🧯 BN Holdings: From Oil Cakes to Smoke and Mirrors?

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!