At a Glance
Elcid Investments is not a regular stock. It’s a vibe. A paradox. A ₹2,850 Cr market cap stock with exactly zero business operations and one big flex — owning Asian Paints worth ₹12,000+ Cr. But here’s the kicker — you can’t buy it. You can’t sell it. You can only marvel at its audacity.
1. 🎬 Hook — The ₹1.4 Lakh Stock You’ve Never Heard Of
Imagine a company that:
- Owns 4.2% of Asian Paints (₹12,000 Cr+ stake)
- Has almost no operations
- Trades at ₹1.4 lakh/share with zero liquidity
- Has a book value of ₹4.58 lakh/share
- And generates ₹200+ Cr in dividend income annually
Ladies and gentlemen, meet Elcid Investments Ltd (BSE: 503681) — India’s most elite zombie stock.
2. 🛠️ WTF Do They Even Do?
✅ Registered NBFC
✅ 2 wholly owned subsidiaries:
- Murahar Investments (0.60% stake in Asian Paints)
- Suptaswar Investments (0.68% stake in Asian Paints)
That’s it.
No lending. No borrowing. No PE. No VC.
Just sitting on shares like a mythological treasure guardian. 🐉
3. 💰 Financials – Dividend Farming on Autopilot
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue (₹ Cr) | 109 | 235 | 211 |
| Net Profit (₹ Cr) | 73 | 176 | 153 |
| OPM (%) | 94% | 99% | 97% |
| ROE | 1% | 2% | 1.5% |
| EPS | ₹3,670 | ₹8,787 | ₹7,650 |
🤑 99% of revenue = dividends from Asian Paints
📉 All margins meaningless — it’s not a biz, it’s a passive holding structure
4. 💸 Valuation – Cheap, Expensive, or Just Broken?
| Metric | Value |
|---|---|
| CMP | ₹1,42,508 |
| Book Value | ₹4,58,426 |
| P/B | 0.31x |
| P/E | 18.6x |
| Market Cap | ₹2,850 Cr |
| Asian Paints Stake | ~₹12,500 Cr 😱 |
🧠 Fair Value? Let’s be real:
- NAV per share = ~₹5 lakh
- FV Range (30–40% holding company discount) = ₹3.0L – ₹3.5L
- CMP = ₹1.42L = 60% discount to even discounted NAV
🚨 But wait — liquidity is DEAD. You’re not buying this. Ever.
5. 🍳 What’s Cooking — New Management Drama
📰 Recent shuffles:
- CEO Ragini Vakil resigned (but became Executive Director — LOL)
- Amrita Vakil appointed Whole-Time Director
- Margarette Thomas as Independent Director
🧾 Boardroom looks like a family brunch. No corporate drama. Just legacy preservation.
6. 🧾 Balance Sheet – Just Paint. No Debt. All Chill.
| Metric | FY25 |
|---|---|
| Total Assets | ₹10,607 Cr |
| Reserves | ₹9,168 Cr |
| Equity Capital | ₹0.20 Cr |
| Borrowings | ₹0 ✅ |
| Fixed Assets | ₹34 Cr |
| Investments | ₹10,571 Cr (mostly Asian Paints) |
✅ Zero debt
✅ Ridiculously high NAV
❌ Illiquid, inactive — basically a family office listed by accident
7. 💵 Cash Flow – Passive Income Royalty
| Year | CFO | Capex | FCF |
|---|---|---|---|
| FY25 | ₹94 Cr | ₹0 | ₹94 Cr |
| FY24 | ₹78 Cr | ₹0 | ₹78 Cr |
| FY23 | ₹37 Cr | ₹0 | ₹37 Cr |
🟢 Clean dividend inflow
🟢 Zero investing capex
🛑 They don’t spend because they don’t need to
8. 📊 Ratios – Pointless But Let’s Play
| Ratio | FY25 |
|---|---|
| ROE | 1.47% |
| ROCE | 1.98% |
| OPM | 97% |
| ROA | 1.33% |
| P/B | 0.31x |
| Working Capital Days | -18 (doesn’t matter) |
🪙 Ratios look dumb because… there’s no business.
It’s like calculating EBITDA margin on your dad’s FD.
9. 📉 P&L Breakdown – The Only Line is “Dividend Income”
| Metric | FY25 |
|---|---|
| Sales | ₹211 Cr |
| Expenses | ₹6 Cr |
| Operating Profit | ₹205 Cr |
| Other Income | ₹2 Cr |
| Net Profit | ₹153 Cr |
That’s it.
No product. No customer. No cost of goods. Just dividends raining from heaven.
10. 🆚 Peer Comparison – Holding Company Hall of Fame
| Company | Stake | M.Cap | P/B | ROE |
|---|---|---|---|---|
| Tata Investment Corp | Multiple | ₹34,149 Cr | 1.1x | 1.0% |
| JSW Holdings | JSW Steel | ₹24,741 Cr | 0.79x | 0.69% |
| Maharashtra Scooters | Bajaj Auto | ₹16,965 Cr | 0.55x | 0.61% |
| Elcid | Asian Paints | ₹2,850 Cr | 0.31x | 1.47% |
🏆 Elcid is the cheapest holding co. per NAV
💀 Also, the least liquid and most inaccessible
11. 🧩 Miscellaneous – Shareholding, Shareholders, and Shadows
- Promoters: 75%
- Public: 25%
- FII/DII: 0% (obviously)
- Shareholders: Barely 300 until FY24, now ~2,800
- Pledged Shares: ZERO
- Volume on BSE? Often ZERO 💀
This is not a stock. It’s a museum piece.
12. 🚧 Risks – And Why You Shouldn’t Touch This
- 🚫 Zero liquidity — you probably can’t buy or sell
- 🚫 No growth — unless Asian Paints doubles
- ⚠️ Corporate governance is opaque — pure family-run
- ❌ Dividend yield = 0.02% — not worth it for income
- 💣 Value trap if it stays illiquid forever
13. 🧑⚖️ EduInvesting Verdict™
Elcid Investments is the most underpriced, illiquid, undervalued, underappreciated stock in the universe.
- ✅ It owns ₹12,500 Cr of Asian Paints
- ✅ Trades at ₹2,850 Cr market cap
- ✅ No debt, no expenses
- 🚨 But you can’t touch it
- 🚨 You can’t even blink at it without triggering a circuit filter
Final Word: Elcid is like owning a Picasso painting — beautiful, valuable, and utterly unsellable. Perfect for bragging rights. Terrible for liquidity. Legendary for finance memes.
✍️ Written by Prashant | 📅 July 6, 2025
Tags: Elcid Investments, Asian Paints Holding Stock, Low Float Stocks, Deep Value Stocks, Holding Companies India, EduInvesting, BSE Weird Stocks, Zombie Stocks, Valuation Arbitrage
