1. At a Glance – Cheap or Just Confused?4
₹595 crore market cap.
Current price ₹976.
Book value ₹4,446 per share.
Price-to-book: 0.22x.
ROE: 3.46%.
ROCE: 5.96%.
3-month return: -23.1%.
1-year return: -45.2%.
Latest Q3 FY26 PAT: -₹1.18 crore.
This is what happens when a stock screams “I am cheap!” but quietly whispers “I also lost money.”
Dhunseri Investments Ltd looks like a textbook value stock — trading at just 22% of its book value. But the latest quarter says something else: revenue down 44% YoY, profit in the negative zone, financing margins looking like they need therapy.
Is this a hidden treasure? Or is this one of those companies where book value looks muscular but earnings are on a crash diet?
Let’s open the cupboard and see if this is vintage wine… or expired milk.
2. Introduction – The Investment Company That Also Makes Cupcakes?
Dhunseri Investments Ltd is officially a Non-Banking Financial Company. Translation? They invest in shares and securities.
Simple, right?
Wrong.
Because this “investment company” also:
- Trades PET resin.
- Manufactures BOPET films.
- Runs a bakery business (Twelve Cupcakes in Singapore).
- Holds treasury assets.
- Owns stakes in tea companies.
- Acquires tea factories.
This is not diversification.
This is a corporate buffet.
And in Q3 FY26, the buffet didn’t taste great:
- Revenue: ₹69.58 crore
- PAT: -₹1.18 crore
- EPS: -₹5.38
Meanwhile, other NBFCs in the peer group are printing profits in thousands of crores.
So what exactly is going on here? Is this a deep value holding company? Or a complex maze where even management needs Google Maps?
Let’s decode it.
3. Business Model – WTF Do They Even Do?
Let’s simplify.
Dhunseri has four main areas:
1. Trading (42% of FY23 revenue)
PET resin trading. Industrial plastics business. Cyclical, commodity-driven, margin-sensitive.
2. Treasury Operations (13%)
Holding financial investments for capital appreciation.
Basically: buy shares, wait, hope market behaves.
3. Flexible Packaging Films
Manufacturing BOPET films. These are used in packaging. Industrial, capital intensive.
4. Food & Beverages (25%)
Twelve Cupcakes bakery in Singapore.
Yes. A holding company that invests in equity shares and also sells
