🪦 Haryana Financial Corp: A Dead Company That Still Trades at ₹1,200 Cr?

🪦 Haryana Financial Corp: A Dead Company That Still Trades at ₹1,200 Cr?

At a Glance

A government-run NBFC that stopped lending in 2010. No business. No growth. ₹0.07 Cr revenue in FY25. But still trading at a ₹1,193 Cr market cap because… India mein kuch bhi ho sakta hai.


1. 🧊 Introduction: Zombie Stock Alert

Imagine a company that hasn’t given a loan in 15 years, posts a loss in most quarters, doesn’t generate revenue, and still commands a market cap of ₹1,193 Cr.

Welcome to Haryana Financial Corporation Ltd – India’s most expensive retirement plan.

This isn’t even a turnaround story. It’s a financial corpse that occasionally twitches due to operator manipulation or sheer retail delusion.


2. 💼 WTF Do They Even Do?

Let’s be clear.

  • Old Job: Sanction loans to small industries in Haryana.
  • New Job: Do nothing. Just recover leftover dues and file reports.
  • Assets: Some investments. A few crores left in receivables. That’s it.
  • Debt: Zero. Not because they repaid fast, but because they stopped borrowing after dying.

📉 Ceased lending: May 2010

🤝 Current business activity: Zero

🏚 Still running? Only on paper.


3. 📊 Financials: Where’s the Money, Lebowski?

MetricFY23FY24FY25
Revenue (Cr)₹2.32₹3.67₹0.42
Operating Profit (Cr)-₹1.96-₹0.65-₹5.27
Net Profit (Cr)₹0.72₹25.44-₹0.01
ROE0.00%0.00%0.00%
OPM %-84.5%-17.7%-1,254.7%

Let’s take a moment to admire that last OPM number. Even Ponzi schemes look more profitable than this.


4. 💸 Valuation: This Is Crack, Not Value

MetricValue
Book Value/Share₹10.8
CMP₹57.4
Price / Book5.3x
P/ENot Applicable (loss-making)
Market Cap₹1,193 Cr

🚨 Fair Value Range: ₹5 to ₹10

Anything more is purely speculative fiction.


5. 🔥 What’s Cooking: Delisting, Winding Up, and Drama

In a “lol nothing matters” twist:

🪪 May 2025: Haryana Govt initiated winding up proceedings.

📉 Also filed for BSE delisting.

That’s right. The stock is on its way to becoming completely unlisted. But it still hits upper circuit like it’s Tata Elxsi.


6. 🧾 Balance Sheet: Static for a Decade

YearEquity CapitalBorrowingsInvestmentsTotal Assets
FY14₹207.66 Cr₹62.01 Cr₹149.76 Cr₹417.89 Cr
FY25₹207.66 Cr₹0₹149.51 Cr₹256.91 Cr

Not much has changed in 12 years, except for the fact that no business exists.

It’s like a parked truck with its headlights still on.


7. 💰 Cash Flow: Even God Said No

YearCFOCFICFFNet Cash
FY23-₹4.97 Cr₹0.04 Cr₹4.42 Cr-₹0.51 Cr
FY25-₹5.21 Cr₹2.97 Cr₹2.44 Cr₹0.19 Cr

The company is using random scraps of income (like dividend and interest on past investments) to meet basic expenses.


8. 📉 Ratios: Math Students, Shield Your Eyes

  • Working Capital Days: 41,853 🤯
  • ROCE (FY25): 0.03%
  • ROE: 0.00%
  • Dividend: LOL no.

This is less “business” and more “retirement home for idle assets”.


9. 🧾 P&L Breakdown

FYSales (Cr)Operating Profit (Cr)Net Profit (Cr)
FY22₹32.07₹22.43₹21.72
FY23₹2.32-₹1.96₹0.72
FY24₹3.67-₹0.65₹25.44
FY25₹0.42-₹5.27-₹0.01

That FY24 profit spike? One-off “other income”. Not repeatable. Definitely not sustainable.


10. 🤼 Peer Comparison: Who Else Is Useless?

CompanyROE %P/ECMP/BVNP Qtr (₹ Cr)Delisting Risk
Haryana Fin.0.00%NA5.32x₹0.15 Cr✅ Yes
IFCI2.60%99.1x1.96x₹260 Cr❌ No
HUDCO15.67%17.1x2.57x₹727 Cr❌ No

So yeah, even IFCI looks like Berkshire Hathaway compared to this.


11. 🕴️ Shareholding

Category% Holding
Promoter99.36%
Public0.53%
DIIs0.09%

Public shareholders? Barely exist.

But somehow there’s always volume when the stock spikes 5%.

🤔 You do the math.


12. ⚠️ EduInvesting Verdict™

This is a literal zombie company.

  • No business
  • No future
  • Delisting in process
  • But trading at ₹1,193 Cr market cap

Why?

Because “public sector stock” + “low float” + “irrational operators” = 🚀

This isn’t investing. It’s hot potato with SEBI watching.


🧮 FV Range

Fair Value: ₹5 – ₹10/share

Based on liquidation value of investments + remaining receivables.

Anything above this is a hallucination, not a valuation.


✍️ Written by Prashant | 📅 July 3, 2025

Tags: Haryana Financial Corporation, delisting stocks, PSU zombies, stock manipulation, penny stock bubbles, EduInvesting

Prashant Marathe

https://eduinvesting.in

Leave a Comment

Popular News

Disclaimer: Eduinvesting articles are for informational and educational purposes only. It is not investment advice, nor a recommendation to buy or sell any securities. Always do your own research or consult a SEBI-registered professional.

© 2025 EduInvesting.in – All rights reserved.
Finance news, market sarcasm, and stock market commentary delivered daily with zero jargon and maximum masala.

Built by humans. Powered by chai. Inspired by FOMO.

error: Content is protected !!
Scroll to Top