NDL Ventures Ltd Q2FY26 | From Cable Chaos to Cash Chase: The Hinduja Family’s Most Confused Child Yet

1. At a Glance

NDL Ventures Ltd — earlier known asNxt Digital, formerly the “digital media arm” of Hinduja Global Solutions — is now trying to reinvent itself as a financial services entity. Market cap? A modest₹294 crore. Current price?₹84.9, which looks innocent until you realize theP/E is a Himalayan 403x— that’s not valuation, that’s wishful thinking.

The company made anet profit of ₹0.28 crore in Q2FY26, withzero salesbecause apparently, “Other Income” has been promoted to the hero role. ROE stands at a princely0.96%, and ROCE crawls at1.69%, both roughly equivalent to your fixed deposit after tax. Debt? None. Cash? Some. Purpose? Still searching.

But here’s the real plot twist: NDL has a12-crore-valued land parcel in Bangalorethat’s now worth around₹180 crore. It’s like owning a 1990 Maruti with a diamond in the boot — except the company doesn’t seem in a hurry to sell it.

The buzzword this quarter is “merger.” RBI has already given theNo Objection Certificate (NOC)for the merger ofHinduja Leyland Finance (HLF)into NDL Ventures. So, if this actually goes through, a ₹294 crore company could end up swallowing a multi-thousand-crore NBFC. Basically, a guppy fish getting ready to digest a whale.

2. Introduction

Remember that one cousin who kept changing college majors every semester? That’s NDL Ventures.

Born in1985, this company started as part of the Hinduja empire’s media experiment — broadcasting, set-top boxes, fiber networks, and digital dreams. Then, one fine day, in2022, it handed over all its digital media operations toHinduja Global Solutionsunder a court-approved demerger. The company suddenly had no revenue, no product, and no clear direction — a perfect candidate for a financial services makeover.

In2023, the board said, “Okay, enough cables — let’s do credit!” The name changed fromNxt Digital LtdtoNDL Ventures Ltd, and they started chasing a new ambition: becoming a financial powerhouse by merging withHinduja Leyland Finance(HLF).

If that merger goes through, NDL Ventures will go from “zero operations” to being part of one of India’s larger NBFCs with over₹30,000 crore in assets. That’s like an empty classroom suddenly turning into a full IIT.

But until the merger materializes, NDL is mostly an empty shell with a gorgeous land bank and a legendary surname.

3. Business Model – WTF Do They Even Do?

Let’s be honest — “business model” is a strong phrase here.

Right now, NDL Ventures doesn’t have an operating business in the conventional sense. It’s aholding and transition vehicle— think of it as a waiting lounge before a merger flight. The old digital TV operations have been demerged into HGS, and the company has pivoted towardfinancial services.

Current income sources are:

• Interest income on inter-corporate deposits (ICDs)– 72% of total income.
• Salary reimbursements– 16% (probably from group companies using its staff).
• Write-back of provisions– 12% (accounting magic).

Essentially, NDL makes money by lending to other Hinduja entities and earning interest — which is like lending pocket money to your siblings and charging them EMIs.

OnceHinduja Leyland Finance (HLF)merges into NDL, the company will morph into a full-fledged NBFC dealing in retail and commercial vehicle financing. Until then, it’s a holding structure in limbo — but at least adebt-freeone.

4. Financials Overview

Commentary:NDL’s financials are like a yoga session — calm, slow, and deeply introspective. With no operating revenue, profits exist only because “Other Income” does. The company spent less this quarter, which boosted profit slightly. EPS at ₹0.08 is… technically positive.

5. Valuation Discussion – Fair Value Range Only

Let’s play financial