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Authum Investment & Infrastructure Ltd.
NSE: AIILFinancial ServicesCapital Markets
- Last close
- ₹496.75
- Day change
- −₹19.05 (−3.69%)vs
- Market cap
- ₹46,228 crIndian rupees
- Research updated
- 2 reports
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About Authum Investment & Infrastructure
Authum Investment & Infrastructure Ltd. is a prominent player in the financial services and infrastructure sectors. The company primarily focuses on portfolio management and investment services, capitalizing on its expertise to manage a diverse range of financial instruments. In addition to its investment activities, Authum Investment & Infrastructure Ltd. is actively involved in the development and management of infrastructure projects, which include ventures in transportation, energy, and urban infrastructure. The company's dual focus allows it to leverage economic growth trends, thereby impacting a broad spectrum of industries, from finance to public utilities. Authum's strategic allocation and management of resources play a crucial role in enhancing its clients' investment portfolios while contributing to the nation’s infrastructure development. With its headquarters in India, Authum Investment & Infrastructure Ltd. holds significant importance in the market as it aids in channeling funds into high-growth areas and supports infrastructure development initiatives. This dual approach not only provides a platform for economic growth but also contributes to increasing long-term value creation in financial markets.
- Sector
- Financial Services
- Industry
- Capital Markets
- Listing
- NSE: AIIL
- Chief executive
- Mr. Akash Suri
- Employees
- 358
- Headquarters
- Mumbai, India
- ISIN
- INE206F01022
- Website
- authum.com
Public research · Report of
Business model & financial foundation
Authum (NSE: AIIL), Investment and credit NBFC; asset reconstruction and strategic investments: revenue of ₹2,609 crore in FY26 (-43.0% on FY25), an EBITDA margin of 88.2%, net profit of ₹1,931 crore and net cash of ₹6,568 crore.
- Revenue, FY26 (₹ crore)
- 2,609
- consolidated
- Revenue growth, FY26
- -43.0%
- on FY25
- EBITDA margin, FY26
- 88.2%
- EBITDA (Operating profit before finance and depreciation, derived) / revenue
- Net profit, FY26 (₹ crore)
- 1,931
- to owners
- Return on equity, FY26
- 13.1%
- on average equity
- Net debt, FY26 (₹ crore)
- -6,568
- Funding debt less cash and listed equity liquidity proxy
- Market capitalisation (₹ crore)
- 46,228
- at the close of 13 Oct 2026
Company profile
Authum is a non-deposit-taking NBFC deploying its own capital into listed and unlisted securities, fresh credit, acquired stressed portfolios and strategic investments. Investment marks and loan-to-equity settlements make P&L and OCI volatile; lending interest provides a smaller recurring income base. Subsidiaries add asset reconstruction, property and writing instruments.
| Item | Value |
|---|---|
| Legal name | Authum Investment & Infrastructure Limited |
| Exchange and ticker | NSE: AIIL; BSE: 539177 |
| ISIN | INE206F01022 |
| CIN | L51109MH1982PLC319008 |
| Sector | Financial Services |
| Industry | Investment and credit NBFC; asset reconstruction and strategic investments |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Maharaj N R Suresh & Co LLP and APAS & Co LLP (since September 2024) |
| Market capitalisation | ₹46,228 crore (13 Oct 2026) |
| Shares outstanding | 84.92 crore shares (FY26) |
| Price | ₹551.8 (close, 13 Oct 2026) |
| 52-week range | ₹400.0 - ₹683.0 (to 13 Oct 2026) |
| Website | https://www.authum.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Open Elite Developers Limited (formerly RCFL) | 100% | Legacy resolved finance entity, property and regulatory obligations |
| India SME Asset Reconstruction Company Limited | 88.37% | Asset reconstruction and security receipts |
| Authum Asset Management Company Private Limited | 100% | Asset management platform |
| Primetek Pens Private Limited (formerly BIC Cello India) | 100% | Writing instruments operating subsidiary |
| Billion Dream Sports Private Limited | 100% | Sports subsidiary |
| Authum Foundation | 100% | Not-for-profit foundation |
| Rivaara Labs Private Limited | 35.09% | Associate; equity accounting |
| WindCrest Realty Private Limited | 100% | Real estate; incorporated June 2026 |
| Vibhav Energy Private Limited | 25% | WWIL implementation-related equity converted from INR100cr ICD on 9 October 2026; accounting classification pending |
Prataap Snacks, NITCO, MIRC and Katra Phytochem exceed20% but are treated as strategic investments without significant influence, not consolidated associates. Avoid attributing investee revenue or Wind World IPP/O&M to Authum.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 68.79% | 68.79% | 68.81% | 68.81% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 14.11% | 14.48% | 14.24% | 14.28% |
| Domestic institutions | 0.24% | 0.17% | 0.19% | 0.20% |
| of which mutual funds | 0.22% | 0.16% | 0.15% | 0.16% |
| Retail | 5.66% | 5.52% | 5.46% | 5.43% |
| Other | 11.20% | 11.04% | 11.30% | 11.27% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Authum deploys balance-sheet capital into listed/unlisted securities, fresh credit and acquired distressed portfolios; subsidiaries add ARC, property and writing instruments. It is not a deposit bank or a conventional industrial compounder. Investment segment assets, statutory investments and management-recast investments differ, especially where credit substitutes are allocated to lending. Strategic investee sales are not Authum sales. Wind World identified assets cost INR350 crore; Inox's IPP/O&M businesses are not Authum operating earnings. Vibhav conversion is a distinct implementation exposure and is not added twice.
| Segment | revenue, FY26 (₹ crore) | Share | result, FY26 (₹ crore) | Share | assets, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Investment Activity | 1,276 | 48.1% | 985.4 | 46.5% | 14,011 | 72.9% |
| Lending Activity | 1,350 | 50.9% | 1,128 | 53.3% | 4,215 | 21.9% |
| Rental Business | 16.2 | 0.6% | -2.95 | -0.1% | 282.9 | 1.5% |
| ARC Business | 12.2 | 0.5% | 7.38 | 0.3% | 701.7 | 3.7% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Kama Holdings | Controlled investee exposure; BSE listed; holdings benchmark |
| Maharashtra Scooters (MAHSCOOTER) | Listed investment portfolio and dividend retention |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 892.9 | 431.2 | 2,587 | 4,578 | 2,609 |
| Cost of revenue (vendor classification) * | 6.10 | 24.8 | 54.2 | 62.8 | 125.7 |
| Other operating costs (vendor classification) * | 45.0 | -1,043 | -3,686 | 131.5 | -6.54 |
| EBITDA (vendor classification) * | 854.1 | 1,350 | 6,137 | 4,534 | 2,282 |
| EBIT excluding other income, associates and exceptional | 854.0 | 4,632 | 4,209 | 4,085 | 2,271 |
| Finance costs | 28.1 | 280.8 | 65.2 | 52.0 | 198.8 |
| Profit before tax, after associates and exceptional items | 825.9 | 4,351 | 4,226 | 4,067 | 2,115 |
| Total tax expense, credit negative | 157.2 | 47.4 | -59.3 | -174.2 | 185.7 |
| Profit after tax, group including NCI | 668.7 | 4,304 | 4,285 | 4,241 | 1,929 |
| EPS owners/current bonus-adjusted shares, derived (₹) | 39.88 | 253.4 | 50.46 | 49.94 | 22.74 |
| Other income | 24.4 | 33.9 | 45.1 | ||
| Depreciation, amortisation and non-financial impairment | 8.16 | 9.48 | 29.8 | ||
| Employee benefits expense | 42.3 | 47.7 | 75.7 | ||
| Other expenses | 109.7 | 151.6 | 120.5 | ||
| Impairment of financial instruments, signed expense | -1,790 | 280.7 | 64.0 | ||
| Fees and commission expense | 7.60 | 3.67 | 3.26 | ||
| Materials + stock purchases + inventory change | 0.00 | 0.00 | 44.5 | ||
| Profit attributable to owners | 4,285 | 4,241 | 1,931 | ||
| Profit attributable to NCI, signed | 0.00 | 0.00 | -1.74 | ||
| Share of associates profit/(loss), signed | 0.00 | 0.00 | -2.39 | ||
| Exceptional income/(expense), signed PBT contribution | 57.6 | 0.00 | 0.00 | ||
| Operating profit before finance and depreciation, derived | 4,217 | 4,095 | 2,301 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners, excluding NCI | 3,121 | 3,416 | 10,345 | 14,689 | 14,728 |
| Total funding debt including preference liabilities and PTCs | 1,339 | 1,502 | 1,128 | 1,054 | 3,598 |
| Cash and cash equivalents | 42.1 | 350.1 | 199.8 | 108.5 | 50.4 |
| Trade receivables | 6.49 | 0.21 | 60.2 | 19.5 | 35.5 |
| Inventories | 0.00 | 0.00 | 30.9 | ||
| Trade payables, excludes other payables | 0.00 | 48.3 | 10.7 | 66.7 | 356.8 |
| Net property, plant and equipment including ROU | 0.00 | 0.01 | 6.81 | 92.7 | 256.3 |
| Total assets | 4,019 | 6,900 | 11,621 | 16,087 | 19,211 |
| Non-controlling interests in equity | 0.00 | 0.00 | 38.0 | ||
| Total investments net of impairment | 8,940 | 12,739 | 15,473 | ||
| Loans net of impairment | 1,519 | 2,065 | 2,008 | ||
| Other bank balances including encumbered deposits | 255.4 | 363.0 | 436.4 | ||
| Debt securities | 63.8 | 63.8 | 63.8 | ||
| Borrowings other than debt securities | 465.7 | 600.3 | 1,116 | ||
| Redeemable preference liabilities at amortised cost | 107.6 | 30.1 | 2,122 | ||
| Contractual debt obligations/PTC funding | 491.3 | 360.0 | 295.4 | ||
| Listed equity liquidity proxy, not certified unencumbered cash | 8,266 | 11,554 | 10,115 | ||
| Funding debt less cash and listed equity liquidity proxy | -7,338 | -10,609 | -6,568 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Consolidated net cash from operating activities | 842.5 | 769.4 | 3,279 | 325.7 | 1,455 |
| Free cash flow (vendor definition) * | 260.8 | 239.3 | 3,231 | 253.2 | 1,115 |
| Cash dividends paid, negative outflow | 0.00 | 0.00 | -2.13 | ||
| Net tangible/intangible/property cash spend, negative | -0.77 | -5.40 | -48.2 | -72.5 | -348.3 |
| Net purchase/sale of PPE, signed | -48.4 | -68.1 | -193.5 | ||
| Consolidated net cash from investing | -2,266 | -290.3 | -3,856 | ||
| Consolidated net cash from financing | -1,164 | -126.7 | 2,343 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Actual year-end equity shares | 16.77 | 16.98 | 16.98 | 16.98 | 84.92 |
| Original statutory diluted EPS, reference (₹) | 252.3 | 249.7 | 61.61 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,093 | 616.9 | 1,452 | 1,215 | 604.9 | 478.0 | 310.7 | 1,470 |
| Cost of revenue (vendor classification) * | 16.6 | 21.0 | 40.2 | 33.5 | 62.3 | 109.1 | 117.4 | 97.0 |
| Other operating costs (vendor classification) * | 22.9 | 82.6 | 55.1 | 128.3 | ||||
| EBITDA (vendor classification) * | 540.0 | 286.4 | 138.2 | 1,244 | ||||
| EBIT excluding other income, associates and exceptional | 950.0 | 620.6 | 1,261 | 1,156 | 577.8 | 347.9 | 189.9 | 1,297 |
| Profit before tax after associates and exceptional | 959.6 | 613.6 | 1,248 | 1,144 | 539.2 | 278.4 | 153.9 | 1,247 |
| Total tax expense/(credit) | 116.8 | 74.2 | -514.2 | 200.5 | -228.1 | 116.9 | 96.3 | 138.8 |
| Profit after tax, group including NCI | 842.8 | 539.4 | 1,763 | 943.0 | 767.3 | 161.5 | 57.5 | 1,108 |
| EPS owners/current bonus-adjusted shares, derived (₹) | 9.92 | 6.35 | 20.76 | 11.10 | 9.03 | 1.90 | 0.70 | 13.08 |
| Other income, signed | 24.2 | 2.61 | 5.37 | 9.15 | 3.94 | -0.34 | 32.3 | 16.1 |
| Finance costs | 14.6 | 9.57 | 18.1 | 21.3 | 42.5 | 69.1 | 65.9 | 64.4 |
| Depreciation, amortisation and non-financial impairment | 1.57 | 3.45 | 3.15 | 3.09 | 4.74 | 7.62 | 14.3 | 11.4 |
| Employee benefits expense | 1.07 | 10.3 | 21.1 | 11.2 | 19.2 | 21.1 | 24.2 | 20.8 |
| Other expenses | 34.8 | 23.3 | 50.7 | 26.3 | 22.9 | 27.1 | 44.2 | 58.7 |
| Impairment of financial instruments, signed expense | 104.3 | -41.8 | 114.8 | 17.9 | -20.3 | 55.5 | 10.9 | 69.7 |
| Fees and commission expense | 0.95 | 1.21 | 0.99 | 0.96 | 0.66 | 0.91 | 0.73 | 1.55 |
| Materials + stock purchases + inventory change | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 18.0 | 26.5 | 10.3 |
| Profit attributable to owners | 842.8 | 539.4 | 1,763 | 943.0 | 766.9 | 161.0 | 59.8 | 1,111 |
| Profit attributable to NCI, signed | 0.00 | 0.00 | 0.00 | 0.02 | 0.47 | 0.47 | -2.21 | -2.29 |
| Share of associates profit/(loss), signed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -2.39 | -2.00 |
| Exceptional income/(expense), signed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Operating profit before finance and depreciation, derived | 951.5 | 624.0 | 1,264 | 1,159 | 582.5 | 355.5 | 204.2 | 1,309 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 586.6% | -51.7% | 499.8% | 77.0% | -43.0% |
| EBITDA margin | 163.0% | 89.4% | 88.2% | ||
| Net margin | 165.6% | 92.6% | 74.0% | ||
| Return on equity | 62.3% | 33.9% | 13.1% | ||
| Return on capital employed | 26.4% | 98.8% | 51.4% | 30.0% | 13.3% |
| Return on assets | 46.3% | 30.6% | 10.9% | ||
| Net debt (₹ crore) | -7,338 | -10,609 | -6,568 | ||
| Net debt / EBITDA | -1.74x | -2.59x | -2.85x | ||
| Interest cover | 30.4x | 16.5x | 64.5x | 78.6x | 11.4x |
| Asset turnover | 0.30x | 0.08x | 0.28x | 0.33x | 0.15x |
| Receivable days | 3 | 0 | 8 | 2 | 5 |
| Inventory days (on revenue) | 0 | 0 | 4 | ||
| Payable days (on revenue) | 0 | 41 | 2 | 5 | 50 |
| Cash conversion | 0.77x | 0.08x | 0.75x | ||
| Capex intensity | 0.1% | 1.3% | 1.9% | 1.6% | 13.4% |
| Free cash flow (₹ crore) | 841.7 | 764.0 | 3,231 | 253.2 | 1,107 |
| Dividend payout | 0.0% | 0.0% | 0.1% | ||
| EPS, diluted (₹) | 39.88 | 253.4 | 50.46 | 49.94 | 22.74 |
| Book value per share (₹) | 186.2 | 201.1 | 609.1 | 864.9 | 173.4 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating profit before finance and depreciation, derived) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Funding debt less cash and listed equity liquidity proxy; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating profit before finance and depreciation, derived).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (EPS owners/current bonus-adjusted shares, derived).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Authum Investment & Infrastructure includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Authum Investment & Infrastructure
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 13 Oct 2026; page updated 25 Oct 2026.
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