Annual report
Business Responsibility and Sustainability Reporting (BRSR) 5 Sep - Authum filed FY2025-26 BRSR as part of its 44th Annual Report.
Source: Bse
Authum Investment & Infrastructure Limited (AIIL)
Large CapFinancial Services stocks · Large cap · NSE
Authum Investment & Infrastructure Limited (AIIL) is an NBFC, incorporated in 1982 and acquired by Alpana Sanjay Dangi in FY2020. It is transforming from a pure-play investment platform to a diversified credit business, focusing on mid-large cap NBFCs and alternative assets. It has a market cap of ~Rs. 43,000 Cr and an A (Stable) CRISIL rating as of May 2026.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals14 Oct 2026 · screener
Latest result21 Jul, 02:08 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
59NeutralSMA20 +2.6% / mo · MACD +
Stock trend: 69
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
AIILD candles · FIT view+12.7%Latest close ₹548.95 on 2026-10-19
Bar
-3.7%
RSI
50
MACD hist
0.57
52W pos
53%
2026-10-19O ₹570.20H ₹570.20L ₹543.55C ₹548.95Vol 1.1L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
AIILNifty Financial ServicesNifty 500
- AIIL
- -0.5%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- +5.0 pp
Chart stats
19 Oct 2026- From 52W high
- -19.6%
- 52W range position
- 53%
- ATR (14)
- 3.4%
- Volume vs 20D
- 0.57x
- Avg traded value
- ₹9.2 Cr
- 20D price channel
- ₹527.2 - ₹575.3
₹683
₹400 - ₹683
₹18.5
Latest completed session
20-session average
33.1% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · WATCHLIST42
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good60
Revenue +21.0% · PAT +17.5% YoY
Technical
Neutral59
Price trend and sector-relative-strength timing.
Valuation
Legacy model+12.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence63
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 60/100Rev +21% YoY · PAT +18% YoY · +373% QoQ
Filed 20 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,470 Cr | +21.0% | +372.7% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹1,108 Cr | +17.5% | +1810.3% |
| PAT margin | 75.4% | -224 bps | +5672 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 22.20
- P/B
- 3.18
- EV/EBITDA
- 1321.24
- Market Cap
- 46609.00Cr
Profitability
- ROE
- 12.80%
- ROCE
- 13.30%
- ROA
- 22.08%
- Dividend Y
- 0.02%
Growth (CAGR)
- Revenue 5Y
- 74.00%
- EPS 5Y
- 74.00%
- Revenue 3Y
- 69.00%
- EPS 3Y
- 185.00%
Balance Sheet
- Debt/Equity
- 0.24
- Interest Coverage
- —
- Altman Z
- 7.34
- Book Value
- 173.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 3/5
- OCF
- 1455.00 Cr
- EPS TTM
- 24.71
Shareholding
- Promoter Hold
- 68.81%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 53%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 70.0+1300.0% vs prev
Net Profit
₹ CrLatest: 4,248+45.5% vs prev
Return on Equity
%Latest: 29.1+2.1% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 50. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~2.5% over last month) — short-term momentum positive.
- RSI(14) at 50 — falling, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 20% off 52W high · 37% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
65
RS percentile
Stage 2 UptrendEstablished S2
1M return
-1.8%
3M return
-0.5%
6M return
+13.2%
1Y return
-8.6%
RS 1D
-4
RS 20D
+22
Sector rank
#9
Industry rank
-
Stage evidence
- Price is 6.7% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +2.2%.
50-DMA
price above
200-DMA
price above
S2 entered
15 Sept 2026
S2 age
24 trading sessions
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 95.38-3.01%
RS vs Nifty 50095
Valuation & peers
U-Score 42 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 42 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation4/30
Growth21/25
Quality3/20
Balance Sheet8/15
Cash Flow3/10
Piotroski
5/9 (+3)
Penalties
0
Raw sum
42
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
42/100 · legacy band WATCHLIST
Positive drivers
- Fair-value margin of safety is positive at 12.9%.
- Growth contributes 21/25 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Quality is weaker at 3/20; verify the latest quarterly trend.
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
22.2
PB
3.2
EV/EBITDA
1321.2
ROE
12.8%
ROCE
13.3%
FCF Yield
—
Debt/Equity
0.2
MoS
+12.9%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
42
Previous: 42
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+12.9%
Previous: +12.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
42
42
42
42
42
42
42
40
40
40
42
42
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹310.13
-77.0% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹630.11
+12.9% MoS
PEG
0.19
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
CHOLAHLDNG
Small
Cholamandalam Financial Holdings Limited
Holding Company
match 67
51
9.6
17.5%
+62%
FAIR VALUE
ELCIDIN
Small
EL CID Investments Limited
Holding Company
match 62
36
20.3
1.2%
-49%
WATCHLIST
3PLAND
Small
3P Land Holdings Limited
Holding Company
match 62
45
24.2
1.8%
+1%
WATCHLIST
DHUNINV
Small
Dhunseri Investments Limited
Holding Company
match 62
37
6.3
0.7%
-304%
WATCHLIST
CONSOFINVT
Small
Consolidated Finvest & Holdings Limited
Holding Company
match 61
51
16.9
5.0%
+33%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T16:13:17.086Z
Management commentary snapshot
Authum reports significant growth in its credit and alternative assets business in FY26, with fresh credit deployment reaching Rs. 3,570.9 Cr and ISARC AUM growing to ~Rs. 693 Cr, alongside a substantial increase in net worth.
AIIL is successfully executing its strategic pivot from a pure-play investment platform to a diversified credit and alternative assets business. The significant increase in fresh credit deployment and the scaling of the ARC platform demonstrate strong progress in building new revenue streams and reducing reliance on investment income, despite a sharp drop in investment income in FY26.
Current business mix
Book size as at March 31, 2026
Latest issuer-disclosed distribution across 5 reported categories.
Flow Investments61.0%
Strategic Investments14.0%
Fresh credit Portfolio20.0%
Acquired Portfolio (incl. PTCs)2.0%
ARC Platform (ISARC)2.0%
Growth engines
Diversified Credit Business
Fresh credit deployment reached Rs. 3,570.9 Cr in FY26, indicating strong growth in the NBFC segment.
ARC Platform (ISARC)
ISARC built a fresh investment book of ~Rs. 348 Cr and AUM of ~Rs. 693 Cr since its acquisition in June 2025.
Servicing & Advisory
A third-party AUM in excess of Rs. 2,000 Cr was built in under 1 year, leveraging existing capabilities.
Strategic Investments
Authum holds 43.66% in Prataap Snacks and 46.8% in NITCO Ltd., with operational metrics improving post-investment.
Capacity and execution
NBFC Platform
The NBFC platform is fully enabled and active, with fresh credit disbursements exceeding Rs. 3,500 Cr in FY26.
ARC Platform (ISARC)
Authum completed the acquisition of 88.37% shareholding in ISARC in June 2025, making it a fully enabled platform.
Asset Management Company
An Asset Management Company has been set up, with blueprint/strategy actively being worked on.
Servicing & Advisory Infrastructure
The company has 25 branches, reach across 170 locations with an agency network, and a centralized call center.
Tailwinds
Strong Capital Base
The company maintains a fortress balance sheet with ~Rs. 14,727.8 Cr net worth as on March 31, 2026.
CRISIL Rating Upgrade
Authum's rating was upgraded to A / Stable by CRISIL in October 2025.
Promoter Track Record
Promoters have a track record of value creation in the capital market and are committed to building an integrated credit platform.
Headwinds
Increased Finance Costs
Finance costs rose to Rs. 198.8 Cr in FY26, primarily due to increased subordinated debt liabilities.
Investment Income Volatility
Investment income dropped significantly to Rs. 164.1 Cr in FY26 from Rs. 2,663.4 Cr in FY25.
Risk radar
Recovery from Acquired Portfolio
Strategic focus is on harvesting recoveries from the acquired portfolio in the first 12 months.
Credit Quality Management
The company reported Gross NPA of Rs. 251.4 Cr and Net NPA of Rs. 14.9 Cr in its loans & credit substitutes book.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The presentation focuses on annual financial results (FY23, FY24, FY25, FY26) and strategic shifts over fiscal years, making year-over-year comparison most relevant for assessing the company's transformation and growth.
Sector KPIs management disclosed
AUM Growth (ISARC)
ISARC's AUM grew from Rs. 8 Cr in June 2025 to ~Rs. 693 Cr by March 31, 2026, post-acquisition.
Fresh Credit Deployment
Fresh deployment in the NBFC credit business was Rs. 3,570.9 Cr in FY26, up from Rs. 2,231.5 Cr in FY25.
Net Worth
Net worth stood at Rs. 14,727.8 Cr as on March 31, 2026, compared to Rs. 14,689.3 Cr as on March 31, 2025.
Gross NPA / Net NPA
Loans & credit substitutes had Gross NPA of Rs. 251.4 Cr and Net NPA of Rs. 14.9 Cr as on March 31, 2026.
Management forward view
Diversify Revenue Streams
Management aims to continue diversifying revenue streams, moving from primarily investments to a credit business.
Judicious Capital Allocation
Capital allocation will continue to improve towards a judicious mix between investments and strategic investments/credit business.
Platformize & Professionalize
The strategy is to create and grow multiple synergistic yet independent platforms with professional management teams for scale.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Fresh Credit Deployment | Rs. 3,570.9 Cr (FY26) | Continued growth in fresh credit deployment and diversification of the product suite. |
| ISARC AUM Growth | ~Rs. 693 Cr (Mar'26) | Robust investment pipeline closures and sustained AUM scale-up in the ARC platform. |
| Net Leverage | Minimal (less than 0.05x of Net-worth) | Maintenance of minimal leverage as the credit business scales up. |
| Investment Income Stability | Rs. 164.1 Cr (FY26) | Stability or growth in investment income alongside credit business expansion. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
63Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 38th percentile of the scored universe and 55th percentile within Financial Services. Main check: results consistency is weak at 15/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
19 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
38th percentile
overall median 67 · Financial Services: 55th pctile, median 62 · Large: 19th pctile, median 73
Evidence depth
Financial-only
19 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
55
watch · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
15
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 68.8%.
- ▸Promoter pledge is zero.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸1/4 latest quarters had positive YoY revenue growth.
- ▸1/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Authum Investment & Infrastructure Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 18 Aug - AIIL invests Rs 101.62 crore in ISARC rights issue, subscribing 40.65 crore shares.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Updates on Acquisition 28 Jul - NCLT approved consortium's resolution plan for Wind World India; Authum commitment is about ₹350 crore.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.