1. At a Glance – Blink and You’ll Miss the Business
₹266 Cr market cap. ₹147 stock price. ₹4.53 Cr TTM sales. ₹5.83 Cr TTM profit.
Yes, you read that right. This is not a typo, this is S V Global Mill Ltd, a company that proudly sits in the Realty sector while behaving like a dividend-hungry family office wearing a listed-company badge.
Latest Q3 FY26 numbers?
- Sales: ₹0.55 Cr (down 64.5% YoY, because why not)
- PAT: ₹6.5 Cr (up 1,126% YoY, thanks to other income magic 🪄)
- Operating Margin: –390% (that’s not a margin, that’s a cry for help)
ROE at 0.58%, ROCE at 1.48%, debt at zero, and debtor days at a casual 1,666 days. That’s not working capital, that’s historical preservation.
The stock trades at ~30× annualised earnings (we’ll show the math), with a Price to Book of 4.07×, despite returns that barely beat a fixed deposit’s sneeze.
So what exactly is the market paying for here — real estate, finance, nostalgia, or optionality on land sales and dividends?
Let’s open the file. 🕵️♂️
2. Introduction – A Real Estate Company That Refuses to Real Estate
S V Global Mill Ltd was incorporated in 2007 and claims to operate in real estate. On paper, it develops commercial complexes, multiplexes, housing, and warehouses. In reality, if you look at the revenue mix, this company makes more money from dividends and inter-corporate deposits than from actual properties.
FY23 revenue breakup is the biggest spoiler:
- Dividend income: ~40%
- Interest on ICDs: ~39%
- Rental income: ~17%
- Interest receipts & tax refunds: rounding errors
That’s not a real estate business model. That’s “Uncle ji ka treasury management”, now listed on BSE.
There’s also a subsidiary, S V Global Finance Pvt Ltd, which operates as a Non-Systemically Important, Non-Deposit Taking NBFC — basically a lending cousin who doesn’t want RBI attention.
And then there are legacy issues. The group inherited litigations linked to erstwhile Binny Limited, with wealth tax demands of ₹12.63 Cr (₹2 Cr already paid,
rest contested). Nothing screams corporate karma like unresolved cases from a textile empire’s afterlife.
So before we even touch valuation, ask yourself:
👉 Are you valuing a real estate company, an NBFC, or a holding structure monetising old assets very slowly?
3. Business Model – WTF Do They Even Do?
Let’s simplify this for a lazy but intelligent investor.
Step 1: Own Assets
S V Global Mill holds land, buildings, and investments accumulated over decades via the Binny group lineage.
Step 2: Don’t Use Them Aggressively
Instead of developing, selling, or scaling aggressively, the company prefers:
- Leasing out properties
- Parking money in inter-corporate deposits
- Collecting dividends from investments
- Occasionally selling land when pressure mounts
Step 3: Keep Costs Low, Ambition Lower
There’s no aggressive project pipeline disclosed. No launch schedules. No booking numbers. No area under development updates. Just balance sheet preservation mode.
Step 4: Let “Other Income” Do the Heavy Lifting
When operating profit collapses, other income walks in like Salman Khan’s entry music and saves PAT.
In Q3 FY26:
- Operating loss: ₹2.15 Cr
- Other income: ₹11.30 Cr
- Net profit: ₹6.50 Cr
So yes, profits exist — but not because the core business is thriving.
Now ask yourself honestly:
👉 Is this a business… or a trust fund with quarterly disclosures?
4. Financials Overview – The Table That Explains Everything
EPS Annualisation (Q3 Rule)
- Jun 2025 EPS: 0.48
- Sep
