CFO — Finance, Cash & Capital

Quality of earnings, 13-week cash, covenant runway, working-capital unlock and the value levers behind the PE thesis.

Client Associates · FY26 (modeled)

India's largest multi-family office

296 employees · 0+ US sites · 1 countries

▲ Executive read· the answer, then the moves

Liquidity of $48M (≈ 84 weeks of cover) and $495M of deal capacity make capital the lever, not the constraint. Free the trapped cash first: normalizing DSO to 48d releases ≈ $-15.9M and clears $0.6M of overdue receivables.

8 of 8 headline metrics improving vs prior · still off target: Revenue ₹242Cr vs ₹260Cr, EBITDA ₹93Cr vs ₹100Cr, EBITDA Margin 38.5% vs 40.0%

Do now — ranked by urgency

1
Chaudhary Family credit exposureAct now
Why it matters
Move to credit hold pending paydown; reforecast ARR net of likely churn.
What's driving it
Overdue AR
Signal: Alert
FYI
Distress filings + overdue AR; churn risk High on $6.4M account.
Act →▤ open the overdue book
2
Covenant headroom 0.9× (lev 4.6× vs 5.5×)Act now
Why it matters
Sets deal capacity and refinancing risk.
What's driving it
Q1 (act)
Signal: Threshold
FYI
Net-debt/EBITDA 4.6× against a 5.5× ceiling.
Owner: CFO · Treasury
Act →
3
Pull working capital — drive DSO 24→48dWatch
Why it matters
Closing the DSO gap releases ≈ $-15.9M of one-time cash; $0.6M is already >60 days overdue and at collection risk.
What's driving it
DSO 24d vs 48d target
Overdue (>60d) $0.6M of $4M AR
FYI
Brand-level unlock to a 50d stretch ≈ $0.3M
Owner: Treasury
Collect →▤ open the overdue receivables
4
3 brands running DSO > 65 daysWatch
Why it matters
Targeted collections sprint on $0.9M; tighten milestone billing on ISC projects.
What's driving it
DSO
Signal: Alert
FYI
ISC (67d), CA Real Estate Advisory (66d), Chaudhary Family account (67d) lifting blended DSO.
Act →▤ open the overdue book

Adjusted EBITDA

$93M

+26% YoY · 38.4% margin

Liquidity

$48M

≈ 84 weeks of disbursements

M&A deal capacity

$495M

≈ $49M EBITDA @ ~10x to 5.5x

Working-capital unlock

$-15.9M

DSO 24→48d target

Quality of earnings

Reported → Adjusted EBITDA

$90.16M of add-backs (97% of adj.) — the diligence-grade walk.

Driver bridge

EBITDA — prior to current year

Organic vs. acquisitive vs. price/mix vs. cost.

Treasury

13-week direct cash flow forecast

Breach risk

Net weekly cash (bars) and ending cash (line) vs. $20M minimum. Forecast trough: $0.88M.

$1.05M

Opening cash

$8M

13-wk collections

$7M

13-wk disbursements

$1.14M

Closing cash

Capital structure

Leverage runway vs. covenant

Net Debt/EBITDA deleveraging path against the 5.5x covenant ceiling.

Headroom = firepower

Deal capacity

Net-debt capacity to 5.5x

$495M

≈ $49M acquirable EBITDA @ ~10x

Net Debt/EBITDA0.2x

Covenant Headroom1.9x

DSCR2.7x

Free Cash Flow₹41Cr

Where the cash is trapped

Working-capital cash unlock

$0.3M opportunity

Normalizing lagging units to a 50-day DSO releases ~$0.3M of one-time cash.

CA Investment Banking67d

$0.1M

Client Associates Multi-Family Office61d

$0.1M

Arora PMS-202456d

$0.0M

CA Real Estate Advisory66d

$0.0M

Miles PMS60d

$0.0M

Gurgaon Tech Park58d

$0.0M

MCEF-Alpha54d

$0.0M

Concentrated in newer cohorts (Gurgaon Tech Park, CA Real Estate Advisory, Arora PMS-2024) where billing discipline lags integration — the fastest cash win this fiscal year.

Revenue quality

Recurring engine & margin

Annuity growth and where EBITDA is generated.

Recurring Revenue

₹154Cr

▲ 4.8% vs priorTarget ₹160Cr

Recurring Mix

63.0%

▲ 3.3% vs priorTarget 65.0%

Net Revenue Retention

97.0%

▲ 2.1% vs priorTarget 99.0%

Gross Revenue Retention

94.0%

▲ 1.1% vs priorTarget 96.0%

Annuity engine

ARR bridge

Trend

ARR growth

By business unit

EBITDA margin

Collections

AR aging

Total AR $4M

Current days$1.68M

1-30 days$0.89M

31-60 days$0.42M

61-90 days$0.3M

90+ days$0.29M

Overdue (>60d) = $0.6M at collection risk.

By account

Receivables & credit watch

Accounts ranked by DSO and credit/churn risk.

Account	Revenue	DSO	NRR	Credit/Churn
Chaudhary Family	$0.2M	67d	97%	High
Sharma Group	$0.4M	63d	104%	Medium
Singh Business Ventures	$0.13M	59d	100%	Medium
Arora Family Office	$0.44M	58d	112%	Low
Bajaj Institutional Fund	$0.22M	55d	105%	Medium
IBM	$0.3M	52d	101%	Medium
UPS	$0.35M	49d	106%	Low
Sinha & Co.	$0.57M	47d	108%	Low
Gupta Enterprises	$0.5M	44d	119%	Low
Kumar & Sons	$0.18M	41d	110%	Low

M&A

Acquisition cohort economics

EBITDA uplift, DSO normalization and synergy realization (as-acquired → current).

Brand (cohort)	Acq.	Revenue	EBITDA %	DSO	Integration	Synergy	Status
Gurgaon Tech Park	2021	$1.05M	0.28→0.43%	71→58d	100%	92%	Integrated
MCEF-Alpha	2021	$0.68M	0.25→0.4%	66→54d	100%	90%	Integrated
Arora PMS-2024	2022	$2.96M	0.34→0.49%	68→56d	95%	88%	Integrated
Client Associates Multi-Family Office	2023	$1.79M	0.31→0.4%	70→61d	82%	74%	In progress
CA Investment Banking	2024	$1.26M	0.28→0.34%	73→67d	60%	55%	In progress
Miles PMS	2024	$1.14M	0.28→0.37%	71→60d	80%	78%	In progress
CA Real Estate Advisory	2024	$0.89M	0.25→0.28%	69→66d	45%	40%	Early

Supply

Supplier terms & risk

Partner spend, DPO (working-capital lever), delivery and risk.

Supplier	Category	Spend	DPO	OTIF	Score	Risk
HDFC Bank	Video Surveillance	$1.97M	45d	96%	91	Low
ICICI Bank	Fire & Access	$1.79M	42d	93%	88	Low
CAMS Fund Admin	Critical Comms	$1.26M	38d	90%	85	Medium
Salesforce CRM	Video Surveillance	$0.83M	36d	89%	83	Medium
Miles PMS	Video VMS	$0.71M	40d	95%	87	Low
Compliance Engine	AV / Collaboration	$0.59M	44d	92%	86	Low