🧠 At a Glance
Clenon Enterprises Ltd (formerly G.R. Cables) is a ₹40 Cr microcap company that has zero revenue, negative profits, no real business, and a stock that’s up 235% from 52-week lows. After surviving insolvency, it’s now “exploring” businesses from crude oil to agro products — but nothing generates revenue. Still, it trades at 5.5x book value because why not?
1. 🥁 Introduction: From Cables to Chaos
Clenon Enterprises is the business equivalent of a midlife crisis.
- Once a cable company.
- Went bankrupt.
- Emerged from insolvency.
- Now wants to do everything — from crude oil to water processing to agro to equipment trading — but is doing nothing.
Yet the stock has rallied from ₹14 to ₹47 (a 235% jump) in 1 year — without a rupee of sales.
👀 Yes, this is one of those BSE smallcaps where price moves faster than logic.
2. 🤷 WTF Do They Even Do?
Here’s what the company claims to be into now (post-insolvency):
- ✅ Crude oil trading
- ✅ Water processing equipment
- ✅ Agro products
- ✅ Industrial products
- ✅ Multiple other buzzwords
But here’s their revenue for the last 5 years:
| Year | Revenue (₹ Cr) |
|---|---|
| FY21 | 0.00 |
| FY22 | 0.00 |
| FY23 | 0.00 |
| FY24 | 0.00 |
| FY25 | 0.00 |
Yep, zero. Not even accidental revenue from a side hustle.
3. 📉 Financials: Neki Kar, P&L Mein Daal
Let’s look at how they’ve performed since FY20:
| Metric (FY25) | Value |
|---|---|
| Revenue | ₹0.00 Cr |
| Net Profit | ₹-0.71 Cr |
| ROE | -9.26% |
| ROCE | -3.47% |
| EPS | ₹-0.82 |
| Book Value | ₹8.48 |
| Market Cap | ₹40.5 Cr |
| CMP (Jul 3, 2025) | ₹47.00 |
Fun Fact: Despite ₹0 revenue, they managed to burn ₹2.25 Cr in expenses in FY25 alone.
That’s ₹6.2 lakh/day… for what? Coffee and contemplation?
4. 🧠 Valuation: 5.5x Book Value… for What?
Let’s be honest — valuing Clenon is like pricing air.
But let’s try anyway:
- CMP: ₹47
- Book Value: ₹8.48
- P/B Ratio: 5.54x
- P/E: Not applicable (no earnings)
If it were a startup with funding hype, maybe. But this is a shell with debt, losses, and no ops.
Fair Value Estimate: ₹5–10, generously assuming revival optimism.
5. 🔥 What’s Cooking: Promoter Drama & Rebirth
This is where it gets spicy:
- 🧹 Corporate Insolvency Resolution Process completed
- 👑 Promoter stake jumped from 14.8% → 92.86% in June 2023
- 📜 Announced entry into multiple sectors but no activity on ground
- 📈 Stock pumped ~3x post-resolution… likely on pure speculation
There’s no news on actual operations — only intentions and filings.
6. 🧾 Balance Sheet: Much Capital, Little Use
| FY25 Snapshot | ₹ Cr |
|---|---|
| Equity Capital | 8.62 |
| Reserves | -1.31 |
| Borrowings | 7.79 |
| Fixed Assets | 0.98 |
| Total Assets | 15.23 |
Still carrying debt. Networth barely positive. Assets mostly intangible.
This is not a business — it’s a hope meme.
7. 💸 Cash Flow: Sab Number Game Hai
| FY25 Cash Flows | ₹ Cr |
|---|---|
| CFO | -0.36 |
| CFI | +1.85 |
| CFF | +0.16 |
| Net Cash Flow | +1.65 |
They somehow generated net cash — but from investing inflows, not business. Likely asset liquidation or some related party magic.
8. 📊 Ratios: LOL
- ROE: -9.26%
- ROCE: -3.47%
- EPS: Negative
- Debtor Days: 0
- Inventory Days: 17,374 (yes, seriously)
We checked. It’s a leftover entry from when they still had one cable reel in 2013.
9. 💰 P&L Breakdown
| Year | Revenue | Expenses | Net Profit |
|---|---|---|---|
| FY23 | ₹0.00 | ₹0.23 | ₹-0.23 |
| FY24 | ₹0.00 | ₹0.21 | ₹-0.60 |
| FY25 | ₹0.00 | ₹2.25 | ₹-0.71 |
Expenses rising. Still zero sales. Profit? LOL.
10. 🧯 Peer Comparison
| Company | CMP ₹ | ROCE | Sales ₹ Cr | Net Profit |
|---|---|---|---|---|
| ADC India | 1283 | 46% | 187.1 | ₹24.46 Cr |
| Valiant Comm | 848 | 22% | 50.85 | ₹9.61 Cr |
| Clenon (LOL) | 47 | -3% | 0.00 | ₹-0.71 Cr |
All peers have real sales. Clenon’s only peer is Air.
11. 🧬 Shareholding: One-Man Show Now
| Shareholder Group | Sep 2022 | Mar 2023 | Mar 2024 |
|---|---|---|---|
| Promoters | 14.82% | 14.82% | 92.86% |
| Public | 82.04% | 82.04% | 6.88% |
| Govt + DIIs | 3.14% | 3.14% | 0.26% |
Massive promoter takeover. Possibly to revive or rebrand — or for more sinister delisting or price game plans.
12. 🎭 EduInvesting Verdict™
Clenon Enterprises is a stock market zombie:
- ✅ Survived insolvency
- ✅ Has high promoter holding now
- ❌ Zero revenue in over 5 years
- ❌ Negative profit, ROE, ROCE
- ❌ No business activity yet
- ❌ Trades at unjustified 5.5x BV
Unless they actually launch a real business with revenue, this is just a speculative shell with a new name.
👻 Ghost of G.R. Cables haunts this BSE listing.
Fair Value Range: ₹5 – ₹10 (until actual business emerges)
✍️ Written by Prashant | 📅 July 3, 2025
Tags: Clenon Enterprises, GR Cables, BSE smallcap, shell company, insolvency revival, penny stock bubble, zero revenue stock, promoter pump, speculative microcaps
