PIONRINV
Pioneer Investcorp financials
- Market cap
- ₹107 Cr
- Sector
- Financial Services
What Pioneer Investcorp Limited does
Pioneer Investcorp Limited is a SEBI-registered merchant banker headquartered in Mumbai, in operation since 1984. Its core business is investment banking across both equity and debt — spanning equity capital markets/merchant banking advisory as well as debt syndication and non-convertible debenture placement advisory — with dedicated functional heads for Investment Banking-Equities and Fixed Income/Equity. Alongside its advisory mandates, the company runs a proprietary trading and investment book in Government Securities, corporate bonds and equities.
Segments
- Investment Banking – Equities
- Investment Banking – Debt
- Proprietary Trading & Investments
- SEBI registration
- Registered Merchant Banker
- Core business lines
- Investment Banking (Equities & Debt) and Proprietary Trading
- Years in operation
- 41+ (since 1984)
Quarterly results
Q1 FY27: revenue down 63.7%, net profit down 56.3% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6 | 7 | 8 | 13 | 11 +74% | 9 +19% | 2 −77% | 5 −64% |
| EBITDA | 2 | 3 | 2 | 6 | 5 +227% | 5 +61% | -2 −189% | 1 −78% |
| Net profit | 1 | 1 | 1 | 2 | 3 +233% | 3 +231% | 3 +239% | 1 −56% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +10.3% 1Y
1Y: ₹77.43 on 10 Sept 2025 → ₹85.4. High ₹128.5 (8 Jan 2026), low ₹63.21 (10 Nov 2025).
Financials, as filed
Revenue grew 14.5% a year over 2 years, FY24 to FY26. Operating margin held at 43.6%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹26 Cr | ₹27 Cr | ₹34 Cr |
| Operating profit | ₹11 Cr | ₹9 Cr | ₹15 Cr |
| Operating margin | 43.4% | 32.2% | 43.6% |
| Interest | ₹8 Cr | ₹11 Cr | ₹9 Cr |
| Depreciation | ₹1 Cr | ₹1 Cr | ₹1 Cr |
| Net profit | ₹2 Cr | ₹3 Cr | ₹11 Cr |
| Net margin | 9.4% | 11.6% | 31.6% |
| Cash from operations | ₹16 Cr | ₹3 Cr | ₹79 Cr |
| Free cash flow | ₹16 Cr | ₹3 Cr | ₹77 Cr |
| ROCE | 5.4% | 8.0% | 10.2% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹13 Cr | ₹13 Cr | ₹13 Cr | ₹13 Cr | ₹13 Cr | ₹13 Cr |
| Reserves | ₹111 Cr | ₹116 Cr | ₹118 Cr | ₹117 Cr | ₹151 Cr | ₹131 Cr |
| Borrowings | ₹102 Cr | ₹51 Cr | ₹74 Cr | ₹67 Cr | ₹71 Cr | ₹53 Cr |
| Other liabilities | ₹4 Cr | ₹9 Cr | ₹12 Cr | ₹7 Cr | ₹137 Cr | ₹9 Cr |
| Total liabilities | ₹231 Cr | ₹189 Cr | ₹217 Cr | ₹204 Cr | ₹372 Cr | ₹207 Cr |
| Fixed assets | ₹4 Cr | ₹4 Cr | ₹3 Cr | ₹3 Cr | ₹6 Cr | ₹4 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹58 Cr | ₹60 Cr | ₹60 Cr | ₹56 Cr | ₹124 Cr | ₹58 Cr |
| Other assets | ₹169 Cr | ₹125 Cr | ₹153 Cr | ₹146 Cr | ₹242 Cr | ₹144 Cr |
| Total assets | ₹231 Cr | ₹189 Cr | ₹217 Cr | ₹204 Cr | ₹372 Cr | ₹207 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters added +1.11 pp while the public trimmed −1.10 pp. The shareholder count shrank 6% to 4,586.
- Promoters
- 65.9%
- FIIs
- 3.0%
- DIIs
- 0.2%
- Public
- 30.9%
Since Jun 2025
- Promoters +1.11 pp
- Public −1.10 pp
- FIIs 0.00 pp
How it drifted, 12 quarters
Over this window promoters went from 64.8% to 65.9% — +1.1 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 64.8%, FIIs 3.8%, DIIs 0.2%, Public 31.2%.Dec '23: Promoters 64.8%, FIIs 3.8%, DIIs 0.2%, Public 31.2%.Mar '24: Promoters 64.8%, FIIs 3.8%, DIIs 0.2%, Public 31.2%.Jun '24: Promoters 64.8%, FIIs 3.8%, DIIs 0.2%, Public 31.2%.Sep '24: Promoters 64.8%, FIIs 3.8%, DIIs 0.2%, Public 31.2%.Dec '24: Promoters 64.8%, FIIs 3.6%, DIIs 0.2%, Public 31.4%.Mar '25: Promoters 64.8%, FIIs 3.0%, DIIs 0.2%, Public 32.0%.Jun '25: Promoters 64.8%, FIIs 3.0%, DIIs 0.2%, Public 32.0%.Sep '25: Promoters 65.3%, FIIs 3.0%, DIIs 0.2%, Public 31.5%.Dec '25: Promoters 65.5%, FIIs 3.0%, DIIs 0.2%, Public 31.3%.Mar '26: Promoters 65.5%, FIIs 3.0%, DIIs 0.2%, Public 31.3%.Jun '26: Promoters 65.9%, FIIs 3.0%, DIIs 0.2%, Public 30.9%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Ganesh Kumar K Ammannaya newly disclosed 1.01% held
- Gaurang Manhar Gandhi +0.45 pp 65.05% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Pioneer Investcorp Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Gaurang Manhar Gandhi | 65.05% | +0.45 pp |
| VSS Iron And Minerals Private Limited | 4.68% | unchanged |
| Elysian Wealth Fund FPI fund | 2.99% | unchanged |
| Mahendra Girdharilal Wadhwani | 2.33% | unchanged |
| Investor Education And Protection Fund A | 1.74% | unchanged |
| Anuradha Multitrade Pvt Ltd | 1.16% | −0.47 pp |
| Devangan Consultancy Private Limited | 1.10% | unchanged |
| Ganesh Kumar K Ammannaya | 1.01% | newly disclosed |
| Ketan Manhar Gandhi | 0.56% | unchanged |
| Hemang Manhar Gandhi | 0.30% | unchanged |
| Ami Ketan Gandhi | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse Pioneer Investcorp Limited
Guides on how to read this kind of business and the numbers that matter.