Hexa Tradex Ltd Q1FY26 FY25 – Trading Coal, Cosmetics & Confusion, but Market Cap Still Near ₹1,000 Cr?
1. At a Glance
Hexa Tradex Ltd (HTL) is a ₹987 crore market cap mystery box from the O.P. Jindal stable. Current price ₹179, but with a 52-week high/low range of ₹338/169, the stock moves like a moody auto-rickshaw meter. The book value is a massive ₹811, meaning the stock trades at 0.22x book — basically, “Buy the entire company for the price of a samosa compared to its theoretical worth.” ROE is negative (-0.6%), ROCE is basically zero (0.05%), sales for FY25 are ₹5 crore (yes, crore, not thousand crore), and PAT is a loss of ₹23 crore. Translation? Market cap ₹987 crore, but revenue ₹5 crore. This is not a company, it’s an expensive WhatsApp group.
2. Introduction
Step aside Netflix thrillers, Hexa Tradex is here with its own detective plot. Imagine: a company that trades in everything — iron, steel, auto parts, chemicals, groceries, cosmetics, maybe even your old scooter parts — but posts sales of only ₹5 crore in FY25.
Yet the market happily values it near ₹1,000 crore. Why? Because the company’s real business isn’t trading soaps and steel rods — it’s sitting on investments in Jindal group companies. Hexa Tradex is basically a holding company disguised as a trading company. Think of it as a kirana store that never sells biscuits but owns half the mall.
And here’s the real masala:
It tried delisting in 2022, but is still stuck in SEBI approvals.
It paid SEBI penalties in 2024 for violations (because drama is compulsory).
Its NBFC arm, Hexa Securities & Finance, contributes bulk of revenue through interest, dividends, consultancy income.
Promoter holding? 92.1%. Public float? Just 7.8%. So, retail investors here are like side characters in a Jindal family WhatsApp group.
So, what exactly are we looking at? A company with ₹987 crore market cap, ₹5 crore sales, -₹23 crore PAT, but book value ₹811. The Sherlock hat is officially on.
3. Business Model – WTF Do They Even Do?
Let’s list the buffet menu:
Trading Vertical: Supposedly trades chemicals, iron & steel, machinery parts, coal, non-ferrous metals, auto parts, paints, adhesives, edible oil, zinc ingots, even groceries and household appliances. Basically, “if it exists, we’ll trade it.” Except, reality check — trading contributes only 17% of revenue. So, all this is mostly PowerPoint presentation.
Investment & Finance Vertical: Through its NBFC subsidiary (Hexa Securities and Finance Co. Ltd). 83% of revenue comes from interest income, dividends, consultancy. This is the real deal.
Consultancy Income: 17% of FY23 revenue. Consultancy about what? Maybe “how to stay listed without doing business.”
So the actual business model: Hexa Tradex pretends to be a trading company but is basically an investment holding company of the Jindal Group.
Detective Verdict: If you went to buy groceries from Hexa, you’d end up getting equity shares of Jindal SAW instead of apples.
