1. At a Glance – ₹1 Price, ₹134 Cr Market Cap, Big Dreams, Bigger Paperwork
Tilak Ventures Ltd is that classic Indian microcap that looks harmless at ₹1 but quietly carries a ₹134 crore market cap, a freshly printed truckload of equity shares, and enough related-party transactions to make auditors develop a twitch. As of the latest data, the stock trades at ₹1, down ~42% in 3 months and ~45% over 1 year, while simultaneously telling investors a story of profit growth, zero debt, and “finance & commodity trading” ambitions.
On paper, FY25 PAT stands at ₹7.30 crore, ROE is 5.8%, ROCE 7.55%, and debt is officially zero. Sounds neat. But zoom in and you’ll notice that Other Income alone is ₹7.70 crore, which means operating profits are doing the bare minimum while the treasury desk is pulling most of the weight.
Then there’s the ₹89.14 crore rights issue, completed in January 2026 at ₹1 per share, exploding the equity base to 133.7 crore shares. Add ₹200 crore approved related-party transactions, a SEBI penalty with a 6-month market ban, and two auditor resignations in two years, and suddenly this ₹1 stock doesn’t look cheap — it looks busy.
So the real question:
Is Tilak Ventures a misunderstood finance company… or a balance-sheet-heavy soap opera? Let’s open the files.
2. Introduction – Welcome to the World of “Finance + Commodities + Other Income”
Tilak Ventures Ltd was incorporated in 1980, which means it has survived licence raj, Harshad Mehta, Ketan Parekh, global financial crises, and the rise of Zerodha. Longevity is not the issue here.
The issue is clarity.
The company describes itself as being involved in:
- Long-term equity investments
- Commodity trading
- Finance services
In reality, FY24–FY25 revenue looks like a buffet where every dish is cooked by a different chef:
- Finance business
- Commodity trading
- Gold sales
- High-seas commodity trades
- Investment income
- Interest on fixed deposits
This is
less “focused NBFC” and more “whatever makes money this year”.
And yet, the company has recently:
- Increased authorised share capital aggressively
- Raised nearly ₹89 crore via rights issue
- Approved ₹200 crore of related-party transactions
- Bought a 51% stake in a startup subsidiary selling office supplies online
All this while the stock price politely slid from ₹2+ levels to ₹1.
If companies were people, Tilak Ventures would be that uncle who says “sab manage ho jayega” while opening three new bank accounts and selling gold in the background.
Curious already? You should be.
3. Business Model – WTF Do They Even Do?
Let’s simplify Tilak Ventures’ business model the way a tired CA would explain it to a client at 9 pm.
Segment Split (FY24)
- Commodity Trading – 56%
- Finance Business – 44%
Revenue Sources FY24
- Other Operating Income – 36%
- Income from Investments – 20%
- High Seas Commodity Sales – 23%
- Sale of Gold – 14%
- Sale of Goods – 5%
- Interest on Term Deposits – 2%
This is not a lending-led NBFC.
This is not a pure investment company.
This is not a commodity specialist.
This is a multi-purpose financial entity whose earnings depend heavily on:
- Market conditions
- Trading margins
- Investment income
- And yes… related parties
The finance business doesn’t scale like Bajaj Finance. The commodity trading doesn’t scale like MMTC. So
