About N.C.L.Research and Financial Services Ltd.
Data last updated:
N.C.L.Research and Financial Services Ltd. is a public limited company based in Mumbai, Maharashtra, India. It operates in the investment and credit NBFC segment of the financial services sector. It was incorporated on 04 February 1985 and has been in existence for over 41 years.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN L65921MH1985PLC284739. It is a listed company as per MCA records. Its shares are listed on BSE: 530557.
The company has an authorised share capital of ₹159 Cr and a paid-up capital of ₹107.03 Cr. It was formerly known as Navneet Commercial Company Limited. It is led by directors including Goutam Bose (Managing Director) and Swagata Dasgupta.
Its last annual general meeting (AGM) was held on 29 September 2025, and its latest financial statements are for the year ended 31 March 2026. The registered office is at Mumbai, Maharashtra.
As per the latest standalone financials for FY 2025-26, the company reported a revenue of ₹6.16 Cr, a decline of 27.8% compared to the previous year. For the same year it recorded a net loss of ₹2.61 Cr (net margin -42.4%) and EBITDA of -₹2.8 Cr (EBITDA margin -45.5%). The net worth stands at ₹109.65 Cr (down 2.9% YoY). Total assets are valued at ₹109.65 Cr (down 2.9% YoY).
The company is associated with 1 brand: NCL Research & Financial Services. The company has 222 deals on record (221 market trades, 1 rights issue); the latest was in September 2026. Its 6 peer companies in the BFSI industry (NBFC Investment and Credit Companies, Small Non Deposit NBFC), with the same principal business activity (other financial activities) are compared by revenue, 3 larger and 3 smaller; the largest is Arnav Financial Services Pvt.Ltd. with revenue of ₹9.49 Cr.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website nclfin.com.
Company details
CIN history
N.C.L.Research and Financial Services has 2 previous CINs, indicating changes in the company's corporate structure or registration details. The current CIN is L65921MH1985PLC284739, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| L65921MH1985PLC284739 | Current |
| U65921UP1985PLC007001 | Previous |
| L65921UP1985PLC007001 | Previous |
Contact details
N.C.L.Research and Financial Services Ltd.'s registered office is in Mumbai, Maharashtra. Its website is nclfin.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Registered Address208 2nd Floor 212 West Wing Tulsiani Chambers, Free Press Journal Marg, Mumbai, Maharashtra, India – 400021
- IndustryFinancial Services, Investment & Credit NBFC, NBFC
To see the full contact details of N.C.L.Research and Financial Services Ltd., 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
N.C.L.Research and Financial Services operates one associated brand: NCL Research & Financial Services. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Securities trading and financial research services are provided in India. | nclfin.com |
Business activity
The main business activity of N.C.L.Research and Financial 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 N.C.L.Research and Financial Services Ltd., buy the company report.
Financials of N.C.L.Research and Financial Services Ltd.
FY 2025-26 filings availableN.C.L.Research and Financial Services Ltd. reported revenue of ₹6.16 Cr (down 27.8% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · StandaloneRevenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 6.16 | 8.53 | 10.83 | 3.96 | 1.96 | 1.85 | 2.43 |
| Revenue growth | -27.8% | -21.2% | +173.5% | +102.0% | +6.0% | -23.9% | - |
| EBITDA | (2.80) | (1.43) | 1.26 | 0.96 | 1.10 | 0.01 | 0.02 |
| EBITDA margin | -45.5% | -16.8% | +11.6% | +24.2% | +56.1% | +0.5% | +0.8% |
| Profit before tax | (2.83) | (0.66) | 1.99 | 0.80 | 1.06 | 0.02 | 0.03 |
| Net profit | (2.61) | (1.36) | 1.68 | 0.60 | 1.05 | 0.02 | 0.02 |
| Net profit margin | -42.4% | -15.9% | +15.5% | +15.2% | +53.6% | +1.1% | +0.8% |
| EPS (₹) | (0.02) | (0.01) | 0.02 | 0.01 | 0.02 | 0.00 | 0.00 |
| Balance sheet | |||||||
| Total assets | 110 | 113 | 111 | 124 | 63.99 | 61.90 | 61.87 |
| Net worth | 110 | 113 | 111 | 124 | 62.99 | 61.90 | 61.88 |
| Total debt | 0.00 | 0.00 | 0.00 | 0.00 | 1.00 | 0.00 | 0.00 |
| Cash & bank | 0.50 | 0.26 | 0.83 | 0.72 | 0.86 | 0.59 | 0.64 |
| Net working capital | 13.04 | 19.78 | 30.43 | 32.27 | 26.37 | 10.15 | 5.52 |
| Cash flow | |||||||
| Cash from operations | 0.88 | (17.47) | (20.21) | (24.46) | 3.91 | 2.03 | 2.16 |
| Cash from investing | (0.04) | 16.90 | 20.38 | (24.54) | (3.41) | (2.08) | (2.06) |
| Cash from financing | (0.60) | 0.01 | (0.06) | 48.86 | (0.24) | 0.00 | 0.00 |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.67 | 0.28 | 2.13 | 1.93 | 1.82 | 2.02 | 3.65 | 1.48 |
| Revenue growth (YoY) | -8.2% | -86.1% | -41.6% | +30.4% | +31.9% | - | - | - |
| Other income | 0.55 | (0.55) | 0.00 | (0.25) | 0.78 | (0.62) | (1.18) | 1.06 |
| Total expenses | 0.73 | 6.59 | 1.55 | 0.36 | 0.32 | 1.26 | 2.95 | 1.03 |
| EBITDA | 0.94 | (6.31) | 0.58 | 1.57 | 1.50 | 0.76 | 0.70 | 0.45 |
| EBITDA margin | +56.3% | -2253.6% | +27.2% | +81.3% | +82.4% | +37.6% | +19.2% | +30.4% |
| Depreciation | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | 0.01 |
| Interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.02 | 0.00 |
| Profit before tax | 1.48 | (6.87) | 0.57 | 1.31 | 2.27 | 0.12 | (0.52) | 1.50 |
| Tax | 0.36 | (1.27) | 0.16 | 0.33 | 0.57 | 0.02 | (0.14) | 0.40 |
Financial Statements
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.67 | 0.28 | 2.13 | 1.93 | 1.82 | 2.02 | 3.65 | 1.48 |
| Revenue growth (YoY) | -8.2% | -86.1% | -41.6% | +30.4% | +31.9% | - | - | - |
| Other income | 0.55 | (0.55) | 0.00 | (0.25) | 0.78 | (0.62) | (1.18) | 1.06 |
| Total expenses | 0.73 | 6.59 | 1.55 | 0.36 | 0.32 | 1.26 | 2.95 | 1.03 |
| EBITDA | 0.94 | (6.31) | 0.58 | 1.57 | 1.50 | 0.76 | 0.70 | 0.45 |
| EBITDA margin | +56.3% | -2253.6% | +27.2% | +81.3% | +82.4% | +37.6% | +19.2% | +30.4% |
| Depreciation | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | 0.01 |
| Interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.02 | 0.00 |
| Profit before tax | 1.48 | (6.87) | 0.57 | 1.31 | 2.27 | 0.12 | (0.52) | 1.50 |
| Tax | 0.36 | (1.27) | 0.16 | 0.33 | 0.57 | 0.02 | (0.14) | 0.40 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 6.16 | 8.53 | 10.83 | 3.96 | 1.96 | 1.85 | 2.43 |
| Revenue growth | -27.8% | -21.2% | +173.5% | +102.0% | +6.0% | -23.9% | - |
| Other income | 0.01 | 0.85 | 0.80 | 0.01 | 0.01 | 0.01 | 0.01 |
| Total expenses | 8.96 | 9.96 | 9.57 | 3.00 | 0.86 | 1.84 | 2.41 |
| Employee cost | 0.76 | 0.70 | 0.68 | 0.32 | 0.26 | 0.66 | 0.45 |
| EBITDA | (2.80) | (1.43) | 1.26 | 0.96 | 1.10 | 0.01 | 0.02 |
| EBITDA margin | -45.5% | -16.8% | +11.6% | +24.2% | +56.1% | +0.5% | +0.8% |
| Depreciation | 0.04 | 0.06 | 0.05 | 0.05 | 0.05 | 0.00 | 0.00 |
| Interest | 0.00 | 0.02 | 0.02 | 0.12 | 0.00 | 0.00 | 0.00 |
| Profit before tax | (2.83) | (0.66) | 1.99 | 0.80 | 1.06 | 0.02 | 0.03 |
| Tax | (0.22) | 0.70 | 0.37 | 0.20 | 0.01 | 0.00 | 0.01 |
| Net profit | (2.61) | (1.36) | 1.68 | 0.60 | 1.05 | 0.02 | 0.02 |
| Net profit margin | -42.4% | -15.9% | +15.5% | +15.2% | +53.6% | +1.1% | +0.8% |
| EPS (₹) | (0.02) | (0.01) | 0.02 | 0.01 | 0.02 | 0.00 | 0.00 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 107 | 107 | 107 | 107 | 58.17 | 29.09 | 29.09 |
| Reserves & surplus | 2.62 | 5.92 | 3.70 | 17.08 | 4.82 | 32.81 | 32.79 |
| Shareholders' funds (net worth) | 110 | 113 | 111 | 124 | 62.99 | 61.90 | 61.88 |
| Secured loans | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Unsecured loans | 0.00 | 0.00 | 0.00 | 0.00 | 1.00 | 0.00 | 0.00 |
| Total debt | 0.00 | 0.00 | 0.00 | 0.00 | 1.00 | 0.00 | 0.00 |
| Total liabilities | 110 | 113 | 111 | 124 | 63.99 | 61.90 | 61.87 |
| Assets | |||||||
| Gross block | 0.66 | 0.66 | 0.65 | 0.59 | 0.58 | 0.34 | 0.34 |
| Net block | 0.09 | 0.13 | 0.17 | 0.17 | 0.21 | 0.02 | 0.02 |
| Capital work in progress | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 2.94 | 2.86 | 19.72 | 40.07 | 15.38 | 11.97 | 9.90 |
| Inventories | 0.44 | 0.49 | 1.32 | 0.67 | 2.04 | 1.05 | 1.40 |
| Sundry debtors | 1.68 | 3.58 | 1.89 | 2.28 | 1.82 | 1.76 | 1.75 |
| Cash & bank balances | 0.50 | 0.26 | 0.83 | 0.72 | 0.86 | 0.59 | 0.64 |
| Loans & advances | 22.55 | 24.81 | 28.89 | 29.59 | 21.96 | 7.01 | 1.87 |
| Total current assets | 25.17 | 29.14 | 32.93 | 33.26 | 26.68 | 10.41 | 5.66 |
| Total current liabilities | 12.13 | 9.36 | 2.50 | 0.99 | 0.31 | 0.26 | 0.14 |
| Net working capital | 13.04 | 19.78 | 30.43 | 32.27 | 26.37 | 10.15 | 5.52 |
| Total assets | 110 | 113 | 111 | 124 | 63.99 | 61.90 | 61.87 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 0.26 | 0.83 | 0.72 | 0.86 | 0.59 | 0.64 | 0.54 |
| Net cash from operating activities | 0.88 | (17.47) | (20.21) | (24.46) | 3.91 | 2.03 | 2.16 |
| Net cash from investing activities | (0.04) | 16.90 | 20.38 | (24.54) | (3.41) | (2.08) | (2.06) |
| Net cash from financing activities | (0.60) | 0.01 | (0.06) | 48.86 | (0.24) | 0.00 | 0.00 |
| Net change in cash | 0.24 | (0.57) | 0.11 | (0.14) | 0.26 | (0.05) | 0.09 |
| Closing cash | 0.50 | 0.26 | 0.83 | 0.72 | 0.86 | 0.59 | 0.64 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | -27.8% | -21.2% | +173.5% | +102.0% | +6.0% | -23.9% | - |
| EBITDA growth | -95.8% | -213.5% | +31.3% | -12.7% | - | -50.0% | - |
| PBT growth | -328.8% | - | +148.8% | -24.5% | +5200.0% | -33.3% | -82.4% |
| Net income growth | -91.9% | -181.0% | +180.0% | -42.9% | +5150.0% | 0.0% | - |
| Revenue CAGR (3Y) | +15.9% | +63.3% | +80.2% | +17.7% | -16.8% | -13.0% | -30.9% |
| EBITDA CAGR (3Y) | - | - | +401.3% | +263.4% | +86.3% | -58.5% | - |
| Profitability & leverage | |||||||
| Net income margin | -42.4% | -15.9% | +15.0% | +15.2% | +53.6% | +1.1% | +0.8% |
| Return on capital employed | 0.0% | -0.6% | +1.7% | +1.0% | +1.7% | +0.0% | +0.1% |
| Return on net worth | 0.0% | -1.2% | +1.4% | +0.6% | +1.7% | +0.0% | +0.0% |
| Debt / equity | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | 0.00 | 0.00 |
| Long-term debt / equity | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | 0.00 | 0.00 |
| Interest cover | 0.00 | -1.34 | 1.65 | 13.19 | 0.00 | 0.00 | 0.00 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 9.35 | 14.32 | 18.76 | 6.79 | 4.28 | 5.47 | 7.18 |
| Inventory turnover | 13.27 | 10.36 | 11.69 | 2.93 | 1.28 | 1.52 | 1.55 |
| Debtors turnover | 2.35 | 3.43 | 5.58 | 1.94 | 1.10 | 1.06 | 1.39 |
| EPS (₹) | (0.02) | (0.01) | 0.02 | 0.01 | 0.02 | 0.00 | 0.00 |
| Dividend per share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (₹) | 1.02 | 1.06 | 1.03 | 1.16 | 1.08 | 4.26 | 4.25 |
To see the full year-wise statements and ratios of N.C.L.Research and Financial Services Ltd., buy the company report.
Board of directors of N.C.L.Research and Financial Services Ltd.
N.C.L.Research and Financial Services has 5 current directors and 15 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Swagata Dasgupta Also directs: Jackson Investments Ltd, Voltaire Leasing and Finance Ltd | Director | 12 Feb 2022 | 4 Years 9 Months | Current |
| Sudipta Bhattacharya Also directs: Khoobsurat Ltd | Director | 11 Oct 2022 | 4 Years 1 Months | Current |
| Haimonti Das Also directs: Jackson Investments Ltd, Khoobsurat Ltd | Director | 11 Oct 2022 | 4 Years 1 Months | Current |
| Rajeswari Bangal | Director | 12 Feb 2022 | 4 Years 9 Months | Current |
| Goutam Bose Also directs: Rupasi Traders Pvt Ltd | Managing Director | 25 Jul 2009 | 17 Years 3 Months | Current |
Peer comparison
N.C.L.Research and Financial Services Ltd. is compared with the 6 companies closest to it by revenue in the BFSI industry (NBFC Investment and Credit Companies, Small Non Deposit NBFC), with the same principal business activity (other financial activities), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Arnav Financial Services Pvt.Ltd. | ₹9.49 Cr (FY 2025) | 60.0% | Kolkata, West Bengal, India | |||
| Mahavat Holdings Pvt Ltd | ₹9.44 Cr (FY 2025) | 1320.0% | Delhi, India | |||
| Finvent Finance and Investments Limited | ₹9.38 Cr (FY 2024) | -6.0% | Kottayam, Kerala, India | |||
| Comprehensive Investment & Finance Company Private Limited | ₹9.38 Cr (FY 2025) | 10.0% | Chennai, Tamil Nadu, India | |||
| Shri Baiju Trading and Investment Private Limited | ₹9.37 Cr (FY 2024) | 40.0% | Mumbai, Maharashtra, India | |||
| Rasalika Trading and Investment Company Private Limited | ₹9.33 Cr (FY 2025) | 1276.0% | New Delhi, Delhi, India | |||
| N.C.L.Research and Financial Services Ltd.this company | ₹6.16 Cr (FY 2026) | -₹2.61 Cr | -42.4% | -27.8% | Mumbai, Maharashtra, India |
To see the full peer comparison of N.C.L.Research and Financial Services Ltd., buy the company report.
Auditor
N.C.L.Research and Financial Services Ltd. is audited by D B S & ASSOCIATES for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| D B S & ASSOCIATES | FY 2023 | 018627 |
Shareholding
Shareholding for the quarter ended Sep 2026: promoters hold 0.00%, foreign institutional investors hold 0.00%, domestic institutional investors hold 0.00% and retail and other public shareholders hold 100.00%.
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | |
|---|---|---|---|---|
| Promoters | 0.00% | 0.00% | 0.00% | 0.00% |
| Public | 100.00% | 100.00% | 100.00% | 100.00% |
Deals & funding
N.C.L.Research and Financial Services Ltd. has 222 deals on record (221 market trades, 1 rights issue); the latest was in September 2026.
Deals on record (5 of 222)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Sep 2026 | Market trade | ₹47 Lakh | Buyer: Orchard Road Properties Private Limited |
| Sep 2024 | Market trade | ₹46.2 Lakh | Seller: Ishaan Tradefin LLP |
| Jul 2024 | Market trade | ₹72.6 Lakh | Buyer: Topgain Finance Private Limited Seller: Topgain Finance Private Limited |
| Jul 2024 | Market trade | ₹64.1 Lakh | Buyer: Topgain Finance Private Limited Seller: Topgain Finance Private Limited |
| Jul 2024 | Market trade | ₹1.19 Cr | Buyer: Multiplier Share and Stock Advisors Private Limited |
To see the full deal history of N.C.L.Research and Financial Services Ltd., buy the company report.
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 N.C.L.Research and Financial Services Ltd. 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 N.C.L.Research and Financial Services Ltd.; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
GST
No GST registration is on our record for N.C.L.Research and Financial Services Ltd.; the GSTIN and return-filing check is in the company report Buy the company report.
Recent activity
N.C.L.Research and Financial Services Ltd. has 18 board changes on record since 2009: 5 appointments and 13 cessations. The latest: Amita Bose ceased to be Additional Director on 25 Nov 2023.
9 earlier events are in the company report.
News
Frequently asked questions
N.C.L.Research and Financial Services is an active public limited company based in Mumbai, Maharashtra, India. The company works in investment and credit nbfc, within the financial services industry. It was incorporated on 04 February 1985 (41+ years old) and is registered under CIN L65921MH1985PLC284739. Listed on BSE: 530557.
N.C.L.Research and Financial Services reported revenue of ₹6.16 Cr for FY 2025-26 (down 27.8% YoY) based on standalone financials.
N.C.L.Research and Financial Services has 5 current directors:
- Goutam Bose - Managing Director
- Swagata Dasgupta - Director
- Sudipta Bhattacharya - Director
- Haimonti Das - Director
- Rajeswari Bangal - Director
The latest financial statements of N.C.L.Research and Financial Services on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 29 September 2025. Year-wise statements from 2015 are in the company report.
The CIN (Corporate Identification Number) of N.C.L.Research and Financial Services is L65921MH1985PLC284739. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. N.C.L.Research and Financial Services is a listed company as per MCA records. Its shares are listed on BSE (code: 530557).
N.C.L.Research and Financial Services was incorporated on 04 February 1985, making it 41+ years old. It is registered with the Registrar of Companies, Mumbai.
N.C.L.Research and Financial Services has 222 deals on record (221 market trades, 1 rights issue); the latest was in September 2026.
The peers of N.C.L.Research and Financial Services by revenue are Arnav Financial Services Pvt.Ltd, Mahavat Holdings Pvt Ltd, Finvent Finance and Investments Limited, Comprehensive Investment & Finance Company Private Limited, Shri Baiju Trading and Investment Private Limited and 1 more, all in the BFSI industry (NBFC Investment and Credit Companies, Small Non Deposit NBFC), with the same principal business activity (other financial activities).
Amita Bose ceased to be Additional Director on 25 Nov 2023. Haimonti Das was appointed as Director on 11 Oct 2022. Purshottam Khandelwal ceased to be Additional Director on 11 Oct 2022. N.C.L.Research and Financial Services has 18 board changes on record in total.
N.C.L.Research and Financial Services can be reached through the website nclfin.com. Its registered office is in Mumbai, Maharashtra, India.
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