Share count
15Mpeak FY2023
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GRAN, Grande Group Limited
Capital Markets & Asset Management asset-light
Grande Capital is a boutique financial firm that focuses on providing quality corporate finance advisory services to clients in Asia.
Our services include: (1) IPO sponsorship and related services Grande Capital acts as sponsor to companies aspiring to list on the HKSE.
The clients pay us by way of progress payment based on achievement of certain milestones, such as signing of the engagement letter, submission of listing application, and first dealing of shares, in the IPO progress and we recognize the listing sponsorship services fee as our revenue when the performance obligation is satisfied.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$4M
−4.2% YoY
Vital signs · TTM, with 3-yr average
Revenue $4M 3-yr avg $4M
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is led by General advisory services (38%) and Referral services (37%), with 3 more lines behind.
- What moves the needle
- Gross margin has run about 66% and operating margin about 44% through the cycle, a wide spread between price and the cost of what it sells — whether that advantage is durable pricing power or a margin that can erode is the question the record is for. That margin has stayed fairly steady relative to where it runs (37%–47% over the years), so unit growth and cost discipline, not a moving line, are the lever. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 20-F →Revenue spreads across 5 lines, the largest General advisory services at 38%.
Revenue by product line, FY2025
- General advisory services38%$2M
- Referral services37%$2M
- Compliance advisory services17%$739K
- IPO sponsorship services6%$258K
- Independent financial advisory services2%$99K
From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2023–2025
realized figures from each filing · older years to the left| 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2025 | |
|---|---|---|---|---|
| Income statement | ||||
| $4M | $5M | $4M | $4M | RevenueRevenue |
| 60% | 66% | 76% | 76% | Gross marginGross mgn |
| $1M | $2M | $2M | $2M | Operating incomeOp. inc. |
| 37.0% | 46.9% | 43.8% | 43.8% | Operating marginOp. mgn |
| $1M | $2M | $2M | $2M | Net incomeNet inc. |
| 15% | 16% | 15% | 15% | Effective tax rateTax rate |
| Cash flow & returns | ||||
| $229K | $1M | $794K | $794K | Operating cash flowOp. cash |
| $34K | $20K | $19K | $19K | DepreciationDeprec. |
| ($1M) | ($661K) | ($844K) | ($844K) | Working capital & otherWC & other |
| — | — | $139K | $139K | CapexCapex |
| — | — | 3.2% | 3.2% | Capex / revenueCapex/rev |
| — | — | $775K | $775K | Owner earningsOwner earn. |
| — | — | 17.9% | 17.9% | Owner earnings marginOE mgn |
| — | — | $655K | $655K | Free cash flowFCF |
| — | — | 15.1% | 15.1% | Free cash flow marginFCF mgn |
| — | — | $769K | $769K | Dividends paidDiv. paid |
| — | 143% | 77% | 77% | Return on equityROE |
| — | — | 40% | 40% | Retained to equityRetained/eq |
| Balance sheet | ||||
| — | $3M | $2M | $2M | Cash & investmentsCash+inv |
| — | $634K | $1M | $1M | ReceivablesReceiv. |
| — | $634K | $1M | $1M | Operating working capitalOper. WC |
| — | $3M | $4M | $4M | Current assetsCur. assets |
| — | $3M | $3M | $3M | Current liabilitiesCur. liab. |
| — | 1.3× | 1.4× | 1.4× | Current ratioCurr. ratio |
| — | $4M | $5M | $5M | Total assetsAssets |
| — | ($3M) | ($2M) | ($2M) | Net debt / (cash)Net debt |
| — | $1M | $2M | $2M | Shareholders’ equityEquity |
| Per share | ||||
| 15.0M | 15.0M | 14.7M | 14.7M | Shares out (diluted)Shares |
| $0.26 | $0.30 | $0.30 | $0.30 | Revenue / shareRev/sh |
| $0.09 | $0.12 | $0.11 | $0.11 | EPS (diluted)EPS |
| — | — | $0.05 | $0.05 | Owner earnings / shareOE/sh |
| — | — | $0.04 | $0.04 | Free cash flow / shareFCF/sh |
| — | — | $0.05 | $0.05 | Dividends / shareDiv/sh |
| — | — | $0.01 | $0.01 | Cap. spending / shareCapex/sh |
| — | $0.08 | $0.14 | $0.14 | Book value / shareBVPS |
Share counts before 2025 are restated ×1.5 for a stock split, so per-share figures sit on one basis.
The record, charted
FY2023–2025Each measure over its full record; the current point and the worst year marked. Share counts on the current split basis.
Gross margin
76%low FY2023
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedEach year's operating cash, by what management did with it: the mix, and how it drifts.
FY2023FY2025
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business earned $775K of owner earnings, the operating cash left after the $19K it takes just to hold its position. It put $120K more into growth; free cash flow, after that spending, was $655K.
| FY2025 | |
|---|---|
| Reported net income | $2M |
| Depreciation & amortizationnon-cash charge added back | +$19K |
| Working capital & othertiming of cash in and out, other non-cash items | −$844K |
| Cash from operations | $794K |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −$19K |
| Owner earnings | $775K |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | −$120K |
| Free cash flow | $655K |
| Owner-earnings marginowner earnings ÷ revenue | 18% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $19K, roughly its depreciation, the rate its assets wear out). The other $120K of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows.
Much of fiscal 2025's profit didn't arrive as operating cash; it sits in “working capital & other” above. That can be a real inventory or timing swing, or profit that doesn't run through operating cash at all: a heavy tax year, equity-method earnings, or investment income booked through investing. For a year like this, owner earnings understates the cash earned; the full cash-flow statement carries the rest.
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F · source on SEC EDGAR →
Material weakness in financial controls
“In connection with the audits of our consolidated financial statements for the years ended March 31, 2025, 2024 and 2023, we identified material weaknesses in our internal control over financial reporting as well as other disclosure control deficiencies for…”
The figures below are only as sound as the controls that produced them. read the note →
Will it survive?
- No meaningful interest burdenLittle or no interest expense reported
What this means
Little or no interest expense reported, the business isn't leaning on lenders to operate.
- Net cash, debt-freeCash $2M − debt $0
What this means
Cash and short-term investments exceed every dollar of debt by $2M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
Is it a good business?
- Not enough dataIndustry peers: median -46%
What this means
The filing data didn't include the inputs for this check.
- HighOwner earnings $775K = operating cash $794K − maintenance capex $19KIndustry peers: median 6%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 18% of revenue this year. It chose to put $120K more into growth, so free cash flow this year was $655K — the gap is investment, not weakness.
- Thinly cash-backedCash from ops $794K ÷ net income $2M
In the filing’s words The filing discloses a material weakness in its financial controls — the reported numbers here, and the record built on them, are only as reliable as the controls that produced them.
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
How is the cash used?
- Returns most of itDividends + buybacks $769K ÷ Owner Earnings $775K
What this means
Of $775K Owner Earnings, $769K (99%) went back to shareholders, $769K dividends, $0 buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
- Investing or harvesting? 7.42×ExpandingCapex $139K ÷ depreciation $19K
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 0 of 2 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size MissRevenue ≥ $2B · $4M
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity MissCurrent ratio ≥ 2× · 1.36×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.11/share (latest year $0.11), the averaged base the calculator's gate runs on, and book value is $0.14/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing Raised, but not as a competitor
The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product; it frames AI mainly as a capability.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Mar 31, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$4M
- Cash & short-term investments$2M
- Receivables$1M
- Other current assets$248K
Current liabilities$3M
- Other current liabilities$3M
Current ratio1.36×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.36×stricter: inventory excluded
Cash ratio0.80×strictest: cash alone against what's due
Working capital$927Kthe cushion left after near-term bills
Deeper floors
Tangible book value$2Mequity stripped of goodwill & intangibles
Net current asset value$927KGraham's net-net: current assets less all liabilities
Debt incl. operating leases$161K$161K of it operating leases
Deferred revenue$201Kcustomer cash collected before delivery; operating float
From the company's latest filing.
What an owner would ask, FY2025
read the 10-K →- How much of the revenue rides on one buyer?≈$2M · 57% of revenue on the largest customers (TTM)
“Our ability to maintain our major customers For the years ended March 31, 2025, 2024 and 2023, approximately 57.2%, 78.1% and 85.6% of our total revenues, respectively, were generated by five customers.”verify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Capital Markets & Asset Management
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| ENVAEnova International Inc. | $3.2B | 50% | 21.6% | 10% | 56% |
| CHYMChime Financial Inc. | $2.2B | 88% | -18.4% | -88% | 2% |
| MSTRStrategy Inc Common Stock Class A | $477M | 80% | -13.0% | -2% | 6% |
| WLTHWealthfront Corporation | $365M | 90% | 37.2% | -46% | — |
| LPROOpen Lending Corporation | $93M | 77% | 53.2% | 45% | 50% |
| SBETSharplink Inc. | $28M | 31% | -294.4% | -308% | -117% |
| GRANGrande Group Limited | $4M | 66% | 43.8% | — | 18% |
| ZSQRZ Squared Inc. | $1M | 87% | -956.9% | -287% | — |
| Group median | — | 78% | 4.3% | — | 12% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the home-market price, not the US ADR quote. Grande Group Limited reports in USD, and every figure here (owner earnings, book value, the share count) is on that ordinary-share basis. Enter the price on the same basis: the local-exchange quote per ordinary share. A US ADR price in dollars bundles the ADR-to-ordinary ratio, so it will not reconcile with these figures and would throw the multiple off.
Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Grande Group Limited has delivered.
$
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth, delivered—
Owner-earnings growth, delivered—
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Free cash flow $655K on 15M shares outstanding (a weighted average, the only count this filer tags); net cash $2M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. Capex ($139K) runs well above depreciation ($19K), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $775K, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "Grande Group Limited (GRAN), the owner's record," https://ownerscorecard.com/c/GRAN, data as of 2026-07-09.
Manual order: ← GRABW its page in the Manual GRFS →
Industry order: ← GPGI the Capital Markets & Asset Management chapter GREEL →