Whalesbook
📉 The Financial Deep Dive
Mantra Capital Limited (formerly Savani Financials) has reported its un-audited standalone financial results for the quarter and nine months ended December 31, 2025.
The Numbers:
For the third quarter of fiscal year 2026 (Q3 FY26), the company's Revenue from Operations surged to ₹484.61 lakhs, a substantial 527% increase from ₹77.35 lakhs in Q3 FY25. Total Revenue also rose by 527% to ₹484.66 lakhs from ₹77.35 lakhs YoY. However, total expenses escalated dramatically by 438% to ₹795.93 lakhs from ₹147.82 lakhs YoY. This led to a Net Loss for the period of ₹306.01 lakhs in Q3 FY26, a significant worsening from a Net Loss of ₹192.20 lakhs in Q3 FY25.
For the nine months ended December 31, 2025 (9M FY26), Revenue from Operations stood at ₹1,073.23 lakhs, up 538% from ₹168.22 lakhs in the corresponding period of FY25. Total Revenue was ₹1,075.50 lakhs compared to ₹168.22 lakhs YoY. Total expenses rose sharply by 670% to ₹1,966.79 lakhs from ₹255.31 lakhs YoY. The Net Loss for the nine-month period widened to ₹874.56 lakhs in FY26, from ₹478.13 lakhs in FY25.
An incremental estimated obligation of ₹7.96 lakhs has been recognised under the new labour codes.
The Quality:
While revenue growth is robust, driven likely by core NBFC activities, the expense growth outpaced it, leading to a material widening of net losses. The company is undertaking significant capital raising measures, indicating a strong need for funds to support its operations and future growth. The preferential issuance of equity shares (aggregating ₹9.65 crore) and warrants (aggregating ₹9 crore) underscores this need. Post-allotment of shares, the paid-up capital will reach ₹36.78 crore, and post-warrant allotment, ₹41.28 crore. The Board also noted the forfeiture of 45,442 partly paid-up equity shares.
As an NBFC, certain financial ratio disclosures are not applicable per SEBI regulations. No forward-looking guidance was provided by management in this disclosure.
🚩 Risks & Outlook
The primary risks revolve around the company's ability to manage its escalating expenses and achieve profitability. The substantial capital raise, while necessary, will lead to dilution for existing shareholders. The company's outlook is heavily dependent on the successful completion of these fundraising activities and its capacity to generate sustainable profits from its operations. Investors will watch for improved cost management and a path towards profitability in the upcoming quarters.