CMX Holdings Ltd Q2 FY2025 – From Financial Ghost Town to ₹2,500 Cr Dreamland? The Corporate Makeover Nobody Saw Coming
1. At a Glance
What happens when a company that didn’t sell a single product for a decade suddenly dreams of becoming Riwind Green Energy with a ₹2,500 crore authorised capital? You get CMX Holdings Ltd — the artist formerly known as Siel Financial Services. Once a sleepy NBFC-wannabe stuck in RBI limbo, now reborn as a clean energy aspirant under new ownership.
The stock sits at ₹54.3 (as of Dec 3, 2025), with a market cap of ₹61.6 crore — which is ironic considering it wants to raise 40x that in authorised capital. The PAT this quarter? -₹0.21 crore, a 2200% dive from last year’s meagre profit, while sales remain ₹0.00 crore, maintaining its consistent record of selling nothing but dreams.
Despite zero operations, the stock is up 566% in 6 months and 137% in the last 3 months. Clearly, the market’s favorite new genre is “hope-based valuation.” ROCE of -1,250% and ROA of -263% make it one of India’s most loss-efficient companies.
Buckle up — because CMX Holdings isn’t just reinventing its name; it’s rewriting how to run a business without actually running one.
2. Introduction
Once upon a time, there was Siel Financial Services Ltd — a company that tried to be an NBFC but forgot one small detail: getting RBI approval. For years, it lived as a corporate zombie, collecting interest on old advances and pretending to have “operations.”
Then came 2021 — the era of “New India, New Promoters.” Mr. Parmeet Singh Sood and Mrs. Aveen Kaur Sood swooped in with an open offer at ₹2.25 per share. Fast-forward to 2025, the baton passed again, this time to Mr. Amay Vatsalya, who seems to have found value in the void.
Now renamed CMX Holdings, this company wants to morph into Riwind Green Energy Ltd, a name that screams ESG buzzwords loud enough to drown its balance sheet losses. With a postal ballot in November 2025 proposing a jump in authorised share capital to ₹2,500 crore, they’re dreaming big — or at least pretending to.
From leasing and loans to “survey reports, ratings, and financial platforms,” and now into “green energy,” CMX seems to have mastered the art of business reincarnation. The only thing consistent? The losses — proudly negative since forever.
3. Business Model – WTF Do They Even Do?
Here’s where it gets philosophical. CMX Holdings doesn’t “do” in the conventional sense — it mostly exists.
Originally set up in 1983 as Siel Financial Services, it was meant to handle leasing, bill discounting, and loans. Unfortunately, it never received its NBFC license from the RBI. Since then, the company’s “operations” have consisted of:
Realising old debtors and advances
Earning interest on fixed deposits
Collecting fair value gains on stock-in-trade
That’s it. No products, no employees (beyond a few KMPs), and no branches.
Then came a midlife crisis in 2021. The board announced plans to develop a new platform — “a business networking medium for manufacturers, suppliers, and consumers.” They even signed a ₹90–95 lakh software project with DAIS World Endeavour Pvt Ltd, paying ₹18 lakh in advance. But after that? Silence.
Now, in 2025, they’re chasing renewable energy glory. The new name “Riwind Green Energy” sounds fancy — like someone combined “Rewind” (for nostalgia) and “Wind Energy” (for buzz). Whether it actually sells power or just PowerPoint decks remains to be seen.
