Netlink Solutions India Ltd – ₹5 Crore Profit on ₹15 Lakh Sales? Corporate Magic or Comedy Show?
1. At a Glance
This is not a normal company; this is India’s answer to “how to make crores without selling anything.” Netlink Solutions reports a ₹5.39 crore profit on ₹0.15 crore sales. Yes, they earn more from their demat account than from their business. If you thought your cousin’s crypto portfolio was volatile, wait till you see this company’s P&L.
2. Introduction
Welcome to the circus called Netlink Solutions (India) Ltd (NSIL) – where IT services, exhibition management, and treasury investments all sit under one umbrella, but only the treasury seems to matter.
The company started in 1984 as a print and software player, and decades later, it decided to become a hybrid of an exhibition organiser and a mutual fund. Unfortunately, the exhibitions are gone, the IT services are negligible, and the stock investments are the only ones pulling the rickshaw.
In FY24, the company sold its exhibition business to Messe Frankfurt and got a handsome ₹5.85 crore cheque. After that, Netlink looks more like a listed investment company than a tech firm. They even amended their objects clause to allow them to deal in agriculture, automobiles, pharma, textiles, e-commerce – basically, anything and everything. A true “jack of all trades, master of PowerPoint.”
Market cap stands at just ₹43 crore, but the ROE (19%) and ROCE (25%) numbers look like they belong to a large cap. How? Because the profits aren’t from operations – they’re from investments. Essentially, Netlink is running a “stock trading company that pretends to be an IT + exhibitions company.”
Now, here’s a fun question – if the company makes crores only through “other income,” should SEBI list it under IT, or under “wannabe Berkshire Hathaway (mini version)”?
3. Business Model – WTF Do They Even Do?
Let’s break this bizarre hybrid:
Website & IT services: Designing sites, SEO, domains, hosting. But revenue here is less than your cousin’s freelancing gig – only ~1% of total.
Exhibitions & media: Used to organise expos, but that chapter is now closed after selling to Messe Frankfurt. Contribution ~46% until FY24, but now almost zero.
Treasury: The real game. ~53% of FY24 revenue came from gains on equity investments. This is the company’s “business.” Buy shares, hope they go up, and record as profit.
Altered Object Clause: They now want to trade in everything – from agri to auto to pharma. Basically, if India makes it, they might “consider” selling it.
So the “business model” is:
Pretend to be IT.
Flirt with exhibitions.
Actually make money from stock markets.
You see the problem? This is less business, more side hustle.
4. Financials Overview
Quarterly Performance (₹ crore)
Metric
Jun 2025 (Latest)
Jun 2024 (YoY)
Mar 2025 (QoQ)
YoY %
QoQ %
Revenue
0.01
0.10
0.01
-90.0%
0.0%
EBITDA
-0.29
-0.40
-0.83
-27.5%
-65.1%
PAT
1.74
1.71
-1.95
+1.8%
Turnaround
EPS (₹)
6.9
6.8
-7.7
+1.5%
Turnaround
Commentary: Revenue is basically missing, EBITDA is negative, but PAT is positive. Why? Because their “other income” (i.e. stock gains) covers everything. It’s like running a restaurant that loses money on food but earns from lottery tickets.
5. Valuation – Fair Value Range Only
Let’s run the holy trinity of valuation:
P/E Method
EPS (TTM) = ₹21.3
Industry P/E = 31.7, but let’s be conservative and assume 10–15 range because earnings are from “other income.”
