1. At a Glance – Tiny NBFC, Big Drama
Thirani Projects Ltd is one of those stocks that looks harmless on the surface and then casually drops a plot twist every few quarters. Market cap of roughly ₹8.8 Cr, stock trading around ₹4.35, price-to-book at 0.7x, and a headline P/E of ~9.5x—on paper, this looks like a value investor’s stray puppy 🐶. But wait.
This is a Non-Systemically Important, Non-Deposit Taking NBFC, meaning no deposits, no systemic risk, and also no one really watching closely. Q3 FY26 numbers show ₹0.26 Cr revenue, ₹0.16 Cr PAT, and operating margins north of 50%—which sounds impressive until you realise the base is so small that even a chaiwala’s daily sales can move the YoY needle.
Add to that:
- Promoters exited completely in Sep 2025
- Voluntary delisting from Calcutta Stock Exchange
- Loan book and investment book both shrinking
And suddenly this “boring finance company” starts behaving like a crime thriller that pretends to be a documentary. Curious already? Good. Keep reading.
2. Introduction – Welcome to the NBFC That Time Forgot
Incorporated in 1983, Thirani Projects Ltd has survived more market cycles than most of us have survived diets. The company operates in investing and financing, focusing on unsecured loans and equity investments—both quoted and unquoted.
But here’s the catch:
This is not Bajaj Finance.
This is not even a mini Bajaj Finance.
This is a micro NBFC with annual revenues under ₹1 Cr, running more on legacy balance sheet items than aggressive growth strategy.
Yet, despite negligible scale, the company has managed to:
- Stay listed for decades
- Generate accounting profits (most years)
- Maintain very low leverage
- And then suddenly… promoters dumped the entire stake in 2025.
Why would promoters leave a profitable, debt-light NBFC trading below book value?
Was it boredom? Strategy? Or something they didn’t want to babysit anymore?
Before you jump to conclusions, let’s understand what this company actually does.
3. Business Model
– WTF Do They Even Do?
Explaining Thirani Projects’ business model is easy. Understanding why it exists in this form is harder.
Core activities:
- Unsecured lending (very small ticket)
- Investments in equity shares (quoted & unquoted)
- Earning interest income (≈99% of revenue in FY24)
There’s no flashy retail lending app.
No co-lending with banks.
No gold loans, MSME loans, or consumer finance hype.
This is a balance-sheet NBFC, operating like:
“We have some money, we’ll lend a bit, invest a bit, and not make noise.”
In FY24:
- Loan disbursement: ₹1.09 Cr (up ~4.5% YoY)
- Equity investments: ₹1.26 Cr (down ~48% YoY)
Translation?
They are shrinking risk, not expanding it.
So ask yourself:
Is this a company preparing for growth… or preparing for retirement?
4. Financials Overview – Numbers That Look Better Than They Are
Result Type Detected: Quarterly Results (Q3 FY26)
→ EPS annualisation locked accordingly.
Quarterly Performance Table (₹ Cr)
| Metric | Latest Qtr (Dec’25) | YoY Qtr (Dec’24) | Prev Qtr (Sep’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 0.26 | 0.21 | 0.26 | 23.8% | 0% |
| EBITDA | 0.14 | 0.12 | 0.16 | ~17% | -12% |
| PAT | 0.16 | 0.12 | 0.08 | 33.3% | 100% |
| EPS (₹) | 0.08 | 0.06 | 0.04 | 33.3% | 100% |
Annualised EPS (Q3 Rule):
Q1 EPS (Jun’25): 0.08
Q2 EPS (Sep’25): 0.04
Q3 EPS (Dec’25): 0.08
Average = 0.0667 → Annualised EPS ≈ ₹0.27
Sounds decent? Remember, this is on a ₹4.35 stock, so small absolute changes swing ratios wildly.
Question for you:
Would you trust a business where ₹5–10 lakh
