DAM Capital

DAM Capital is one of the leading merchant bank in India and Fastest
growing merchant bank in India.
Demonstrated high growth and corporate governance
DAM is the fastest growing merchant bank in India.
Proven execution with deep domain knowledge of sectors and products
Extensive coverage of corporates, financial sponsors and institutional

invest with repeat business
Institutional equities platform with comprehensive research and execution

capabilities.
Experienced management and professional, backed by an independent

board
Strong track record of revenue growth and profitability
Strategy to gain market share and enter into new verticals such as asset
management and retail broking.
3 decades of experience with long standing relationship
121 employees
About Economy and Industry:
Nominal GDP is Projected to almost double by 2030 (to grow at the CAGR
of 10.11% from FY24 to FY30P) making India one of the fastest growing
major economies in the world.
Key Growth Drivers are:
o Favorable Demographics.
o Financial Inclusion on a fast path
o Ease of doing business
o Digital Payments have witnessed substantial Growth
o This will boast business sentiments in India stimulating higher
foreign and domestic investments.
Domestic Broking Industry have witnessed significant increase in trade

volumes and turnover. Institutional participation has increased from ~21%
in FY21 to ~31% in FY24.
Strong turnover growth of Indian Equity Market (22.3% from FY20 to FY24
for Cash, 124% from FY20 to FY24 for derivative segment).
The size of the broking industry have increased from ~Rs. 9400 crore in
FY20 to ~Rs. 40000 crore in FY24.
o Demographic profile to aid future growth in equity market.

o Higher participation from institutional clients.
In FY24, the equity markets in India have achieved record levels in terms
of market cap of listed companies and the benchmark index performance.
The no. of total demat account has increased from 2.5 crore in FY16 to
17.5 crore in H2FY25.
The investments by Insurance companies and AIF has also grown

significantly. The AUM of Insurance companies grew at the CAGR of 11.8%
from Rs. 38.5 lakh crore in FY19 to Rs. 60 lakh crore in FY23. Similarly the
investments by AIF increased at the CAGR of 29.2% from Rs. 1.1 lac crore
in FY19 to Rs. 4.1 lac crore in FY24.
Mutual fund AUM has also grown significantly at the CAGR of 19.8% from
Rs. 24.5 lac crore in FY19 to Rs. 54.1 lac crore in FY24. The average
monthly SIP grew from Rs. 7,720 crore in FY19 to ~Rs. 25,000 crore in
FY24.
The no. of IPO and QIP issuance has increased significantly from 26
issuances in FY20 to 140 issuances in FY24.
The merchant banking pool has also increased as mentioned in the below
table
Issue Size Average Fee

INR ‘crore FY20 FY25 (YTD)
0-250 3.1% 5.0%
250-500 2.9% 3.3%
500-1000 1.6% 3.1%
1000-2000 2.2% 2.7%
2000-5000 1.5% 2.1%
The trend indicates that the merchant banking industry is experiencing

robust growth driven by increased equity market activities and higher fee
structures.
No. of deals and Value of Deals in Private Equity Market in India stood at
1,361 deals with the value of 2 lac crore in CY2023. The same for M&A
market stood at 793 crore with the value of 2.3 lac crore in CY2024.
The Growth drivers are:
Consolidation in sectors like Banking, Telcom and Retail

PE and VC funds looking for exit
About the company :
DAM is the fastest growing merchant bank in India.
Proven execution with deep domain knowledge of sectors and products
Extensive coverage of corporates, financial sponsors and institutional

invest with repeat business
Institutional equities platform with comprehensive research and execution

capabilities.
Experienced management and professional, backed by an independent

board
Strong track record of revenue growth and profitability
Strategy to gain market share and enter into new verticals such as asset
management and retail broking.
3 decades of experience with long standing relationship
121 employees
Merchant Banking Segment
72 Capital Market Transactions
23 Advisory transaction including M&A, Private equity and structured

Finance advisory.
12.1% market share (based on No. of IPOs & QIPs)
40 employees with 9 employees over 18 years of work experience
They have completed capital market transactions in sectors such as

banks, retail, pharma, Finance, IT, Consumer Durables, etc and provided
products such as IPO, QIP, OFS, Preferential Issue, Rights Issue, Buybacks,
ReITs, etc.
Institutional Equities Segment
176 companies covered
22 sectors covered
263 active clients including FPIs

11 lead analysts with average work experience of over 13 years.
34 employees in Broking
Financial Performance –
Total Income increased from Rs. 95 crore in FY22 to Rs. 182 crore in FY24.
Merchant banking revenue grew at the CAGR of 42% from Rs. 60 crore in
FY22 to Rs. 122 crore in FY24. The Broking revenue grew at the CAGR of
29% from Rs. 31 crore in FY22 to Rs. 51 crore in FY24.
PAT increased from Rs. 22 crore in FY22 to Rs. 71 crore in FY24. The PAT
margin for FY23 stood at ~39%.
ROE improved from 28.5% in FY22 to 54.7% in FY24.
DAM capital has an asset light model. The net Cash Available increased
from Rs. 66.2 crore in FY22 to Rs. 150 crore in FY24.
Key Growth and Focus areas for DAM Capital:
To Strengthen the competitive position and gain market share
Enhance merchant Banking platform
Strengthen Institutional equities platform
Explore potential strategic tie-up with global merchant bank for cross-
border transactions
Build other complementary fee-based businesses such as asset

management and retail broking
Strengthen talent pool by adding highly qualified professionals
Mr. Dharmesh Mehta is the MD and CEO of DAM Capital.
He has over 25 years of experience in capital market across products,

sectors and geographies.
Built strong corporate and investor relationship.

India Story looks strong
Large capex in 3-5 years in India and that will be through equity and Debt
1000 trade payable in 2023 which reversed in 2024. It was a part of

broking business
Employee cost as a % of Revenue is high

It will settle at 35%.
It will go down as the company grows
FY23. EBIT fall and PAT fall
6-8 months, IPO market was shut. Peer had difference businesses.
EBITDA –
EBITDA level will stabilize.
Any change in culture from IDBI previously.
Culture has been deal focused and client relations.
Valuation –
Industry PE – 23,
Valuation is decided based on the consultation with Investment Bankers.
Cannot compare DAM with other.
Why choose DAM
Fully focused and have delivered.
They have market intelligence. This business have high entry barriers.
Margin.
Investment banking.
Will focus on AIF, Retail, etc
Wont take balance sheet risk.
Will not fund any business.
Tech –
Not an online platform. It will not used for execution.
Keep on upgrading it.
Initial sourcing of businesses –
Strong relationship in 2.5 decades.
Strong corporate governance.
It keep on executing businesses from old relationships and that help in

gaining new businesses.
US Subsidiaries –
US subsidiary was always there in IDFC.
If they want to do any market or business, they will have to have a

subsidiary in US.
Outside US?
They have invesotrs in Asia, Eupore, middle east as well
Talent Acquisitions and ESOPS –
Invest in People and provide platform
5% ESOP policy in place.
Dividend –
Don’t require cash above some point, so they give it back to the Investors.

DAM Capital

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DAM Capital is one of the leading merchant bank in India and Fastest

growing merchant bank in India.

Demonstrated high growth and corporate governance

DAM is the fastest growing merchant bank in India.

Proven execution with deep domain knowledge of sectors and products

Extensive coverage of corporates, financial sponsors and institutional

Institutional equities platform with comprehensive research and execution

Experienced management and professional, backed by an independent

Strong track record of revenue growth and profitability

3 decades of experience with long standing relationship

About Economy and Industry:

Key Growth Drivers are:

Domestic Broking Industry have witnessed significant increase in trade

o Demographic profile to aid future growth in equity market.

The investments by Insurance companies and AIF has also grown

Issue Size Average Fee

The trend indicates that the merchant banking industry is experiencing

The Growth drivers are:

Consolidation in sectors like Banking, Telcom and Retail

About the company :

DAM is the fastest growing merchant bank in India.

Proven execution with deep domain knowledge of sectors and products

Extensive coverage of corporates, financial sponsors and institutional

Institutional equities platform with comprehensive research and execution

Experienced management and professional, backed by an independent

Strong track record of revenue growth and profitability

3 decades of experience with long standing relationship

Merchant Banking Segment

72 Capital Market Transactions

23 Advisory transaction including M&A, Private equity and structured

12.1% market share (based on No. of IPOs & QIPs)

40 employees with 9 employees over 18 years of work experience

They have completed capital market transactions in sectors such as

Institutional Equities Segment

176 companies covered

263 active clients including FPIs

ROE improved from 28.5% in FY22 to 54.7% in FY24.

Key Growth and Focus areas for DAM Capital:

To Strengthen the competitive position and gain market share

Enhance merchant Banking platform

Strengthen Institutional equities platform

Build other complementary fee-based businesses such as asset

Strengthen talent pool by adding highly qualified professionals

Mr. Dharmesh Mehta is the MD and CEO of DAM Capital.

He has over 25 years of experience in capital market across products,

Built strong corporate and investor relationship.

1000 trade payable in 2023 which reversed in 2024. It was a part of

Employee cost as a % of Revenue is high

It will go down as the company grows

FY23. EBIT fall and PAT fall

EBITDA level will stabilize.

Any change in culture from IDBI previously.

Culture has been deal focused and client relations.

Cannot compare DAM with other.

Why choose DAM

Fully focused and have delivered.

Will focus on AIF, Retail, etc

Wont take balance sheet risk.

Will not fund any business.

Not an online platform. It will not used for execution.