Avonmore Capital & Management Services Ltd — FY2026: ₹191 Cr Revenue, ₹22 Cr Profit, and a Distillery Waiting on a Tender

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1 — At a Glance

Avonmore Capital & Management Services closed FY2026 with consolidated revenue of ₹191 crore and net profit of ₹22 crore — a 6% revenue uptick but a 42% profit decline from the prior year’s ₹38 crore. The market caps the company at ₹304 crore, paying 22x trailing earnings on a business where ROE has compressed from 48% (FY2023) to 4% (FY2026).

The numbers contain a structural tension worth noting. The company’s own NBFC operations remain modest, while a large and growing portion of consolidated results flows through an ethanol joint venture — PGIPL — whose 200 KLPD Odisha plant crossed into commercial production in June 2026 but is still awaiting an OMC procurement tender that was expected in June 2026. Meanwhile, the debt-and-equity market operations segment posted a mark-to-market loss of ₹17.68 crore in FY2026, dragging group-level profit.

Promoter holding declined from 69.2% (June 2023) to 58.5% (March 2026) — a 10.7 percentage point shift into public hands. The dividend payout has been zero for every year on the data sheet. ROCE stands at 5.87%, a figure that the market has apparently decided to price at par with the sector median of 9.71%.

What the record shows is a company in mid-transformation: the original NBFC identity has been subordinated to a diversified holding structure spanning broking, infrastructure advisory, and grain-based ethanol. Whether that structure has found its centre of gravity is the open question this year’s numbers leave unanswered.

2 — Introduction

Avonmore Capital & Management Services was incorporated in 1992 and is registered as a Non Systematically Important Non Deposit Taking NBFC. Its registered office is in Mumbai; its operating nerve centre is the Okhla Industrial Area in New Delhi.

The company has evolved well past its original lending-and-advisory mandate. Through subsidiary Almondz Global Securities Limited and a web of further subsidiaries, it now touches wealth advisory, broking, corporate advisory, merchant banking, infrastructure consulting, apparel, real estate, and healthcare. The ethanol manufacturing exposure comes via Premier Green Innovations Private Limited (PGIPL), in which Almondz Global Securities holds 40.99% and Avonmore Capital itself holds 8.88%.

FY2026 saw several material events. In April 2026, the company completed the acquisition of EGE Consultant Pvt. Ltd., making it a wholly owned subsidiary — a move that bolsters the infrastructure advisory segment. A preferential issue of 3.77 crore warrants to promoters, proposed at ₹19.85 per warrant, was subsequently withdrawn by the Board in November 2025. A composite scheme of arrangement — involving a demerger of the broking business to Almondz Broking and multiple amalgamations — was approved by the Board in September 2025, though it was also approved at an earlier stage in April 2025.

The Q4 FY2026 consolidated result came in at revenue of ₹61.81 crore and a loss of ₹6.88 crore, per the company’s May 2026 filing. Management attributed the quarterly loss primarily to mark-to-market losses in the debt-and-equity operations segment, and noted this loss had “significantly recovered” in Q1 FY2026-27.

3 — Business Model: WTF Do They Even Do?

Avonmore Capital is, on paper, a financial services holding company. In practice it is closer to a conglomerate that found its way to grain-based ethanol via a subsidiary’s subsidiary and is now filing press releases about India’s E22–E30 blending policy.

The four disclosed business verticals are: Financial Services (wealth advisory, broking, corporate advisory, merchant banking, debt and equity operations); Green Fuel (ethanol manufacturing through PGIPL); Infrastructure Advisory; and NBFC Activities.

Financial Services is the heaviest segment by revenue. Consultancy and advisory fees contributed ₹154.72 crore of consolidated revenue in FY2026 (up from ₹127.21 crore in FY2025), making it the single largest line. Wealth advisory and broking contributed ₹12.85 crore. Debt and equity market operations, however, generated a segment loss of ₹10.13 crore — the mark-to-market problem management flagged.

Infrastructure Advisory — the segment that absorbed EGE Consultant — reported Q4 FY2026 revenue of ₹50.54 crore and profit of ₹1.54 crore, per management’s press release. The order book stood at ₹260 crore at March 31, 2026, management noted, with expected growth of 18–20%.

Green Fuel is the structural wildcard. PGIPL operates a 285 KLPD facility in Sansarpur, Himachal Pradesh, and the newly commissioned 200 KLPD facility in Sambalpur, Odisha. Both plants carry Zero Liquid Discharge infrastructure. PGIPL recorded Q4 FY2026 revenue of ₹179.35 crore and profit of ₹12.15 crore, per management’s filing — but Avonmore’s consolidated accounts do not fully consolidate PGIPL; instead, PGIPL’s results flow through “share of profit of equity accounted investees,” which contributed ₹20.18 crore to consolidated PBT in FY2026 against ₹10.87 crore in FY2025.

NBFC Activities remain the smallest segment: Q4 FY2026 revenue of ₹1.85 crore with a thin loss of ₹0.12 crore.

A company whose name says “Capital” and whose business increasingly runs on grain fermentation — there is a certain poetry in that.

Does a 200 KLPD plant that has started commercial production but is awaiting OMC procurement represent a capacity asset or a capacity liability?

4 — Financials Overview

Figures are consolidated, in ₹ crore.

Quarterly Results — Q4 FY2026

EBITDA approximated from reported PBT of (₹6.47 Cr) + Interest ₹0.31 Cr + Depreciation ₹1.53 Cr.

Q4 was a reversal quarter: revenue grew modestly year-on-year and sequentially, but a mark-to-market loss of ₹16.26 crore in the loss-on-fair-value-changes line drove PAT negative. Management stated in the May 2026 press release that this loss had materially recovered in Q1 FY2026-27.

Full Year FY2026 (Consolidated)

EBITDA approximated as PBT + Interest + Depreciation: FY2026: 28+2+6=36 at standalone; consolidated figures use financing profit line + depreciation as proxy.

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