– By Dilip Davda
- This is the 2nd RI from the company since May 2022.
- The company is engaged in providing financial services and investments.
- It is an RBI registered NBFC.
- It posted losses for the reported periods, and its NAV is Rs. 1.02 as of March 31, 2026.
- Its share is trading at a discount currently, making this RI a clear avoid.
- Investors may skip this at par RI, considering its minuscule operations so far.
ABOUT COMPANY:
NCL Research & Financial Services Ltd., (NRFSL) is engaged in providing financial services as an RBI registered NBFC. It is also investing in the form of equity in various companies (listed – unlisted).
NRFCL is engaged in both financing and investment activities. These advances do not represent loans granted in the ordinary course of lending business but were given towards proposed acquisition/purchase of shares and securities as part of the Company’s investment activities. Such advances are generally made to secure identified investment opportunities and are adjusted against the purchase consideration upon completion of the transaction or recovered if the transaction does not materialize. The offer document is silent on its employees’ strength data.
ISSUE DETAILS:
The company is coming out with its Rights Issue (RI) of 499486400 equity shares of Re. 1 each at par to mobilize Rs. 49.95 cr. The RI has already opened for subscription on September 03, 2026, and will close on September 18, 2026. The company is offering RI in the ratio of 7 for 15 to its eligible stakeholders as of the record date of August 27, 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. 1.50 cr. for this RI process, from the net proceeds, Rs. 37.45 cr. for augmenting its capital base, and Rs. 11.00 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. 107.03 cr. (1070328000 equity shares) will stand enhanced to Rs. 156.98 cr. (1569814400shares). Based on the RI pricing, the company is looking for a market cap of Rs. 156.98 cr.
FINANCIAL PERFORMANCE:
On the financial performance front, for the last two fiscals, the company has (on a consolidated basis) posted total income / net profit/ – (loss), of Rs. 8.53 cr. / Rs. – (1.36) cr. (FY25), Rs. 6.16 cr. / Rs. – (2.60) cr. (FY26). For Q1 of FY27 ended on June 30, 2026, it posted a loss of Rs. – (1.13) cr. on a total income of Rs. 1.67 cr. Its NAV stood at Rs. 47.60 as of March 31, 2026. The company has posted losses on a minuscule top line, and that remains big concern. Its higher post-RI equity base will also face its servicing issue in near term.
DIVIDEND POLICY:
The company has not paid any dividends for the last three years. 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: 530557 (FV Re. 1).
The scrip last closed on cum-right basis at Rs. 0.74 on August 26 2026, and opened on an ex-right basis at Rs. 0.73 on August 27, 2026. Since then, it has marked a high/low of Rs. 0.73 / Rs. 0.68. The scrip last closed at Rs. 0.70 as of September 07, 2026. For the last 52 weeks’ it has posted a high/low of Rs. 0.87 / Rs. 0.39. The counter is currently under ESM: Stage 2.
The promoters’ holding has been constant at 0.00%L for the last three quarters ended on June 30, 2026. The counter is trading at a discount against its at par RI.
CONCLUSION:
This is the 2nd RI from the company since May 2022. NRFSL is engaged in providing financial services and investments. It is an RBI registered NBFC. It posted losses for the reported periods, and its NAV is Rs. 1.02 as of March 31, 2026. Its share is trading at a discount currently, making this RI a clear avoid. Investors may skip this at par RI, considering its minuscule operations so far.
Review By Dilip Davda on August, 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 ).
