Ncl Research & Financial Services

What Ncl Research & Financial Services does

NCL Research & Financial Services Limited is a publicly listed, RBI-registered non-deposit-taking NBFC incorporated on February 4, 1985, and headquartered at Nariman Point, Mumbai. The company's core activity is providing secured and unsecured loans to Micro, Small and Medium Enterprises (MSMEs), small and medium enterprises (SMEs), and corporate and non-corporate borrowers, with loan pricing and terms determined by credit-worthiness assessment and risk profiling. In parallel, it invests in equity securities of both listed and unlisted companies without pre-defined restrictions on investment opportunities, generating a second revenue stream from capital gains. The company originally operated a textile products trading business, which has been formally discontinued due to a lack of business opportunities; the entity now concentrates exclusively on NBFC activities.

Revenue is generated through two streams: interest income from the lending book and capital gains from equity investments, with the company publicly disclosing FY ending March 2026 annual sales of Rs 6.16 crore (down 27.78% YoY) and a Q4 FY2026 standalone net loss of Rs 5.59 crore. The company is listed on BSE (scrip code 530557, ISIN INE132F01038), has 100% public shareholding with 426,851 shareholders holding 1,070,328,000 equity shares, and operates with an 11-50 person team. Its go-to-market is direct lending via in-house credit assessment, and it maintains an investor relations portal publishing financial results, shareholding patterns, corporate governance reports, and AGM materials. There are no proprietary technology platforms, AI/ML capabilities, partnerships, or acquisitions disclosed in the input data.

Name

Ncl Research & Financial Services

Legal name

NCL RESEARCH & FINANCIAL SERVICES LTD.

Website

https://nclfin.com

Company type

Public

Founded year

1985

Operating status

Operating

Headcount range

11–50 employees

Short description

NCL Research & Financial Services is a Mumbai-based, RBI-registered non-deposit-taking NBFC that provides secured and unsecured loans to MSMEs, SMEs, and corporate borrowers, and invests in equity of listed and unlisted companies in India.

Ownership category

akta.pro rank

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Loan Financing: Providing secured and unsecured loans to MSMEs, SMEs, corporate and non-corporate sector based on credit worthiness and risk profiles of clients
2. Securities Investment: Investing in equity of various companies, both listed and unlisted, without pre-defined restrictions on investment opportunities

Distribution channels1 record

Marketing channels1 record

Core offering

NCL Research & Financial Services Limited is an RBI-registered Non-Banking Financial Company (NBFC) that provides secured and unsecured loans to MSMEs, SMEs, corporate and non-corporate sectors after evaluating credit worthiness and repayment capacity. The company also invests in equity of listed and unlisted companies across various markets and stages without pre-defined restrictions.

Product overview

NCL Research & Financial Services Limited is a single-product NBFC offering centered on financial services to MSMEs and SMEs. The core offering consists of secured and unsecured lending services, complemented by equity investment services in listed and unlisted companies. The company previously engaged in textiles products trading but has discontinued this activity. An investor relations portal provides access to financial results, shareholding patterns, and corporate governance documentation.

Differentiator

Problem solved

Functional benefit

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators4 records

Recent moves7 records

Expansion highlights3 records

Broad incumbents

• Bajaj Finance: Largest Indian NBFC offering consumer, SME, commercial, and mortgage lending; a broad incumbent that competes for the same MSME/SME borrower pool as NCL but with vastly greater scale and product breadth.
• Cholamandalam Investment and Finance: Major India-listed NBFC providing vehicle finance, SME loans, and home equity products; broad incumbent competing for SME borrowers in the same Indian market as NCL.
• Manappuram Finance: Listed Indian NBFC with gold loans, microfinance, and SME lending; comparable in NBFC regulatory status and Indian retail/SME lending focus, but operating at materially larger scale.
• Muthoot Finance: Large listed Indian NBFC with gold-backed and MSME lending operations; comparable as a regulated NBFC operating in Indian retail/SME credit, though at much greater scale.

Regional players

• Capital Small Finance Bank: India-listed small finance bank focused on lending to MSMEs, small businesses, and underserved segments; operates in an adjacent regulated credit-intermediation niche in the same Indian geography, illustrating the competitive set NCL faces.

Direct peers

• MAS Financial Services: India-listed NBFC focused on MSME, SME, and microfinance lending — directly comparable to NCL's stated MSME/SME borrower base and lending-led business model, with a similar small-cap profile.
• Five Star Business Finance: India-listed NBFC providing secured business loans to small entrepreneurs and MSMEs; comparable to NCL in target segment and secured/unsecured lending mix.
• Spandana Sphoorty Financial: Listed Indian NBFC focused on microfinance and small-ticket lending; similar regulatory NBFC status and small-borrower lending orientation as NCL.
• Satin Creditcare Network: Listed Indian NBFC operating in microfinance and MSME credit; comparable in regulatory structure, small-borrower focus, and Indian operating geography.
• Asirvad Microfinance: India-registered NBFC providing microfinance and small-business loans; comparable in regulated NBFC status and small-borrower credit focus.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat2 records

Key risks6 records

Key highlights5 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ncl Research & Financial Services