1. At a Glance – The Confused Conglomerate With a 0.28 P/B Badge
₹893 crore market cap.
₹255 stock price.
Book value ₹923.
Price-to-book: 0.28.
ROCE: 6.55%.
ROE: 4.69%.
Debt: ₹535 crore.
TTM PAT: ₹-23.6 crore.
3-month return: -17.6%.
6-month return: -26.7%.
Welcome to Dhunseri Ventures Ltd, a 1916-born veteran that currently behaves like a modern-day experiment lab. Treasury investing? Yes. PET resin trading? Yes. Cupcakes in Singapore? Yes. BOPET and BOPP films? Also yes.
Latest Q3 FY26 quarterly numbers show:
- Sales: ₹71.68 crore
- Net Profit: ₹6.04 crore
- EPS: ₹1.73
- OPM: -59%
Yes, you read that right. Operating margin is deeply negative, but profit exists because “Other Income” walks in like a hero entry scene.
Is this undervaluation… or just valuation confusion?
Let’s investigate.
2. Introduction – The 109-Year-Old Startup
Dhunseri Ventures feels like that uncle who has invested in everything — stocks, tea gardens, petrochemicals, cupcakes, and now plastic films.
Founded in 1916.
Still evolving in 2026.
But here’s the twist:
The company earns money not just from business operations, but from treasury activities — investments, disposals, fair value changes, dividends, royalties, and interest income.
In FY24, revenue breakup looked like this:
- Manufactured goods: ~35%
- Traded goods: ~30%
- Fair value changes: ~11%
- Gain on disposal of investments: ~7%
- Royalty income: ~10%
- Interest income: ~5%
So the company isn’t just running factories. It’s running a financial portfolio.
Then came the drama:
- Twelve Cupcakes winding-up initiated.
- ₹2,625.83 lakh impairment in Q2 FY26.
- Panagarh BOPET expansion approved.
- ₹30 crore infused into BOPP line.
- Corporate guarantees issued.
- SEBI compliance penalties.
- Stake reshuffle among promoters.
Question for you:
Are you investing in a diversified business… or a restructuring story?
3. Business Model – WTF Do They Even Do?
Let’s decode this calmly.
1. Treasury Operations
They invest in shares and securities of corporate bodies.
Translation: Part investment company.
2. Trading (PET Resin)
They trade commodities like
