NDL Ventures Ltd Q2 FY26 – ₹180 Crore Land, ₹0 Crore Revenue, and a ₹334 Crore Market Cap Mystery Straight Out of the Hinduja Playbook

1. At a Glance

Ladies and gentlemen, welcome to one of India’s most fascinating corporate magic shows — NDL Ventures Ltd, formerly known as NXTDigital, once a media powerhouse and now a self-declared “financial services” aspirant.
The stock trades at ₹96, giving the company a market cap of ₹334 crore, despite literally zero sales for multiple quarters. The company boasts a P/E ratio of 458, which is less valuation and more hallucination.

Promoters hold a commanding 66.2%, debt is zero, and the company has somehow managed to maintain a dividend payout of 996% — almost like paying you for believing in them. ROE stands at 0.96%, and ROCE at 1.69% — the kind of numbers that make auditors squint and analysts yawn.

Meanwhile, the real action lies under the hood: a juicy ₹12 crore book-valued land in Bangalore, whose market value is pegged around ₹180 crore — nearly half the company’s market cap. And just a day ago, the board approved a merger with Hinduja Leyland Finance, with an appointed date of April 1, 2026. April Fool’s Day? Coincidence? We’ll let you decide.

2. Introduction

Imagine being a company that started in digital media, then demerged its own business, and now claims to be a financial services firm without any lending, borrowing, or broking operations. Welcome to NDL Ventures, the reincarnation of NXTDigital, once India’s digital cable dream under the Hinduja empire.

Post its demerger into Hinduja Global Solutions, NDL was left with land, some intercorporate deposits, and a faint heartbeat called “Other Income.” Like a phoenix that rises without wings, the company pivoted toward “financial services” — an industry where you can say you do something, even if you don’t.

So what does NDL Ventures do today? It sits on cash, collects interest on intercorporate deposits, and occasionally reimburses salary costs. Their FY23 revenue breakup says it all:

• 72% from interest on intercorporate deposits,
• 16% from reimbursement of salary costs, and
• 12% from provisions written back.

Essentially, a glorified holding company. The corporate equivalent of your cousin who “freelances” but lives off his dad’s rent income.

3. Business Model – WTF Do They Even Do?

Let’s break this down. Once upon a time, this company connected 5 million digital TV subscribers under the brand NXTDigital, managing cable, broadband, and satellite delivery platforms. It even had its own teleport services. Then came the big NCLT-approved demerger in November 2022, when the entire digital media undertaking, including the NXTDigital brand, was transferred to Hinduja Global Solutions Ltd.

What remained?
An empty corporate shell with some land, residual employees, and a balance sheet that reads like a Sudoku puzzle.

To make things exciting again, the board decided to add financial services to its object clause in the MoA. And voilà! NDL Ventures was reborn as a “financial services company” — though it currently provides none.

The ultimate plot twist arrived this month: NDL Ventures is merging with Hinduja Leyland Finance Ltd (HLFL), a genuine NBFC with thousands of crores in AUM. The merger ratio? 25 NDL shares for every 10 HLFL shares, with April 1, 2026 as the appointed date.

So technically, in less than two years, this lifeless holding company will transform into a proper NBFC. Until then? It’s a corporate waiting room.

4. Financials Overview

Let’s check out the quarterly performance. Spoiler alert: there’s more “Other Income” than operations.