NDL Ventures is that one ex-employee at a family business who left media, joined finance, but still lives off daddy’s land in Bangalore. Sales? Zero. Profit? Barely visible. P/E? 454. Market cap? ₹300 Cr. The only solid thing on the books is a plot of land worth ₹180 Cr, carried at ₹12 Cr in balance sheet. Basically, the “real” venture here is land flipping, not financial services.
2. Introduction
NDL Ventures was once NXTDigital Ltd, the cable TV and digital media arm of Hinduja Global. Imagine selling set-top boxes and then deciding, “Chal, abhi finance karte hain.” So in 2022, NCLT approved a demerger – the entire media/communications biz went back to Hinduja Global. What remained was an empty shell.
In April 2023, it rebranded itself to NDL Ventures and began plotting (pun intended) a future in financial services. The game plan? Merge with Hinduja Leyland Finance (HLF) – a legit NBFC with assets. RBI gave its No Objection Certificate in Aug 2025.
Until then, NDL runs on other income – interest on ICDs (inter-corporate deposits), salary reimbursements, and writebacks. Basically, financial engineering is the only engineering happening here.
Question: Can you call yourself a financial services company if your revenue is just “interest income”?
3. Business Model – WTF Do They Even Do?
Currently:
No real operating revenue.
Only interest income (72%), salary reimbursements (16%), and writebacks (12%).
Land in Bangalore worth ₹180 Cr (carrying value ₹12 Cr).
Future plan:
Merge with Hinduja Leyland Finance → NBFC play.
Use land monetisation for funding expansion.
Try to look like a finance conglomerate, not a land bank.
In short: NDL Ventures is like a shell that outsourced its entire business plan to RBI approval letters.
4. Financials Overview
Metric
Latest Qtr (Jun’25)
YoY Qtr (Jun’24)
Prev Qtr (Mar’25)
YoY %
QoQ %
Revenue (₹ Cr)
0.00
0.00
0.00
N/A
N/A
EBITDA (₹ Cr)
-0.84
-0.93
-0.93
+9.7%
+9.7%
PAT (₹ Cr)
0.24
0.18
0.14
+33%
+71%
EPS (₹)
0.07
0.05
0.04
+40%
+75%
Commentary: Revenues are a flatline, but PAT wiggles like an ECG with mild palpitations.
5. Valuation – Fair Value Range Only
P/E Method: EPS FY25 = ₹0.20. At sector average 15–20x → fair value ₹3–₹4. CMP ₹89.
EV/EBITDA Method: EV ₹295 Cr, EBITDA negative → meaningless.
DCF Method: Assume merger with HLF adds ₹50 Cr annual PAT (speculative). Discounted fair value could be ₹70–₹100.
👉 Fair Value Range: ₹3 – ₹100 (depending on merger success). (Educational only, not investment advice)
6. What’s Cooking – News, Triggers, Drama
Merger: RBI approved merger with Hinduja Leyland Finance in Aug 2025. Big trigger if executed.
Land Asset: Bangalore land at ₹12 Cr book, ~₹180 Cr market value. Potential one-time jackpot.
Dividend: Despite no business, declared ₹0.50/share dividend at Aug 2025 AGM. Cash flows
