1. At a Glance – The Curious Case of the “Investment Company” That Trades Cupcakes, Tea, and Polyester
Imagine walking into a company that says: “We invest in stocks.” Then you peek inside and find… cupcake shops in Singapore, tea estates in Assam, plastic film factories, and PET resin trading.
Welcome to Dhunseri Investments Ltd — where the balance sheet looks like a buffet menu.
Now here’s the spicy part:
Revenue down -44% YoY
Profit down -125% YoY
EPS flipped from positive to negative
Operating margin sitting at -32.8%
Interest coverage? Basically nonexistent (-0.04)
And yet…
Trading at 0.17x book value
Sitting on a massive investment book (~₹3,319 Cr as per latest balance sheet)
So what is this?
A hidden deep value play? Or a financial maze where even auditors need Google Maps?
Because when a company earns ₹152 Cr from “other income” but still loses money… you know something strange is cooking.
And here’s the real question:
Is Dhunseri an investment company… Or a confused conglomerate trying everything from tea to cupcakes?
2. Introduction – When Your Portfolio Looks Like a Shopping Cart
Dhunseri Investments was incorporated in 2010 as an NBFC.
Simple enough.
But then someone said: “Let’s diversify.”
And diversify they did.
Today the company operates across:
Stock market investments (core idea)
PET resin trading (random but okay)
Flexible packaging films (industrial pivot)
Bakery business in Singapore (yes, cupcakes)
This is not diversification. This is financial multitasking with commitment issues.
Even the revenue mix looks like a confused WhatsApp group:
Trading: ~42%
Food & Beverages: ~25%
Treasury: ~13%
Unallocable: ~20%
So nearly 20% of revenue is… unallocable.
Translation: “We don’t know either.”
Now combine that with:
Heavy dependence on fair value gains
Earnings driven by market movements
Frequent buying/selling of group entities
And you get a company whose earnings are less “business-driven” and more “mood-driven.”
Tell me honestly:
Would you trust a company whose profits depend on stock market vibes?
3. Business Model – WTF Do They Even Do?
Let’s break this down like a confused investor trying to explain to his friend:
1. Treasury Operations (The Real Game)
Invests in:
Equity shares (~70%)
Mutual funds (~13%)
Debentures (~17%)
This is the actual core business.
Everything else? Side quests.
2. Trading Business (PET Resin)
Buys and sells plastic-related products
Generates bulk of revenue (~66% from sale of products)
But margins? Questionable.
3. Flexible Packaging Films (BOPET)
Manufacturing of polyester films
Capital-intensive
Cyclical
Basically, they decided to enter manufacturing — because why not complicate things?
4. Food & Beverages (Twelve Cupcakes)
Bakery chain in Singapore
Because clearly NBFCs need cupcakes
5. Tea Business (Hatibari Factory)
Acquired, then planned to sell
Classic: buy high, rethink later
So what is the real identity?
Investment company? Yes.
Trading company? Also yes.
Manufacturing company? Somehow yes.
Bakery chain? Definitely yes.
At this point, the company isn’t diversified. It’s financially undecided.
4. Financials Overview – Numbers Don’t Lie (But They Do Confuse)
Quarterly Performance (₹ Cr)
Metric
Latest Quarter (Dec 2025)
YoY (Dec 2024)
QoQ (Sep 2025)
YoY %
QoQ %
Revenue
69.58
124.85
66.19
-44.3%
+5.1%
EBITDA
-55.21
54.33
-59.86
-201%+
Improvement
PAT
-1.18
89.30
-33.06
-125%
Improvement
EPS (₹)
-5.38
80.51
-43.89
Collapse
Recovery
Annualised EPS = -5.38 × 4 = -21.52
Commentary
Revenue crashed nearly half YoY
Profit completely reversed
Margins went from +43% to -79%
Earnings are highly volatile due to fair value changes
