RPSGVENT - RPSG Ventures
📢 Recent Corporate Announcements
RPSG Ventures has issued a postal ballot notice seeking shareholder approval to provide loans or advances up to ₹800 Crores to its subsidiary, RPSG Sports Private Limited (RSPL). The funds are intended to support RSPL's principal business activities, which include the management of sports franchises like the Lucknow Super Giants. The e-voting period for this special resolution is set from February 24, 2026, to March 25, 2026. This move signifies a substantial financial commitment from the parent company to its sports venture.
- Proposed loan or advance limit of up to ₹800 Crores to subsidiary RPSG Sports Private Limited
- Approval sought via Special Resolution under Section 185 of the Companies Act, 2013
- E-voting period scheduled from February 24, 2026, to March 25, 2026
- Cut-off date for shareholder eligibility was February 13, 2026
- Funds to be utilized specifically for the subsidiary's principal business activities
RPSG Ventures reported a standalone revenue of ₹56.38 crore for Q3 FY26, representing a 19.9% decline compared to ₹70.38 crore in the same quarter last year. Standalone net profit stood at ₹2.59 crore, significantly down from ₹7.46 crore YoY, primarily impacted by a sharp rise in finance costs and an exceptional item of ₹1.50 crore. The exceptional charge relates to the implementation of new Labour Codes effective November 2025. On a nine-month basis, total standalone income grew to ₹216.82 crore from ₹181.11 crore, though profitability remains under pressure.
- Standalone Revenue from operations fell 19.9% YoY to ₹56.38 crore in Q3 FY26.
- Standalone Net Profit declined 65.3% YoY to ₹2.59 crore from ₹7.46 crore in Q3 FY25.
- Finance costs surged to ₹12.04 crore in Q3 FY26 compared to ₹7.18 crore in the year-ago period.
- Recognized an exceptional item of ₹1.50 crore due to employee benefit obligations under new Labour Codes.
- The group expanded its consolidated footprint with the acquisition of Pastdue Credit Solutions and Manchester Originals.
RPSG Ventures Limited has filed its monthly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Limited, confirms the processing of dematerialization requests for the month ended December 31, 2025. It verifies that physical certificates were mutilated and cancelled after due verification within prescribed timelines. This filing ensures that the company's share registry is updated and compliant with regulatory standards.
- Compliance certificate issued for the period ending December 31, 2025.
- Registrar MUFG Intime India Private Limited confirmed the dematerialization process.
- Securities comprised in certificates are listed on the relevant stock exchanges.
- Physical certificates were cancelled and replaced by depository names in the register of members.
RPSG Ventures Limited has announced the closure of its trading window for all designated persons starting January 1, 2026. This action is taken in accordance with SEBI Insider Trading regulations ahead of the Q3 and nine-month financial results for the period ending December 31, 2025. The window will remain closed until 48 hours after the results are officially declared. The board meeting date for the financial results announcement is yet to be finalized.
- Trading window closure starts on January 1, 2026
- Relates to Unaudited Financial Results for Q3 and nine months ending Dec 31, 2025
- Window reopens 48 hours after the financial results are declared
- Mandatory compliance under SEBI (Prohibition of Insider Trading) Regulations, 2015
Financial Performance
Revenue Growth by Segment
Consolidated revenue from operations grew 20.8% YoY to INR 9,608.3 Cr in FY 2024-25. Standalone IT services revenue increased 39.6% from INR 161.5 Cr to INR 225.5 Cr. The BPM business (Firstsource) was the major contributor to the 20.5% growth in total consolidated income (INR 9,645.0 Cr). Real estate (QPIL) income reduced 9.3% to INR 140.3 Cr.
Geographic Revenue Split
The group has a presence in 45+ countries with 100+ offices worldwide. While specific regional % splits are not disclosed, the BPM segment operates globally, including a new subsidiary, Firstsource Middle East Services L.L.C., incorporated in July 2025.
Profitability Margins
Standalone PAT margin stood at 35.7% (INR 148.4 Cr PAT on INR 415.9 Cr Total Income). Consolidated PAT margin was 1.7% (INR 164.4 Cr on INR 9,645.0 Cr), declining from 2.46% in the previous year due to total expenses growing at 22.5%, outpacing revenue growth.
EBITDA Margin
Standalone operating margins remained healthy at over 70% historically. Consolidated Profit Before Tax (PBT) after exceptional items remained stable at INR 374.2 Cr (3.88% margin) compared to INR 376.8 Cr in FY 2023-24.
Capital Expenditure
Not explicitly disclosed as a total figure, but includes reconstruction costs for the Quest Mall food court and development of a residential project in Haldia, West Bengal. QPIL expenses increased to INR 92.0 Cr due to asset write-offs during reconstruction.
Credit Rating & Borrowing
CARE BBB+; Stable (Assigned Feb 2023). Standalone external borrowings were INR 84.25 Cr as of Sept 2022. Consolidated finance costs rose 17.6% to INR 737.0 Cr in FY 2024-25.
Operational Drivers
Raw Materials
FMCG ingredients for snacks (Too Yumm!) and Ayurvedic formulations (Dr. Vaidya's). Specific raw material names and % of total cost are not disclosed in available documents.
Capacity Expansion
FMCG business is scaling through 'new age brands' for modern consumers. Sports capacity expanded via the acquisition of Manchester Originals Limited in July 2025 and qualification of MBSG for AFC Champions League 2.
Raw Material Costs
Not disclosed as a specific % of revenue; however, consolidated 'Operating & Other Expenses' grew 15.1% to INR 2,994.4 Cr in FY 2024-25.
Strategic Growth
Expected Growth Rate
20.5%
Growth Strategy
Growth is driven by scaling the BPM segment (Firstsource) into the Middle East, expanding the sports portfolio (Manchester Originals acquisition), and incubating new FMCG brands. The company focuses on ROCE as a KPI and is transforming into an R&D and innovation-led culture to capture the aspirational consumer market.
Products & Services
IT consultancy, BPO/BPM services, Too Yumm! snacks, Dr. Vaidya's Ayurvedic products, luxury retail space (Quest Mall), and sports franchise operations (IPL, SA20, ISL).
Brand Portfolio
Too Yumm!, Dr. Vaidya's, Firstsource, Lucknow Super Giants, Durban Super Giants, Mohun Bagan Super Giant, Quest Mall, Evoke.
New Products/Services
Expansion into the Middle East via Firstsource Middle East Services L.L.C. and the acquisition of Manchester Originals Limited in the sports segment.
Market Expansion
Targeting the Middle East for BPM services and the UK for sports (Manchester Originals).
Strategic Alliances
Joint Ventures include RP-SG Ventures Fund I and RPSG Capital Ventures Fund II; Associate includes Nanobi Data and Analytics Private Limited.
External Factors
Industry Trends
The BPM industry is evolving with increased demand for IT security and value-added services. The Indian FMCG market for snacks and staples is estimated at INR 170,000 Cr, with RPSG positioning brands for 'modern, aspirational consumers'.
Competitive Landscape
Competes in the fragmented FMCG market against established players and in the global BPM market; sports franchises compete in IPL, SA20, and The Hundred.
Competitive Moat
Strategic importance as a holding company for the US$ 4.5 Bn RPSG Group. The moat is sustained by a high debt cover (4.06x) provided by the INR 7,378 Cr market value of FSL investments, ensuring financial flexibility.
Macro Economic Sensitivity
Sensitive to Indian disposable income trends for the luxury retail segment (Quest Mall) and global inflation trends which impacted global premium segments in 2024.
Consumer Behavior
Shift toward premium and luxury discretionary spending in India, supporting the long-term outlook for the real estate and retail divisions.
Geopolitical Risks
Headwinds from the geopolitical situations in Ukraine and the Middle East are noted as risks to steady macroeconomic stability.
Regulatory & Governance
Industry Regulations
Operations are subject to SEBI Listing Obligations, MCA regulations, and specific sports league mandates (IPL/SA20).
Environmental Compliance
Committed to ESG principles as a risk mitigation tool; detailed reporting is integrated into the Business Responsibility and Sustainability Report.
Taxation Policy Impact
Consolidated tax expense was INR 209.8 Cr in FY 2024-25, representing an effective tax rate of approximately 56% on PBT of INR 374.2 Cr.
Risk Analysis
Key Uncertainties
The primary uncertainty is the fund support requirement for subsidiaries in high gestation periods. A fall in the market value cover of investments below 2x is a negative rating sensitivity factor.
Geographic Concentration Risk
Significant operations in India, with growing exposure to the Middle East and UK.
Third Party Dependencies
Dependency on the dividend income from Firstsource Solutions Limited (FSL) to maintain standalone cash flows and debt servicing.
Technology Obsolescence Risk
The company is mitigating tech risks by investing in IT security services and an innovation-led culture.
Credit & Counterparty Risk
Low risk for standalone IT services as clients are group entities in the critical power sector.