1. At a Glance
Sindhu Trade Links Ltd (BSE: 532029 | NSE: SINDHUTRAD) is one of those rare desi conglomerates that decided to mix trucks, television, and tailings under one corporate roof. With amarket cap of ₹3,491 crore, acurrent price of ₹22.6, and a52-week range of ₹12.9–₹39.3, the stock looks like it’s been through a few potholes of its own logistics business.
As ofSeptember 2025, the company’s consolidatedquarterly revenue stood at ₹124 crore, whilePAT came in at ₹10.8 crore, down a massive90.7% YoY, showing that their trucks are still moving but the profits might be taking a long nap. Despite this, management continues to dream big — from coal logistics toglobal lithium mining, because why settle for diesel when you can go electricanddebt-heavy at the same time?
With aROCE of 5.45%,ROE barely 0.35%, anddebt of ₹446 crore, Sindhu Trade Links’ financials scream “we’re diversified but directionally confused.” Yet, the promoters own a solid75% stake, proving confidence — or perhaps just an unwillingness to let anyone else drive this unpredictable truck.
2. Introduction
Imagine a company that started with coal transportation, added a petrol pump, bought a media house, jumped into biomass power, flirted with foreign mining, and then decided lithium was sexy. That’s Sindhu Trade Links Ltd — a business model that looks like someone mixed Reliance Industries’ ambition with a truck driver’s route map.
In FY25, they reportedannual revenue of ₹1,098 crorewith aloss of ₹36.8 crore. But fear not — Sindhu Trade Links isn’t about profitability, it’s aboutpossibility. Their subsidiaries are spread acrossmedia (Hari Bhoomi Communications),bio power,oil & gas services, andautomotives, making this group a buffet of Indian capitalism.
And just when you thought things couldn’t get spicier, inJuly 2025, the company announced a$100 million investment planinlithium and rare earth mining. Because what’s better than losing money on coal? Losing more on lithium exploration in Indonesia.
Still, the company deserves some credit — it’s managed to operate across multiple sectors while keeping auditors, lenders, and investors equally confused.
3. Business Model – WTF Do They Even Do?
Sindhu Trade Links’ business model is a logistical version of the Indian thali — everything on one plate, whether it fits or not.
Here’s the platter:
- Transportation & Logistics (63% of FY23 revenue)– The backbone of the group. They operate over600+ tippers and loadersfor raw and washed coal transportation. When India’s coal moves, so does Sindhu Trade.
- Oil & Lubricants (15%)– They run anIOCL petrol pumpin Korba and own tankers that deliver fuel across districts. Basically, they sell what their trucks drink.
- Finance Operations (4%)– After merging with seven entities, they inherited a lending business. Because who doesn’t love a mini-NBFC on the side?
- Oil Drilling (8%) & Others (10%)– From drilling to renting out land, they’ve got multiple small ventures adding spice to the mix.
The diversification sounds impressive until you realize it’s like trying to run a petrol pump, a TV channel, and a power plant — all while fixing a punctured truck tire.
But hey, maybe they’ll hit lithium gold.
4. Financials Overview
| Metric | Sep 2025 (Latest Qtr) | Sep 2024 (YoY Qtr) | Jun 2025 (Prev Qtr) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 124 | 370 | 165 | -66.4% | -24.8% |
| EBITDA (₹ Cr) | -2 | -93 | 13 | +97.8% | -115.3% |
| PAT (₹ Cr) | 10.8 | 117 | 19 | -90.7% | -43.1% |
| EPS (₹) | 0.07 | 0.76 | 0.12 | -90.7% | -41.7% |
The quarterly numbers look like a seesaw — steep up, steep down, and mostly off balance. Despite the profit drop, the company posted apositive PAT, thanks mainly toother income(₹30 crore), proving again that “non-core” is often the only “core” profit source.
5. Valuation Discussion – Fair Value
Range Only
Let’s try to decode this chaos.
A. P/E Method:EPS (TTM) = -₹0.24 → P/E not meaningful (you can’t divide by vibes).So, no fair value under this method.
B. EV/EBITDA Method:EV = ₹3,890 CrEBITDA (TTM) = ₹85.3 Cr (approx, adjusted for negative quarters)EV/EBITDA = ~45.6x
Even if we take a conservative range of 25x–35x (industry peers like TCI and VRL trade around 20x–22x), the impliedfair EV range = ₹2,100–₹3,000 Cr, translating to anequity value of ₹1,700–₹2,500 Cr, or₹11–₹16 per share.
C. DCF (Simplified)Assume Free Cash Flow of ₹50 Cr (FY25), growing 5% for 5 years, discount rate 12%.→ PV ≈ ₹200–₹300 Cr = ₹12–₹18/share.
Fair Value Range: ₹11 – ₹18 per share.
Disclaimer:This fair value range is foreducational purposes onlyand isnot investment advice.
6. What’s Cooking – News, Triggers, Drama
Ah, where do we start?
- Lithium and Rare Earth Dreams (July 2025):Sindhu announced plans to investup to USD 100 millionin global lithium and rare earth mining, particularly inIndonesia. Because when EVs are hot, every coal transporter suddenly turns into Elon Musk’s cousin.
- Disinvestment of Hari Bhoomi Communications (Mar 2024):Sold 25,70,700 shares — perhaps to raise funds or reduce “emotional investment” in journalism.
- Corporate Guarantee (Oct 2024):Issued a$35 million corporate guarantee— bold move for a company that once defaulted ₹40 crore to ICICI Bank.
- Credit Rating Upgrade (Dec 2024):FromBtoB+— not exactly AAA, but hey, progress!
- Township in Bilaspur (Aug 2023):Entered the real estate arena, proving that Sindhu Trade is less a company and more a one-stop economy.
Basically, Sindhu’s board meetings sound like a Netflix pitch session — new ventures every season, old plots unresolved.
7. Balance Sheet
| (₹ Cr) | Mar 2023 | Mar 2024 | Sep 2025 |
|---|---|---|---|
| Total Assets | 4,992 | 2,733 | 2,816 |
| Net Worth (Equity + Reserves) | 1,332 | 1,608 | 1,635 |
| Borrowings | 1,638 | 372 | 446 |
| Other Liabilities | 2,022 | 754 | 735 |
| Total Liabilities | 4,992 | 2,733 | 2,816 |
Observations:
- Borrowings crashed
