About Explicit Finance
Explicit Finance is a publicly listed company based in Vasai (India) founded in 1994. NBFC providing investments, securities trading, and finance services as a registered company. It operates on a B2B model. Its Indian entity Explicit Finance Limited reported revenue of ₹3.27 Cr. Explicit Finance offers products and services including Investment Services and Securities Trading. Its focus areas include FinTech, Finance Services, Investments and Asset Management. Similar companies include UTI Mutual Fund, 360 One and Avendus; 2 of its 3 listed similar companies have raised funding.
Company details
Explicit Finance Ltd., formerly Shubhyog Finlease Ltd., is a registered Non-Banking Finance Company incorporated in 1994 with a public offering in 1995. It focuses on investments, trading in securities, and various finance activities, managed by experienced professionals. Operating from Mumbai, India, the company serves investors and financial markets, with shares listed on the Bombay Stock Exchange and a net worth of around Rs. 88 million as of 2016.
- Headquarters Vasai, India
- Stage Public
- SectorsFinancial Services
- Website explicitfinance.net
- Legal Name Explicit Finance Limited
- Market Cap₹9.73 Cr
EXPLICITFIN · BSE
- Share Price₹11.02
+4.95% today
- Revenue₹3.27 Cr
FY 2025-26 · -51.7% YoY
- Net Profit−₹0.01 Cr
FY 2025-26 · 0.0% YoY
Associated legal entities of Explicit Finance
Explicit Finance operates through Explicit Finance Limited, a listed company (active). Its filings, financials, charges and directors are on the company page.
| Legal entity | Status | Incorporated | Registered in | Revenue (FY 2026) | Employees | Directors | Company page |
|---|---|---|---|---|---|---|---|
| Explicit Finance Limited Listed CIN L65990MH1994PLC076788 | Active | 24 Feb 1994 | Thane, Maharashtra | ₹3.3 Cr | 4 | 9 | View details |
Products & Services of Explicit Finance
Explicit Finance offers a comprehensive portfolio of products and services, including Investment Services and Securities Trading.
Services for managing investments and financial portfolios
Platform for trading securities and financial instruments
Board of directors of Explicit Finance Limited (Explicit Finance)
Explicit Finance Limited is the primary company behind Explicit Finance. The board of Explicit Finance Limited currently have 7 directors; the longest-serving is Avinash Bhargavram Mainkar, appointed in 1994. 11 earlier directors have ceased.
| Director | Designation | Appointed | Tenure | Entity |
|---|---|---|---|---|
| Avinash Bhargavram Mainkar DIN 01986289 | Director | 26 Nov 1994 | 31 yrs 11 mo | Explicit Finance Limited |
| Gopal Bhagwatilal Dave DIN 00334120 | Director | 14 Nov 2017 | 8 yrs 11 mo | Explicit Finance Limited |
| Rajesh S Nanda DIN 06399927 | Managing Director | 14 Aug 2023 | 3 yrs 2 mo | Explicit Finance Limited |
| Hetal Amrutbhai Bhanushali DIN 10266055 | Director | 14 Aug 2023 | 3 yrs 2 mo | Explicit Finance Limited |
| Nirmal Singh Raju DIN 10636825 | Additional Director | 01 Jun 2024 | 2 yrs 5 mo | Explicit Finance Limited |
| Narendrasinh Manubha Zala DIN 06653715 | Director | 14 Aug 2025 | 1 yr 2 mo | Explicit Finance Limited |
| Vandana Santosh Kalokhe DIN 11757001 | Additional Director | 16 Jun 2026 | 4 mo | Explicit Finance Limited |
IPO & Listings of Explicit Finance
Explicit Finance is a publicly listed company on the BSE with ticker symbol EXPLICITFIN in India, operating in the Finance sector. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.
- IPO date20 Jun 1995
- Listed onBSE: EXPLICITFIN
- Listed entityExplicit Finance Limited
- Exchange sectorFinance
- ISININE335G01019
- Share price₹7.36 (+0.27% on the day) · 2026-10-13
- Market capitalisation₹6.8 Cr
- Price to earnings273.3
- EPS (diluted, trailing year)₹-0.05
- Volume (last session)10
Financials of Explicit Finance
Exchange-reported figures of Explicit Finance Limited, the listed company behind Explicit Finance (BSE: EXPLICITFIN).
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 | 3.27 | 6.77 | 9.40 | 22.86 | 12.03 | 6.66 | 7.19 |
| Revenue growth | -51.7% | -28.0% | -58.9% | +90.0% | +80.6% | -7.4% | - |
| EBITDA | 0.00 | (0.02) | 0.02 | 0.02 | (0.53) | (0.08) | (0.05) |
| EBITDA margin | 0.0% | -0.3% | +0.2% | +0.1% | -4.4% | -1.2% | -0.7% |
| Profit before tax | (0.01) | (0.01) | 0.03 | 0.02 | (0.28) | (0.04) | (0.01) |
| Net profit | (0.01) | (0.01) | 0.03 | 0.02 | (0.28) | (0.04) | (0.01) |
| Net profit margin | -0.3% | -0.2% | +0.3% | +0.1% | -2.3% | -0.6% | -0.1% |
| EPS (₹) | (0.01) | (0.01) | 0.02 | 0.01 | (0.30) | (0.03) | (0.02) |
| Balance sheet | |||||||
| Total assets | 7.90 | 7.90 | 7.91 | 7.89 | 7.89 | 8.51 | 7.77 |
| Net worth | 7.90 | 7.91 | 7.91 | 7.90 | 7.89 | 8.16 | 7.78 |
| Total debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash & bank | 0.26 | 1.88 | 1.19 | 1.59 | 0.71 | 0.37 | 0.04 |
| Net working capital | 0.40 | 2.10 | 1.68 | 2.12 | 2.22 | 2.29 | 2.11 |
| Cash flow | |||||||
| Cash from operations | (1.61) | 0.69 | (0.40) | 0.89 | 0.33 | (0.52) | (0.05) |
| Cash from investing | (0.01) | 0.00 | (0.01) | (0.01) | 0.01 | 0.85 | 0.03 |
| Cash from financing | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0.46 | 0.67 | 0.89 | 0.82 | 0.89 | 2.36 | 1.23 | 1.77 |
| Revenue growth (YoY) | -48.3% | -71.6% | -27.6% | -53.7% | -37.3% | - | - | - |
| Other income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 |
| Total expenses | 0.39 | 0.81 | 0.74 | 0.92 | 0.79 | 2.40 | 1.14 | 1.73 |
| EBITDA | 0.07 | (0.14) | 0.15 | (0.10) | 0.10 | (0.04) | 0.09 | 0.04 |
| EBITDA margin | +15.2% | -20.9% | +16.9% | -12.2% | +11.2% | -1.7% | +7.3% | +2.3% |
| Depreciation | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit before tax | 0.07 | (0.14) | 0.15 | (0.10) | 0.10 | (0.03) | 0.09 | 0.04 |
| Tax | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Financial Statements
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0.46 | 0.67 | 0.89 | 0.82 | 0.89 | 2.36 | 1.23 | 1.77 |
| Revenue growth (YoY) | -48.3% | -71.6% | -27.6% | -53.7% | -37.3% | - | - | - |
| Other income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 |
| Total expenses | 0.39 | 0.81 | 0.74 | 0.92 | 0.79 | 2.40 | 1.14 | 1.73 |
| EBITDA | 0.07 | (0.14) | 0.15 | (0.10) | 0.10 | (0.04) | 0.09 | 0.04 |
| EBITDA margin | +15.2% | -20.9% | +16.9% | -12.2% | +11.2% | -1.7% | +7.3% | +2.3% |
| Depreciation | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit before tax | 0.07 | (0.14) | 0.15 | (0.10) | 0.10 | (0.03) | 0.09 | 0.04 |
| Tax | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 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 |
|---|---|---|---|---|---|---|---|
| Revenue | 3.27 | 6.77 | 9.40 | 22.86 | 12.03 | 6.66 | 7.19 |
| Revenue growth | -51.7% | -28.0% | -58.9% | +90.0% | +80.6% | -7.4% | - |
| Other income | 0.00 | 0.02 | 0.01 | 0.01 | 0.25 | 0.04 | 0.04 |
| Total expenses | 3.27 | 6.79 | 9.38 | 22.84 | 12.56 | 6.74 | 7.24 |
| Employee cost | 0.18 | 0.14 | 0.14 | 0.14 | 0.16 | 0.21 | 0.11 |
| EBITDA | 0.00 | (0.02) | 0.02 | 0.02 | (0.53) | (0.08) | (0.05) |
| EBITDA margin | 0.0% | -0.3% | +0.2% | +0.1% | -4.4% | -1.2% | -0.7% |
| Depreciation | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Interest | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 | 0.00 |
| Profit before tax | (0.01) | (0.01) | 0.03 | 0.02 | (0.28) | (0.04) | (0.01) |
| Tax | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net profit | (0.01) | (0.01) | 0.03 | 0.02 | (0.28) | (0.04) | (0.01) |
| Net profit margin | -0.3% | -0.2% | +0.3% | +0.1% | -2.3% | -0.6% | -0.1% |
| EPS (₹) | (0.01) | (0.01) | 0.02 | 0.01 | (0.30) | (0.03) | (0.02) |
| 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 | 9.27 | 9.27 | 9.27 | 9.27 | 9.27 | 9.27 | 9.27 |
| Reserves & surplus | (1.37) | (1.36) | (1.36) | (1.37) | (1.38) | (1.11) | (1.49) |
| Shareholders' funds (net worth) | 7.90 | 7.91 | 7.91 | 7.90 | 7.89 | 8.16 | 7.78 |
| 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 | 0.00 | 0.00 | 0.00 |
| Total debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total liabilities | 7.90 | 7.90 | 7.91 | 7.89 | 7.89 | 8.51 | 7.77 |
| Assets | |||||||
| Gross block | 0.02 | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 |
| Net block | 0.01 | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 |
| Capital work in progress | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.44 |
| Inventories | 0.15 | 0.19 | 0.45 | 0.52 | 1.49 | 1.89 | 1.69 |
| Sundry debtors | 0.00 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.68 |
| Cash & bank balances | 0.26 | 1.88 | 1.19 | 1.59 | 0.71 | 0.37 | 0.04 |
| Loans & advances | 0.08 | 0.08 | 0.09 | 0.04 | 0.05 | 0.09 | 0.08 |
| Total current assets | 0.49 | 2.16 | 1.73 | 2.15 | 2.25 | 2.35 | 2.49 |
| Total current liabilities | 0.09 | 0.06 | 0.05 | 0.03 | 0.03 | 0.06 | 0.38 |
| Net working capital | 0.40 | 2.10 | 1.68 | 2.12 | 2.22 | 2.29 | 2.11 |
| Total assets | 7.90 | 7.90 | 7.91 | 7.89 | 7.89 | 8.51 | 7.77 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 1.88 | 1.19 | 1.59 | 0.71 | 0.37 | 0.04 | 0.06 |
| Net cash from operating activities | (1.61) | 0.69 | (0.40) | 0.89 | 0.33 | (0.52) | (0.05) |
| Net cash from investing activities | (0.01) | 0.00 | (0.01) | (0.01) | 0.01 | 0.85 | 0.03 |
| Net cash from financing activities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net change in cash | (1.63) | 0.70 | (0.40) | 0.88 | 0.34 | 0.33 | (0.02) |
| Closing cash | 0.26 | 1.88 | 1.19 | 1.59 | 0.71 | 0.37 | 0.04 |
| 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 | -51.7% | -28.0% | -58.9% | +90.0% | +80.6% | -7.4% | - |
| EBITDA growth | +100.0% | -200.0% | 0.0% | +103.8% | -562.5% | -60.0% | - |
| PBT growth | 0.0% | - | +50.0% | +9998.0% | -600.0% | -300.0% | +87.5% |
| Net income growth | 0.0% | -133.3% | +50.0% | +107.1% | -600.0% | -300.0% | - |
| Revenue CAGR (3Y) | -47.7% | -17.4% | +12.2% | +47.0% | +38.3% | -18.3% | +9.0% |
| EBITDA CAGR (3Y) | -100.0% | -66.5% | - | - | +43.3% | -18.9% | 0.0% |
| Profitability & leverage | |||||||
| Net income margin | -0.3% | -0.2% | +0.3% | +0.1% | -2.3% | -0.6% | -0.1% |
| Return on capital employed | 0.0% | 0.0% | +0.2% | +0.2% | 0.0% | 0.0% | 0.0% |
| Return on net worth | 0.0% | 0.0% | +0.2% | +0.1% | 0.0% | 0.0% | 0.0% |
| Debt / equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Long-term debt / equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Interest cover | 0.00 | 0.00 | 0.00 | 50.00 | 0.00 | 0.00 | 0.00 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 218.00 | 679.00 | 941.00 | 4,574.00 | 0.00 | 0.00 | 131.45 |
| Inventory turnover | 19.24 | 21.22 | 19.40 | 22.76 | 7.27 | 3.74 | 3.71 |
| Debtors turnover | 654.00 | 1,358.00 | 0.00 | 0.00 | 0.00 | 19.71 | 19.81 |
| EPS (₹) | (0.01) | (0.01) | 0.02 | 0.01 | (0.30) | (0.03) | (0.02) |
| Dividend per share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (₹) | 8.52 | 8.53 | 8.53 | 8.52 | 8.51 | 8.81 | 8.39 |
Similar companies to Explicit Finance
Explicit Finance has 3 listed similar companies in our database, 2 of them funded. They include UTI Mutual Fund, 360 One and Avendus.
| Company Name | Domain | Founded | HQ Location | Total funding | Employees | Description |
|---|---|---|---|---|---|---|
| utimf.com | 2001 | Mumbai, India | $142.4M | 1,468 | Mutual funds, portfolio management, and retirement planning services are offered. | |
| 360.one | 2008 | Mumbai, India | 65 | Asset and wealth management software is provided for businesses. | ||
| avendus.com | 1999 | Mumbai, India | $178.11M | 215 | Corporate advisory and investment services are provided to clients. |
Detailed similar companies of Explicit Finance
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Top companies in Asset Management
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| Company | Description | Founded | Location | Total funding | Revenue | Employees |
|---|---|---|---|---|---|---|
Provides mutual funds management and financial advisory services. | 1987 | Mumbai, Maharashtra, India | ||||
Mutual funds, portfolio management, and retirement planning services are offered. | 2001 | Mumbai, Maharashtra, India | USD 142.4 M | USD 180.76 M | 1,840 | |
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Frequently Asked Questions about Explicit Finance
Explicit Finance was founded in 1994.
Explicit Finance is headquartered in Vasai, India. It is registered at Vasai, Maharashtra, India.
The primary company behind Explicit Finance, Explicit Finance Limited, reported revenue of ₹3.27 Cr for FY 2026, down 52% year on year.
Explicit Finance Ltd., formerly Shubhyog Finlease Ltd., is a registered Non-Banking Finance Company incorporated in 1994 with a public offering in 1995. It focuses on investments, trading in securities, and various finance activities, managed by experienced professionals. Operating from Mumbai, India, the company serves investors and financial markets, with shares listed on the Bombay Stock Exchange and a net worth of around Rs. 88 million as of 2016.
Explicit Finance's top competitors include UTI Mutual Fund, Avendus and 360 One.
Explicit Finance offers Investment Services and Securities Trading.
Yes, Explicit Finance is publicly traded on BSE under the ticker symbol EXPLICITFIN.
Explicit Finance operates through Explicit Finance Limited.
The legal entities of Explicit Finance currently have 7 directors, including Avinash Bhargavram Mainkar, Gopal Bhagwatilal Dave, Narendrasinh Manubha Zala and others.