1. At a Glance
RPSG Ventures Ltd is what happens when a conglomerate goes shopping with a very large credit card and a very broad imagination. At a market cap of ₹2,288 Cr and a stock price hovering around ₹692, this company manages to report ₹10,937 Cr in trailing twelve-month revenue, yet still coughs up a Q3 FY26 consolidated loss of ₹136 Cr like it’s allergic to profits.
In the last three months, the stock is down 18%, in six months it’s down 21%, and over one year, shareholders have enjoyed a solid -27% return. The company trades at 0.86x book value, which sounds cheap until you realize the ROE is -2%, debt-to-equity is 2.41, and interest coverage is a nervous 1.51x.
Sales are growing at ~20% YoY, operating margins look decent at ~14%, but net profits behave like an IPL team that wins league matches and then forgets how to bat in playoffs.
This is not a boring company. This is a chaotic company. And chaos, dear reader, deserves a deep audit.
2. Introduction
RPSG Ventures Ltd belongs to the RP–Sanjiv Goenka Group, which is corporate India’s version of a Swiss Army knife. Power, carbon black, IT services, FMCG, music, media, sports franchises, malls, Ayurveda, startups—if it exists, RPSG probably owns a slice of it.
RPSG Ventures is the holding company where all the “interesting” businesses live. Some are profitable. Some are aspirational. Some are expensive hobbies with EBITDA aspirations. Together, they form a portfolio that looks impressive on a PPT slide and confusing in a P&L statement.
Between FY22 and Q1 FY25, the business mix has changed dramatically. Business Process Services dominance has reduced from 91% to 68%, while the sports business jumped from 2% to 26%. That’s not organic diversification—that’s a strategic pivot with a Netflix subscription.
The result? Revenue growth looks healthy, operating profit exists, but interest, depreciation, exceptional items, and acquisitions gang up to beat net profit into submission.
So the big question: is this a hidden value conglomerate waiting for
a sum-of-the-parts unlock, or a capital allocator with too many toys and not enough free cash flow discipline?
Let’s open the files.
3. Business Model – WTF Do They Even Do?
A. Business Process Services – The Adult in the Room
Through its ~54% stake in Firstsource Solutions Ltd, RPSG Ventures earns the bulk of its revenue. This is a classic BPS/BPM business serving healthcare, BFSI, and communications clients globally.
Firstsource is steady, boring (in a good way), and actually profitable. In FY24, it delivered ~4% YoY revenue growth and respectable margins. If RPSG Ventures were a family, Firstsource would be the salaried elder sibling paying EMIs on time.
B. Sports Business – The Trophy Cabinet with EMI Bills
RPSG Ventures owns Lucknow Super Giants (IPL) and has expanded globally with the acquisition of 70% stake in Manchester Originals (The Hundred, UK) for GBP 81.21 million.
Revenue share from sports jumped to ~26% in Q1 FY25, but profitability remains… aspirational. Sports franchises are brand assets, not cash machines—unless you sell media rights or win consistently.
Fun fact: winning fans doesn’t automatically mean winning shareholders.
C. FMCG – Guilt-Free Snacks, Guilty Cash Burn
Through Guiltfree Industries, RPSG plays in packaged snacks and personal care with brands like Too Yumm, Naturali, and Within Beauty.
Revenue grew ~12% YoY in FY24, which is fine. But FMCG scale needs
