First Custodian Fund's income collapsed 85% to ₹47 lakhs. It's now loss-making.
The nano-cap's revenue fell from ₹304.60 lakhs to ₹47.21 lakhs in FY26, swinging from a ₹173.96 lakh profit to a ₹27.17 lakh net loss.
— 2 earlier stories on First Custodian Fund (India) Ltd. →What's new
- First Custodian Fund's FY26 total income fell to ₹47.21 lakhs from ₹304.60 lakhs, a contraction of about 85%.
- The company swung from a ₹173.96 lakh profit in FY25 to a ₹27.17 lakh net loss.
- The board re-appointed P. C. Shah & Co. as secretarial auditors; statutory auditors gave an unmodified opinion.
Why this matters
An 85% revenue collapse at a nano-cap with just ₹11 crore in market value points to a business that has effectively shrunk. The swing to a loss, even a small one, erodes what little equity value remains. The unmodified audit opinion tells you the numbers are real, not an accounting anomaly.
What we're watching
- Whether management explains the revenue collapse in the forthcoming annual report.
- Any subsequent board actions on cost-cutting or a strategic review.
- The stock's reaction against its ₹11 crore market cap.
The full read
First Custodian Fund (India) Ltd reported FY26 results that show a business in severe contraction. Total income fell to ₹47.21 lakhs from ₹304.60 lakhs the year before, an 85% drop. The company swung from a ₹173.96 lakh profit to a ₹27.17 lakh net loss. For a nano-cap with a market value of just ₹11 crore, this isn't a blip. It's a near-total loss of revenue scale. The statutory auditors signed off with an unmodified opinion, so these aren't accounting errors. The board also re-appointed P. C. Shah & Co. as secretarial auditors, a routine move that does nothing to address the core problem: the money stopped coming in. With no explanation for the collapse, the open question is what, if anything, is left of the operating business.
Questions answered
- How badly did First Custodian Fund's revenue fall?
- Total income plummeted 85% to ₹47.21 lakhs in FY26 from ₹304.60 lakhs in FY25. The company did not provide an explanation.
- What caused the swing from profit to loss?
- The company posted a net loss of ₹27.17 lakhs in FY26 versus a ₹173.96 lakh profit in FY25. The filing does not break down the drivers beyond the revenue collapse.
- Did the auditors flag any issues?
- No. The statutory auditors issued an unmodified opinion, confirming the accounts give a true and fair view. The numbers are clean, just very bad.
- What is the company's market cap?
- First Custodian Fund is a nano-cap with a market capitalisation of about ₹11 crore, putting the ₹27.17 lakh loss in perspective.
Story so far
All notes on 1STCUS →- 29 May 2026 · 6:33 PM IST First Custodian Fund's income collapsed 85% to ₹47 lakhs. It's now loss-making.
- 1d ago First Custodian Fund income fell 85% and it swung to a loss
- 1d ago First Custodian Fund's income collapsed 84% to a ₹27 lakh loss