1. At a Glance – Blink and You’ll Miss the Profits
Trustedge Capital Ltd is that stock which quietly sat at ₹36, then suddenly woke up at ₹129 like it heard a fire alarm. Market cap is now hovering around ₹119 crore, promoters are sitting tight with ~75% holding, and retail investors are wondering whether this is a finance company or a cleverly packaged rights-issue factory.
Sales in the latest quarter jumped 385% YoY (from a microscopic base, relax), quarterly PAT came in at ₹0.14 crore, and ROE is still politely refusing to cross 1%. The company is debt-free, yes, but also profit-light. Price-to-Book is 4.3x, Price-to-Sales is a spicy 36x, and EV/EBITDA is negative because EBITDA itself keeps changing moods.
Meanwhile, promoters increased stake aggressively via rights issue, CFO resigned, name changed, capital structure expanded, and fresh equity worth ₹27 crore landed on the balance sheet.
So the real question: is Trustedge becoming a serious NBFC, or just flexing corporate actions like a LinkedIn influencer flexes certificates? Let’s dig.
2. Introduction – From Adinath Exim to Trustedge Capital: Glow-Up or Costume Change?
Incorporated in 1995, this company spent most of its life being financially invisible. For years, revenues stayed around ₹1 crore annually, profits were modest, and ROE barely cleared the speed breaker.
Then 2025 happened.
- Name changed from Adinath Exim Resources Ltd to Trustedge Capital Ltd
- Authorized capital raised
- Preferential + rights issues launched
- Promoters doubled down on ownership
- Stock price tripled
Classic microcap rebirth arc.
Officially, Trustedge is an NBFC-UL, engaged in financing and investments. Unofficially, it also claims exposure to Coal Bed Methane and upstream oil & gas—which currently contributes exactly zero visible revenue, but sounds great in presentations.
This is not a scale NBFC. It’s not a Chola, not an AB Capital, not even close. This is a balance-sheet-driven finance
entity, where capital allocation matters more than topline growth.
And when a finance company raises equity aggressively despite being debt-free, you must ask: where exactly is this money going?
3. Business Model – WTF Do They Even Do?
Let’s simplify this for the lazy but intelligent investor.
A. Financial Services (The Actual Business)
Trustedge operates as a small NBFC:
- Lending (loan book ₹12.6 crore in FY24)
- Investing in listed equities and mutual funds
Revenue split FY24:
- Interest income ~95%
- Dividend income ~5%
So yes, this is essentially:
“We lend some money and invest the rest. Hopefully wisely.”
Loan growth in FY24 was ~6% YoY, which is… polite. Not aggressive, not scary, not exciting.
B. Energy Sector Activities (The PowerPoint Business)
The company mentions:
- Coal Bed Methane exploration
- Upstream oil & gas activities
But here’s the thing:
No capex scale, no revenue visibility, no segment reporting, no cash flow impact.
As of now, this vertical is more biography than biography channel.
So practically, Trustedge is a capital allocator, not an operator.
4. Financials Overview – Tiny Numbers, Big Percentages
Quarterly Comparison (₹ crore)
| Metric | Latest Qtr | YoY Qtr | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 1.31 | 0.27 | 0.92 | 385% | 42% |
| EBITDA | 0.10 | 0.19 | -0.10 | -47% | NA |
| PAT | 0.14 | 0.14 | -0.08 | 0% | NA |
| EPS (₹) | 0.15 | 0.21 | -0.09 | -29% | NA |
Yes, revenue exploded.
Yes, margins collapsed earlier and recovered
