Crescentis Capital FY26: A ₹49 Crore Rights Issue, a New Name, and a ₹2.53 Crore Loss to Show for It
Spotted a factual error — a wrong number, date, or fact? Tell us and we will check the source.
General information and entertainment, not investment advice. The author is not a SEBI-registered adviser or research analyst. No recommendation, no promised returns. Markets carry risk including loss of capital. Figures may not be current. Consult a registered adviser before acting.
1 — At a Glance
For thirty-two years this company was called Som Datt Finance Corporation. In January 2026 it became Crescentis Capital, and the fresh name arrived attached to a fresh identity: a proper RBI certificate as a non-deposit NBFC, a first-ever lending book started in June 2025, and a ₹49.04 crore rights issue that swelled the share count by two-thirds.
What the makeover did not fix was the P&L. FY26 revenue landed at ₹1.48 crore. The company posted a net loss of ₹2.53 crore, an improvement on FY25’s ₹5.42 crore loss, but an improvement in the way a smaller fire is an improvement. Operating cash flow ran to negative ₹44.17 crore as the new loan book absorbed capital.
The equity base tells the transformation story more honestly than the income statement. Net worth jumped from ₹29.77 crore to ₹76.04 crore in one year, almost entirely from money raised, not money earned. The market currently assigns the whole thing a ₹203 crore market cap.
A company that raised ₹49 crore, renamed itself, and started lending — all while still recording a loss. The question the year leaves open: is this a business being rebuilt, or a shell being refilled?
2 — Introduction
Crescentis Capital sits in the Base Layer of the RBI’s scale-based NBFC framework — the smallest regulatory tier, for the smallest operators. It is classified as an Investment and Credit Company, and for most of its life its business was proprietary investing: holding a portfolio of stocks and securities and reporting whatever dividends, sale gains, and mark-to-market swings that portfolio threw off.
FY26 was the year the company tried to become something else. The name change from Som Datt Finance to Crescentis Capital took effect January 6, 2026. The RBI issued a new Certificate of Registration on February 17, 2026, permitting NBFC operations without accepting public deposits. Lending operations — genuinely new for this company — commenced in June 2025.
Funding the pivot required capital, and the company went to its own shareholders for it. The rights issue opened June 20 and closed July 4, 2025, issuing 70,05,579 shares at ₹70 each and raising ₹49.04 crore. Management reports the proceeds went toward augmenting the capital base for NBFC operations, with small slices to general purposes and issue expenses.
And having done all that in FY26, the board in May 2026 proposed to do it again: a second rights issue of up to ₹80 crore.
3 — Business Model: WTF Do They Even Do?
Until recently the honest answer was: they own shares, and they wait. As a proprietary investor, Crescentis made money three ways — dividends on its holdings, gains when it sold, and fair-value movements when it didn’t. That last category is the tail wagging the dog. For the nine months of FY26, fair-value changes accounted for roughly 78% of revenue, interest income about 19%, and dividends about 3%.
Sit with that mix. Nearly four-fifths of the top line is the portfolio being re-priced, not a service being sold. When markets are kind, revenue looks spectacular; when they aren’t, revenue goes negative — which is exactly what happened in FY25, when the company reported negative ₹3.02 crore of revenue. A revenue line that can go below zero is the signature of a company whose income is a scoreboard, not a product.
The FY26 numbers show the mechanism plainly. The company booked an unrealised loss of ₹4.85 crore from adverse movements in its equity holdings, offset partly by a realised gain of ₹2.69 crore on securities it actually sold. The investment portfolio itself stood at ₹39.80 crore at year-end.
Now, on top of the portfolio, sits a new lending operation begun in June 2025. So the model is mid-metamorphosis: part old mark-to-market investment house, part fledgling lender. The employee count and cost base have grown to support it — employee cost rose from ₹2.04 crore to ₹2.61 crore year on year. Whether the lending arm becomes the main event or stays a bolt-on is the story of the next few years, not this one.
