At a Glance
BN Holdings Ltd (formerly Arihant Tournesol) just reported ₹299 Cr revenue in FY25, up from ₹0 a year ago. But 90% of profit came from “Other Income”, promoter holding collapsed to 5.93%, debtors are at 352 days, and the P/E is 114x. You smell something cooking? It might be solvent oil… or a red flag.
1. 🎬 Intro: The Most Mysterious Turnaround of 2025?
- ₹2,259 Cr market cap on ₹20 Cr net profit
- P/E = 114x, P/B = 5.77x, EV/Sales = 🤷♂️
- FY23 sales: ₹0
- FY25 sales: ₹299 Cr
- FY25 net profit: ₹20 Cr, but ₹67.8 Cr came from “Other Income”
So yeah… we’re dealing with a magician. Not a manufacturer.
2. 🧴 WTF Do They Even Do?
- Supposedly trades in edible oil, seeds, solvent extraction, refined oil, agricultural produce
- Old name: Arihant Tournesol Ltd
- Now calls itself an investment holding company
- Future plans: Food, FMCG, Renewable Energy, International biz
But no one knows:
- What they sold
- To whom they sold it
- And why the promoter dumped 49.3% stake
3. 💰 Financials: Look, Ma! No Core Profit!
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Sales (₹ Cr) | 0 | 7 | 299 |
| Other Income | 0 | 0 | ₹68 Cr |
| Expenses | 0 | 10 | 337 |
| Operating Profit | 0 | -3 | -₹37 Cr |
| Net Profit | -0.3 | -3.2 | ₹20 Cr |
| EPS | -0.37 | -3.16 | ₹2.02 |
💣 Operating business lost ₹37 Cr.
All profits were from other income. What income? From where? No idea.
4. 📊 Valuation: This Is Pure Vapeconomics
| Metric | Value |
|---|---|
| CMP | ₹231 |
| EPS | ₹2.02 |
| P/E | 114x |
| Book Value | ₹40 |
| P/B | 5.77x |
| EV/Sales | >7x |
🧮 Fair Value Range: Based on core operating profit, the value should be ₹15–₹40.
At ₹231, it’s pricing FMCG dreams with no soap or shampoo.
5. 🔥 What’s Cooking?
- FY25 “revenues” exploded to ₹299 Cr out of nowhere
- ₹67.8 Cr Other Income pulled from a magic hat
- BSE slapped a ₹76,700 fine for late result filing
- Promoter holding nosedived from 55.2% → 5.93%
- Just approved amalgamation of 3 companies (details hazy)
There’s more fiction than financials here.
6. 💼 Balance Sheet – Rising Like a Bubble
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Equity Capital | ₹10 Cr | ₹10 Cr | ₹98 Cr |
| Reserves | -₹10 Cr | ₹61 Cr | ₹294 Cr |
| Borrowings | ₹1 Cr | ₹1 Cr | ₹83 Cr |
| Total Assets | ₹0 Cr | ₹72 Cr | ₹662 Cr |
⚠️ Assets ballooned 10x.
⚠️ Reserves ballooned too.
🧠 But core operations? Still in the ICU.
7. 💸 Cash Flow – Sponsored by Financing
| FY | CFO | CFI | CFF |
|---|---|---|---|
| FY25 | -₹31 Cr | -₹290 Cr | +₹328 Cr |
- Burned cash on ops & investments
- Survived on financing (₹328 Cr infused)
- Net cash: +₹6 Cr. Just enough to keep the illusion alive.
8. 📉 Ratios – Warning Bells Everywhere
| Metric | FY25 |
|---|---|
| ROE | 8.55% (mostly from other income) |
| ROCE | 11.1% |
| Debtor Days | 352 🤯 |
| Working Capital Days | 127 |
| OPM | -12% |
Let’s be real — this is not an FMCG company, this is an investment holding shell with god-mode P/E.
9. 💵 P&L Breakdown – Show Me the Real Money
FY25:
- Revenue: ₹299 Cr
- COGS + Other Ops: ₹337 Cr
- Operating Loss: ₹37 Cr
- Other Income: ₹68 Cr
- Net Profit: ₹20 Cr
So… if we remove Other Income, there’s no business.
10. 📊 Peer Comparison
| Company | P/E | ROE | Sales (₹ Cr) | Mcap (₹ Cr) |
|---|---|---|---|---|
| BN Holdings | 114 | 8.5% | 299 | ₹2,259 |
| Redington | 20 | 14.5% | 99,334 | ₹24,086 |
| MSTC | 19 | 24.2% | 311 | ₹3,784 |
| MMTC | 106 | 5.8% | 3 | ₹10,399 |
🤯 BN Holdings is trading at 114x P/E, more than even MMTC, and without the PSU excuse.
11. 👨👩👦 Shareholding Saga – The Great Vanishing Act
| Period | Promoter Holding |
|---|---|
| Mar 2024 | 55.2% |
| Mar 2025 | 5.93% |
| FIIs | 0.02% |
| Public | 94.04% |
💀 That’s a 49.3% drop in one year. And no explanation in filings. The stock changed hands silently. Not even a whisper from SEBI.
12. 📎 Miscellaneous Masala
- No dividend. Ever.
- ROE looks okay only because of other income
- No clarity on auditors, no earnings calls, no transparency
- All announcements = “amalgamation”, “scheme”, “bonus”, “fine”
Feels like a promoter exit story disguised as a turnaround
13. 🧑⚖️ EduInvesting Verdict™
BN Holdings looks like a classic trap stock:
- Price ran from ₹100 → ₹231 in 12 months
- Promoter dumped majority stake
- 350+ debtor days, ₹68 Cr “other income”, zero operating margin
- Still trades at 114x P/E
Unless the company suddenly transforms into a credible FMCG brand with audited clarity — this one’s more hype than oil.
Fair Value Range = ₹15 – ₹40
✍️ Written by Prashant | 📅 08 July 2025
Tags: BN Holdings, Arihant Tournesol, SME stocks, edible oil, financial smoke screen, high P/E stocks, promoter exit, shell companies India, EduInvesting, stock analysis
