1. At a Glance
SIL Investments Ltd is that quiet kid in the classroom who never raises his hand, sits on a mountain of books, and still tops the exam when nobody is watching. At a market cap of roughly ₹489 crore and a current price hovering around ₹461, the stock trades at a jaw-dropping 0.17x book value while holding investments worth over ₹3,100 crore on the balance sheet. Yes, you read that right. Price-to-book so low it feels like a typo, but sadly, it isn’t.
The latest quarter ended December 2025 delivered ₹27.2 crore revenue, ₹25 crore operating profit, and ₹20 crore PAT, translating into an operating margin of over 90%. This isn’t a startup chasing EBITDA positivity; this is a cash-generating investment company chilling with dividends, interest income, and long-term equity stakes. The stock, however, is down 23% over three months and 17% over one year, reminding us that markets can ignore value longer than Indian weddings run.
So what’s the catch? Low ROE, sleepy capital allocation, and a business model that makes excitement illegal. But if valuation gaps made noise, SIL Investments would be screaming. Curious yet? Good. Let’s dig.
2. Introduction
SIL Investments Ltd is not your typical NBFC that screams growth, loan disbursement targets, or fintech buzzwords. This is a Systemically Important Non-Deposit Accepting NBFC that behaves more like a family office with a listed ticker.
Founded in 2009, SIL Investments has quietly built a sprawling portfolio of equity investments, both quoted and unquoted, preference shares, bonds, AIFs, mutual funds, and even property investments. Lending is technically part of the business model, but practically speaking, it has been on vacation. In FY23, loan disbursements were zero. Nada. Zilch.
Instead, the company makes money the old-school way: dividends, interest, and occasional profits from selling investment properties. In FY23, 72% of revenue came from dividends, which tells you everything about management’s temperament. No adrenaline. No drama. Just chai, dividends, and patience.
But here’s the paradox. Despite a book value of over ₹2,700 per share, the stock trades below ₹500. That’s not undervaluation; that’s market apathy doing yoga. The obvious question is: is this a hidden gem or a capital efficiency nightmare?
3. Business Model – WTF Do They Even Do?
Imagine running a company where you own pieces of other companies and collect dividends like rent. That’s SIL Investments in a nutshell.
The company operates primarily as an investment holding and lending
entity, though lending has been more theoretical than practical in recent years. Its investment portfolio includes stakes in well-known listed entities like Avadh Sugar & Energy, Chambal Fertilisers & Chemicals, Ganges Securities, and Magadh Sugar & Energy. These aren’t meme stocks; these are old, cash-generating, boring-but-profitable businesses.
SIL also has a complex subsidiary structure. One overseas subsidiary in Singapore – SIL International Pte. Ltd. – and four domestic subsidiaries involved in investments and property holdings. In September 2023, SIL pumped additional capital into the Singapore arm, subscribing to equity shares worth USD 10 lakh and SGD 22,000. Why Singapore? Because that’s where Indian capital goes when it wants to feel global.
Operationally, the company has almost no fixed costs. No factories. No warehouses. Barely any depreciation. That’s why operating margins regularly flirt with 80–90%. But this asset-light nirvana comes at a cost: low return on equity. When you sit on ₹3,000+ crore of assets and generate ₹40–45 crore of annual profits, ROE politely refuses to cooperate.
Would you rather own a Lamborghini and drive it at 20 kmph? That’s SIL Investments.
4. Financials Overview
Quarterly Performance Snapshot (Q3 FY26 – Consolidated, ₹ Crore)
| Metric | Latest Qtr | YoY Qtr | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 27.2 | 22.3 | 29.0 | 21.7% | -6.2% |
| EBITDA | 25.0 | 18.0 | 26.0 | 38.9% | -3.8% |
| PAT | 19.5 | 13.9 | 20.1 | 40.9% | -3.0% |
| EPS (₹) | 18.37 | 13.03 | 18.44 | 40.9% | -0.4% |
Annualised EPS Rule Applied: Q3 EPS = Average of Q1, Q2, Q3 × 4
Based on trailing data, TTM EPS stands at ₹41.74.
The numbers look solid. Growth is healthy. Margins are absurdly high. But notice something? Revenue is lumpy. That’s because dividend income doesn’t arrive with clockwork precision. One quarter you look like Warren Buffett. Next quarter you look like
