Courtesy: https://www.chittorgarh.com/
Review By Dilip Davda on March, 2026
• The company is primarily engaged in the business of investment and trading in securities market.
• It plays with the market related risks on its investment plans.
• The ongoing geopolitical disturbances are not in favor of the company.
• It posted inconsistency in its financial performances for the reported periods.
• Based on its recent financial data, the RI appears aggressively priced.
• There is no harm in skipping this pricey and dicey RI offer.
ABOUT COMPANY:
Nexome Capital Markets Ltd., (NCML) (erstwhile known as SMIFS Capital Markets Ltd.) is primarily engaged in the business of investment and trading in shares, stocks, units, debentures, Derivatives mutual funds, Government Securities, bonds and Securities. Its business activities expose it to various risks due to unpredictability of Stock market. The security market is Volatile and is affected by price fluctuations on daily basis.
Although the company takes precaution in investing in shares and securities, it cannot be certain that the fluctuations in price in future will not affect the financial stability of the company. If any adverse developments or volatile fluctuation happens in the Stock market the value of NCML’s investments in stocks or other securities, Mutual Funds and Government Securities can fluctuate significantly. If investments lose value due to market conditions, its assets will be worth less, potentially impairing financial position of the company.
Moreover, if stock markets become illiquid (e.g., during a market crash or tight economic conditions), it may become more difficult to sell investments at favorable prices, affecting cash flows and liquidity. Dealing in futures and options becomes riskier in volatile market and can cause significant adverse impact on the financial position of the Company.
In order to achieve its goal, the company is constantly evaluating the possibilities of expanding business through new models, innovations and/or starting new services. Although it believes that there are synergies between its current business and expansion plans, it does not have experience or expertise in these new areas. These new businesses and modes of delivery and the implementation of strategic initiatives may pose significant challenges to administrative, financial and operational resources, and additional risks, including some of which the company is not aware of.
The early stages and evolving nature of some of its businesses also make it difficult to predict competition and consumer demand therein. NCML’s strategic initiatives requires capital and other resources, as well as management attention, which could place a burden on resources and abilities. In addition, the company cannot assure that it will be successful in implementing any or all of its key strategic initiatives. If it is unable to successfully implement some or all of key strategic initiatives in an effective and timely manner, or at all, its ability to maintain and improve leading market position may be negatively impacted, which may have an adverse effect on business and prospects, competitiveness, market position, brand name, financial condition and results of operations. The offer document is silent on its employees’ strength data.
ISSUE DETAILS:
The company is coming out with its Rights Issue (RI) of 2938500 equity shares of Rs. 10 each at a fixed price of Rs. 75.00 per share to mobilize Rs. 22.04 cr. The RI opens for subscription on March 13, 2026, and will close on March 23, 2026. The company is offering RI in the ratio of 1 for 2 to its eligible stakeholders as of the record date of March 05, 2026. The company is asking for full money on application for number of shares applied. Post allotment, RI shares will be listed on BSE. The company is spending Rs. 0.30 cr. for this RI process, and from the net proceeds, it will utilize Rs. 13.56 cr. for investment in shares and securities and MF schemes, Rs. 2.78 cr. for investment in liquid funds schemes of MFs or MF schemes investing in Government securities, and Rs. 5.40 cr. for general corporate purposes.
The RI is solely lead managed by the company itself., and Maheshwari Datamatics Pvt. Ltd. is the registrar to the issue.
Post-RI, company’s current paid-up equity capital of Rs. 5.88 cr. will stand enhanced to Rs. 8.12 cr. Based on the RI pricing, the company is looking for a market cap of Rs. 66.12 cr.
FINANCIAL PERFORMANCE:
On the financial performance front, for the last three fiscals, the company has (on a consolidated basis) posted total income / net profit, of Rs. 57.58 cr. / Rs. 0.51 cr. (FY23), Rs. 239.86 cr. / Rs. 2.41 cr. (FY24), Rs. 44.41 cr. / Rs. 1.17 cr. (FY25). For H1 of FY26 ended on September 30, 2025, it posted a net profit of Rs. 2.27 cr. on a total income of Rs. 26.53 cr. Its NAV stood at Rs. 186.15 as of March 31, 2025. It posted inconsistency in its top and bottom lines for the reported periods.
DIVIDEND POLICY:
The company has not paid any dividends for the reported periods of the offer document. It will adopt a prudent dividend policy, based on its financial performance and future prospects. The offer document is silent on its dividend policy.
SCRIP PERFORMANCE: BASED ON BSE WEBSITE DATA: SCRIP CODE: 508905 (FV Rs. 10).
The scrip last closed on cum-right basis at Rs. 92.27 on March 04, 2026, and opened on an ex-right basis at Rs. 82.15 on March 05, 2026. Since then, it has marked a high/low of Rs. 90.90 / Rs. 71.65. The scrip last closed at Rs. 78.79 as of March 10, 2026. For the last 52 weeks’ it has posted a high/low of Rs. 157.54/ Rs. 59.14.
The promoters’ holding marginally increased to 45.61% for period ended December 31, 2025, from 42.66% for the period ended November 07, 2025. The counter is currently well managed by vested interests and traded above the RI price, to tempt investors.
Review By Dilip Davda on March, 2026
Review Author
DISCLAIMER: No financial information whatsoever published anywhere here should be construed as an offer to buy or sell securities, or as advice to do so in any way whatsoever. All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decisions. My reviews do not cover GMP market and operators game plans. Readers must consult a qualified financial advisor before making any actual investment decisions, based the on information published here. With entry barriers, SEBI wants only well-informed investors to participate in such offers. With crazy listings in the recent past, SME IPOs drew the attention of investors across the board and lead to seer madness. However, as SME issues have entry barriers and continued low preference from the broking community, any reader taking decisions based on any information published here does so entirely at their own risk. The above information is based on information available as of date coupled with market perceptions. The Author has no plans to invest in this offer.
About Dilip Davda
Dilip Davda is veteran journalist associated with stock market since 1978. He is contributing to print and electronic media on stock markets/insurance/finance since 1985.
Dilip Davda is a leading reviewer of public issues and NCDs in the primary stock market in India. The knowledge he gained over 3 decades while working in the stock market and a strong relationship with popular lead managers makes his reviews unique. His detailed fundamental and financial analysis of companies coming up with IPOs helps investors in the primary stock market. Dilip Davda has a special interest in analyzing the SME companies and writing reviews about their public issues. His reviews are regularly published online and in news papers.
(Dilip Davda -SEBI registered Research Analyst-Mumbai,
Registration no. INH000003127 (Perpetual)
Email id: dilip_davda@rediffmail.com ).
Courtesy: https://www.chittorgarh.com/
