On the segmental front, revenue from stockbroking stood at Rs 17.62 crore (down 13.54% YoY), and investment banking stood at Rs 48.46 crore (down 39.69% YoY) during the period under review. Net cash available as of December 31, 2025, stood at Rs 309 crore vs Rs 241 crore as of December 31, 2024.

Dharmesh Mehta, managing director & CEO of DAM Capital Advisors, said, "In Q3 FY26, the fundraising environment was very selective and challenging owing to the nervousness in the small- and mid-cap segments and macroeconomic uncertainties, both domestic and global. Despite the headwinds, during the quarter, we executed 5 transactions across products, including 2 IPOs, a QIP, a rights issue, and an M&A advisory mandate, and raised approximately Rs 4,376 crore, taking our cumulative ECM execution to 96 transactions since November 2019. This track record reinforces the strength of our franchise and our ability to deliver consistently across market cycles.

We remain disciplined and selective in bringing strong, well-governed companies to the capital markets. This approach has helped us build and sustain a healthy pipeline of 22 IPO mandates, including 13 as left lead banker and 7 sole banker IPOs, along with multiple QIP mandates at various stages, providing strong visibility while keeping our focus firmly on quality of execution rather than chasing volumes.

Institutional Equities revenue this quarter (Q3FY26) was stable compared to last quarter (Q2FY26). Weaker market conditions, however, can impact volumes going forward. Volatile market conditions have resulted in delays for a few of our mandates. We are hoping for better market conditions to execute our existing IPO pipeline. Given the inherent volatility and cyclical nature of capital markets, our business is best evaluated over a disciplined three-to-five-year investment horizon.”

DAM Capital Advisors is an investment bank providing financial advisory services and capital market solutions.