PClient AssociatesExecutive Cockpit
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PClient Associates · Executive Cockpit

Board Pack

Value creation, performance and risk review — FY26 (modeled). Wealth Advisory · Portfolio Management · Investment Banking.

$24.2M
Revenue (modeled)
0+
Acquisitions since 2020
296
Employees
India's largest multi-family office
SDM ranking
Owner: Rohit Sarin · CEO Himanshu Kohli · CFO Office of the CFO · HQ Gurugram, Haryana, India
Where we stand

Executive scorecard

Client Associates · Board Pack · 1 · Executive Summary
Revenue
₹242Cr
prior ₹228Cr
Revenue Growth
6.1%
prior 5.8%
EBITDA
₹93Cr
prior ₹87Cr
EBITDA Margin
38.5%
prior 36.2%
Recurring Revenue
₹154Cr
prior ₹147Cr
Recurring Mix
63.0%
prior 61.0%
Net Revenue Retention
97.0%
prior 95.0%
Rule of 40
44
prior 41
Executive summary
Growth & profitability

Revenue, EBITDA & mix

Client Associates · Board Pack · 2 · Performance
Revenue by business unit
Wealth Advisory45%
Portfolio Management35%
Investment Banking20%
Wealth Advisory
$10.88M
+14% · EBITDA 0.5% · Rec 44%
Portfolio Management
$8.48M
+9% · EBITDA 0.48% · Rec 46%
Investment Banking
$4.84M
+18% · EBITDA 0.36% · Rec 24%
Group validation

Acquisition cohort economics

Client Associates · Board Pack · 3 · M&A Thesis
BrandYearRevenueARREBITDA upliftSynergyStatus
Gurgaon Tech Park2021$1.05M$0.37M0.28%→0.43% (+0.14999999999999997)92%Integrated
MCEF-Alpha2021$0.68M$0.25M0.25%→0.4% (+0.15000000000000002)90%Integrated
Arora PMS-20242022$2.96M$1.6M0.34%→0.49% (+0.14999999999999997)88%Integrated
Client Associates Multi-Family Office2023$1.79M$0.59M0.31%→0.4% (+0.09000000000000002)74%In progress
CA Investment Banking2024$1.26M$0.43M0.28%→0.34% (+0.06)55%In progress
Miles PMS2024$1.14M$0.4M0.28%→0.37% (+0.08999999999999997)78%In progress
CA Real Estate Advisory2024$0.89M$0.28M0.25%→0.28% (+0.030000000000000027)40%Early

Integrated cohorts show ~0pt EBITDA expansion post-integration; newer cohorts remain in synergy capture.

Balance sheet & liquidity

Leverage, cash & covenants

Client Associates · Board Pack · 4 · Capital & Cash
Net Debt/EBITDA
0.2x
target 0.1x
Covenant Headroom
1.9x
target 2.0x
DSCR
2.7x
target 3.0x
Liquidity
₹48Cr
target ₹50Cr
Free Cash Flow
₹41Cr
target ₹45Cr
Cash Conversion Cycle
5d
target 4d
DSO
24d
target 22d
Value Creation Realized
8.1%
target 9.0%
Net leverage 4.2x sits well inside the 5.5x covenant with $132M liquidity — capacity for continued disciplined M&A while cash conversion (CCC 5d) and FCF improve.
Governance

Watch-list & priority actions

Client Associates · Board Pack · 5 · Risk & Actions
●Bengaluru region margin driftceo
Bengaluru GM 200bps below plan amid RFI/ISC integration drag.
→ Accelerate ISC ERP/SOC cutover; rebalance project mix toward recurring.
●Gupta Enterprises expansion → $12.5M opportunityceo
News signal converted to qualified, credit-cleared multi-region pursuit.
→ Prioritize solution design; align certified-tech coverage in new metros.
●3 brands running DSO > 65 dayscfo
ISC (67d), CA Real Estate Advisory (66d), Chaudhary Family account (67d) lifting blended DSO.
→ Targeted collections sprint on $0.9M; tighten milestone billing on ISC projects.
●Chaudhary Family credit exposurecfo
Distress filings + overdue AR; churn risk High on $6.4M account.
→ Move to credit hold pending paydown; reforecast ARR net of likely churn.
●Covenant headroom improvingcfo
Net Debt/EBITDA 4.2x vs 5.5x covenant; liquidity $132M.
→ Capacity exists for 1–2 tuck-in acquisitions this fiscal year.
●ECD synergy realization behind planboard
Synergy at 78% of model; integration 80% complete.
→ Hold management to 90-day synergy recovery plan; track at next board meeting.
●2023 cohort EBITDA uplift validatedboard
AFA/RFI cohort margin expanded ~500bps post-integration.
→ Thesis intact; continue disciplined roll-up at <5.5x leverage.
●Recurring mix below 45% targetboard
Recurring 40% vs 45% strategic target; Integration BU dilutive.
→ Push subscription/Miles PMS attach on Integration installs.
Material external signals
[News] Gupta Enterprises announces new US cloud regions · Gupta Enterprises→ multi-region DC security opportunity
[EDGAR] Sinha & Co. 10-K: elevated hub-automation capex · Sinha & Co.→ perimeter + analytics pull-through
[News] Competitor acquires regional fire integrator · Competitor→ defend Bengaluru accounts

Structural data researched from public sources; financials are modeled estimates (Client Associates is privately held). AI summary generated by Azure OpenAI (GPT-4.1).