1. At a Glance – The NBFC That Sells More Oil Than Loans
Optimus Finance Ltd is currently priced at ₹14.1 with a market cap of ₹105 Cr. On paper, it’s a Non-Deposit Taking NBFC. In reality? It’s a ₹175 Cr revenue machine that makes most of its money from lubricants and petrochemicals. Yes, you read that right.
Q3 FY26 revenue came in at ₹43.73 Cr with PAT of ₹2.09 Cr. EPS for the quarter stands at ₹0.17. Stock P/E is 18.7, price-to-book is 1.71, and ROE is 11.9%.
But here’s the twist — over the last 6 months, the stock is down 42.5%. One-year return: -30.2%.
So we have:
- Decent growth historically
- Falling stock price
- Expanding balance sheet
- And an NBFC that behaves like a trading company
Intrigued yet? Good. Because this isn’t your regular finance company. This one wears multiple costumes.
2. Introduction – The Identity Crisis Ltd.
Optimus Finance was incorporated in 1991. It calls itself a Non-Deposit Taking NBFC.
Sounds straightforward. Right?
But when you look deeper, things get interesting.
The company deals in:
- Investment in marketable securities
- Mutual funds
- Financing activities
- And through subsidiaries… trading lubricants, base oils, and petrochemical products
Wait. What?
In FY22:
- 98% of segment revenue came from Manufacturing & Trading in Lubricants and Petrochemicals
- Only 2% came from Financing & Investing
So the big question is:
Are we looking at a finance company?
Or a petrochemical trading business wearing an NBFC badge?
Because the numbers don’t lie.
Revenue growth over 5 years: 37% CAGR
Profit growth over 5 years: 29% CAGR
But TTM profit growth: -12%.
So momentum is wobbling.
And the stock? It has corrected heavily.
Is the market confused? Or just cautious?
Let’s investigate like financial detectives.
3. Business Model – WTF Do They Even Do?
Officially: NBFC.
Practically: Hybrid animal.
1️ Investment & Financing
They invest in:
- Stock markets
- Real estate
- Project finance
Sounds normal.
2️ Trading Business via Subsidiaries
Subsidiaries in:
- Sharjah
- Nairobi
- Ras Al Khaimah
These subsidiaries deal in lubricants and petrochemical products.
Now pause.
In FY22:
- 92% revenue came from Sale of Products
- 1% from Sale of shares
- 5% from Other
