Quest Capital Markets Ltd (QUESTCAP)

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Quest Capital Markets Ltd (QUESTCAP) · mywealthgrid

About

Quest Capital Markets Ltd provides capital market–related services within Financials sector. At ₹264 Cr market cap with quarterly revenue ₹1.3–1.7 Cr (recent quarters), it operates as micro-cap service provider. Reported OPM 97.67% but historical quarterly data shows significant margin volatility.

Face value: ₹10

Market cap

₹230 Cr

P/E

17.0×

P/B

0.2×

Dividend yield

1.1%

ROE

ROCE

—

Debt / equity

—

OPM

97.7%

EPS (TTM)

₹13.6

Book value

₹1,050.6

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Revenue collapsed 75% (₹5.29 Cr Dec 2017 → ₹1.3 Cr Mar 2019); verify if temporary or structural deterioration
Operating margins highly volatile (4.65%–50.73% past quarters, now 97.67%); verify sustainability of current level
ROE 1.98% vs OPM 97.67% indicates severe capital-deployment inefficiency; verify working capital and asset turns
Micro-cap scale (₹264 Cr, ₹1.3 Cr quarterly revenue) limits competitive resilience; verify market-share stability

Generated analysis · source review pending

Growth drivers

Dividends paid 2022–26 confirm cash generation; stabilised revenue at ₹1.3–1.7 Cr supports distributions and reinvestment
97.67% OPM offers earnings leverage if revenue grows; verify if sustainable vs. historical swings (4.65%–50.73%)
Nil debt (D/E n/a) removes refinancing risk, enables capital-flexible growth or M&A
₹1.3–1.7 Cr quarterly revenue means incremental new business disproportionately boosts profit; verify addressable market size and client-acquisition potential

Generated analysis · source review pending

2,069 historical price candles were omitted because the exchange source has not been verified.

₹230.3-5.7%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 97.7%
+High promoter holding of 75% with no pledge

Cons

−Low return on equity of 2% (3-yr avg)
−Revenue shrank over the last 5 years (-7.3% a year)

Research score

Structured signal from quality, growth, valuation and momentum.

53/100

Business quality: 50
Growth: 31
Valuation: 79

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore · years without a filed annual are summed from quarters

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2	4	11	6	46	39	32	26	26	31
COGS	—	—	—	-1	—	8	8	—	—	—
Gross profit	—	—	—	—	—	31	25	—	—	—
	2	3	9	5	25	3	1	1	1	1
Operating profit (EBITDA)	1	0	2	2	20	29	24	26	25	31
OPM %	26.7%	6.3%	16.6%	30%	44.6%	73.7%	73.9%	98%	97.6%	97.7%
Depreciation	—	—	0	0	—	—	—	—	—	—
Interest	1	0	0	0	0	0	0	0	0	0
	6	11	2	13	0	0	0	0	0	0
Profit before tax	6	11	3	14	20	29	24	26	25	31
Tax	—	1	1	1	5	7	5	6	6	7
Tax %	—	13.4%	17.5%	5.4%	26.8%	23.9%	20.1%	22.7%	22.7%	23.2%
	6	9	3	14	15	22	19	20	20	24
PAT margin %	248.6%	253.1%	27.2%	226%	32.5%	56.8%	58.8%	76.2%	76.1%	75.1%
EPS (₹)	6.1	9.3	2.9	13.6	14.9	22	18.9	20.2	19.6	23.5
EPS adjusted (₹)	—	—	—	—	14.9	22	18.9	20.2	19.6	23.5
	16.3%	16.2%	51.9%	14.7%	16.8%	11.4%	13.3%	12.4%	12.7%	10.6%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	10	10	10	10	10	10
Reserves	473	807	664	976	1,313	1,041
Borrowings	—	—	—	—	—	—
	11	41	25	49	117	68
Total equity & liabilities	494	858	698	1,036	1,440	1,118
	1	0	0	0	0	0
CWIP	—	—	—	—	—	—
Investments	413	755	630	963	1,417	1,111
	80	103	68	73	23	7
Total assets	494	858	698	1,036	1,440	1,118

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-4	-30	15	19	38	-7
	27	5	-12	-17	-36	14
Cash from financing	-0	-3	-3	-3	-3	-2
Net cash flow	—	—	—	—	—	—
Free cash flow	—	-30	—	—	—	—
CFO / Operating profit %	-19%	-105.7%	62.7%	74.8%	151.4%	-23.6%

Compounded sales growth

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Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Mar 2018	Mar 2019	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	80.2%	76.5%	—	—	—
EBITDA margin %	16.6%	30%	44.6%	73.7%	73.9%	98%	97.6%	97.7%
EBIT margin %	15.3%	28.5%	44.6%	73.7%	73.9%	98%	97.6%	97.7%
PAT margin %	27.2%	226%	32.5%	56.8%	58.8%	76.2%	76.1%	75.1%
Working capital
Receivable days	—	—	2	1	—	—	—	—
Inventory days	—	—	108	364	5	68	59	50
Payable days	—	—	—	—	—	—	12	10
NWC days	—	—	—	—	—	—	—	—
Leverage
Current ratio	—	—	—	—	—	—	—	—
Debt to EBITDA	—	—	—	—	—	—	—	—
Debt to equity	—	—	—	—	—	—	—	—
Interest coverage	70.8	240.2	410.2	1,448	—	—	—	—
Asset turnover	—	—	0.09	0.05	0.05	0.03	0.02	0.03
Return ratios
Return on assets %	—	—	3%	2.6%	2.7%	1.9%	1.4%	2.1%
Return on capital employed %	—	—	—	—	—	—	—	—
Return on equity %	—	—	3.1%	2.7%	2.8%	2%	1.5%	2.2%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	75%	75%	75%	75%	75%	75%	75%	75%	75%	75%	75%	75%
	3.17%	3.17%	3.17%	3.17%	2.91%	2.91%	2.91%	5.48%	5.48%	5.48%	5.48%	5.48%
DII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	21.83%	21.83%	21.83%	21.83%	22.09%	22.09%	22.09%	19.52%	19.52%	19.52%	19.52%	19.52%
No. of shareholders	—	—	—	—	—	—	—	—	2,855	2,804	2,906	2,873

Promoter holding up 0 percentage points since Sep 2023.

22 deals · 4 Aug 2021 – 10 Jun 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
10 Jun 2025	LOVEY KAPUR	Bulk	BSE	Sell	60,426	₹394.00	₹2.38 Cr
9 Jun 2025	LOVEY KAPUR	Bulk	BSE	Sell	98,620	₹394.00	₹3.89 Cr
6 Jun 2025	LOVEY KAPUR	Bulk	BSE	Sell	98,000	₹392.25	₹3.84 Cr
11 Sept 2023	DOVETAIL INDIA FUND	Bulk	BSE	Buy	2,16,866	₹270.00	₹5.86 Cr
11 Sept 2023	MUNISH FINANCIAL	Bulk	BSE	Sell	2,16,235	₹270.01	₹5.84 Cr
6 Sept 2022	SHIVANGINI PROPERTIES PRIVATE LIMITED	Bulk	BSE	Sell	1,65,000	₹242.00	₹3.99 Cr
6 Sept 2022	LOVEY KAPUR	Bulk	BSE	Buy	1,65,000	₹242.00	₹3.99 Cr
23 Aug 2021	LEBNITZE REAL ESTATES PRIVATE LIMITED	Bulk	BSE	Buy	59,68,857	₹200.00	₹119.38 Cr
23 Aug 2021	LEBNITZE REAL ESTATES PRIVATE LIMITED	Block	BSE	Buy	35,71,376	₹200.00	₹71.43 Cr
23 Aug 2021	BRIJNATH KHANDELWAL & CO.	Bulk	BSE	Sell	35,71,376	₹200.00	₹71.43 Cr

1–10 of 22

1 / 3

Mr. HARISH TOSHNIWALNon-Executive - Non Independent Director
Mr. SUNIL KUMAR SANGANERIANon-Executive - Non Independent Director
Mr. TRIVIKRAM KHAITANNon-Executive - Independent Director
Mr. Satish Kumar SharmaChief Financial Officer
Ms. RUSHA MITRANon-Executive - Independent Director
Mr. TARUN GOYALNon-Executive - Independent Director
Ms. DHARA AGARWALNon-Executive - Independent Director
Ms. Tanuja MantriChief Executive Officer
Ms. Bhawna AgarwalCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Quest Capital Markets Ltd. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

14 announcementsExport CSV

28 Sept 2026, 3:21 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

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Ratio	Mar 2018	Mar 2019	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	80.2%	76.5%	—	—	—
EBITDA margin %	16.6%	30%	44.6%	73.7%	73.9%	98%	97.6%	97.7%
EBIT margin %	15.3%	28.5%	44.6%	73.7%	73.9%	98%	97.6%	97.7%
PAT margin %	27.2%	226%	32.5%	56.8%	58.8%	76.2%	76.1%	75.1%
Working capital
Receivable days	—	—	2	1	—	—	—	—
Inventory days	—	—	108	364	5	68	59	50
Payable days	—	—	—	—	—	—	12	10
NWC days	—	—	—	—	—	—	—	—
Leverage
Current ratio	—	—	—	—	—	—	—	—
Debt to EBITDA	—	—	—	—	—	—	—	—
Debt to equity	—	—	—	—	—	—	—	—
Interest coverage	70.8	240.2	410.2	1,448	—	—	—	—
Asset turnover	—	—	0.09	0.05	0.05	0.03	0.02	0.03
Return ratios
Return on assets %	—	—	3%	2.6%	2.7%	1.9%	1.4%	2.1%
Return on capital employed %	—	—	—	—	—	—	—	—
Return on equity %	—	—	3.1%	2.7%	2.8%	2%	1.5%	2.2%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Gretex Corporate Services LimitedGCSLGCSL	₹1,645 Cr	₹1,655 Cr	₹194 Cr	₹58 Cr	24%	₹30 Cr	15.7%	14.1%	12.7%	559
Quest Capital Markets LtdQUESTCAPQUESTCAP	₹230 Cr	—	₹6 Cr	₹2 Cr	97.7%	₹14 Cr	75.1%	—	2%	—
Mefcom Capital Markets LtdMEFCOMCAPMEFCOMCAP	₹51 Cr	₹71 Cr	₹114 Cr	₹-2 Cr	-1.4%	₹-2 Cr	-2%	-4.1%	-11.5%	104
21st Century Management Services Limited21STCENMGM21STCENMGM	₹40 Cr	₹40 Cr	₹-11 Cr	₹-17 Cr	—	₹-17 Cr	—	-56.8%	-57.2%	—
Interactive Financial Services LtdIFINSERIFINSER	₹8 Cr	₹9 Cr	₹1 Cr	₹0 Cr	55.4%	₹0 Cr	47.4%	16.7%	11.7%	-54

Date	Category	Subject	Filing
28 Sept 2026, 3:21 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
21 Sept 2026, 4:07 pm	AGM/EGM Postal Ballot	Quest Capital Markets Ltd - 500069 - Shareholder Meeting / Postal Ballot-Scrutinizer"s Report	PDF
21 Sept 2026, 4:03 pm	AGM/EGM Postal Ballot	Shareholder Meeting / Postal Ballot-Outcome of Postal_Ballot	PDF
18 Aug 2026, 12:12 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
17 Aug 2026, 4:59 pm	AGM/EGM Postal Ballot	Shareholder Meeting / Postal Ballot-Notice of Postal Ballot	PDF
17 Aug 2026, 2:26 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
17 Aug 2026, 2:19 pm	Company Update Resignation of Chief Executive Officer (CEO)	Announcement under Regulation 30 (LODR)-Resignation of Chief Executive Officer (CEO)	PDF
11 Aug 2026, 2:11 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF

Quest Capital Markets Ltd

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

No fund holdings on record

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Dividends19

Board meetings1

Bonus issues1

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

19

1

1