1. At a Glance – One Paragraph, No Mercy
Riddhi Siddhi Gluco Biols Ltd (RSGBL) is that classic Indian stock which looks criminally cheap on Price-to-Book (0.23x), throws a ₹2,210 book value at your face, yet politely reminds you that ROE is -0.95% and operating margins are allergic to positivity. With a ₹371 Cr market cap, stock price of ₹520, and TTM EPS of ₹33.5, this company screams “deep value”… until you notice that ₹80+ Cr of earnings are from other income, not actual business hustle. Q3 FY26 numbers? Sales ₹40.08 Cr, PAT ₹0.09 Cr – yes, you read that right. The windmills are spinning, the trading desk is busy, but profits seem to arrive mostly via accounting side doors. Curious yet? Good. You should be.
2. Introduction – The Company With Too Many Jobs
Riddhi Siddhi Gluco Biols Ltd was incorporated in 1990, which means it has survived liberalisation, dotcom bubbles, global financial crises, pandemics, and still exists. That alone deserves respect.
But what exactly does it do?
That’s where things get spicy.
RSGBL is involved in:
- Wind power generation
- Trading of agricultural and metal commodities
- Loans, advances & inter-corporate deposits
- Bottling, kraft paper, starch businesses (historically)
In other words, this company is not a “focused specialist”. It’s more like that overqualified uncle who’s done engineering, trading, power generation, finance, and real estate discussions at weddings.
Promoted by the Chowdhary family, RSGBL is a subsidiary of Creelotex Engineers Pvt Ltd. Over the years, the company has trimmed fat (selling Shree Rama Newsprint, whose plant shut in FY21) and leaned more into financial income and trading, while wind energy plays the role of a stable but low-growth side hustle.
The big question investors must ask:
👉 Is this a misunderstood asset-heavy value play… or just a balance-sheet museum with
volatile earnings?
Let’s dig.
3. Business Model – WTF Do They Even Do?
Let’s simplify this multi-headed creature.
🌀 Wind Energy
RSGBL owns 33.15 MW of wind capacity:
- Tamil Nadu: ~28.5 MW
- Maharashtra: ~3 MW
- Gujarat: ~1.65 MW
Annual generation: 31.44 million units, sold to state DISCOMs.
This is predictable, boring, and low-margin. Wind doesn’t grow faster just because markets are bullish.
📦 Trading Business
This is the real volume engine:
- Agri commodities
- Metal commodities
In FY23:
- Trading contributed ~92% of segment revenue
- But margins? Thin as onion skin.
💰 Loans, ICDs & Other Income
Here’s the plot twist.
- 33% of FY23 revenue came from loans, advances & ICDs
- “Other Income” dominates profitability in multiple years
Translation:
👉 The company makes money more like a treasury operation than a manufacturing powerhouse.
Does this model work? Yes.
Is it exciting? Debatable.
Is it confusing? Absolutely.
Would you explain this business to a new investor without drawing diagrams? Think again.
4. Financials Overview – Numbers Don’t Lie, But They Do Smirk
📊 Quarterly Performance Table (₹ Cr)
| Metric | Latest Qtr (Dec FY26) | YoY Qtr (Dec FY25) | Prev Qtr (Sep FY26) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 40.08 | 135.52 | 32.10 | -70.4% | +24.9% |
| EBITDA | -5.52 | 2.48 | 1.56 | NM | NM |
| PAT | 0.09 | 6.43 | 13.76 | -98.6% | -99.3% |
| EPS (₹) | -2.23 | 9.28 | 18.99 | NM | NM |
Commentary:
This quarter deserves a slow clap. Revenue
