1. At a Glance – The Corporate Equivalent of “Seen, Not Heard”
Mask Investments Ltd is that stock which exists on the NSE, files results on time, has a proper website, promoters with surnames that sound serious, and yet manages to generate quarterly revenue of just ₹0.03 crore while sitting on total assets of ₹91.20 crore. At a market cap of ₹50.5 crore and a current price of ₹165, this company trades at 0.56x book value, which sounds cheap until you realise the book mostly consists of investments that politely refuse to generate returns. The stock is down ~40% over one year, up ~12% over three months, and overall behaves like a confused yoga instructor — sometimes flexible, mostly stationary. ROE is a heroic 0.02%, ROCE is 0.04%, and PAT for the latest quarter is exactly ₹0.00 crore, which is technically accurate and philosophically painful. Debt stands at ₹0.75 crore, so yes, almost debt-free — because even lenders seem uninterested. Latest results show the company firmly committed to survival, not growth. Curious already, or still pretending this is normal?
2. Introduction – Welcome to the Ghost Town of Finance
Mask Investments Ltd was incorporated in 1992, back when liberalisation was new, Harshad Mehta was still a dinner-table topic, and investment companies were fashionable dinner guests. Fast forward to FY26, and Mask Investments is still around — which itself is an achievement — but with business momentum that can only be detected using emotional sensors, not financial ones.
Once registered as a Non-Banking Financial Company, the company lost its NBFC status in July 2018 due to non-attainment of Net Owned Funds. RBI basically said, “Boss, this is not enough,” and Mask politely surrendered its certificate in January 2019. Since then, it operates as an investment company without the regulatory glamour of being an NBFC — like a former IAS officer running a chai tapri.
Despite this, the company continues to invest in quoted and unquoted securities, real estate, shares, bonds, and debentures. Income mainly comes from interest on loans and dividends from group companies. In FY22, revenue was split almost perfectly — 49% interest income, 51% dividend income — proving diversification, if not scale.
The company is promoter-heavy (72.25%), public-light, and ambition-moderate. Management changes happened in
2022, but business performance politely ignored that excitement. So the big question: is this a sleeping investment vehicle or just… awake but unemployed?
3. Business Model – WTF Do They Even Do?
Mask Investments does what its name suggests — invests. Not manufactures, not lends aggressively, not flips real estate on Instagram reels. It simply parks money into investments and waits. Sometimes patiently. Sometimes eternally.
The company invests in quoted and unquoted securities, including group companies. It also earns interest from loans and advances given to others. There is no fancy fintech layer, no aggressive balance sheet churn, no credit growth narrative. This is old-school investing — like your uncle who bought shares in the 90s and still hasn’t sold because “beta, market upar jaayega.”
There are no operating segments, no customer concentration risks, because there are barely customers. There are no raw materials, no supply chain issues, no capex cycles. Just investments sitting on the balance sheet, quietly judging you.
The irony is that with ₹89.75 crore of investments as of Sep 2025, the company generated ₹0.10 crore of sales on a TTM basis. That’s not capital efficiency; that’s capital meditation. Would you call this patience or paralysis?
4. Financials Overview – Numbers That Whisper, Not Shout
Result Type Locked: Quarterly Results
EPS Annualisation Rule: Latest EPS × 4
Quarterly Performance Comparison (₹ in Crores, EPS in ₹)
| Metric | Latest Qtr (Sep 2025) | YoY Qtr (Sep 2024) | Prev Qtr (Jun 2025) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 0.03 | 0.35 | 0.03 | -91.43% | 0.0% |
| EBITDA | 0.00 | 0.03 | -0.04 | -100% | NA |
| PAT | 0.00 | 0.03 | -0.04 | -100% | NA |
| EPS (₹) | 0.00 | 0.10 | -0.13 | -100% | NA |
