1. At a Glance – The Most Confused NBFC in Dalal Street?
Market Cap: ₹107 Cr
Current Price: ₹58.8
Book Value: ₹7.75
Price to Book: 7.57x
ROE: -10.1%
ROCE: -10.1%
Debt: ₹0.00 Cr
Q3 FY26 Revenue: ₹0.00 Cr
Q3 FY26 PAT: ₹-1.65 Cr
3-Month Return: -3.23%
Ladies and gentlemen, presenting Jagsonpal Services Ltd — a company that reported ₹0 revenue in the latest quarter, posted a ₹1.65 crore loss, and is still trading at 7.57 times book value.
Zero sales. Negative profits. Premium valuation.
If this were a restaurant, they’d have no customers, no food, and still charge five-star prices.
But wait. There’s drama. Name change. Promoter reshuffle. Auditor replacement. Exit from lending business. Acquisition of an NBFC. CTO appointment. Preferential allotment of ₹15.88 crore.
This isn’t a financial company. This is a Netflix mini-series.
So what exactly is going on here?
Let’s open the files.
2. Introduction – From Finance & Leasing to “Services”
Incorporated in 1991, Jagsonpal Finance & Leasing Ltd was originally a Non-Systemically Important Non-Deposit NBFC. Fancy title.
Reality? It traded in equities and commodities and did a bit of leasing.
But here’s the twist.
The company has admitted operational difficulty in continuing leasing and hire purchase activities. Lending business? Almost negligible. Loan book in FY24? ₹13.253 lakh. Yes, lakh. That’s not a typo.
Revenue in FY24 came only from capital market operations — and was ~948% higher than FY23.
When 948% growth happens on a tiny base, even ₹1 looks like a rocket.
Now let’s fast forward to 2025–26:
- Name changed to Jagsonpal Services Limited.
- Plans to exit finance business.
- Acquisition of Welcast Finstocks NBFC approved (subject to RBI approval).
- ₹15.88 crore preferential equity issue.
- Promoter change.
- New auditors.
- New CTO.
Is this transformation… or desperation?
And more importantly — does the balance sheet support this makeover?
3. Business Model – WTF Do They Even Do?
Originally: Finance leasing, equity trading, commodity trading, merchant banking services, inter-corporate deposits, project services, secretarial services.
Currently:
Main activity is sale & purchase of equity and trading in commodities. Lending? Negligible.
Let’s translate that.
They used to be an NBFC.
Now they’re basically a
