1. At a Glance
RPSG Ventures Ltd — a cocktail of IT services, FMCG snacks, Ayurveda, real estate, and cricket — just dropped a Q2FY26 performance that feels like a BCCI-approved financial thriller. The company’s consolidated revenue came in at ₹2,668 crore, up 23.2% YoY, but the profit after tax did a reverse sweep, tumbling 42.9% to a loss of ₹44.4 crore.
The stock trades at ₹831, down ~6.5% in the past 3 months and 20% in the past year — clearly, investors aren’t clapping along to the IPL anthem. With a market cap of ₹2,749 crore, a P/E of 436, and a debt of ₹6,393 crore, this is not your average smallcap. The book value stands at ₹801 — yes, almost equal to the CMP — making it one of those rare diversified companies whose assets actually exist on paper.
Return on equity is negative at -2.02%, while ROCE of 11.3% offers a faint heartbeat. Meanwhile, the enterprise value has ballooned to ₹7,949 crore, pushing an EV/EBITDA of just 4.85 — a rare positive twist. So what we have here is a group with growing revenues, unpredictable profits, and an IPL team that probably performs better than the financial statements.
2. Introduction
Imagine if D-Mart, Infosys, Patanjali, and an IPL franchise had a group chat — it would probably look like RPSG Ventures.
Part of the RP Sanjiv Goenka (RPSG) Group, this company is the parent of everything from Firstsource Solutions (BPM) to Too Yumm snacks, Dr. Vaidya’s Ayurveda, Quest Mall, and the Lucknow Super Giants. Basically, it’s the industrial equivalent of a buffet — IT on one plate, sports on another, FMCG on the side, and a bit of Ayurvedic detox to help digest all that diversification.
Over the last few years, RPSG Ventures has turned into a holding company that throws capital at trends faster than a crypto bro on payday — healthcare outsourcing, plant-based snacks, real estate, D2C wellness, and even UK cricket franchises (yes, they acquired 70% of Manchester Originals in 2025). But while diversification makes headlines, the balance sheet looks like it’s playing Twister with debt.
In Q2FY26, the group’s consolidated sales rose 23.2% YoY — solid performance — but losses widened due to higher interest and depreciation. The sports business, now contributing 26% of revenue (up from 2% in FY22), is a clear focus area. Meanwhile, Firstsource Solutions — its largest revenue driver — is doing steady 4% YoY growth, and the FMCG brands like Too Yumm and Naturali continue to nibble away at market share.
The real question? Can this “mini-conglomerate” find profit consistency before the next IPL auction?
3. Business Model – WTF Do They Even Do?
RPSG Ventures isn’t just a company — it’s a holding company with commitment issues.
Here’s the breakup of their many personalities:
- Business Process Services (68%) – The crown jewel is Firstsource Solutions, where RPSG holds a 54% stake. This arm serves global BFSI, healthcare, and telecom clients. In FY24, it clocked a modest 4% revenue growth, but its profits often keep the group’s consolidated P&L from flatlining.
- Sports (26%) – Through RPSG Sports Ventures, the company owns Lucknow Super Giants (IPL) and, as of 2025, a 70% stake in Manchester Originals (UK). Yes, Kolkata businessmen are now colonizing English cricket. Sports revenue has shot up from 2% in FY22 to 26% in FY25, proving that entertainment is the new EBITDA.
- FMCG (5%) – Handled by Guiltfree Industries, the home of Too Yumm, Naturali,
