01 — At a Glance
The Man Who Wanted to Own Everything. Almost Succeeded in Losing Money.
- 52-Week High / Low₹1,028 / ₹526
- Q3 FY26 Revenue₹2,756 Cr
- Q3 FY26 PAT₹-136 Cr
- TTM EPS₹-28.28
- Return (3 months)-27.2%
- Book Value / Share₹801
- Price to Book0.75x
- Debt₹6,393 Cr
- Net Worth₹2,617 Cr
- Interest Coverage1.51x
The Moment When Diversification Became Diversi-FICTION: RPSG Ventures is a holding company that owns a cricket team (Lucknow Super Giants), a BPO giant (Firstsource Solutions), a packaged snacks company (Guiltfree Industries), a mall in Kolkata (Quest Properties), and an Ayurveda brand (Dr. Vaidya’s). It’s like Sanjiv Goenka said “I want to own everything” and the universe responded with ₹136 crore losses. The stock is down 27% in 3 months. The interest coverage ratio is barely above 1. And yet—investors keep holding. Why? Probably hoping his next business will be better than this one.
02 — Introduction
The Goenka Way: More Ventures Than Sense, More Ambition Than Profit
RPSG Ventures Limited is the holding company of the RP Sanjiv-Goenka Group. Think of it as Sanjiv Goenka’s personal investment portfolio, except it’s a publicly traded company, so now your money is also tied to his “I’m gonna try this too” business strategy.
The company owns stakes across five wildly different sectors: IT services (providing support to power companies), business process management via Firstsource Solutions (54% stake valued at ~₹17,300 crore), FMCG via Guiltfree Industries (packaged snacks like “Too Yumm!”), real estate via Quest Properties, and Ayurveda via Dr. Vaidya’s. It also owns the Lucknow Super Giants cricket team because apparently, if you’re already losing money, why not add entertainment to the mix?
The financial results for Q3 FY26 (Dec 2025) tell a story that would make Bachchhan cry. Consolidated revenue: ₹2,756 crore (up 15.6% YoY). Consolidated PAT: -₹136 crore (a ₹294 crore swing from the ₹158 crore profit in Q3 FY25). EPS for the quarter: -₹33.71. The TTM EPS stands at -₹28.28. The company is burning money at a pace that would make a startup founder blush.
CARE Ratings Update (March 2026): CARE BBB+; Stable on bank facilities (₹817.5 crore enhanced from ₹520 crore). The rating agency notes that RVL has “adequate liquidity” and “strong financial flexibility” from its holding in Firstsource. Translation: if FSL shares stay high, RPSG Ventures can keep pretending it’s not drowning.
03 — Business Model: WTF Do They Even Own?
A Holding Company’s Guide to Hodl-ing Everything But Cash
RPSG Ventures is a holding company — a structure designed for rich people to own multiple businesses without actually managing any of them. The company’s main revenue comes from two sources: dividends from Firstsource Solutions and IT services revenue provided to the parent group’s power entities.
In FY25, RPSG earned ₹314.94 crore from IT services and ~₹90+ crore in dividend income from FSL. This was enough to fund operations and pay interest on its mounting debt. But here’s where it gets spicy — the company is continuously buying new businesses (Manchester Originals cricket team for ₹600 crore+, FSP Design for ₹177 crore, acquisitions in UK collection agencies) while its main subsidiary businesses struggle to be profitable.
Think of it this way: it’s like owning a car (Firstsource is the car), but instead of just driving it, you keep buying new wheels, new bumpers, and a cricket bat to stick in the trunk. Eventually, the car is worth more than the entire vehicle.
Firstsource68%revenue (Q3 FY25)
Sports Business26%revenue (Q3 FY25)
FMCG / Real Estate6%rest of business
Debt Load₹6,393 CrSep 2025
Fun Fact That Isn’t Fun: Firstsource Solutions, RPSG’s crown jewel, is rated CARE A+; Stable and has a market cap of ~₹17,300 crore. RPSG Ventures, which owns 54% of it, has a market cap of only ₹2,030 crore. So the parent company is worth less than 12% of its main asset. This is what happens when you keep buying sports franchises with borrowed money.
04 — Financials Overview
Q3 FY26: Where Losses Go To Party
