1. At a Glance – This Stock Didn’t Move, It Teleported
₹217 crore market cap.
₹586 current price.
3-month return: 59%.
1-year return: 16,945%. Yes, you read that right.
Stock P/E: 8.2.
ROCE: 107%.
ROE: 81.9%.
Debt: ₹0 crore.
And then comes the plot twist.
September 2025 quarter showed revenue of ₹41.05 crore and EPS of ₹78.98.
December 2025 quarter? Revenue collapsed to ₹1.24 crore and EPS went to -₹12.53.
So what is this company — a consulting firm, a soon-to-be NBFC, or a Bollywood scriptwriter testing your emotional stability?
This is not a gradual growth story. This is a financial rollercoaster with no seatbelt.
Curious? Good. Let’s open the file.
2. Introduction – From Consultancy to NBFC Dreams
Incorporated in 1991, Stellant Securities (India) Ltd started life as a consultancy services provider. Simple. Clean. Quiet.
For decades, the company’s revenue was barely visible on a microscope.
Then FY25 arrived.
Suddenly:
- Objects clause amended to include NBFC operations
- Investment & holding activities added
- Corporate finance advisory included
- 4:1 bonus issue announced
- Preferential allotments and warrants worth crores approved
Consultancy firm one day.
Aspiring NBFC-financial holding-advisory hybrid the next.
It’s like someone woke up and said:
“Consulting is boring. Let’s become a finance empire.”
But here’s the spicy part — despite adding NBFC operations to the MoA, during FY25 the company did not give any loans, guarantees, or make new investments.
So the structure is ready. The activity? Not yet.
Question for you:
Are we looking at transformation… or preparation for something bigger?
3. Business Model – WTF Do They Even Do?
Let’s simplify this.
Current Business (FY25)
Revenue breakup:
- 97% fee income
- 3% interest income on fixed deposits
So effectively:
They earn consulting fees and park surplus money in bank FDs.
That’s it.
No lending book.
No leasing.
No hire purchase.
No loan guarantees.
Even though the company amended its objects to do all of that.
So currently:
They are a consultancy firm with NBFC dreams but no loan book.
Now the interesting bit — in FY25 they also:
- Approved 4:1 bonus issue
- Raised funds through preferential allotment
- Approved warrants to promoters and non-promoters
You don’t usually raise capital aggressively unless you plan to deploy it.
So here’s the big question:
Are they preparing for a future lending/investment play?
Or was that September 2025
