Courtesy: https://www.chittorgarh.com/
Review By Dilip Davda on March, 2026
• The company is an RBI registered NBFC engaged in providing the financial services.
• It has posted growth in its top and bottom lines for the reported periods.
• It is operating in the highly competitive and fragmented segment.
• Based on its recent financial data and the market price trends, the issue appears aggressively priced.
• There is no harm in skipping this pricey and dicey RI offer.
ABOUT COMPANY:
Supra Pacific Financial Services Ltd., (SPFSL) was incorporated in the year 1986, and with nearly four decades of operating experience, it has consistently delivered competitive, reliable, and tailor-made financial solutions to a diverse customer base. In 1999, the Company obtained its Non-Banking Financial Company (NBFC) license from the Reserve Bank of India (RBI), following which it has been actively engaged in NBFC operations, strengthening its position as a trusted financial services provider.
Headquartered in Maharashtra, the Company has established a strong and growing footprint in some states across the country. As on date, the Company operates through a network of over 98 branches across India, with presence in the states of Maharashtra, Karnataka, Kerala, and Tamil Nadu. This wide distribution network enables the Company to serve customers efficiently, penetrate new markets, and maintain close proximity with local communities.
The Company offers a diversified portfolio of lending products designed to meet the evolving financial needs of individuals, entrepreneurs, traders, and micro-enterprises. At SPFSL, the work environment is defined by commitment, focus, and a strong drive for excellence. The Company’s workforce consistently champions these values in daily operations, creating a culture of responsibility, performance, and collaboration. The team remains dedicated to delivering high-quality service, maintaining regulatory discipline, and ensuring customer satisfaction at every stage of engagement. As of March 31, 2025, it had 674 employees on its payroll.
ISSUE DETAILS:
The company is coming out with its Rights Issue (RI) of 21739130 equity shares of Rs. 10 each at a fixed price of Rs. 23.00 per share to mobilize Rs. 50.00 cr. The RI opens for subscription on March 20, 2026, and will close on March 27, 2026. The company is offering RI in the ratio of 32 for 49 to its eligible stakeholders as of the record date of March 12, 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. 0.64 cr. for this RI process, and from the net proceeds, it will utilize Rs. 25.00 cr. for repayment/prepayment of certain borrowings, Rs. 17.50 cr. for augmenting capital base, and Rs. 6.86 cr. for general corporate purposes.
The RI is solely lead managed by the company itself., and Purva Sharegistry (India) Pvt. Ltd. is the registrar to the issue.
Post-RI, company’s current paid-up equity capital of Rs. 33.29 cr. will stand enhanced to Rs. 55.03 cr. Based on the RI pricing, the company is looking for a market cap of Rs. 126.56 cr.
FINANCIAL PERFORMANCE:
On the financial performance front, for the last two fiscals, the company has posted total income / net profit, of Rs. 25.85 cr. / Rs. 0.67 cr. (FY24), Rs. 47.42 cr. / Rs. 1.14 cr. (FY25). For H1 of FY26 ended on September 30, 2025, it posted a net profit of Rs. 2.99 cr. on a total income of Rs. 40.55 cr.
DIVIDEND POLICY:
The company has paid a dividend of 2% in November 2025. It will adopt a prudent dividend policy, based on its financial performance and future prospects. However, the offer document is silent on its dividend policy.
SCRIP PERFORMANCE: BASED ON BSE WEBSITE DATA: SCRIP CODE: 540168 (FV Rs. 10).
The scrip last closed on cum-right basis at Rs. 25.06 on March 11, 2026, and opened on an ex-right basis at Rs. 24.90 on March 12, 2026. Since then, it has marked a high/low of Rs. 27.21 / Rs. 23.02. The scrip last closed at Rs. 27.18 as of March 18, 2026. For the last 52 weeks’ it has posted a high/low of Rs. 36.49 / Rs. 22.77.
The promoters’ holding was at 25.28% for quarter ended September 30, 2025, against 23.30% for quarter ended June 30, 2025.The counter is currently well managed by vested interests and traded above the RI price, to lure investors.
Conclusion / Investment Strategy
SPFSL is an RBI registered NBFC engaged in providing the financial services. It has posted growth in its top and bottom lines for the reported periods. It is operating in the highly competitive and fragmented segment. Based on its recent financial data and the market price trends, the issue appears aggressively priced. There is no harm in skipping this pricey and dicey RI offer.
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/
