1. At a Glance – The Plot Twist Stock
Here’s a company with ₹136 Cr market cap, trading at ₹215, sitting at just 0.29 times book value, reporting ₹2.52 Cr quarterly sales but ₹4.86 Cr quarterly profit. Yes, you read that right. Sales smaller than your local distributor, profit larger than revenue. ROCE at -4.87%, ROE at -5.63%, OPM at a breathtaking -207%, yet PAT positive in Q3 FY26.
Return over 3 months? -11.7%.
Return over 1 year? -14.5%.
Return over 3 years? 49.1%.
Debt? Just ₹0.18 Cr.
Market value of investments? ₹486.56 Cr (Sep 2025 balance sheet).
Market cap? ₹136 Cr.
So what exactly is going on here? Is this a trading company? An investment holding company? Or a sleeping NBFC that just got RBI approval?
Buckle up. This one is not boring. It’s confusing — and confusing is fun.
2. Introduction – From Chemicals to NBFC, Why Not?
Incorporated in 1994, Dhoot Industrial Finance Ltd claims to trade chemicals, electronics, paper, commodities, shares, and power generation. Basically, if it exists in the periodic table or stock exchange, they’ll trade it.
But here’s where it gets spicy.
On 04-Dec-2025, the company received RBI Certificate of Registration as NBFC-ND (Type I). And immediately after that, board approved alteration of Memorandum of Association. Translation? The business model may be shifting from “trading random things” to “financial activities.”
This is like someone running a kirana store for 20 years and suddenly saying, “Beta, I am now a fintech startup.”
Revenue in FY22 was split as:
- Sale of Products: ~46%
- Other Income: ~54%
When “Other Income” becomes bigger than your core business, that’s when analysts raise one eyebrow.
But maybe that eyebrow just found gold. Or maybe it found dust.
Let’s investigate.
3. Business Model – WTF Do They Even Do?
Officially, the company trades:
- Wind Mills
- Copper Tubes
- Zinc Rods
- Carbon Di Sulphide
- Sulphuric Acid
- Caustic Soda
- Hydrogen Gas
- Chlorine
- Oleum
- Sodium Hypochlorite
Basically, half a chemistry lab and some industrial hardware.
But the numbers tell a different story.
Annual Sales
