Fedders Holding Ltd: ₹361 Cr Sales, 174 Debtor Days – Advisory Firm or Money Parking Lot?

1. At a Glance

Fedders Holding Ltd (FHL) is like that overachieving cousin who calls himself a “consultant” but somehow also owns a steel plant, an NBFC, and a real estate advisory desk. Incorporated in 1991, the company keeps changing names, addresses, and even business focus like a serial Tinder swiper. Current status: investment + finance + consultancy, with a real estate obsession and a steel subsidiary (because, why not?). Market cap: ₹906 Cr, CMP: ₹45, but the stock is down 50% in one year. Basically, an NBFC dressed like a real estate broker who moonlights as a steel trader.

2. Introduction

Once upon a time, this company was called IM+ Capitals. Then in June 2024, they decided “nah, let’s be Fedders Holding.” A new name, new office (shifted from Connaught Place to Ghaziabad—yup, downgrade), and a new story: they are now into real estate advisory, distressed debt resolution, and capital management.

But wait—under its fully owned subsidiary Fedders Electric & Engineering Ltd (FEEL), it runs mining, beneficiation, steel billet production, and is planning a TMT bar plant. A finance company that also digs iron ore? Feels like Netflix suddenly launching pani puri stalls.

Meanwhile, the parent is busy issuing warrants, converting shares, and increasing capital. In FY24, they acquired 60 acres in Odisha for a 1.5 MTPA iron ore beneficiation plant. So, the real question: Are they financiers, miners, or land bankers? The answer seems to be: “sab kuch karenge.”

Question to readers: If a company does consulting + finance + steel, is it diversification or just career confusion?

3. Business Model (WTF Do They Even Do?)

Let’s break this circus:

Core Parent (FHL) – Corporate & transaction advisory, financial services, capital management, RERA consulting. They give gyaan to real estate developers, help in debt resolution, and claim asset management skills.
Subsidiary (FEEL) – Iron ore mining → beneficiation → steel billets → (planned) TMT bars. Also exports iron ore to Switzerland, Singapore, HK, Dubai.
Other Subsidiaries/Associates – IM+ Investments, Advance Dealtrade Pvt Ltd (~20% holding), and a JV with SMC called IM Capitals Investment Manager LLP.

Revenue Split FY24:

Sale of goods/projects: 90%
Services: 2%
Interest Income: 2%
Other income: 6%

Translation: Advisory is the official story, but iron ore is paying the bills.

4. Financials Overview

Source table

Metric	Latest Qtr (Jun’25)	YoY Qtr (Jun’24)	Prev Qtr (Mar’25)	YoY %	QoQ %
Revenue	₹77.4 Cr	₹142 Cr	₹109 Cr	-45.5%	-29.0%
EBITDA	₹8 Cr	₹18 Cr	₹2 Cr	-55.6%	300%
PAT	₹13 Cr	₹20 Cr	₹7 Cr	-35.0%	85.7%
EPS (₹)	0.82	1.69	0.33	-51.5%	148%

Commentary:

Sales collapsed 45% YoY—customers clearly ghosted them.
EBITDA margins barely 10%.
PAT fell, but QoQ rebound thanks to other income.
EPS still less than a Vadapav in Mumbai.

5. Valuation (Fair Value Range)

EPS (TTM) = ₹1.69
CMP = ₹45
P/E = 31.8 (vs industry median ~22.3).

Method 1: P/E – If valued at 20–22× → FV = ₹34–₹37.
Method 2: EV/EBITDA – EV = ₹915 Cr; EBITDA = ₹39 Cr → EV/EBITDA = 23.5×. Peers trade 12–15× → FV = ₹25–₹30.
Method 3: DCF (rough) – With volatile profits, FV estimated ~₹28–₹35.

👉 FV Range: ₹25 – ₹37
Disclaimer: Educational purpose only, not advice.

6. What’s Cooking – News, Triggers, Drama

Name & Office Change – New name, new city. Ghaziabad HQ = cheaper rent?
Capex – 60 acres in Odisha for iron ore beneficiation. Big ticket, but is funding clear?
Warrants Galore – 1.73 Cr warrants issued (₹98.9 Cr). Equity dilution incoming.
Audit Drama – Consolidated FY25 accounts had qualified reports due to subsidiary issues. Classic “subsidiary ne

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