RGF Capital Markets Limited reported a net profit of ₹15.70 lakh for the financial year ended March 31, 2026, marking a significant turnaround from the ₹0.01 lakh recorded in the previous fiscal year. The Kolkata-based non-banking financial company (NBFC) saw its total income expand to ₹56.43 lakh, driven primarily by a sharp increase in interest income and fair value gains on investments.

The company’s revenue from operations stood at ₹53.77 lakh in FY26, compared to ₹13.34 lakh in FY25. This growth was underpinned by interest income of ₹50.89 lakh and net gains on fair value changes amounting to ₹2.88 lakh. Other income contributed an additional ₹2.65 lakh to the top line. Despite the robust top-line performance, the bottom line was impacted by a substantial tax charge of ₹32.47 lakh, which included adjustments for earlier years and deferred tax liabilities.

Financial Performance Overview

The following table summarizes the key financial metrics for FY26 compared to FY25:

Note: The Directors' Report cites a net profit of ₹15.70 lakh, while the audited Statement of Profit and Loss reflects a profit of ₹4.15 lakh after accounting for specific tax adjustments. The figures above reflect the Directors' Report presentation.

Balance Sheet Strength

RGF Capital Markets maintained a strong liquidity position with cash and cash equivalents rising to ₹421.82 lakh as on March 31, 2026, up from ₹410.82 lakh in the previous year. The company’s loan book expanded to ₹1,103.76 lakh (net of impairment), reflecting a steady deployment of capital into term loans. Notably, all loans were unsecured, with no collateral held against them.

The total equity base stood at ₹1,387.43 lakh, supported by a paid-up equity capital of ₹1,500.24 lakh. The Capital to Risk-Weighted Assets Ratio (CRAR) remained robust at 88.82%, well above regulatory thresholds, indicating ample capital adequacy for future lending activities.

What the Numbers Show

A critical observation in the FY26 results is the divergence between operational profitability and final net income due to tax structures. While Profit Before Tax jumped to ₹36.62 lakh, the effective tax burden was disproportionately high at ₹32.47 lakh. This was largely driven by an adjustment of earlier year taxes worth ₹26.37 lakh and deferred tax charges of ₹6.10 lakh. Consequently, the reported net profit of ₹15.70 lakh (per Directors' Report) or ₹4.15 lakh (per P&L statement) is significantly lower than what the pre-tax performance would suggest, highlighting the impact of one-time or prior-period tax liabilities on the current year’s bottom line.

Corporate Governance and Operations

The Board of Directors recommended no dividend for FY26. The company continues to operate as a Non-Banking Financial Company registered with the RBI, focusing on inter-corporate loans, personal loans, and trading in shares. During the year, the company faced some compliance observations noted by the secretarial auditor regarding SEBI regulations and website disclosures, which management stated were being regularized. No penalties were imposed by the RBI during the period.

RGF Capital Markets disclosed that promoter group entity Caravan Vyapaar Private Limited has completely exited its shareholding in the company. The promoter affiliate sold its entire stake of 5,211,870 shares through open market transactions.

The disposal activity took place over ten trading sessions between July 27, 2026, and August 18, 2026. Prior to these sales, Caravan Vyapaar held 3.47% of the total voting capital. Following the final transaction on August 18, 2026, its holding dropped to 0.00%.

Transaction Details

The sales were executed in multiple tranches. The largest single-day sale occurred on July 27, 2026, July 30, 2026, July 31, 2026, August 3, 2026, and August 7, 2026, with 700,000 shares sold each day. The smallest tranche was 101,326 shares on July 28, 2026.

The disclosure was filed under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The company’s total equity share capital remained unchanged at 150,024,000 shares throughout the period.