1. At a Glance
CMX Holdings Ltd is that one stock which shows up on your 6-month return filter (+240%) and immediately makes you doubt your screener settings. A ₹56.6 crore market cap company, zero operating revenue, negative net worth, and yet trading at nearly ₹50 per share — welcome to the Indian stock market’s version of abstract art.
In Q3 FY26 (Dec 2025), CMX reported zero sales, a net loss of ₹0.18 crore, and an EPS of -₹0.16. ROCE is sitting at a majestic -1,250%, which is not a typo — it’s a cry for help expressed in percentage terms. The balance sheet has negative reserves of ₹17.29 crore, borrowings of ₹6.76 crore, and total assets of just ₹0.91 crore as of Sep 2025.
Yet the stock is up 51% in 3 months and 240% in 6 months. Clearly, fundamentals took a long vacation, while corporate announcements decided to hit the gym daily.
This is not a company you “analyze” — this is a company you observe, like a science experiment where chemicals are mixed without a lab manual.
So what’s going on here? Why is a dormant ex-NBFC suddenly talking about ₹2,500 crore authorised capital and green energy dreams?
Let’s open the files. Slowly. With gloves.
2. Introduction – From SIEL to CMX: The Art of Corporate Reincarnation
CMX Holdings Ltd was earlier known as Siel Financial Services Ltd, incorporated in 1983 with the ambition of becoming a Non-Banking Financial Company. Ambition was present. RBI registration was not.
The company applied for NBFC status. The RBI politely declined — by never issuing a certificate. Since then, CMX has been operationally dormant for years. No lending business. No financial services. No meaningful employees. Just a few Key Managerial Personnel to keep the lights on and the filings signed.
For most of the last decade, CMX’s “business model” has been:
- Recover old debtors
- Earn interest on fixed deposits
- Book occasional fair value gains
- File annual reports
- Survive
In FY21, 89% of income was interest on fixed deposits and 11% came from fair value gains. In recent years, even that has dried up.
But Indian markets have a soft corner for turnaround stories — especially those that start with:
- Change in promoter
- Board resignations
- MOA alteration
- Capital increase
- Buzzwords like platform, green energy, or technology
CMX has ticked every box. Multiple times.
So while the P&L sleeps, the corporate action section has been doing cardio.
3. Business Model – WTF Do They Even Do?
Let’s be honest: as of today, CMX
Holdings does not have an operating business.
Historically:
- Intended NBFC
- Never received RBI license
- Operations restricted to interest income and recovery
In June 2021, management announced plans to enter a new digital platform business involving:
- Survey reports
- Ratings
- Financial products
- Maintenance workers
- Business networking for manufacturers, suppliers, partners, and consumers
Total project cost was estimated at ₹90–95 lakh, and CMX paid ₹18 lakh as advance to DAIS World Endeavour Pvt Ltd for software development.
Fast forward to FY26 — there is no visible revenue, no operating traction, and no segment reporting that suggests this project has gone anywhere beyond PowerPoint.
Recently, the company has proposed:
- Alteration of MOA
- Increase in authorised capital to ₹2,500 crore
- Name change proposal to RIWIND GREEN ENERGY
Yes, from zero revenue finance shell to green energy giant — that escalated quickly.
Right now, CMX’s business model can be best described as:
“Corporate optionality with no execution.”
Does that mean something could happen? Possibly.
Does it mean something has happened? Absolutely not.
4. Financials Overview – The Sound of Zero Revenue
Quarterly Comparison (Figures in ₹ Crores)
| Metric | Latest Qtr (Dec 25) | YoY Qtr (Dec 24) | Prev Qtr (Sep 25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 0.00 | 0.00 | 0.00 | 0% | 0% |
| EBITDA | -0.08 | -0.13 | -0.15 | NA | Improvement |
| PAT | -0.18 | -0.14 | -0.21 | -28.6% | Improvement |
| EPS (₹) | -0.16 | -0.12 | -0.19 | -33% | Improvement |
Annualised EPS (Q3 rule)
Average of Q1, Q2, Q3 EPS × 4
≈ -₹0.52, which matches TTM reality.
Commentary
- Revenue has achieved nirvana (absolute zero)
- Losses fluctuate based on how expensive compliance was that quarter
- Any “improvement” is mathematical, not operational
If financials were a heartbeat monitor, this would be a flat line with minor electrical noise.
5. Valuation Discussion – Fair Value Range Only
Let’s be very clear: CMX cannot be valued using traditional metrics
