Ventura Guaranty restates comparative figures for mergers

Ventura Guaranty Limited restated comparative financial information after two amalgamations were accounted for from April 1, 2024, with revenue for the corresponding period ended September 30, 2025 presented at Rs 121.13 crore versus Rs 118.34 crore reported. One scheme involved Kashmira Investment & Leasing Private Limited and the other merged Ventura Allied Services Private Limited into a subsidiary.

Why did Ventura Guaranty restate comparative results?

Ventura Guaranty restated prior figures because its amalgamation with Kashmira Investment & Leasing Private Limited was accounted for from the April 1, 2024 appointed date. The National Company Law Tribunal, Mumbai approved that scheme on November 11, 2025, and it became effective on December 10, 2025 after the certified order was filed with the Registrar of Companies, Mumbai.

The filing states that the Kashmira transaction required restatement of comparative figures for all prior periods presented in the standalone results. On January 6, 2026, Ventura Guaranty allotted 658,745 equity shares of face value Rs 10 each to eligible shareholders of the erstwhile Kashmira Investment & Leasing Private Limited under the scheme.

Ventura Guaranty also reflected a separate subsidiary-level merger in its consolidated accounts. Ventura Securities Limited, a subsidiary, had approved the proposed amalgamation of its wholly owned Ventura Allied Services Private Limited on May 30, 2023; the tribunal sanctioned it on July 21, 2026 and the scheme became effective on August 12, 2026.

That subsidiary merger was likewise given accounting effect from April 1, 2024. Ventura Guaranty said it consequently restated the June 30, 2026 quarter, the September 30, 2025 quarter and half year, and the year ended March 31, 2026 in its consolidated financial results.

How did the restatement change Ventura Guaranty's September 2025 figures?

Ventura Guaranty's disclosed comparison shows that restatement increased total assets and revenue while reducing total liabilities in the corresponding period labelled as the five months ended September 30, 2025. Assets rose by Rs 5.93 crore to Rs 979.95 crore, revenue increased by Rs 2.79 crore to Rs 121.13 crore, and liabilities fell by Rs 29.41 crore to Rs 577.30 crore.

The same comparison presents basic earnings per share, not annualised, at Rs 28.77 after restatement, against Rs 29.01 reported. Diluted earnings per share was also Rs 28.77 restated, compared with Rs 29.07 reported. The filing does not provide a line-by-line reconciliation explaining the movements between reported and restated amounts.

The figures require care because the filing applies the appointed-date accounting treatment rather than only reflecting the legal effective dates of December 10, 2025 and August 12, 2026. Ventura Guaranty also said previous-period figures have been regrouped or reclassified wherever necessary, which is separate from the accounting effects of the two schemes.

Which segment generated most revenue for Ventura Guaranty?

Ventura Guaranty's broking activity generated most of the group's restated revenue in the half year ended September 30, 2025, reporting Rs 118.01 crore compared with Rs 3.54 crore from non-banking financial company, or NBFC, activity. After Rs 0.42 crore of intercompany eliminations, consolidated revenue from operations was Rs 121.13 crore.

In the half year ended September 30, 2026, broking revenue increased to Rs 123.75 crore and NBFC revenue rose to Rs 5.34 crore. Intercompany eliminations were Rs 1.04 crore, leaving total consolidated revenue of Rs 128.05 crore, up Rs 6.92 crore from the restated Rs 121.13 crore in the corresponding 2025 half year.

Broking accounted for Rs 5.75 crore of that revenue increase, while NBFC activity added Rs 1.80 crore before the change in eliminations. The group reports these businesses as its two operating segments under Indian Accounting Standard 108, the accounting standard for segment reporting.

Combined segment result after intercompany eliminations was Rs 20.37 crore for the September 2026 half year, compared with Rs 12.00 crore in the restated September 2025 half year. Broking contributed Rs 17.80 crore in the latest period versus Rs 10.00 crore a year earlier, while NBFC activity contributed Rs 2.57 crore compared with Rs 2.00 crore.

What changed in Ventura Guaranty's balance sheet and cash flow?

Ventura Guaranty's consolidated assets stood at Rs 1,054.72 crore on September 30, 2026, down from the restated Rs 1,135.07 crore at March 31, 2026. Financial assets declined to Rs 994.55 crore from Rs 1,072.53 crore, while non-financial assets fell to Rs 60.16 crore from Rs 62.55 crore.

Cash and cash equivalents declined to Rs 46.74 crore at September 30, 2026 from Rs 161.54 crore at March 31, 2026. Bank balances other than cash equivalents moved in the other direction, increasing to Rs 602.24 crore from Rs 582.64 crore over the same dates.

Total liabilities decreased to Rs 612.58 crore at September 30, 2026 from Rs 713.60 crore at March 31, 2026. Trade payables declined to Rs 441.93 crore from Rs 562.95 crore, while borrowings other than debt securities increased to Rs 107.45 crore from Rs 97.66 crore and debt securities were Rs 19.50 crore compared with nil at March 31, 2026.

Net cash used in operating activities was Rs 161.08 crore in the half year ended September 30, 2026, compared with an outflow of Rs 151.14 crore in the restated corresponding period. The latest period included a Rs 160.85 crore outflow in trade and other payables and a Rs 26.25 crore outflow in loans; investing activities generated Rs 18.80 crore and financing activities generated Rs 27.48 crore.

How did the Kashmira merger affect Ventura Guaranty's share capital?

Ventura Guaranty's issued and paid-up equity share capital rose to Rs 3.85 crore from Rs 3.19 crore following the January 6, 2026 allotment under the Kashmira scheme. The swap ratio was 84 Ventura Guaranty equity shares of face value Rs 10 each for every 100 Kashmira Investment & Leasing Private Limited equity shares of face value Rs 10 each.

At September 30, 2026, Ventura Guaranty's consolidated equity was Rs 442.14 crore, comprising Rs 3.85 crore of equity share capital, Rs 392.53 crore of other equity and Rs 45.76 crore of non-controlling interest. At September 30, 2025, the group held 88.26% in Ventura Securities Limited and the same percentage in step-down subsidiary Ventura Commodities Limited.

The filing states that the September 2026 consolidated results were reviewed by the audit committee and approved by the board on November 12, 2026. It also states that the statutory auditors issued an unmodified opinion on the consolidated financial results.

Conclusion

Ventura Guaranty's filing changes the basis for comparing historical performance because both amalgamations are reflected from April 1, 2024 rather than solely from their later legal effective dates. The restated corresponding-period figures show Rs 121.13 crore of revenue, Rs 979.95 crore of assets and Rs 577.30 crore of liabilities, while the segment data identifies broking as the principal revenue contributor.

The filing says prior figures may be regrouped or reclassified wherever necessary, in addition to the disclosed scheme-related restatements. Subsequent Ventura Guaranty results will show whether further presentation changes are made while comparisons continue to use the restated September 2025 and March 2026 bases.