⚡ At a Glance
Hexa Tradex Ltd is a glorified investment and trading arm from the OP Jindal Group — listed, cash-heavy, and operationally ghosted.
- 🧊 FY25 Sales: ₹5 Cr
- 😵 FY25 Net Loss: ₹-25 Cr
- 🪙 Book Value: ₹811
- 💰 CMP: ₹188 (P/B = 0.23x)
- 🎭 ROE: -0.6%
- 💣 ROCE: 0.05%
- 🏢 Promoter Holding: 92.13%
- 🫥 Actual Business: Invisible
🏭 WTF Do They Even Do?
Honestly? We’re not 100% sure, and neither is Hexa Tradex.
Officially, they do:
- Trading of random materials: chemicals, metals, discarded parts, edible oils, machinery, obsolete goods (seriously).
- Financing/investments in group companies (read: parking cash for Jindal SAW & co).
Think of it like a D-Mart — except the aisles are empty, cash counters are shut, but Mukesh Bhai keeps topping up the cash drawer for vibes.
📉 Financial Performance – Disappearing Revenues, Phantom Profits
| Year | Sales (₹ Cr) | Net Profit (₹ Cr) | OPM | ROE |
|---|---|---|---|---|
| FY22 | 0 | -25 | – | -0.6% |
| FY23 | ₹1 | -26 | -621% | -0.6% |
| FY24 | ₹133 | ₹92 | 98% (Other income?) | ~2% |
| FY25 | ₹5 | -25 | -127% | -0.6% |
🧠 You thought penny stocks were inconsistent? Hexa’s sales chart looks like someone accidentally leaned on Excel and typed random numbers.
💰 What’s in That Book Value?
The ₹811/share BV mostly includes:
- 🏦 Investments: ₹5,171 Cr
- 🧾 Reserves: ₹4,468 Cr
- 🔗 Mostly linked to group entities (read: Jindal SAW, Siddeshwari Tradex, etc.)
The stock is technically cheap on paper.
But let’s be real — you’re buying a holding company with no liquidity, no dividends, and barely any trading activity.
🔍 What’s Cooking?
- 📦 EGM approved related-party deals with Siddeshwari Tradex & Jindal SAW — because why not just loop all your trades through family-owned shells?
- 👨👩👧 Promoter holding: 92.13%
- 🧊 No operations. No products. Just vibes.
- 🏦 Rights to invest cash wherever group interest lies.
Basically:
If Jindal SAW is the party, Hexa Tradex is the guy outside holding coats.
🏦 Balance Sheet – Stacked but Static
| Item | FY25 |
|---|---|
| Net Worth | ₹4,479 Cr |
| Borrowings | ₹22 Cr (nearly debt-free) |
| Total Investments | ₹5,171 Cr |
| Fixed Assets | ₹0 Cr |
| Working Capital | Minimal |
| Cash Flow | Mostly from financing + investments |
Hexa Tradex looks like an LIC policy in demat form. You know there’s value… but good luck getting it out.
🧮 Valuation – Dirt Cheap or Just Dirt?
| Metric | Value |
|---|---|
| Book Value | ₹811/share |
| CMP | ₹188 → P/B = 0.23x |
| P/E | NA (Loss-making) |
| ROE | -0.6% |
| Dividend | ₹0 since inception |
If you’re a deep value connoisseur, this is your spiritual home.
If you’re a retail investor expecting growth, this is a 90s Doordarshan rerun.
📊 Peer Comparison – Let’s Pretend This Is Fair
| Company | CMP | ROE | P/B | Net Profit (Cr) |
|---|---|---|---|---|
| Tata Inv Corp | ₹6,825 | 1.02% | 1.11x | ₹312 Cr |
| JSW Holdings | ₹22,595 | 0.69% | 0.80x | ₹196 Cr |
| Mah. Scooters | ₹14,984 | 0.61% | 0.55x | ₹175 Cr |
| Hexa Tradex | ₹188 | -0.6% | 0.23x | ₹-25 Cr |
Clearly, it’s cheapest on paper, but also worst in performance.
📈 Shareholding – Locked & Loaded
- 👑 Promoters: 92.13% (Fully in control)
- 💸 FIIs: 0.05%
- 👶 Public: 7.7%
Translation: There’s barely any float, no institutions, and public investors are trapped like it’s Hotel California.
💭 EduInvesting Verdict™
“Hexa Tradex: The most valuable ₹5 Cr company in India”
- 🚫 No real business
- 🧱 Trades at 0.23x BV but never unlocks it
- 🪙 Holding company for group assets
- 💤 Zero growth, zero narrative, zero dividend
Would we call it a value buy? Technically yes. But would we buy it?
Only if we also got control of the promoter’s WhatsApp chats.
📊 Fair Value Range?
Let’s try two methods:
A. Book Value Unlock Scenario (Conservative)
Assume 30–50% holding company discount:
- ₹811 × 0.3 = ₹243
- ₹811 × 0.5 = ₹405
🧮 FV Range: ₹240 – ₹400
CMP = ₹188 → Looks undervalued on paper. But… where’s the catalyst?
✍️ Written by Prashant | 📅 July 3, 2025
Tags: Hexa Tradex, OP Jindal group, holding company, investment stock, book value discount, Jindal SAW, undervalued stocks, deep value investing, EduInvesting
