1. At a Glance – Small NBFC, Big Mood Swings
Oasis Securities Ltd is a ₹22.2 crore micro-cap NBFC that behaves like a finance professor who suddenly discovered crypto Twitter — erratic, experimental, and occasionally profitable. At ₹12 per share, the stock is down ~56% in three months and ~50% over one year, reminding shareholders that “wealth creation” is optional in microcaps.
Despite the carnage on the price chart, Q3 FY26 numbers showed PAT of ₹0.42 crore, up 147% QoQ, with quarterly sales of ₹0.56 crore growing 36.6% QoQ. ROCE stands at 9.46%, ROE at 7.35%, and the company remains debt-free, which in NBFC land is either admirable discipline or lack of ambition — jury’s still out.
Promoters hold ~70.8%, no pledging, and recently executed a complete management change, followed by a 10:1 stock split and a ₹49 crore rights issue approval. For a company whose annual PAT is under ₹1 crore, that fund-raise size deserves its own Netflix documentary.
So the question is simple:
Is Oasis Securities quietly reinventing itself, or just rearranging deck chairs on a very small financial ship?
2. Introduction – From Sleepy Investment Company to Corporate Action Factory
For years, Oasis Securities was the kind of company you’d accidentally discover while scrolling screener filters at 2 a.m. — tiny balance sheet, inconsistent revenues, and a business model politely described as “investments.”
Then FY25 happened.
New promoters walked in via a Share Purchase Agreement covering 70.65% stake, followed by an open offer, a management overhaul, stock split, rights issue approval, and even related-party fintech investments. That’s more corporate action than the company had seen in the previous decade combined.
Operationally, Oasis is a non-systematically important, non-deposit taking NBFC, meaning it doesn’t take public deposits and doesn’t scare RBI enough to get daily phone calls. It operates in fund-based activities — lending and investments — with income coming from interest, fair value gains, and processing charges.
But here’s
the irony:
While the structure is changing fast, the scale is still tiny. Annual sales are just ₹2.06 crore, and PAT for FY25 is ₹0.99 crore.
So we’re left asking:
Is this a phoenix story in early innings, or a micro-NBFC trying to cosplay as a capital allocator?
3. Business Model – WTF Do They Even Do?
Let’s simplify Oasis Securities for a smart but lazy investor.
Oasis does two things:
- Lending (Financing Activity)
In FY25, the company disbursed ₹8.25 crore of loans, up ~12% YoY. That’s the bread-and-butter NBFC activity — deploy capital, earn interest, repeat. - Investments (Securities & Equity Exposure)
In FY25, investments stood at ₹4.19 crore, down ~46% YoY. Income here comes from fair value changes, which means profits can look brilliant one quarter and disappear the next — depending on market mood.
Revenue mix in FY25:
- Interest Income – ~48%
- Net Gain on Fair Value Changes – ~48%
- Processing Charges – ~4%
Translation?
Half the income depends on markets behaving nicely. For an NBFC, that’s like running a dairy farm where cows also trade options.
The business model isn’t wrong — it’s just volatile. And volatility is fine, as long as scale, controls, and capital discipline follow. That’s the “to be proven” part.
4. Financials Overview – Q3 FY26 Scorecard
| Metric | Latest Qtr (Q3 FY26) | YoY Qtr (Q3 FY25) | Prev Qtr (Q2 FY26) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 0.56 | 0.41 | 0.47 | 36.6% | 19.1% |
| EBITDA (₹ Cr) | 0.38 | 0.16 | 0.34 | NA | NA |
| PAT (₹ Cr) | 0.42 | 0.17 | 0.24 | 147.1% | 75.0% |
| EPS (₹) | 0.23 | 0.09 | 0.13 | 155% | 77% |
