Dear Shareholders,
It is a privilege to address you at a pivotal moment — not only
for DAM Capital but for the broader evolution of India's financial landscape. Our public
listing in 2024 coincided with a period of accelerated transformation in the country's
capital markets. Today, I wish to speak not just about our progress, but about the larger
opportunity unfolding and the crucial role that investment banking must play in this new
era.
India is undergoing a generational shift in how capital is formed and
deployed. A powerful combination of formalization, digital infrastructure, rising
entrepreneurship, and increasing domestic savings is driving the democratization of
finance. Equity participation is expanding, institutional depth is growing, and capital
markets are becoming the preferred route for enterprise growth and value creation.
This is not a mere step forward; it is a paradigm shift. The coming
decade will bring a surge in IPOs, cross-border transactions, and strategic realignments.
At the same time, investors are becoming more discerning, and regulatory expectations more
sophisticated — requiring market participants to respond with transparency, rigour,
knowledge and true specialization.
Against this backdrop, a new class of financial institutions are
emerging — focused, agile, and aligned with India's economic aspirations. The role of
an investment bank is no longer confined to execution; it must offer insight, innovation,
and stewardship. Clients today seek not just a transaction partner but a long-term advisor
who can navigate complexity and create enduring value.
For focused investment banks, the opportunity is significant. As
businesses increasingly look to access global capital and pursue complex deals, there is a
growing need for independent, technically strong advisors free from legacy distractions.
In this environment, pure-play platforms like ours can provide
unmatched value leveraging their independence, agility, knowledge and client-first ethos
to deliver not just outcomes, but impact.
DAM Capital has built such a platform, anchored in two complementary
businesses. Our merchant banking division — spanning public equity offerings, mergers
and acquisitions, and structured finance — is well-positioned for continued growth,
backed by a strong deal pipeline and a reputation for disciplined execution. Our
institutional equities practice is gaining momentum, supported by a steadily growing
client base and differentiated service delivery across markets. Reinforcing both is our
research capability, which covers an expansive universe of companies and sectors, offering
analytical depth that informs better decisions for our clients.
With this opportunity comes responsibility. As markets scale, so must
our commitment to ethics, resilience, and good governance. The credibility of the
financial ecosystem hinges not just on success, but on the integrity with which it is
pursued. At DAM Capital, governance is not a procedural requirement — it is a
strategic imperative. We believe in doing the right things, not just doing things right.
Our Board structure reflects this conviction: a majority of Independent
Directors, including an independent Chairman, ensures oversight, transparency, and
inclusive debate.
The Board brings deep expertise and experience in accounting, audit,
and technology — critical enablers of sustainable performance.
Our governance framework enables a clarity in decision-making,
alignment with evolving regulations, and trust across all stakeholder groups. In an
industry where reputation is paramount, we view governance as our foundation and longterm
advantage.
Though early in our journey as a listed company, we aspire to be more
than market participants — we aim to be enablers of India's capital market evolution.
Our goal is not size for its own sake, but trust, relevance, and measurable impact.
Concluding remarks
As we look back on a landmark year,
I extend my sincere thanks to our shareholders for your enduring
support. Your confidence fuels our drive to build a purpose-led institution defined by
integrity, focus, and long-term value.
I am equally grateful to our clients, team members, and partners —
your trust and collaboration make our progress possible. Together, we are shaping a
platform that not only meets market needs but seeks to elevate standards across the
financial ecosystem.
I would also like to acknowledge the contributions of regulators,
market participants, and industry peers whose guidance strengthens our collective future.
Our Board and leadership remain committed to engaging meaningfully with all stakeholders
as we strive for sustainable growth and lasting relevance.
At DAM Capital, we're excited for what lies ahead — a journey that
will be remembered not just for the milestones we reach, but for the principles we uphold
along the way.
Sincerely,
M. V. Nair Chairman,
DAM Capital Advisors Ltd.