Swastika Investmart Limited has received regulatory approval for its Alternative Investment Fund operations, marking a significant milestone in the company's expansion into fund management services. The company announced that Bharat Growth Trust has been granted registration by the Securities and Exchange Board of India (SEBI) to operate as a Category II Alternative Investment Fund.

SEBI Registration Details

The regulatory approval comes with specific registration parameters and operational framework:

The registration was granted under Regulation 6 of Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, and the information was received from SEBI's online portal on 10th February, 2026.

Operational Structure and Management

The fund management structure involves multiple entities within the Swastika Investmart group. Swastika Investmart Limited will act as the sponsor of Bharat Growth Fund, providing the foundational support and backing for the investment vehicle. The operational management responsibilities will be handled by Avisa Wealth Managers Private Limited, a wholly owned subsidiary of Swastika Investmart Limited, which will serve as both the Investment Manager and Fund Manager for Bharat Growth Fund.

Regulatory Compliance Framework

The company has fulfilled continuous disclosure requirements under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The approval is permanent in nature and will remain valid until suspended or cancelled in accordance with applicable regulations. This regulatory framework ensures ongoing compliance with SEBI's Alternative Investment Fund regulations and maintains transparency with stakeholders.

Strategic Implications

This SEBI registration enables Swastika Investmart to expand its service offerings in the investment management sector. The Category II AIF status allows the fund to operate with greater flexibility in investment strategies while maintaining regulatory oversight. The involvement of the company's subsidiary as fund manager creates an integrated approach to investment management within the group structure, potentially enhancing operational efficiency and client service capabilities.

Swastika Investmart Limited announced its Q3FY26 financial results for the quarter ended December 31, 2025, revealing a challenging performance with declines in both revenue and profitability compared to the previous year. The company's board meeting held on January 22, 2026, approved the unaudited standalone and consolidated financial results along with several strategic business decisions.

Financial Performance Overview

The company's standalone financial performance showed a mixed trend across different time periods. For the quarter ended December 31, 2025, total revenue from operations declined year-on-year, while nine-month performance also reflected similar challenges.

Revenue Composition and Segment Performance

The company's revenue streams showed varied performance across different business segments. Fees and commission income decreased to ₹1,475.86 crores in Q3FY26 from ₹1,730.28 crores in Q3FY25. However, interest income showed growth, increasing to ₹847.00 crores from ₹697.17 crores year-on-year.

Merchant banking fees experienced a significant decline, falling to ₹265.78 crores from ₹568.19 crores in the corresponding quarter of the previous year. Sale of shares and securities contributed ₹110.00 crores compared to ₹167.31 crores in Q3FY25.

Nine-Month Performance Analysis

For the nine months ended December 31, 2025, the company reported total revenue from operations of ₹8,152.22 crores compared to ₹10,893.83 crores in the corresponding period of the previous year. Net profit for the nine-month period stood at ₹1,104.81 crores versus ₹1,942.64 crores in the previous year.

Consolidated Results

On a consolidated basis, the company reported revenue from operations of ₹2,808.03 crores for Q3FY26 compared to ₹3,416.32 crores in Q3FY25. Consolidated net profit including share of associates stood at ₹369.25 crores versus ₹611.43 crores in the previous year quarter.

The consolidated results include three wholly owned subsidiaries: Swastika Fin-Mart Private Limited, Swastika Investmart (IFSC) Private Limited, and Avisa Wealth Manager Private Limited, along with the share of profit/loss from associate company Swastika Insurance Broking Services Limited.

Strategic Business Decisions

The board approved several key strategic initiatives during the meeting. The company will acquire 2,500 equity shares representing 25% of the paid-up share capital of Nyati Holdings Private Limited for a consideration not exceeding ₹25,000. Upon completion, Nyati Holdings will become an associate company.

Management Changes

Effective April 1, 2026, the company announced key management changes in its merchant banking division. Mr. Mohit Goyal's designation will change from Compliance Officer to Principal Officer of the Merchant Banking Division, while Ms. Mansi Malviya will be appointed as the new Compliance Officer for the Merchant Banking Division and designated as Senior Management Personnel.

Segment Analysis

The consolidated segment results revealed that broking and related activities generated revenue of ₹2,529.00 crores in Q3FY26, while merchant banking activities contributed ₹265.78 crores. The segment profit from broking activities was ₹348.29 crores, and merchant banking activities reported a profit of ₹198.41 crores for the quarter.