How large was the revenue decline for First Custodian Fund?

Income fell **85%**, dropping from **₹304.60 lakhs** in the prior year to just **₹47.21 lakhs** in FY26.

What happened to profitability?

The company swung to a **₹27.17 lakh** net loss, reversing the **₹173.96 lakh** profit from the prior year. The annual loss now exceeds the annual income.

What does the loss mean for a company of this size?

First Custodian Fund is a nano-cap with an **₹11 crore** market capitalization. A **₹27.17 lakh** loss is small in absolute terms, but it is material relative to its **₹47.21 lakhs** in income and thin capital base.

Earnings · Finance - Investment · Micro cap

First Custodian Fund income fell 85% and it swung to a loss

The nano-custodian's revenue dropped from ₹304.60 lakhs to ₹47.21 lakhs in FY26, leaving a net loss that now exceeds the year's income.

— 2 earlier stories on First Custodian Fund (India) Ltd. →

1STCUS By Tipsheet Editorial 29 May 2026 · 6:40 PM IST Verify on BSE · NSE

Mkt cap₹10.41 cr

ROE10.25%

Debt / eq.0.00

Div yld1.42%

₹47.21 lakhs Full-year income, down 85% from ₹304.60 lakhs.

What's new

Income dropped 85% to ₹47.21 lakhs in FY26, down from ₹304.60 lakhs.
The company swung from a ₹173.96 lakh net profit to a ₹27.17 lakh net loss.
The net loss is now larger than the total income for the year.

Why this matters

An 85% collapse in core revenue for a nano-cap company is not a blip. The swing to a net loss on such thin income suggests the business is contracting to a point where its costs may no longer be covered.

What we're watching

Any explanation from management for the 85% revenue collapse.
Whether the company can reduce costs to match its shrunken income.
Any strategic changes to the custodian business model.

The full read

First Custodian Fund's income fell 85% to ₹47.21 lakhs in FY26. It posted a net loss of ₹27.17 lakh, reversing a ₹173.96 lakh profit. For a nano-cap with an ₹11 crore market capitalization, the loss now exceeds the income. That is the core problem. The revenue didn't dip; it collapsed. The filing offers no explanation for why income evaporated. What remains is a business model that may no longer cover its own costs.

Questions answered

How large was the revenue decline for First Custodian Fund?: Income fell 85%, dropping from ₹304.60 lakhs in the prior year to just ₹47.21 lakhs in FY26.
What happened to profitability?: The company swung to a ₹27.17 lakh net loss, reversing the ₹173.96 lakh profit from the prior year. The annual loss now exceeds the annual income.
What does the loss mean for a company of this size?: First Custodian Fund is a nano-cap with an ₹11 crore market capitalization. A ₹27.17 lakh loss is small in absolute terms, but it is material relative to its ₹47.21 lakhs in income and thin capital base.

Mentioned: First Custodian Fund (India) Ltd. · FY26 · ₹11 crore market cap

Primary source BSE · NSE

An independent reading of the company's own disclosure — the primary filing above is the final word.

Story so far

All notes on 1STCUS →

29 May 2026 · 6:40 PM IST First Custodian Fund income fell 85% and it swung to a loss
1d ago First Custodian Fund's income collapsed 85% to ₹47 lakhs. It's now loss-making.
1d ago First Custodian Fund's income collapsed 84% to a ₹27 lakh loss