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?
Metric | FY23 | FY24 | FY25 |
---|---|---|---|
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 |
ROE | 0.00% | 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
Metric | Value |
---|---|
Book Value/Share | ₹10.8 |
CMP | ₹57.4 |
Price / Book | 5.3x |
P/E | Not 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
Year | Equity Capital | Borrowings | Investments | Total 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
Year | CFO | CFI | CFF | Net 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
FY | Sales (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?
Company | ROE % | P/E | CMP/BV | NP Qtr (₹ Cr) | Delisting Risk |
---|---|---|---|---|---|
Haryana Fin. | 0.00% | NA | 5.32x | ₹0.15 Cr | ✅ Yes |
IFCI | 2.60% | 99.1x | 1.96x | ₹260 Cr | ❌ No |
HUDCO | 15.67% | 17.1x | 2.57x | ₹727 Cr | ❌ No |
So yeah, even IFCI looks like Berkshire Hathaway compared to this.
11. 🕴️ Shareholding
Category | % Holding |
---|---|
Promoter | 99.36% |
Public | 0.53% |
DIIs | 0.09% |
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