Key Highlights
- DAM Capital Advisors reported Q1 FY27 total income of ₹30 crore, down 2.9% YoY from ₹30.9 crore in Q1 FY26.
- Merchant banking revenue increased 3.7% YoY to ₹9.5 crore in Q1 FY27.
- Broking and institutional equities revenue declined 9.8% YoY to ₹16.3 crore.
- Profit after tax stood at ₹0.15 crore in Q1 FY27, compared with ₹0.23 crore in Q1 FY26.
- PAT margin declined to 0.5% in Q1 FY27 from 0.8% in Q1 FY26.
- Net cash increased to ₹312 crore as of June 30, 2026, from ₹234 crore a year earlier.
- DAM Capital Advisors had 26 IPO mandates in its pipeline at the end of Q1 FY27.
- Four new IPO mandates were added during Q1 FY27.
- The company has executed 98 ECM transactions since November 2019, involving more than ₹1.62 lakh crore.
- DAM Capital Advisors had 304 active institutional clients as of June 30, 2026.
- The company’s research team covered 202 stocks across 23 sectors.
DAM Capital Advisors Limited reported its audited financial results for the quarter ended June 30, 2026. The company’s total income stood at ₹30 crore in Q1 FY27, compared with ₹30.9 crore in Q1 FY26, registering a 2.9% year-on-year decline. On a sequential basis, total income increased from ₹29.3 crore in Q4 FY26.
The company said its quarterly performance was impacted by challenging market conditions, geopolitical uncertainties, elevated crude oil prices and subdued investor sentiment.
Merchant Banking Revenue Rises 3.7% YoY
Revenue from merchant banking stood at ₹9.5 crore in Q1 FY27, compared with ₹9.1 crore in Q1 FY26. This represents a 3.7% year-on-year increase. Merchant banking revenue also increased from ₹7.4 crore recorded in Q4 FY26.
During the quarter, Q1 FY27 transactions included the ₹1,221 crore offer for sale of NLC India and the ₹252 crore buyback of Welspun Living, with DAM Capital Advisors acting as an advisor.
Broking and Institutional Equities Revenue Declines
Revenue from broking and institutional equities stood at ₹16.3 crore in Q1 FY27, down 9.8% from ₹18 crore in Q1 FY26. The revenue was also lower than the ₹17.7 crore reported in Q4 FY26.
As of June 30, 2026, DAM Capital Advisors had 304 active institutional clients. Its research team covered 202 stocks across 23 sectors.
PAT Falls to ₹0.15 Crore
Profit after tax stood at ₹0.15 crore in Q1 FY27, compared with ₹0.23 crore in Q1 FY26. This represents a decline of approximately 34.8% year-on-year.
On a sequential basis, PAT declined from ₹0.25 crore in Q4 FY26. The company’s PAT margin stood at 0.5% in Q1 FY27, compared with 0.8% in Q1 FY26 and 0.9% in Q4 FY26.
DAM Capital Advisors Has 26 IPO Mandates in Pipeline
DAM Capital Advisors had 26 IPO mandates in its pipeline as of June 30, 2026. The company added four new IPO mandates during Q1 FY27.
Of the 26 IPO mandates, 10 have DAM Capital Advisors as the left lead banker, including three mandates where it is the sole book-running lead manager. The company also holds mandates for multiple capital market and advisory transactions.
98 ECM Transactions Executed Since November 2019
DAM Capital Advisors said it has executed 98 equity capital market transactions between November 2019 and June 2026. These transactions had an aggregate value of more than ₹1.62 lakh crore.
The transactions include 41 IPOs, 22 QIPs, 10 buybacks, eight preferential issues, eight offer-for-sale transactions, five rights issues and four open offers.
Net Cash Rises to ₹312 Crore
The company’s net cash position stood at ₹312 crore as of June 30, 2026, compared with ₹234 crore as of June 30, 2025. This represents an increase of ₹78 crore, or approximately 33.3%, over the year-ago period.
Management Commentary
Dharmesh Mehta, Managing Director and CEO of DAM Capital Advisors, said the first quarter of FY27 was affected by a challenging external environment. Geopolitical conflicts in West Asia and the Russia-Ukraine region, along with higher crude oil prices and elevated gold prices, contributed to cautious investor sentiment.
The company also noted that foreign portfolio investor outflows added to market pressure. As a result, several fundraising transactions were deferred as issuers adopted a wait-and-watch approach.
DAM Capital Advisors said IPO market activity began showing signs of recovery toward the end of Q1, accompanied by renewed investor interest in some transactions. The company expects market activity to improve during Q2 and Q3 as macroeconomic uncertainties ease and investor sentiment stabilises.
DAM Capital Advisors Outlook
The company said the structural growth opportunity in India’s capital markets remains intact. With a pipeline of 26 IPO mandates and improving market activity, DAM Capital Advisors expects to participate in capital market opportunities as market sentiment strengthens.
The Q1 FY27 results showed mixed performance across its businesses, with merchant banking revenue growing year-on-year while broking and institutional equities revenue declined.
