RPSG Ventures Limited has submitted its quarterly compliance certificate to stock exchanges, fulfilling regulatory requirements under SEBI (Depositories and Participants) Regulations, 2018. The certificate covers the quarter ended March 31, 2026, and was communicated to both NSE and BSE on April 07, 2026.

Regulatory Compliance Details

The certificate was issued under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, by MUFG Intime India Private Limited, which serves as the company's Registrar and Share Transfer Agent. The compliance document was dated April 06, 2026, and formally submitted to exchanges the following day.

Certificate Confirmation

MUFG Intime India Private Limited confirmed that all securities received from depository participants for dematerialization during the quarter ended March 31, 2026, were properly processed. The registrar verified that securities were confirmed to depositories within prescribed timelines and that all received security certificates were mutilated and cancelled after due verification.

The certificate also confirms that securities comprised in the certificates have been listed on stock exchanges where the company's earlier issued securities are already listed. The depository participants' names have been appropriately substituted in the register of members as registered owners.

Corporate Communication

The submission was signed by Sayak Chatterjee, Company Secretary of RPSG Ventures Limited, with digital signature authentication completed on April 07, 2026. The communication was addressed to both major Indian stock exchanges where the company's shares are traded.

This quarterly compliance submission demonstrates RPSG Ventures Limited's adherence to SEBI regulations governing depositories and participants, ensuring proper handling of dematerialization processes and maintaining transparency with regulatory authorities and stock exchanges.

RPSG Ventures has received an IND A-/Stable/IND A2+ credit rating from India Ratings and Research for its bank loan facilities worth INR11,550 million. The rating assignment reflects the company's strategic importance as a key holding company within the RPSG Group and its strong operational fundamentals.

Rating Details and Rationale

India Ratings has taken a standalone view of RPSG Ventures while factoring in benefits from its association with the RPSG group. The rating reflects the company's position as a key holding company providing critical IT/ITES services to group entities and maintaining enhanced financial flexibility through group support.

Financial Performance and Metrics

RPSG Ventures demonstrated strong financial performance with robust profitability margins and adequate liquidity position. The company's revenue streams include IT/ITES services, dividend income from subsidiaries, interest income from group entities, and rental income.

Key Rating Strengths

The rating agency highlighted several positive factors supporting the credit assessment. RPSG Ventures operates as a key holding company for RPSG Group's growth portfolio companies in IT/ITES, real estate, FMCG, and sports businesses. The company benefits from strong income visibility through its essential IT/ITES services to group entities in the power utility business, which mitigates market risk and eliminates receivables risk.

The company maintains a proven track record of dividend income from Firstsource Solutions Limited, a financially strong subsidiary, enhancing income stability. Additionally, RPSG Ventures earns timely interest income on loans and advances provided to subsidiaries, supporting predictable cash flows.

Credit Concerns and Monitoring Points

India Ratings noted that RPSG Ventures is increasing debt to extend financial support to subsidiaries, primarily in FMCG and sports segments, through investments and loans. The rating agency expects peak indebtedness of INR14,000 million over FY27-FY29, compared to INR4,600 million in 9MFY26 and INR2,801 million in FY25.

Despite higher projected indebtedness, the agency expects interest coverage ratio and loan-to-value to remain above 2.0x and 20% respectively over FY27-FY29, supported by adequate liquidity and strong group financial flexibility.

Liquidity and Group Support

RPSG Ventures maintains adequate liquidity with free cash and bank balance of INR1,080 million as of 9MFY26. The company received dividend from Firstsource Solutions of approximately INR2,057 million in 4QFY26 and generated robust free cash flow of INR2,843 million in FY25. The strong financial flexibility from RPSG Group association provides access to diversified funding avenues and enhances financial resilience.