About the Company
Equentis Wealth Advisory Services Limited is an Indian financial-services company founded in 2015 and headquartered in Mumbai. The company provides equity investment advisory, fundamental research, portfolio management and alternative investment solutions to retail, affluent and high-net-worth investors.
Equentis operates under the brands Equentis – MultiplyRR and Equentis – Research & Ranking and is a SEBI-registered Investment Adviser. It also operates as a SEBI-registered Portfolio Manager and acts as the investment manager/sponsor of its AIF platforms. (Equentis)
Key Highlights
- Financial Services & Wealth Advisory Company
- Founded in 2015
- Headquartered in Mumbai
- Focused on equity advisory and fundamental research
- Proprietary technology and 300+ AI-based algorithms
- Serves retail, affluent, HNI and UHNI investors
- Investment Advisory registration with SEBI
- SEBI-registered Portfolio Manager
- Investment Manager to Equentis Angel Fund
- Investment Manager to Equentis Alternative Growth Fund
- Founded and led by Manish Goel
- FY25 revenue of approximately ₹77.76 Cr
- Paid-up capital of approximately ₹2.79 Cr
- Currently unlisted
- ISIN: INE0QMZ01026 (Moneycontrol)
Business Model
Equentis operates across multiple segments of the wealth-management and investment-advisory ecosystem.
Key Business Areas
Investment Advisory: Provides research-backed equity investment recommendations, portfolio construction, rebalancing and buy/hold/sell guidance.
Research & Ranking: Provides fundamental equity research and stock recommendations to investors.
MultiplyRR: A mass-retail investment advisory platform designed for investors looking to build long-term wealth through equities.
Private Wealth: Provides personalised investment solutions for affluent, HNI and UHNI clients.
Portfolio Management Services: Equentis provides SEBI-registered PMS solutions for investors seeking professionally managed portfolios. (Equentis)
Alternative Investments: The company is the investment manager to Equentis Angel Fund and Equentis Alternative Growth Fund, giving it an additional business opportunity beyond traditional advisory. (Equentis)
Technology & Research
One of Equentis’ key differentiators is its technology-driven investment-research platform.
Its proprietary Alphabet quant engine uses 300+ algorithms to screen and analyse stocks using quantitative and qualitative parameters.
The company has also developed technology platforms such as:
- Alphabet
- Portfolio Builder
- EqueConnect
- Other AI/technology-driven research tools
This technology-led approach is designed to make equity research and portfolio management more scalable. (Scribd)
Financial Snapshot
| Particular | FY24 | FY25 |
|---|---|---|
| Revenue / Operating Revenue | ~₹73.54 Cr | ~₹77.76 Cr |
| Revenue Growth | — | ~6% YoY |
| Net Profit / (Loss) | ~₹(12.15) Cr | Loss-making |
| Net Worth | — | +12.34% YoY |
| Total Assets | — | +31.88% YoY |
| Debt / Equity | — | ~0.26x |
FY25 revenue increased to approximately ₹77.76 Cr, while available financial databases indicate that profitability deteriorated materially during FY25, with operating and net margins turning significantly negative. (Tofler)
The FY24 annual report reported revenue of ₹73.54 Cr, compared with ₹52.39 Cr in FY23. (Scribd)
Shareholding Pattern
The latest detailed shareholder disclosure publicly available in the FY24 annual report showed the following major equity shareholders:
| Shareholder | Holding |
|---|---|
| Manish Goel | 46.44% |
| Gaurav Goel | 10.91% |
| Soniya Goel | 8.70% |
| Others | 33.95% |
| Total | 100% |
The company also had compulsory convertible preference shares, with Manish Goel holding 50%, and Vinay Devchand Sanghvi and Kokilaben Pravin Sanghvi holding 25% each. (Scribd)
Note: Equentis subsequently undertook further corporate actions/right issues, so the above should be treated as the FY24 disclosed pattern, not as the current fully diluted shareholding. The company’s regulatory disclosures list a 2025 rights issue and FY25 annual report. (Equentis)
Valuation & Market Position
Equentis is an unlisted financial-services company, so there is no NSE/BSE market price.
Recent unlisted-market quotations have varied significantly by platform and transaction date. For example, WWIPL recently showed approximately ₹400 per share, while Moneycontrol showed a different indicative price. (Wealth Wisdom)
Because the company has undergone capital changes and rights issues, investors should evaluate:
Current Share Price → Fully Diluted Shares → Implied Market Capitalisation → Revenue & Earnings → Valuation Multiple
rather than relying only on the quoted per-share price.
Investment Rationale
- Growing Wealth Advisory Market – Rising financialisation of savings and equity participation
- Technology-led Research – 300+ algorithms and proprietary research platforms
- Multiple Revenue Verticals – Advisory, research, PMS, private wealth and AIF
- Established Business – Operating since 2015 with a growing client ecosystem
- Retail + HNI Opportunity – Ability to serve different investor segments
- SEBI-Regulated Platforms – Investment advisory and PMS businesses operate under SEBI registrations
- AIF Opportunity – Expansion into alternative investments provides an additional growth avenue
- Scalable Business Model – Technology can potentially improve research and advisory scalability
Risk Factors
| Positives | Key Concerns |
|---|---|
| Growing wealth-management industry | FY25 profitability weakened significantly |
| Proprietary research technology | Valuation needs to justify future growth |
| Multiple business verticals | Earnings can be sensitive to market conditions |
| Strong brand & established presence | Significant employee & technology costs |
| SEBI-regulated businesses | Regulatory/compliance risk |
| Retail + HNI customer base | Competition from brokers, PMS firms & fintech platforms |
| AIF & PMS expansion opportunity | Unlisted-share liquidity risk |
Share Details
Company: Equentis Wealth Advisory Services Limited
Status: Public / Unlisted
Industry: Financial Services / Wealth Advisory
Headquarters: Mumbai, Maharashtra
Founded: 2015
CIN: U74999MH2015PLC262812
ISIN: INE0QMZ01026
Authorised Capital: ₹4.50 Cr
Paid-up Capital: ~₹2.79 Cr
Key Promoter: Manish Goel
FY25 Revenue: ~₹77.76 Cr
Listing: Not listed on NSE/BSE
Liquidity: Limited
Investment Category: Financial Services / Growth
(Tofler)
How to Invest
Investors should verify the latest share price, availability, ISIN, current shareholding, fully diluted capital and implied valuation before purchasing Equentis unlisted shares.
Share Price × Fully Diluted Shares = Implied Company Valuation
The quoted unlisted price can vary depending on availability, transaction size and market conditions.
Investment View
Equentis Wealth Advisory – Wealth Management & Equity Research | Growth Opportunity
Equentis is positioned to benefit from India’s increasing participation in equity investing and professional wealth management.
Its key strengths are:
Technology ✔️
SEBI-regulated advisory ✔️
PMS & AIF expansion ✔️
Retail + HNI customer base ✔️
Established brand ✔️
Scalable research platform ✔️
The key concern is profitability. While FY25 revenue grew to approximately ₹77.76 Cr, available financial data indicates a significant deterioration in operating and net margins. (Tofler)
The investment thesis therefore depends on:
Client Growth → AUM/Subscription Growth → PMS & AIF Expansion → Operating Leverage → Profitability
Overall: An interesting unlisted financial-services opportunity with a technology-led advisory model and multiple growth verticals, but investors should closely monitor profitability, valuation, capital requirements and regulatory risks.
Disclaimer
The information provided is based on publicly available company, regulatory and financial information and is intended for informational purposes only.
Unlisted shares involve risks including limited liquidity, valuation uncertainty, price volatility, dilution, regulatory risk and potential loss of capital. Registration with SEBI does not guarantee the performance of the company or investment returns. Investors should conduct independent due diligence before investing. (Securities and Exchange Board of India)
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