PInvesco Asset Management (India)Executive Cockpit
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PPavion · Executive Cockpit

Board Pack

Value creation, performance and risk review — FY26 (modeled). Fire Safety · Security · Integration.

$60M
Revenue (modeled)
0+
Acquisitions since 2020
410
Employees
Top 10 mutual fund managers in India
SDM ranking
Owner: Invesco Ltd. · CEO Saurabh Nanavati · CFO Rajesh Kumar · HQ Mumbai, Maharashtra, India
Where we stand

Executive scorecard

Pavion · Board Pack · 1 · Executive Summary
Revenue
$60M
prior $55M
Revenue Growth
9.1%
prior 7.5%
EBITDA
$22M
prior $19M
EBITDA Margin
36.7%
prior 35.2%
Recurring Fee Income
$45M
prior $41M
Recurring Mix
74.5%
prior 71.2%
Net Revenue Retention
91.8%
prior 89.2%
Client Retention Rate
94.2%
prior 93.5%
Executive summary
Growth & profitability

Revenue, EBITDA & mix

Pavion · Board Pack · 2 · Performance
Revenue by business unit
Equity Funds45%
Fixed Income Funds35%
Tax-Saving Products20%
Equity Funds
$26.98M
+14% · EBITDA 1.24% · Rec 44%
Fixed Income Funds
$21.02M
+9% · EBITDA 1.18% · Rec 46%
Tax-Saving Products
$12M
+18% · EBITDA 0.9% · Rec 24%
Roll-up validation

Acquisition cohort economics

Pavion · Board Pack · 3 · M&A Thesis
BrandYearRevenueARREBITDA upliftSynergyStatus
Hybrid Fund B2021$2.6M$0.92M0.69%→1.07% (+0.3800000000000001)92%Integrated
Tax-Saving Fixed Deposit2021$1.68M$0.61M0.61%→0.99% (+0.38)90%Integrated
ELSS Fund A2022$7.34M$3.97M0.84%→1.22% (+0.38)88%Integrated
NRI Wealth Portfolio2023$4.43M$1.45M0.76%→0.99% (+0.22999999999999998)74%In progress
CRM / KYC Portal2024$3.13M$1.07M0.69%→0.84% (+0.15000000000000002)55%In progress
Portfolio Management2024$2.83M$0.99M0.69%→0.92% (+0.2300000000000001)78%In progress
Fund Admin System2024$2.22M$0.69M0.61%→0.69% (+0.07999999999999996)40%Early

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

Balance sheet & liquidity

Leverage, cash & covenants

Pavion · Board Pack · 4 · Capital & Cash
Net Debt/EBITDA
0.3x
target 0.2x
Covenant Headroom
1.9x
target 2.2x
Debt Service Coverage Ratio
4.8x
target 5.2x
Liquidity
$9M
target $10M
Free Cash Flow
$17M
target $19M
Cash Conversion Cycle
7d
target 5d
DSO
13d
target 11d
Value Creation Realized
7.2%
target 8.0%
Net leverage 4.2x sits well inside the 5.5x covenant with $132M liquidity — capacity for continued disciplined M&A while cash conversion (CCC 7d) and FCF improve.
Governance

Watch-list & priority actions

Pavion · Board Pack · 5 · Risk & Actions
●South India region margin driftceo
South India GM 200bps below plan amid RFI/ISC integration drag.
→ Accelerate ISC ERP/SOC cutover; rebalance project mix toward recurring.
●Corporate Treasury: Tata Group 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), Fund Admin System (66d), Institutional Client: ICICI Bank account (67d) lifting blended DSO.
→ Targeted collections sprint on $0.9M; tighten milestone billing on ISC projects.
●Institutional Client: ICICI Bank 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/Portfolio Management Dashboard attach on Integration installs.
Material external signals
[News] Corporate Treasury: Tata Group announces new US cloud regions · Corporate Treasury: Tata Group→ multi-region DC security opportunity
[EDGAR] S. Gupta 10-K: elevated hub-automation capex · S. Gupta→ perimeter + analytics pull-through
[News] Competitor acquires regional fire integrator · Competitor→ defend South India accounts

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