1. At a Glance – When Advisory Firm Starts Printing Steel Profits
Market Cap: ₹955 Cr.
Current Price: ₹47.4
P/E: 15.8
Book Value: ₹32.8
ROE: 7.05%
ROCE: 7.37%
Debt: ₹62.5 Cr
Debt to Equity: 0.09
Promoter Holding: 65.8%
And then comes the masala.
For Q3 FY26 (Dec 2025), Fedders Holding reported:
- Revenue: ₹80 Cr
- Net Profit: ₹37 Cr
- EPS: ₹1.82
- Profit growth: 888% YoY
- Other Income in TTM: ₹74 Cr
Yes, you read that correctly. Revenue of ₹80 Cr and profit of ₹37 Cr in a quarter. That’s a net margin that would make even software companies blush.
But here’s the plot twist — consolidated review is qualified and ₹26.44 Cr income has been questioned in the latest filing.
So what exactly is Fedders Holding?
A real estate advisory firm?
A steel manufacturer?
A turnaround distressed asset wizard?
Or a Bollywood script in financial format?
Let’s investigate.
2. Introduction – From IM+ Capitals to Fedders Holding: The Rebranding Era
In June 2024, the company changed its name from IM+ Capitals Limited to Fedders Holding Limited.
Registered office moved from Connaught Place, Delhi to Ghaziabad, UP.
Authorized capital increased from ₹23 Cr to ₹27 Cr.
Warrants worth ₹98.9 Cr were issued on a preferential basis.
That’s not evolution. That’s a full character transformation.
Originally positioned as a corporate advisory and transaction consulting firm focused on real estate and distressed debt resolution, the company now also controls a wholly owned subsidiary — Fedders Electric and Engineering Limited (FEEL) — which is into iron ore mining, beneficiation, billet production and developing a 1.5 MTPA TMT plant in Odisha.
Advisory plus steel manufacturing.
Consultancy plus mining exports to Switzerland, Singapore, Hong Kong and Dubai.
Tell me honestly — when you hear “Holding Ltd”, what do you expect? A sleepy NBFC? Or an iron ore exporter with global clients?
The business identity is not confusing.
It’s ambitious.
But ambition in balance sheets needs clarity.
And Q3 numbers just added more suspense.
3. Business Model – WTF Do They Even Do?
Officially, Fedders Holding is a corporate and transaction advisory company.
Services include:
- Fundraising consultancy
- Asset management
- RERA consulting
- Real estate transaction advisory
- Sales & marketing advisory
- Financial services
Revenue mix FY24:
- Sale of projects/manufacturing goods ~90%
- Sales of services ~2%
- Interest income ~2%
- Other non-operating income ~6%
Wait.
If this is advisory-focused, why is 90% coming from manufacturing goods?
Because the real engine is
