Equity Research Report: Trustedge Capital Ltd. (Formerly Adinath Exim Resources Ltd.)
Date: January 28, 2026
Current Market Price (CMP): ₹121.80 (BSE)
Market Cap: ~₹112.40 Cr
Sector: Non-Banking Financial Company (NBFC)
1️⃣ Business Model & Work
Company Overview:
Trustedge Capital Ltd. ek RBI-registered Non-Banking Financial Company (NBFC) hai. Pehle ye “Adinath Exim Resources” ke naam se jaani jaati thi. Company ka business model primarily finance aur investment activities ke gird ghoomta hai.
Main Revenue Sources:
- Financial Services: Lending aur loans provide karna, specialized tailored financial solutions.
- Investments: Listed shares, debt instruments, aur mutual funds me invest karna.
- Other Activities: Bill discounting, lease operations, aur diversified interests jaise Coal Bed Methane (CBM) aur Oil & Gas exploration me minor engagement.
Competitive Advantage:
- Asset-Light Model: NBFC hone ke naate company capital deployment aur investments par focus karti hai.
- Diversification: Finance ke saath Energy sector (Oil/Gas) me exposure risk mitigate karne ki koshish hai.
2️⃣ Industry & Sector Analysis
- Sector Status: Indian NBFC sector filhal high credit demand aur digital lending boom ki wajah se growth phase me hai, lekin choti NBFCs ke liye liquidity aur cost of funds manage karna ek challenge hai.
- Sector Nature: Secular with Regulatory Oversight. RBI ke kade rules aur compliance is sector ki reliability badhate hain.
- Growth Drivers: Financial inclusion, digital transformation, aur SMEs ke liye credit demand.
- Major Competitors: Choonki ye micro-cap hai, iska competition chote finance houses jaise PMC Fincorp, Ganges Securities, aur Som Datt Finance se hai.
3️⃣ Latest Financial Performance (Consolidated)
⚠️ CRITICAL UPDATE: Company ki Q3 FY26 Results meeting aaj (28 Jan 2026) scheduled thi.
| Metric (₹ Cr) | Q2 FY26 (Sep 25) | Q1 FY26 (Jun 25) | FY 2024-25 | FY 2023-24 |
| Revenue | 0.92 | 0.78 | 1.09 | 1.03 |
| Net Profit | (0.08) Loss | (0.16) Loss | 0.16 | 0.56 |
| OPM % | -8.69% | -15.0% | 20.16% | 71.6% |
| EPS (₹) | (0.12) | (0.23) | 0.28 | 1.10 |
Financial Analysis:
- Declining Margins: FY24 me margins 71% the jo FY25 me 20% reh gaye aur ab current quarters me company losses report kar rahi hai.
- Revenue Growth: Revenue stagnation me hai; operating income pichle 3 saalon me sirf ~4% CAGR se badhi hai.
- Debt/Equity: 0.00 (Zero Debt). Balance sheet par koi borrowing nahi hai, jo ek bada positive hai.
- Return Ratios: ROE ~0.76% aur ROCE ~1.05% hain, jo capital utilization ki inefficiency dikhate hain.
4️⃣ Management & Shareholding (Dec 2025)
| Category | Holding % | Trend (vs Sep 25) |
| Promoters | 74.99% | Increased (from 71.99%) |
| FIIs | 0.00% | No Interest |
| DIIs | 0.00% | No Interest |
| Public | 25.01% | Decreased |
Analysis:
- Promoter Confidence: Promoters ne lagataar apna stake badhaya hai (Mar 25 me 67% tha, Dec 25 me 75%). Ye indicate karta hai ki management ko company ki value par pura bharosa hai.
- Ownership: Avani Dharen Savla aur Shanil Paras Savla key promoter holders hain.
5️⃣ Valuation (As of Jan 28, 2026)
- Current PE Ratio: N/A (Loss making TTM).
- Price to Book (P/B): 2.06x (Book Value: ₹59.02).
- 5-Year CAGR (Share Price): ~73% (Stock performance fundamentals se fast rahi hai).
- Valuation Logic: Stock apne book value ke 2x par trade kar raha hai. Earnings profile ke hisaab se ye Overvalued lag raha hai.
6️⃣ Future Growth Triggers (3–5 Years)
- Rights Issue Deployment: Oct 2025 me company ne 49:85 ratio me Rights Issue laya tha. Is funds ka sahi deployment growth la sakta hai.
- Expansion into Oil & Gas: Coal Bed Methane exploration projects me progress hone se revenue stream badal sakti hai.
- Financial Inclusion: NBFC operations ko digital karke reach badhana.
7️⃣ Present Situation (Current Outlook)
- Stock Phase: Momentum Driven. Stock pichle ek saal me ₹36 se ₹128 tak gaya hai (~250% return), halanki financials weak hain.
- Recent News: Rights issue aur promoter stake hike ne price ko pump kiya hai.
- Outlook: Short-term me results delay ya kharab loss numbers pressure daal sakte hain.
8️⃣ Risk & Red Flags
- Operational Losses: Pichle 2 quarters se company net loss me hai.
- Low Liquidity: Micro-cap stock hone ke karan exit lene me dikkat ho sakti hai (Low volume).
- Quality Rating: Analyst models ke mutabik “Quality” ratings kafi low hain.
- Regulatory Risk: NBFC sector me RBI ke norms badalne se compliance cost badh sakti hai.
9️⃣ Final Verdict
- Summary: Trustedge Capital ek debt-free micro-cap NBFC hai jisme promoter buying bahut strong hai, lekin core business performance (Profitability) kafi kamzor hai.
- Conservative Investor: STRICTLY AVOID. Loss-making micro-caps high risk hote hain.
- Aggressive Investor: HOLD with Trailing SL. Stock momentum me hai, lekin ₹110 ke niche jane par risk badh jayega.
- Approx Target Range: ₹135 (Psychological) | Downside Support: ₹98 (100-DMA).
Disclaimer: Ye article sirf educational purpose ke liye hai. Kisi bhi nivesh se pehle apne Financial Advisor se salah zarur lein.