AFSLNSEfinancial year 2026August 12, 2025

Abans Financial Services Limited

3,714words

39turns

10analyst exchanges

0executives

Key numbers — 17 extracted

INR 1,895 crore

rengthening our compliance-driven growth model. On a consolidated basis, we delivered revenues of INR 1,895 crores in quarter 1 of FY '26, led by continued traction in our fee-based investment services and stron

INR 52.8 crore

n our fee-based investment services and strong performance in our other segments. EBITDA stood at INR 52.8 crores reflecting disciplined cost management while investing in our growth initiatives. Net profit for

INR 32.69 crore

iplined cost management while investing in our growth initiatives. Net profit for the quarter was INR 32.69 crores, up 35% quarter-on-quarter year-on-year, marking yet another quarter of profitable growth. I w

35%

nt while investing in our growth initiatives. Net profit for the quarter was INR 32.69 crores, up 35% quarter-on-quarter year-on-year, marking yet another quarter of profitable growth. I would like

rs,

iversified revenue base across geographies, products and customer segments. In the upcoming quarters, we expect continued growth in AUM. We have been able to reach INR 3,500 crores for the first time

INR 3,500 crore

gments. In the upcoming quarters, we expect continued growth in AUM. We have been able to reach INR 3,500 crores for the first time this quarter, steady expansion in our lending book and improved operational l

INR 165 crore

d see what is contributing to the growth of the business. And interestingly, we did a top line of INR 165 crores in fee-based investment services in the year ended March 31, 2025, with a profit before tax of I

INR 102 crore

es in fee-based investment services in the year ended March 31, 2025, with a profit before tax of INR 102 crores. With scaling AUMs, obviously, because now that all our infrastructure of asset management is re

INR 1,000 crore

ease go ahead. Kevin: So, my question is that AUM has been raised last year, I think till about INR 1,000 crores. So, what is the strategy for scaling this further? Like are you looking at deeper regional pene

INR 1,000

we're talking about, this is only through distributors. So, our overall AUM is INR 3,500 crores, INR 1,000 -- now it's INR 1,300 crores through distribution networks. So, in any business like us, there are

INR 1,300 crore

this is only through distributors. So, our overall AUM is INR 3,500 crores, INR 1,000 -- now it's INR 1,300 crores through distribution networks. So, in any business like us, there are 2 ways to distribute produ

INR 3,500 crore

re 2 ways to distribute product. One is yourself and one through distributors, the sum of both is INR 3,500 crores and through distributors is more than INR 1,000 crores. So, I just wanted to clarify that point.

Guidance — 4 items

Nirbhay Vassa

opening

“In the upcoming quarters, we expect continued growth in AUM.”

Nirbhay Vassa

“If I want to basically calculate the net realizable value of this business, my net worth will be in my hands in the next 5 days.”

Nirbhay Vassa

“And we are confident that the market will eventually start valuing the differentiated platforms that we have built and the people who understand it along the way will be part of the journey.”

Nirbhay Vassa

“So, we believe this growth will be sustainable and recurring in nature, backed by long-term mandates and scalable without proportionate increases in cost.”

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Risks & concerns — 8 flagged

Our NBFC remains focused on lending to with prudent risk management practices.

— Nirbhay Vassa

Our strategy remains centered on scaling high-margin fee-based businesses to ensure earnings stability, strengthening global market connectivity while remaining compliant with evolving regulations, leveraging technology for operational efficiency and risk control and building a diversified revenue base across geographies, products and customer segments.

— Nirbhay Vassa

So, we have an ability to give the customer a product based on their risk profile.

— Nirbhay Vassa

And clients have stayed with us over the years because we offer a 360-degree view both in terms of risk assessment, regulatory navigation and also execution support through our broking and lending arms.

— Nirbhay Vassa

Our asset management verticals are also nimble enough to respond to market changes because in the last decade, we have seen so many volatile events like COVID, tariffs, elections in India, et cetera.

— Nirbhay Vassa

The aim is to offer a full tax solution across risk profiles, thereby increasing our wallet shares from each client.

— Ketur Shah

We also offer differentiated advisory portfolios that combined discipline with our agility, particularly useful in volatile market conditions that we have seen for the past few years.

— Nirbhay Vassa

But again, the regulatory impact of that is being studied and the right kind of navigators for those businesses, both in terms of human expertise and system expertise is being worked upon.

— Nirbhay Vassa

Q&A — 10 exchanges

My name is Smit Mehta. And first of all, I wanted to congratulate for an amazing results of Abans Financial Services Limited. Sir, actually I have one question. So, what are the key factors which is helping AFSL to keep its clients and win long-term advisory and asset management deals?

Nirbhay Vassa

Okay. Thank you. So, I think in the asset management space, the first aspect of trying to build an asset management business is visibility and trust. So, I believe that the strongest differentiators for us as Abans are trust, access to global markets and ability to customize financial products. So, we have an ability to give the customer a product based on their risk profile. And clients have stayed with us over the years because we offer a 360-degree view both in terms of risk assessment, regulatory navigation and also execution support through our broking and lending arms. Our asset manageme

My question was that as the Company's fee-based income is scaling, do you foresee any improvement in the operating leverage or margin expansion over the next few quarters?

Nirbhay Vassa

Thank you for that question. So, I was actually in the last couple of investor calls, I've tried to point out to all the people listening and all our investors that how I view the business is from our segment reporting section. So, if you would actually go into our results and check our segment reporting section, you would see what is contributing to the growth of the business. And interestingly, we did a top line of INR 165 crores in fee-based investment services in the year ended March 31, 2025, with a profit before tax of INR 102 crores. With scaling AUMs, obviously, because now that all ou

So, my question is that AUM has been raised last year, I think till about INR 1,000 crores. So, what is the strategy for scaling this further? Like are you looking at deeper regional penetration or like new asset classes?

Ketur Shah

So, the INR 1,000 crores AUM mark is itself is important management for us right now. We are now building on this by expanding both horizontally and vertically. So, horizontally, we are increasing our distribution footprint across more cities, more countries, more partners and deeper training for our relationship managers. So, as you know, we work with through multiple distribution partnerships and channel partners. So, we are training them and executing them about our products and services. So, through which we are expanding. Vertically, we are introducing new asset classes, including our glo

Congratulations on the results, first of all. My question is pretty simple. The Company looks solid, right? The business is good, the results are good. The offerings, there is a diverse mix of offerings. But I believe the market seems to miss something, and it is not fully reflecting its intrinsic value. Where do you think, what is the thing which the market is missing? And what are the steps which the Company is taking do you bring that under appreciated or untapped value to the market, to the shareholders, in fact?

Nirbhay Vassa

Thank you for your question. Normally, we always try to dodge a stock market or a value question. But as a young boy with deep interest in English literature, I was told this dialogue that we utilize in the eyes of the beholder, right? So, I believe, obviously, and if you look at the numbers, clearly, you would believe that there is deep value in AFSL, that's yet to be fully reflected. But I would like to talk about what we are doing as a business rather than what the market is doing. So, because we have an asset-light high ROE business, the regulatory infrastructure is across multiple geograp

Good afternoon, sir. I was like you said, and I, during that you mentioned the annual report, I was really impressed by it. I just wanted to know more about the strategic vision of the Company for the financial year '26. And also, are there any new products?

Dhrumil Shah

Hi Nikita, this is Dhrumil. Thank you so much for the question. To answer that, I would say that financial year 2026 is a year of acceleration for us. Our core values this time, I'm going to have 3 pillars: advisory depth, product innovation and geographic scale. We're entering the merchant banking space to complement our advisory and capital-raising capabilities. We are also launching new products in structured credit and global investment. Our regulated platforms in the U.K., Mauritius and GIFT City will pay a key role in tapping international capital flows. Overall, we see financial '26 as

As I was seeing the financials, the fee-based income has risen sharply this year. What are the primary factors behind this growth? And how confident are you in sustainability over the medium to long term?

Nirbhay Vassa

So, firstly, if you noticed that the fee-based investment income has gone up substantially, not only in the last year, but since we have gotten listed, because our ability to provide infrastructure globally has expanded substantially in the last couple of years. So, the growth in the fee-based income is a direct outcome of our strategic pivot towards fee-based and multi- product distribution strategies that we have employed globally. And over the past year, we have seen deeper relationships with larger HNIs, family offices and even funds that like to invest in our treasury products. And we hav

Given the increasing interest in the alternative investment and management portfolio landscape, how is AFSL positioning itself in the evolving landscape and especially in the mid- market segment, what is the plan of the Company?

Nirbhay Vassa

So, I don't know if everyone in our industry understands the alternative space yet. But the growth in the alternative space and the AIF has been substantially higher in the last 5 years. I think in our management analysis in our annual report, we have spoken a lot about alternate assets, right? And this is I won't say underserved, but a huge opportunity in this mid-market space. Because at AIF, you need an investor who's willing to put INR 1 crore of their money as a minimum, and not like an SIP, where you can put INR 200, INR 500 or INR 5,000, right? So, it is largely specialist investment an

Sir, so given these strategies you have in place and you say you are well positioned. Any sort of outlook you would like to share when it comes to your AUM growth and revenues and margins for the financial year?

Nirbhay Vassa

So, again, outlook are from the perspective of numbers, if you see our fee income expanding the way it did in the last year, as AUMs are rising, our fee income has been rising consistently. And I think we can confidently say that our AUMs will double hopefully, every 12 to 18 months and our fee income, because all the infrastructure fixed costs are in built now, our fee income will further expand in the coming years. So, according to me, you can see in the balance sheet that we are, firstly, a very like low gearing Company. Two is we have ability to make acquisitions, to acquire more fee incom

Just one more question. In the results declared, you have announced that a merger of a subsidiary with the step-down subsidiaries. Just wanted to understand the benefits of this merger and how do you -- what are the synergies which you are looking at?

Nirbhay Vassa

So, yes, we have announced that we have multiple companies which have different broking licenses nationally. And over a period of time, we have realized and added all the licenses in one entity which is Abans Broking Services Private Limited. And we wish to bring all the broking businesses under one umbrella, both in terms of improving compliance efficiency, also having a high net worth broking Company, which can then facilitate larger institutional broking capabilities in the future because that will meet more or less every large fund house requirement in terms of having a broking partner lik

Thank you, guys, and a lot of insightful questions, and I hope that gives you clarity in terms of understanding our business. Stay focused and try to understand the business before making any kind of investment decisions, and that's what I would like to say. Wish you all the best. Thank you.

Management

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Speaking time

Moderator

Nirbhay Vassa

Rahul

Ketur Shah

Raj

Nupur Jainkunia

Smit Mehta

Akriti Acharya

Kevin

Nikita

Opening remarks

Nupur Jainkunia

Good afternoon, everyone, and a very warm welcome to you all. My name is Nupur Jainkunia from Valorem Advisor. On behalf of the Company, I would like to thank you all for participating in the earnings conference call for the 1st Quarter of the financial year 2026. Before we begin, I would like to thank you all for participating in the earnings conference call of Abans Financial Services Limited. Before we begin, let me mention a short cautionary statement. Some of the statements made in today's earnings call may be forward-looking in nature. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from those anticipated. Such statements are based on the management's belief as well as assumptions made and information currently available to the management. Audiences are cautioned not to place any undue reliance on these forward-looking statements or make any investment decision. The purpose of today's conference call is purely to

Ketur Shah

Hi, Nupur. Thank you so much for the warm introduction. So, I have with me my CFO, Group CFO, Nirbhay Vassa, and I am handing over to him for the opening remarks of the Abans Financial Services.

Nirbhay Vassa

Thank you, Ketur. Good afternoon, everyone, and thank you for joining us today. It gives me great pleasure and satisfaction to present the financial highlights for the 1st Quarter of FY '26. This quarter reflects the steady execution of our strategy anchored on diversifying our revenue streams, scaling fee-based businesses and strengthening our compliance-driven growth model. On a consolidated basis, we delivered revenues of INR 1,895 crores in quarter 1 of FY '26, led by continued traction in our fee-based investment services and strong performance in our other segments. EBITDA stood at INR 52.8 crores reflecting disciplined cost management while investing in our growth initiatives. Net profit for the quarter was INR 32.69 crores, up 35% quarter-on-quarter year-on-year, marking yet another quarter of profitable growth. I would like to take you all through some operational and strategic updates for you all to understand our strategies better: We continue to see robust momentum in our a

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Abans Financial Services Limited

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