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
