About Trust Asset Management Private Limited
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Trust Asset Management Private Limited is a private limited company based in Mumbai, Maharashtra, India, a subsidiary of Trust Investment Advisors Private Limited. It operates in the asset management firms segment of the financial services sector. It was incorporated on 11 December 2017 and has been in existence for over 9 years.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U65929MH2017PTC302677. Its GSTIN is 27AAGCT5391Q1ZG (Maharashtra).
The company has an authorised share capital of ₹200 Cr and a paid-up capital of ₹180.5 Cr. It is led by directors including Utpal Hemendra Sheth and Nipa Utpal Sheth.
Its last annual general meeting (AGM) was held on 26 July 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at Mumbai, Maharashtra.
As per the financials filed for FY 2026, the company reported a revenue of ₹10.77 Cr, a growth of 32% compared to the previous year. For the same year it recorded a net loss of ₹49.29 Cr (net margin -457.5%) and EBITDA of -₹45.43 Cr (EBITDA margin -421.7%). Revenue has grown at a compounded annual rate (CAGR) of 6% over three years and 22% over five years.
The company has about 45 employees on its provident fund (EPFO) records.
The company is associated with 1 brand: Trust Mutual Fund. The company has 3 deals on record (2 rights issues, 1 acquisition); the latest was in September 2021. Its 5 peer companies in the BFSI industry (Asset Management), with the same principal business activity (fund management services) are compared by revenue, 3 larger and 2 smaller; the largest is Dickey Asset Management Private Limited with revenue of ₹8.78 Cr. The company has 3 MSME Form 1 returns on record between 2019 and 2022, listing 3 overdue payments to 3 micro and small suppliers.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website trustmf.com.
Company details
Contact details
Trust Asset Management Private Limited's registered office is in Mumbai, Maharashtra. Its website is trustmf.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered Address101 1st Floor Naman Corporate Link Centre, G – Block Bandra Kurla Complex, Mumbai, Maharashtra, India – 400051
- IndustryFinancial Services, Asset Management Firms
To see the full contact details of Trust Asset Management 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
Trust Asset Management operates one associated brand: Trust Mutual Fund. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Provides mutual funds for equity, debt, and short-term investments in India. | trustmf.com |
Business activity
The main business activity of Trust Asset Management is financial and insurance service. In detail, this covers fund management services.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| K | Financial and insurance Service | K6 | Fund Management Services |
To see the full business activity and turnover split of Trust Asset Management Private Limited, buy the company report.
Financials of Trust Asset Management Private Limited
FY 2025 filings availableTrust Asset Management Private Limited reported revenue of ₹10.77 Cr (up 32% YoY) for FY 2026.
Compounded Annual Growth Rate (CAGR)
Revenue has grown at a compounded annual rate (CAGR) of 22% over five years, including 32% growth in the latest year. EBITDA fell 19% 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 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 |
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| EBITDA | -₹45.43 Cr | ||||
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| Net Profit (PAT) | -₹49.29 Cr | ||||
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Financial Ratios
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 |
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| Profitability | |||||
| EBITDA Margin | -421.7% | ||||
| Net Profit Margin | -457.5% | ||||
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To see the full financial statements and ratios of Trust Asset Management Private Limited, buy the company report.
Board of directors and KMP of Trust Asset Management Private Limited
Trust Asset Management Private Limited currently reports 4 directors and 1 key managerial person. 2 former directors have served the organization.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Utpal Hemendra Sheth Also directs: Chanakya Value Creation LLP, Zen Superstructure LLP, Relativity Investment Advisors LLP and 5 more | Director | 11 Dec 2017 | 8 Years 10 Months | Current |
| Nipa Utpal Sheth | Director | 11 Dec 2017 | 8 Years 10 Months | Current |
| Sandeep Bagla Also directs: Association of Mutual Funds in India | Ceo | 19 Oct 2021 | 5 Years 0 Months | Current |
| Rajeev Krishnamuralilal Agarwal | Director | 27 Sep 2018 | 8 Years 1 Months | Current |
| Hemant Nerurkar Madhusudan Also directs: Raghav Productivity Enhancers Limited, Igarashi Motors India Limited, Adani Energy Solutions Limited and 4 more | Director | 19 Oct 2018 | 8 Years 0 Months | Current |
Peer comparison
Trust Asset Management Private Limited is compared with the 5 companies closest to it by revenue in the BFSI industry (Asset Management), with the same principal business activity (fund management services), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Trust Asset Management Private Limitedthis company | ₹10.77 Cr (FY 2026) | -₹49.29 Cr | -457.5% | 32.0% | 45 | Mumbai, Maharashtra, India |
| Dickey Asset Management Private Limited | ₹8.78 Cr (FY 2025) | 31.0% | New Delhi, Delhi, India | |||
| J M Financial Investment Managers Limited | ₹8.65 Cr (FY 2016) | -61.0% | Mumbai, Maharashtra, India | |||
| Abans Investment Managers Limited | ₹8.19 Cr (FY 2025) | 29.0% | Mumbai, Maharashtra, India | |||
| Credent Asset Management Services Private Limited | ₹6.91 Cr (FY 2025) | 44.0% | Mumbai, Maharashtra, India | |||
| Shriram Asset Management Company Limited | ₹6.75 Cr (FY 2025) | -18.0% | Mumbai, Maharashtra, India |
To see the full peer comparison of Trust Asset Management Private Limited, buy the company report.
Auditor
Trust Asset Management Private Limited is audited by Walker Chandiok & Co LLP for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| Walker Chandiok & Co LLP | FY 2023 | 001076N / N500013 |
Shareholding
The shareholding of Trust Asset Management Private Limited is on record for 5 financial years, the latest being FY 2023, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of Trust Asset Management Private Limited, buy the company report.
Deals & funding
Trust Asset Management Private Limited has 3 deals on record (2 rights issues, 1 acquisition); the latest was in September 2021.
Deals on record (3 of 3)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Sep 2021 | Rights issue | ₹30 Cr | Investors: Trust Capital |
| Mar 2020 | Rights issue | ₹15 Cr | Investors: Trust Capital |
| Feb 2018 | Acquisition | ₹54.99 Cr | Buyer: Trust Capital |
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 Trust Asset Management 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
Trust Asset Management Private Limited has 3 MSME Form 1 returns on record between 2019 and 2022, listing 3 overdue payments to 3 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (3 of 3)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Logix Infosecurity Private Limited | |||
| an individual supplier | |||
| Unicom Infotel Private Limited |
To see the full MSME payment records of Trust Asset Management Private Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Employees & EPFO
Trust Asset Management Private Limited has a workforce of 45 employees on its EPFO records as of Apr 08, 2024, across 1 active EPFO establishment.
GST
Trust Asset Management has 1 GST registration: 1 active.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AAGCT5391Q1ZG | Maharashtra | Active | 13 Feb 2018 |
To see the full GST registrations and return filing status of Trust Asset Management Private Limited, buy the company report.
Recent activity
Trust Asset Management Private Limited has 7 board changes on record since 2017: 5 appointments and 2 cessations. The latest: Sandeep Bagla was appointed as CEO on 19 Oct 2021.
News
Frequently asked questions
Trust Asset Management is an active private limited company based in Mumbai, Maharashtra, India. The company works in asset management firms, within the financial services industry. It was incorporated on 11 December 2017 (9+ years old) and is registered under CIN U65929MH2017PTC302677.
Trust Asset Management has 5 current directors and KMP:
- Utpal Hemendra Sheth - Director
- Nipa Utpal Sheth - Director
- Rajeev Krishnamuralilal Agarwal - Director
- Hemant Nerurkar Madhusudan - Director
- Sandeep Bagla - Ceo
The latest financial statements of Trust Asset Management on record with the MCA are for the year ended 31 March 2025. Its last annual general meeting was held on 26 July 2025. Year-wise statements from FY 2018 are in the company report.
The GSTIN of Trust Asset Management is 27AAGCT5391Q1ZG, registered in Maharashtra.
The CIN (Corporate Identification Number) of Trust Asset Management is U65929MH2017PTC302677. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Trust Asset Management was incorporated on 11 December 2017, making it 9+ years old. It is registered with the Registrar of Companies, Mumbai.
Trust Asset Management has 3 deals on record (2 rights issues, 1 acquisition); the latest was in September 2021.
The peers of Trust Asset Management by revenue are Dickey Asset Management Private Limited, J M Financial Investment Managers Limited, Abans Investment Managers Limited, Credent Asset Management Services Private Limited, Shriram Asset Management Company Limited, all in the BFSI industry (Asset Management), with the same principal business activity (fund management services).
Sandeep Bagla was appointed as CEO on 19 Oct 2021. Hemant Nerurkar Madhusudan ceased to be Additional Director on 14 Dec 2018. Rajeev Krishnamuralilal Agarwal ceased to be Additional Director on 14 Dec 2018. Trust Asset Management has 7 board changes on record in total.
Trust Asset Management has 3 MSME Form 1 returns on record between 2019 and 2022, listing 3 overdue payments to 3 micro and small suppliers. The latest return was filed on 17 Oct 2022.
Trust Asset Management can be reached through the website trustmf.com. Its registered office is in Mumbai, Maharashtra, India.
The registered office of Trust Asset Management is at 101 1st Floor Naman Corporate Link Centre, G – Block Bandra Kurla Complex, Mumbai, Maharashtra, India – 400051.
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