himmat Bhansali.
- Proposed 10:1 bonus share issue (10 new equity shares for every 1 existing share held).
- Capitalization of up to ₹30,00,10,000 (₹30.00 crore) out of free reserves for the bonus issue.
- Proposed increase in authorized share capital from ₹4.00 crore to ₹44.00 crore.
- 53rd Annual General Meeting scheduled for September 18, 2026 via video conferencing.
PH Capital Limited has approved a key top-level management reshuffle effective August 19, 2026. Acquirer and promoter Mr. Aditya Himmat Bhansali (who controls 72.70% stake) has stepped down as Chief Financial Officer to assume the role of Managing Director, subject to shareholder approval at the ensuing AGM. Concurrently, Mr. Suyog Dhavan, an equity investment professional with 15 years of industry experience, has been appointed as the new CFO. Additionally, Ms. Simran Agarwal has resigned as Company Secretary and Compliance Officer effective September 1, 2026.
- Mr. Aditya Himmat Bhansali resigned as CFO and was redesignated as Managing Director effective August 19, 2026.
- Mr. Suyog Dhavan appointed as CFO effective August 19, 2026, bringing 15 years of experience in equity research and asset management.
- Company Secretary Ms. Simran Agarwal tenders resignation effective September 1, 2026; replacement to be announced.
PH Capital Limited announced key leadership changes following its board meeting on August 19, 2026. Acquirer and promoter Aditya Himmat Bhansali stepped down as Chief Financial Officer (CFO) and has been elevated to Managing Director, subject to shareholder approval. Concurrently, Mr. Suyog Dhavan, an investment professional with 15 years of experience, was appointed as the new CFO effective August 19, 2026. Additionally, Ms. Simran Agarwal tendered her resignation as Company Secretary and Compliance Officer effective September 1, 2026.
- Aditya Himmat Bhansali elevated from Whole-time Director to Managing Director w.e.f. August 19, 2026
- Suyog Dhavan appointed Chief Financial Officer w.e.f. August 19, 2026, bringing 15 years of financial markets experience
- Aditya Bhansali resigned as CFO effective August 19, 2026, to take over the MD role
- Company Secretary Simran Agarwal resigned effective September 1, 2026, due to personal reasons
PH Capital Limited has restructured its top executive leadership following its acquisition by promoter Aditya Himmat Bhansali. Mr. Bhansali has resigned as Chief Financial Officer and has been designated as Managing Director, subject to shareholder approval at the upcoming AGM. Concurrently, Suyog Dhavan, an investment professional with 15 years of experience, has been appointed as the new CFO effective August 19, 2026. Additionally, Company Secretary Simran Agarwal has resigned effective September 1, 2026.
- Aditya Himmat Bhansali resigned as CFO and designated as Managing Director effective August 19, 2026, subject to AGM approval
- Suyog Dhavan appointed as Chief Financial Officer effective August 19, 2026
- New CFO brings 15 years of experience across equity research, broking, and asset management
- Company Secretary Simran Agarwal tendered resignation with effect from September 1, 2026
PH Capital Ltd's Board approved key leadership changes effective August 19, 2026. Mr. Aditya Himmat Bhansali resigned as Chief Financial Officer to transition into the role of Managing Director, subject to shareholder approval at the ensuing AGM. Concurrently, Mr. Suyog Dhavan was appointed as the new CFO, bringing 15 years of equity and asset management experience. Additionally, Ms. Simran Agarwal resigned as Company Secretary with effect from September 1, 2026.
- Aditya Himmat Bhansali stepped down as CFO on August 19, 2026, to assume the role of Managing Director.
- Suyog Dhavan appointed as Chief Financial Officer with effect from August 19, 2026.
- New CFO brings 15 years of experience across equity research, asset management, and broking.
- Company Secretary Simran Agarwal resigned effective September 1, 2026; replacement to be named.
PH Capital reported a significant decline in Q1 FY27 performance with revenue falling to ₹0.98 Cr from ₹57.99 Cr YoY, resulting in a net loss of ₹0.29 Cr. Despite the weak earnings, the board approved a massive 10:1 bonus issue and a proposal to raise up to ₹200 Cr (approx. 67% of current market cap) to fund its pivot into stock broking, PMS, and AIF businesses. The company is also rebranding to 'AHB Capital Limited' following a change in control to Mr. Aditya Himmat Bhansali.
- Approved a 10:1 bonus issue, issuing 10 new shares for every 1 existing share held.
- Authorized fundraise of up to ₹200 Cr through debt or equity, representing ~67% of current market capitalization.
- Q1 FY27 revenue plummeted 98.3% YoY to ₹0.98 Cr from ₹57.99 Cr in the previous year's quarter.
- Authorized share capital increased 11x from ₹4 Cr to ₹44 Cr to accommodate the bonus issue and future capital needs.
- Reported a net loss of ₹0.29 Cr for Q1 FY27, down from a profit of ₹7.00 Cr in Q1 FY26.
PH Capital has announced a massive 10:1 bonus issue, meaning shareholders will receive 10 new shares for every 1 held. The Board also approved a proposal to raise up to ₹200 crore, which represents approximately 67% of the company's current market capitalization (₹297 crore). This capital is intended to fund a strategic pivot into Portfolio Management Services (PMS), Alternative Investment Funds (AIF), and stock broking. However, Q1 FY27 results showed a sharp decline, with revenue falling to ₹0.98 crore from ₹58.00 crore YoY, resulting in a net loss of ₹0.29 crore.
- Approved a 10:1 bonus issue, capitalizing up to ₹30.00 crore from free reserves.
- Proposed fundraise of up to ₹200 crore through debt or equity securities to fuel new business lines.
- Authorized share capital increased 11x from ₹4 crore to ₹44 crore to accommodate the bonus and growth.
- Q1 FY27 revenue plummeted to ₹0.98 crore compared to ₹58.00 crore in the same quarter last year.
- Company to be rebranded as 'AHB Capital Limited' following a change in management control.
Financial Performance
Revenue Growth by Segment
Total revenue from operations grew 14.98% YoY, reaching INR 185.49 Cr in FY25 compared to INR 161.32 Cr in FY24, primarily driven by trading in shares and securities.
Profitability Margins
Net Profit Margin (NPM) fell sharply from 13% in FY24 to 4% in FY25. Operating Profit Margin (OPM) also declined from 18.6% to 7.93% due to a significant increase in purchase and inventory costs relative to sales growth.
EBITDA Margin
EBITDA margin was 5.98% in FY25 (INR 11.09 Cr) compared to 17.05% in FY24 (INR 27.52 Cr), reflecting a 59.68% decrease in core profitability.
Capital Expenditure
Property, Plant and Equipment (PPE) stood at INR 1.08 Cr in FY25, a decrease from INR 1.18 Cr in FY24. Intangible assets were INR 0.05 Cr.
Credit Rating & Borrowing
Credit rating not disclosed. Total borrowings were INR 0.58 Cr in FY25, with a minimal debt-equity ratio of 0.01, down from 0.02 in FY24.
Operational Drivers
Raw Materials
Stock-in-trade of shares and securities represents 100% of the company's inventory and primary operational cost driver.
Capacity Expansion
Not applicable in units; however, the company altered its main objects in FY25 to enable business as a Stock Broker and Clearing Member.
Raw Material Costs
Purchase and inventory costs increased significantly in FY25, leading to a sharp decrease in EBIT and NPM (4% vs 13%) because the rate of increase in sales (15%) was lower than the increase in stock acquisition costs.
Strategic Growth
Growth Strategy
The new acquirer, Mr. Aditya Himmat Bhansali, plans to facilitate growth capital, strengthen the balance sheet, and implement a technology-led treasury strategy. The company has also expanded its scope to act as a Stock Broker and Clearing Member.
Products & Services
Stock broking services, clearing member services, and trading in equity shares and securities.
Brand Portfolio
P H Capital Limited.
New Products/Services
Stock Broker and Clearing Member services, following the alteration of the company's main objects clause in FY25.
Market Expansion
Targeting high-quality, revenue-generating clients and enhancing value-added services to differentiate in a competitive brokerage market.
Strategic Alliances
A Share Purchase Agreement (SPA) was executed on December 20, 2025, for the acquisition of a 72.70% stake by Mr. Aditya Himmat Bhansali.
External Factors
Industry Trends
The industry is seeing a surge in IPO activity and increased market liquidity; brokerage operations are shifting towards advanced technology to improve cost efficiencies and digital underwriting.
Competitive Landscape
Competitive financial services market requiring technological innovation and high-quality client acquisition to sustain revenue growth.
Competitive Moat
The company's moat is its lean cost structure (5 employees) and its transition to a technology-led treasury strategy under new management, which is sustainable given the digitalization of financial services.
Macro Economic Sensitivity
Sensitive to India's GDP growth (projected at 6.4%) and inflationary pressures which impact investment outlook and corporate lending margins.
Consumer Behavior
Increased investor participation in capital markets and demand for innovative financial products driven by digital advancements.
Geopolitical Risks
Geopolitical tensions are identified as headwinds that could impact corporate profitability and lending margins within the financial sector.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act 2013 and general fiscal policies; the company must comply with Stock Broker and Clearing Member registration requirements.
Taxation Policy Impact
Effective tax rate of ~27% in FY25; domestic companies are taxed at 15-30% depending on the chosen tax regime under the IT Act.
Legal Contingencies
There are no contingent liabilities reported as of March 31, 2025, indicating a clean balance sheet regarding pending litigation or tax disputes.
Risk Analysis
Key Uncertainties
Market volatility and the timing of stock purchases/sales are key risks, as evidenced by the 61% drop in PAT in FY25 due to unfavorable purchase-to-sale timing.
Geographic Concentration Risk
100% of operations are concentrated in Mumbai, Maharashtra.
Third Party Dependencies
High dependency on the health of the Indian capital markets and the volume of IPO activity for trading and brokerage revenue.
Technology Obsolescence Risk
Risk of falling behind in digital underwriting and lending technologies; company is prioritizing tech innovation to mitigate this.
Credit & Counterparty Risk
Current ratio of 7.80 in FY25 (down from 97.01 in FY24) indicates strong liquidity, though it decreased due to higher trade payables of INR 5.55 Cr.
