Utkarsh CoreInvest Ltd
- Unlisted share
- Financial Services
- ISIN INE396P01012
At a glance
Sales
FY26
₹3,675 Cr
−5.5%on FY25What the company earned from its customers in the year.
Loss for the year
FY26
₹-838 Cr
The company spent more than it earned in the year.
Market valuecalculated
₹1,230 Cr
What the whole company would be worth at GrowFast's indicative price.
Net worth
FY26
₹1,154 Cr
What the owners would have left on paper if every debt was repaid.
From the company's published figures; sources are beside each figure further down the page.
Key details
- Company
- Utkarsh CoreInvest Ltd
- ISIN
- INE396P01012
- Sector
- Financial Services
- Type of share
- Unlisted equity share
- Indicative price per share
- ₹123.75
- Price last updated
- 12 Oct 2026
- Minimum quantity
- Confirmed by the desk
- How you hold it
- In your own demat account
- Enquiries
- GrowFast desk, on WhatsApp
Indicative prices, illiquid shares. Prices are indicative and can change without notice. Unlisted shares are illiquid: you may not be able to sell when you want to, or at the price shown.
Company
About Utkarsh CoreInvest Ltd
Utkarsh CoreInvest, known as Utkarsh Micro Finance until 2018, is a Varanasi-based core investment company registered with the RBI whose only real business is holding its stake in Utkarsh Small Finance Bank, the listed bank it set up in 2017 by transferring its microfinance operations. It has no promoter; its shares are spread among institutional investors such as British International Investment, RBL Bank, NMI and Faering Capital, along with other public holders. A scheme to fold the company into the bank, giving its shareholders bank shares directly, has shareholder approval and is awaiting final sanction from the NCLT.
Written from: utkarshcoreinvest.com, utkarshcoreinvest.com, utkarshcoreinvest.com
Listing status. Not listed. A scheme to merge Utkarsh CoreInvest into its listed subsidiary Utkarsh Small Finance Bank (NSE/BSE) is pending final NCLT sanction: shareholders approved it on 28 March 2026 and the second-motion petition was filed on 5 April 2026. On the scheme taking effect, holders get 699 bank shares for every 100 Utkarsh CoreInvest shares and the company is dissolved Utkarsh CoreInvest Annual Report FY2025-26
Financials
Ask for the full annual report.
The figures on this page are the headline numbers. The desk can share the latest annual report and anything published since.
Ask for the financials- Sector
- Financial Services
- ISIN
- INE396P01012
- Registered and corporate office
- Varanasi, Uttar Pradesh
- Promoter
- No promoter: the scheme notice states 100% of the paid-up equity is held by public shareholders. Largest holders are British International Investment PLC (13.81%), RBL Bank (8.63%), NMI Frontier Fund KS (7.75%) and Faering Capital India Evolving Fund II (7.71%)
- Key people
- Chairperson: G. S. Sundararajan; Managing Director & CEO: Suman Saurabh; Chief Financial Officer: Harshit Agrawal
- Employees of the company (standalone)
- 7 people
- Face value per share
- ₹10
- Equity shares outstanding
- 9,93,78,215 shares
- CIN
- U65191UP1990PLC045609
- Official website
- utkarshcoreinvest.com
Read from: Utkarsh CoreInvest Annual Report FY2025-26, unless another source is shown on a card.
Key data
What the numbers mean
The ratios buyers look at, each said in plain words.
Price to book (P/B)calculated
1.07×
At this price you pay ₹1.07 for every ₹1 of net worth on the company's books.
Profit margincalculated
-22.8%
For every ₹100 of sales, the company lost ₹22.8.
Return on equitycalculated
-72.7%
For every ₹100 of the owners' money, the company lost ₹72.7 in the year.
Debt to equitycalculated
2.03×
The company has borrowed ₹2.03 for every ₹1 of its owners' money.
Lenders and finance companies normally borrow far more than other businesses.
- Indicative price
- ₹123.75
- Market valuecalculated
- ₹1,230 Cr
- price × shares
- No. of shares
- 9,93,78,215
- EPS
- ₹-84.57
- Book value per share
- ₹116.1
- Face value
- ₹10
Figures marked “calculated” are worked out by GrowFast from its indicative price and the company's published figures for FY2025-26. They move with the price, and they are arithmetic, not a valuation.
Figures in ₹ crore
Financials
Utkarsh CoreInvest Limited (formerly Utkarsh Micro Finance Limited). As published in the company's audited reports. GrowFast has not audited them.
Sales, year by year
₹ crore. The darkest bar is the latest year.
FY23 to FY26: ₹2,745 Cr to ₹3,675 Cr.
Profit, year by year
₹ crore, after tax. A bar below the line is a loss.
FY23 to FY26: ₹554 Cr to ₹-838 Cr.
| Particulars | FY23 | FY24 | FY25 | FY26Latest |
|---|---|---|---|---|
| Total revenue from operations (interest, fees and commission) | 2,744.77 | 3,140.36 | 3,889.41 | 3,674.9▼6% |
| Other income | 193.42 | 243.19 | 266.21 | 215.22▼19% |
| Total income | n/a | 3,383.55 | 4,155.62 | 3,890.12▼6% |
| Depreciation and amortisation | 74.23 | 108.89 | 135.48 | 137.68▲2% |
| Finance costs | 1,024.71 | 1,298.16 | 1,714.38 | 1,914.16▲12% |
| Profit/(loss) before tax | 731.4 | 438.41 | -555.46 | -1,089.23▼96% |
| Profit/(loss) for the year (before non-controlling interest) | 553.8 | 329.83 | -422.29 | -838.35▼99% |
| Basic earnings per share (₹) | 56.45 | 33.56 | -42.66 | -84.57▼98% |
Rupees crore unless marked, consolidated. The change shown is the latest year against the year before. Read from: Utkarsh CoreInvest Annual Report FY2023-24, Utkarsh CoreInvest Annual Report FY2024-25, Utkarsh CoreInvest Annual Report FY2025-26.
Ownership
Shareholding pattern
Who owns the company
13.8%British International Investment PLC (formerly CDC Group PLC)
- Largest holder
- 13.8%
- Top 3 together
- 30.2%
- Holders named
- 4
- British International Investment PLC (formerly CDC Group PLC)13.81%
- RBL Bank Limited8.63%
- NMI Frontier Fund KS, Norway7.75%
- Faering Capital India Evolving Fund II7.71%
- Total37.90%
Read from: Utkarsh CoreInvest Annual Report FY2025-26
Capital history
Fund raise history
| Date and detail | Type | Instrument | Price per share | Amount raised |
|---|---|---|---|---|
| FY2025-266,250 new shares were issued in the year; the cash-flow statement shows ₹0.51 million received from issue of equity shares (the company allots shares under its employee stock option scheme). | Allotment of equity shares | Equity shares | Not stated | ₹0 Cr |
| FY2024-256,27,475 new shares were issued in the year; the cash-flow statement shows ₹51.28 million received from issue of equity shares. | Allotment of equity shares | Equity shares | Not stated | ₹5 Cr |
Read from: Utkarsh CoreInvest Annual Report FY2025-26
Leadership
Management
G. S. Sundararajan
Non-Executive Independent Director, Chairperson of the Board
Suman Saurabh
Managing Director & CEO
Harshit Agrawal
Chief Financial Officer
Neeraj Kumar Tiwari
Company Secretary
Atul
Independent Director
Aditya Deepak Parekh
Nominee Director representing Faering Capital
Read from: Utkarsh CoreInvest Annual Report FY2025-26
Corporate calendar
Events
- 28 Sept 2026AGM36th annual general meeting heldOpen
- 5 Apr 2026MergerSecond-motion petition filed with NCLT Allahabad for final sanction of the merger into Utkarsh Small Finance BankOpen
- 28 Mar 2026NCLT-convened meetingEquity shareholders approved the scheme of amalgamation with Utkarsh Small Finance Bank (699 bank shares per 100 shares held)Open
- 11 Feb 2026NCLT orderNCLT Allahabad Bench directed meetings of shareholders and creditors on the merger schemeOpen
- 4 Nov 2025Subsidiary rights issueStake in Utkarsh Small Finance Bank fell from 68.92% to 42.67% after the bank's ₹949.08 crore rights issue, in which the company did not take partOpen
- 26 Sept 2025AGM35th annual general meeting heldOpen
- 7 Jul 2025Regulatory approvalStock exchanges gave their no-objection to the merger scheme (4 and 7 July 2025); RBI's no-objection came on 2 January 2025Open
- 20 Sept 2024Board approvalBoards of the company and the bank gave final approval to the reverse-merger schemeOpen
Reports and filings
Annual reports and results
Each link opens the document where its publisher keeps it.
Before you buy
Six things to check on any unlisted share.
The same list applies to every stock. None of it is advice on this one.
The company's latest financials
Revenue, profit and debt for the last three years, from its audited annual report. Ask the desk for the most recent set.
What the price implies
Compare the price per share with earnings and book value per share, and with listed companies in the same business.
Whether a listing is planned
A company may file for an IPO, delay it or never list. A listing, its timing and its price are never certain.
How you would sell
There is no exchange for these shares. You sell by finding a buyer, which can take time and may be at a lower price.
Lock-in after a listing
Shares bought before an IPO are usually locked in for a period after the company lists. Confirm the current rule before you buy.
Tax on your gains
Unlisted shares are taxed differently from listed ones. Check your position with a tax adviser.
Questions
What buyers ask about this stock.
Not answered here? Ask the desk.
Inquire about Utkarsh CoreInvest Ltd on WhatsAppIs the price shown for Utkarsh CoreInvest Ltd final?
No. It is an indicative price per share. The desk confirms the price and the quantity available when you inquire, and the confirmed price is the one you deal at.
How do I buy these shares?
Press Inquire. It opens a WhatsApp chat with the desk, with this stock already named. After the price and quantity are agreed, a 10% advance locks the deal. Once your KYC is complete you pay the balance, and the shares are transferred to your demat account.
Do I pay anything on this website?
No. No payment is taken and no order is placed on this site. Payment details are shared by the desk only after the deal is agreed.
What do I need before I can buy?
A demat account in your name and the documents for KYC: your identity and demat account details are verified before any deal, as the regulations require.
Can I sell my Utkarsh CoreInvest Ltd shares to GrowFast?
GrowFast buys as well as sells. Press Inquire and tell the desk how many shares you hold; it will come back with what it can offer.
How do I sell Utkarsh CoreInvest Ltd shares I already hold?
Tell the desk how many you hold. If a price is agreed, you transfer the shares from your demat account with a delivery instruction to your depository participant (a DIS, or its online equivalent), and payment follows as agreed with the desk.
Is there a lock-in if the company lists?
Shares held before an IPO are generally locked in for a period after the listing under SEBI's rules, which have changed over time. Ask the desk for the rule that applies today before you buy.
Is buying unlisted shares legal in India?
Yes. Shares of an unlisted company can be bought and sold privately and are transferred between demat accounts. They are not traded on a stock exchange, so the protections of an exchange do not apply.
What is the minimum I can buy?
It differs by stock and by what the desk holds at the time. The desk confirms the minimum quantity when you inquire.
What is an ISIN?
The 12-character code that identifies a security. It is how your depository knows exactly which share is being transferred to your demat account.
Why are unlisted shares riskier than listed ones?
Prices are indicative and can change without notice. Unlisted shares are illiquid: you may not be able to sell when you want to, or at the price shown.
Similar stocks
More in Financial Services
Risk disclosure
Prices on this site are indicative, quoted per share, and are not an offer to buy or sell. The price and quantity for any deal are confirmed by GrowFast's desk at the time you deal.
Unlisted, pre-IPO and delisted shares are not traded on a stock exchange. They are illiquid, their prices can move sharply, and you may be unable to sell them when you wish or at all. A company that is expected to list may not do so.
Nothing on this site is investment advice or a promise of returns. Past prices do not predict future prices. Consider your own circumstances, and take independent advice, before you invest.
Inquire opens a WhatsApp chat with GrowFast. No payment is taken and no order is placed on this site.
GrowFast is not affiliated with, sponsored by or endorsed by Utkarsh CoreInvest Ltd. Its name and logo belong to their owner and are shown only to identify the company. Figures about it come from published sources and have not been audited by GrowFast. See the Terms and Conditions.