CFO — Finance, Cash & Capital

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

Triton Investment Advisors · FY26 (modeled)

Top 20 Indian early-stage VC

18 employees · 0+ US sites · 1 countries

▲ Executive read· the answer, then the moves

Liquidity of $68M (≈ 691 weeks of cover) and $57M of deal capacity make capital the lever, not the constraint. Free the trapped cash first: normalizing DSO to 48d releases ≈ $-2.2M and clears $0.1M of overdue receivables.

8 of 8 headline metrics improving vs prior · still off target: Fund Management Revenue ₹34Cr vs ₹40Cr, Fund EBITDA ₹11Cr vs ₹13Cr, EBITDA Margin 32.0% vs 35.0%

Do now — ranked by urgency

1
Lastaki Advisors 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 ≈ $-2.2M of one-time cash; $0.1M is already >60 days overdue and at collection risk.
What's driving it
DSO 24d vs 48d target
Overdue (>60d) $0.1M of $1M AR
FYI
Brand-level unlock to a 50d stretch ≈ $0.0M
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), PagarBook (66d), Lastaki Advisors account (67d) lifting blended DSO.
Act →▤ open the overdue book

Adjusted EBITDA

$11M

+26% YoY · 32.4% margin

Liquidity

$68M

≈ 691 weeks of disbursements

M&A deal capacity

$57M

≈ $6M EBITDA @ ~10x to 5.5x

Working-capital unlock

$-2.2M

DSO 24→48d target

Quality of earnings

Reported → Adjusted EBITDA

$10.51M of add-backs (96% 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: $0.15M.

$0.18M

Opening cash

$1M

13-wk collections

$1M

13-wk disbursements

$0.2M

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

$57M

≈ $6M acquirable EBITDA @ ~10x

Net Debt to EBITDA0.3x

Covenant Headroom1.6x

Debt Service Coverage Ratio2.8x

Free Cash Flow₹7Cr

Where the cash is trapped

Working-capital cash unlock

$0.0M opportunity

Normalizing lagging units to a 50-day DSO releases ~$0.0M of one-time cash.

Camcom67d

$0.0M

Bizom61d

$0.0M

Triton Fund-I56d

$0.0M

PagarBook66d

$0.0M

Recykal60d

$0.0M

Triton Fund-II58d

$0.0M

ScikIQ54d

$0.0M

Concentrated in newer cohorts (Triton Fund-II, PagarBook, Triton Fund-I) 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 Fee Income

₹28Cr

▲ 16.7% vs priorTarget ₹32Cr

Recurring Income Mix

82.0%

▲ 5.1% vs priorTarget 85.0%

Net Retention Rate

93.0%

▲ 3.3% vs priorTarget 95.0%

Gross Retention Rate

97.0%

▲ 2.1% vs priorTarget 98.0%

Annuity engine

ARR bridge

Trend

ARR growth

By business unit

EBITDA margin

Collections

AR aging

Total AR $1M

Current days$0.29M

1-30 days$0.16M

31-60 days$0.07M

61-90 days$0.05M

90+ days$0.05M

Overdue (>60d) = $0.1M at collection risk.

By account

Receivables & credit watch

Accounts ranked by DSO and credit/churn risk.

Account	Revenue	DSO	NRR	Credit/Churn
Lastaki Advisors	$0.03M	67d	97%	High
Recykal	$0.07M	63d	104%	Medium
B2B SaaS entrepreneurs	$0.02M	59d	100%	Medium
Bizom	$0.08M	58d	112%	Low
AI/ML startups	$0.04M	55d	105%	Medium
IBM	$0.05M	52d	101%	Medium
UPS	$0.06M	49d	106%	Low
Camcom	$0.1M	47d	108%	Low
PagarBook	$0.09M	44d	119%	Low
SMB founders (India)	$0.03M	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
Triton Fund-II	2021	$0.18M	0.05→0.07%	71→58d	100%	92%	Integrated
ScikIQ	2021	$0.12M	0.04→0.07%	66→54d	100%	90%	Integrated
Triton Fund-I	2022	$0.51M	0.06→0.09%	68→56d	95%	88%	Integrated
Bizom	2023	$0.31M	0.05→0.07%	70→61d	82%	74%	In progress
Camcom	2024	$0.22M	0.05→0.06%	73→67d	60%	55%	In progress
Recykal	2024	$0.2M	0.05→0.06%	71→60d	80%	78%	In progress
PagarBook	2024	$0.16M	0.04→0.05%	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
Legal Advisors India	Video Surveillance	$0.34M	45d	96%	91	Low
Fund Auditors	Fire & Access	$0.31M	42d	93%	88	Low
Deal Diligence Consultants	Critical Comms	$0.22M	38d	90%	85	Medium
Startup Incubators	Video Surveillance	$0.14M	36d	89%	83	Medium
LP Custodian Banks	Video VMS	$0.12M	40d	95%	87	Low
Co-investor VCs	AV / Collaboration	$0.1M	44d	92%	86	Low