1. At a Glance – The Market’s Most Confusing Balance Sheet
Market Cap: ₹152 Cr.
Current Price: ₹148
Stock P/E: 1.27
Book Value: ₹1,237
Price to Book: 0.12x
ROE: 9.15%
Debt: ₹0 Cr
3-Month Return: -4.47%
Let me say this slowly. A company sitting on a book value of ₹1,237 per share is trading at ₹148. That’s 12% of book. P/E is 1.27. Yes, one point two seven. And quarterly PAT? ₹26.62 Cr. On quarterly sales of ₹0.15 Cr.
Ladies and gentlemen, welcome to the most “I-only-earn-interest-from-my-own-group” business model in Dalal Street.
This is not your regular NBFC. This is basically a holding company wearing an NBFC costume.
The market cap is ₹152 Cr. Annual PAT (TTM) is ₹120 Cr. The math looks absurd. So why is the market treating this like it sells samosas at a loss?
Let’s investigate.
2. Introduction – The Holding Company That Said “RBI, Bye”
Incorporated in 1993, Available Finance Ltd started life as a Non-Systematically Important Non-Deposit Taking NBFC.
Then in FY23, they did something interesting.
They applied to RBI for cancellation of NBFC license.
Yes. Voluntarily.
Now they function as an unregistered Non-Deposit Taking Core Investment Company.
Translation?
They are basically a holding company that lends money to group companies and invests in securities.
This is not a retail lending machine. This is not a gold loan chain. This is not even a microfinance story.
This is “family capital management”.
And if you’re wondering why quarterly revenue is ₹0, you’re thinking like a normal business analyst.
This is not a normal business.
This is capital allocation theatre.
So the real question becomes:
Are they quietly compounding wealth internally…
Or are we looking at accounting yoga?
Let’s break it down.
3. Business Model – WTF Do They Even Do?
Available Finance Ltd (AFL) operates under the Agarwal Group banner.
Core activities:
- Holding investments in associate & group companies
- Lending secured and unsecured loans to individuals & corporates
- Investing in shares, debentures, bonds
- Earning interest and dividend income
They have two associate companies:
- Agarwal Coal Corporation Pvt Ltd
- Agarwal Fuel Corporation Pvt Ltd
Holding company:
- Archana Coal Private Limited
This is not a growth NBFC. This is a capital parking machine.
Think of it as a wealthy uncle who doesn’t run a business — he just lends money to cousins and earns interest.
Revenue in FY24 came from interest on loans, and it was ~7% lower than FY23.
So growth? Meh.
Profit? Massive.
Why?
Because expenses
