1. At a Glance – The 112-Year-Old Snoozing Lion 🦁
Industrial & Prudential Investment Company Ltd is that rare BSE-listed creature which was born in 1913, survived two World Wars, license raj, Harshad Mehta, dot-com bubble, global financial crisis — and is still quietly compounding money like your grandfather’s forgotten FD… but with better jokes.
Market cap sits at ₹846 Cr, current price ₹5,050, and price-to-book is a smug 1.01x — basically saying “I am my balance sheet.”
No debt. Zero. Nada. Zilch. Even RBI feels underleveraged looking at this.
Latest Q3 FY26 PAT came in at ₹15.8 Cr, up 8.16% YoY, while sales dipped (because this is not a FMCG company selling biscuits). EPS for the quarter stood at ₹94.10. Dividend yield? 2.18%, and history suggests they treat dividends like a religious ritual.
Stock is down 25.7% in 6 months, which tells you markets prefer flashy growth stories over boring investment companies that actually make money.
So the question: is this a sleeping compounder or just a rich uncle who refuses to hustle?
2. Introduction – This Is Not a Business, This Is a Balance Sheet With Feelings
Industrial & Prudential Investment Company Ltd (IPICL) is not here to sell loans aggressively, cross-sell insurance, or launch an app with 2 downloads. It exists for one purpose: long-term capital preservation and compounding through equity investments.
Classified as a Non-Systemically Important, Non-Deposit Taking NBFC, IPICL doesn’t take public deposits, doesn’t borrow, and doesn’t play leverage roulette. It mostly invests surplus capital into equities, mutual funds, and associate companies.
Revenue doesn’t come from “customers” — it comes from dividends, fair value gains, and occasional derivatives income. Which means quarterly volatility is baked in, and smooth growth is not guaranteed.
This is a company where PAT margin is 800%+, because expenses are basically pocket change. You
don’t analyze IPICL like a lender. You analyze it like a listed investment trust masquerading as a company.
So before judging growth, ask yourself:
Are you here for adrenaline… or quiet compounding?
3. Business Model – WTF Do They Even Do?
Let’s simplify this.
IPICL wakes up every morning, looks at its ₹867 Cr investment book, and decides whether to sit tight or reshuffle.
Core Activities:
- Investing in listed equity shares
- Holding strategic stakes in associate companies
- Parking money in mutual funds
- Minimal bill discounting and processing income (barely material)
FY23 Investment Mix:
- Equity instruments – ~54%
- Associate company investment – ~31%
- Mutual funds – ~15%
That associate company? KSB Limited, where IPICL owns ~21.55%. This single holding forms a significant chunk of net worth.
Parent control sits with Paharpur Cooling Towers Limited, which controls board composition. So governance is promoter-driven, not professional-manager driven.
In short:
IPICL doesn’t operate — it allocates capital.
Do you prefer companies that sell products… or companies that own other companies?
4. Financials Overview – Quarterly Reality Check
| Metric | Latest Qtr (Dec FY26) | YoY Qtr | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 1.43 | 1.58 | 2.00 | -9.5% | -28.5% |
| EBITDA | 1.22 | 1.34 | 1.78 | -9.0% | -31.5% |
| PAT | 15.77 | 14.58 | 17.04 | 8.2% | -7.5% |
| EPS (₹) | 94.10 | 87.00 | 99.71 | 8.2% | -5.6% |
Annualised EPS (Q3 rule):
Average of Q1, Q2, Q3 EPS × 4
But
