About Incred Research Services Private Limited
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Incred Research Services Private Limited is a private limited company based in Mumbai, Maharashtra, India, a subsidiary of Incred Capital Wealth Portfolio Managers Private Limited. It operates in the brokerage and trading services segment of the financial services sector. It was incorporated on 09 November 2016 and has been in existence for over 10 years.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U74999MH2016PTC287535. Its GSTIN is 27AAECE4611J1ZQ (Maharashtra).
The company has an authorised share capital of ₹19 Cr and a paid-up capital of ₹18.26 Cr. It was formerly known as Earnest Innovation Partners Private Limited. It is led by directors Nitin Subramanya Rao and Prateek Indwar.
Its last annual general meeting (AGM) was held on 30 September 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at Unit No. 1203 12th Floor B Wing The Capital Plot No. C – 70, G Block Bandra – Kurla Complex Bandra East Mumbai, Maharashtra, India – 400051.
As per the financials filed for FY 2025, the company reported a revenue of ₹19.67 Cr, a decline of 11% compared to the previous year. For the same year it recorded a net profit of ₹2.48 Cr (net margin 12.6%) and EBITDA of ₹4.43 Cr (EBITDA margin 22.5%). Revenue has grown at a compounded annual rate (CAGR) of 67% over three years.
The company has about 29 employees on its provident fund (EPFO) records.
The company is associated with 1 brand: Incred Equities. The company has 5 deals on record (2 secondary share transfers, 2 acquisitions, 1 rights issue); the latest was in March 2022.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website incredsecurities.com.
Company details
Contact details
Incred Research Services Private Limited's registered office is in Mumbai, Maharashtra. Its website is incredsecurities.com. Its e-mail address is in the company report.
- Email
- Website
- Social Media
- Registered AddressUnit No. 1203 12th Floor B Wing The Capital Plot No. C – 70, G Block Bandra – Kurla Complex Bandra East Mumbai, Maharashtra, India – 400051
- IndustryFinancial Services, Brokerage & Trading Services
To see the full contact details of Incred Research Services Private Limited, buy the company report.
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
Brands
Incred Research Services operates one associated brand: Incred Equities. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Equity research and recommendations are delivered to institutional clients. | incredequities.com |
Business activity
The main business activity of Incred Research Services is financial and insurance service. In detail, this covers other financial activities.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| K | Financial and insurance Service | K8 | Other financial activities |
To see the full business activity and turnover split of Incred Research Services Private Limited, buy the company report.
Financials of Incred Research Services Private Limited
FY 2025 filings availableIncred Research Services Private Limited reported revenue of ₹19.67 Cr (down 11% YoY) for FY 2025.
Compounded Annual Growth Rate (CAGR)
Revenue fell 11% in the latest year, but over three years it has grown at a compounded annual rate (CAGR) of 67%. EBITDA fell 49% in the latest year. Three- and five-year figures are compounded annual growth rates (CAGR): the steady yearly rate that links the first and the last year. All are worked out from the filed statements.
Financial Statement Summary
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
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| EBITDA | ₹4.43 Cr | ||||
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| Net Profit (PAT) | ₹2.48 Cr | ||||
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Financial Ratios
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
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| EBITDA Margin | 22.5% | ||||
| Net Profit Margin | 12.6% | ||||
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To see the full financial statements and ratios of Incred Research Services Private Limited, buy the company report.
Board of directors of Incred Research Services Private Limited
Incred Research Services has 2 current directors and 7 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Nitin Subramanya Rao Also directs: 2An Consultants LLP, Incred Wealth Premier Private Limited, Alpha Fintech Private Limited and 2 more | Director | 23 Dec 2020 | 5 Years 10 Months | Current |
| Prateek Indwar Also directs: Incred Capital Wealth Portfolio Managers Private Limited | Director | 28 Dec 2023 | 2 Years 10 Months | Current |
Auditor
Incred Research Services Private Limited is audited by S R BATLIBOI & ASSOCIATES LLP for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| S R BATLIBOI & ASSOCIATES LLP | FY 2023 | 101049W/E300004 |
Shareholding
The shareholding of Incred Research Services Private Limited is on record for 5 financial years, the latest being FY 2023, split between promoters, domestic institutions, public shareholders and others.
| Shareholder category | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of Incred Research Services Private Limited, buy the company report.
Deals & funding
Incred Research Services Private Limited has 5 deals on record (2 secondary share transfers, 2 acquisitions, 1 rights issue); the latest was in March 2022.
Deals on record (5 of 5)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Mar 2022 | Rights issue | ₹12.25 Cr | Investors: Incred Capital Wealth Portfolio Managers Private Limited |
| Jun 2021 | Secondary share transfer | Undisclosed | Buyer: Incred Capital Wealth Portfolio Managers Private Limited & Kamlesh Dangi, Incred Capital Wealth Portfolio Managers Private Limited Seller: Incred Capital Wealth Portfolio Managers Private Limited & Anupa Kumar, Eip Holdings Private Limited |
| Dec 2020 | Secondary share transfer | Undisclosed | Buyer: Incred Capital Wealth Portfolio Managers Private Limited & Anupa Kumar, Incred Capital Wealth Portfolio Managers Private Limited Seller: Eip Holdings Private Limited , Shubhan Investment Advisory & Management Private Limited & Anupa Kumar |
| Oct 2020 | Acquisition | Undisclosed | Buyer: Incred Prime Finance Private Limited |
| Jul 2020 | Acquisition | ₹6 Cr | Buyer: Eip Holdings Private Limited |
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
No court or tribunal cases involving Incred Research Services Private Limited are on our record; a case search with case numbers, parties and status is in the company report Buy the company report.
MSME payment delays
No delayed payments to MSME suppliers are on our record for Incred Research Services Private Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
Employees & EPFO
Incred Research Services Private Limited has a workforce of 29 employees on its EPFO records as of Apr 06, 2024, across 1 active EPFO establishment.
GST
Incred Research Services has 1 GST registration: 1 active.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AAECE4611J1ZQ | Maharashtra | Active | 14 Jul 2020 |
To see the full GST registrations and return filing status of Incred Research Services Private Limited, buy the company report.
Recent activity
Incred Research Services Private Limited has 14 board changes on record since 2016: 8 appointments and 6 cessations. The latest: Prateek Indwar was appointed as Director on 28 Dec 2023.
5 earlier events are in the company report.
News
Frequently asked questions
Incred Research Services is an active private limited company based in Mumbai, Maharashtra, India. The company works in brokerage and trading services, within the financial services industry. It was incorporated on 09 November 2016 (10+ years old) and is registered under CIN U74999MH2016PTC287535.
Incred Research Services has 2 current directors:
- Nitin Subramanya Rao - Director
- Prateek Indwar - Director
The latest financial statements of Incred Research Services on record with the MCA are for the year ended 31 March 2025. Its last annual general meeting was held on 30 September 2025. Year-wise statements from FY 2017 are in the company report.
The GSTIN of Incred Research Services is 27AAECE4611J1ZQ, registered in Maharashtra.
The CIN (Corporate Identification Number) of Incred Research Services is U74999MH2016PTC287535. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Incred Research Services was incorporated on 09 November 2016, making it 10+ years old. It is registered with the Registrar of Companies, Mumbai.
Incred Research Services has 5 deals on record (2 secondary share transfers, 2 acquisitions, 1 rights issue); the latest was in March 2022.
Prateek Indwar was appointed as Director on 28 Dec 2023. Venkatesh Vishwanathan ceased to be Director on 28 Dec 2023. Devesh Kumar ceased to be Director on 04 May 2022. Incred Research Services has 14 board changes on record in total.
Incred Research Services can be reached through the website incredsecurities.com. Its registered office is in Mumbai, Maharashtra, India.
The registered office of Incred Research Services is at Unit No. 1203 12th Floor B Wing The Capital Plot No. C – 70, G Block Bandra – Kurla Complex Bandra East Mumbai, Maharashtra, India – 400051.
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