AIIL
Large CapAuthum Investment & Infrastructure Limited
Financial Services
Authum Investment & Infrastructure Limited (AIIL) is an NBFC, incorporated in 1982 and acquired by Alpana Sanjay Dangi in FY2020. It is transforming from a pure-play investment platform to a diversified credit business, focusing on mid-large cap NBFCs and alternative assets. It has a market cap of ~Rs. 43,000 Cr and an A (Stable) CRISIL rating as of May 2026.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust needs verification, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100Rev -79% YoY · PAT -97% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹311 Cr | -78.6% | -34.9% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹58 Cr | -96.7% | -64.0% |
| PAT margin | 18.6% | -10277 bps | -1503 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Authum reports significant growth in its credit and alternative assets business in FY26, with fresh credit deployment reaching Rs. 3,570.9 Cr and ISARC AUM growing to ~Rs. 693 Cr, alongside a substantial increase in net worth.
AIIL is successfully executing its strategic pivot from a pure-play investment platform to a diversified credit and alternative assets business. The significant increase in fresh credit deployment and the scaling of the ARC platform demonstrate strong progress in building new revenue streams and reducing reliance on investment income, despite a sharp drop in investment income in FY26.
Book size as at March 31, 2026
Latest issuer-disclosed distribution across 5 reported categories.
Diversified Credit Business
Fresh credit deployment reached Rs. 3,570.9 Cr in FY26, indicating strong growth in the NBFC segment.
ARC Platform (ISARC)
ISARC built a fresh investment book of ~Rs. 348 Cr and AUM of ~Rs. 693 Cr since its acquisition in June 2025.
Servicing & Advisory
A third-party AUM in excess of Rs. 2,000 Cr was built in under 1 year, leveraging existing capabilities.
Strategic Investments
Authum holds 43.66% in Prataap Snacks and 46.8% in NITCO Ltd., with operational metrics improving post-investment.
NBFC Platform
The NBFC platform is fully enabled and active, with fresh credit disbursements exceeding Rs. 3,500 Cr in FY26.
ARC Platform (ISARC)
Authum completed the acquisition of 88.37% shareholding in ISARC in June 2025, making it a fully enabled platform.
Asset Management Company
An Asset Management Company has been set up, with blueprint/strategy actively being worked on.
Servicing & Advisory Infrastructure
The company has 25 branches, reach across 170 locations with an agency network, and a centralized call center.
Strong Capital Base
The company maintains a fortress balance sheet with ~Rs. 14,727.8 Cr net worth as on March 31, 2026.
CRISIL Rating Upgrade
Authum's rating was upgraded to A / Stable by CRISIL in October 2025.
Promoter Track Record
Promoters have a track record of value creation in the capital market and are committed to building an integrated credit platform.
Increased Finance Costs
Finance costs rose to Rs. 198.8 Cr in FY26, primarily due to increased subordinated debt liabilities.
Investment Income Volatility
Investment income dropped significantly to Rs. 164.1 Cr in FY26 from Rs. 2,663.4 Cr in FY25.
Recovery from Acquired Portfolio
Strategic focus is on harvesting recoveries from the acquired portfolio in the first 12 months.
Credit Quality Management
The company reported Gross NPA of Rs. 251.4 Cr and Net NPA of Rs. 14.9 Cr in its loans & credit substitutes book.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The presentation focuses on annual financial results (FY23, FY24, FY25, FY26) and strategic shifts over fiscal years, making year-over-year comparison most relevant for assessing the company's transformation and growth.
AUM Growth (ISARC)
ISARC's AUM grew from Rs. 8 Cr in June 2025 to ~Rs. 693 Cr by March 31, 2026, post-acquisition.
Fresh Credit Deployment
Fresh deployment in the NBFC credit business was Rs. 3,570.9 Cr in FY26, up from Rs. 2,231.5 Cr in FY25.
Net Worth
Net worth stood at Rs. 14,727.8 Cr as on March 31, 2026, compared to Rs. 14,689.3 Cr as on March 31, 2025.
Gross NPA / Net NPA
Loans & credit substitutes had Gross NPA of Rs. 251.4 Cr and Net NPA of Rs. 14.9 Cr as on March 31, 2026.
Diversify Revenue Streams
Management aims to continue diversifying revenue streams, moving from primarily investments to a credit business.
Judicious Capital Allocation
Capital allocation will continue to improve towards a judicious mix between investments and strategic investments/credit business.
Platformize & Professionalize
The strategy is to create and grow multiple synergistic yet independent platforms with professional management teams for scale.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Fresh Credit Deployment | Rs. 3,570.9 Cr (FY26) | Continued growth in fresh credit deployment and diversification of the product suite. |
| ISARC AUM Growth | ~Rs. 693 Cr (Mar'26) | Robust investment pipeline closures and sustained AUM scale-up in the ARC platform. |
| Net Leverage | Minimal (less than 0.05x of Net-worth) | Maintenance of minimal leverage as the credit business scales up. |
| Investment Income Stability | Rs. 164.1 Cr (FY26) | Stability or growth in investment income alongside credit business expansion. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +2.6% / mo · near 52W low
Technical chart
AIILweekly · 5Y+175.6%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 48.
- SMA20 rising (~2.5% over last month) — short-term momentum positive.
- RSI(14) at 48 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 86% off 52W high · 18% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 37.3%.
- Growth contributes 21/25 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Quality is weaker at 2/20; verify the latest quarterly trend.
- Valuation is weaker at 9/30; verify the latest quarterly trend.
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 24th percentile of the scored universe and 39th percentile within Financial Services. Main check: results consistency is weak at 15/100.
Mixed Trust Lite: Promoter holding is 68.8%. Key concern: Promoter holding fell 6.1%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Financial Services: 39th pctile, median 62 · Large: 14th pctile, median 74
12 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 68.8%.
- ▸Promoter pledge is zero.
Trust risks
- ▸Promoter holding fell 6.1%.
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸0/4 latest quarters had positive YoY revenue growth.
- ▸0/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 20.10
- P/B
- 2.64
- EV/EBITDA
- 1403.73
- Market Cap
- 38776.00Cr
Profitability
- ROE
- 13.10%
- ROCE
- 13.70%
- ROA
- 22.08%
- Dividend Y
- 0.04%
Growth (CAGR)
- Revenue 5Y
- 115.00%
- EPS 5Y
- 115.00%
- Revenue 3Y
- 69.00%
- EPS 3Y
- 217.00%
Balance Sheet
- Debt/Equity
- 0.23
- Interest Coverage
- —
- Altman Z
- 6.53
- Book Value
- 173.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 3/5
- OCF
- 1524.00 Cr
- EPS TTM
- 22.74
Shareholding
- Promoter Hold
- 68.81%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 20%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.