Fedders Holding FY26: The Advisory Company That Married Steel, Then Delisted It

General information and entertainment, not investment advice. The author is not a SEBI-registered adviser or research analyst. No recommendation, no promised returns. Markets carry risk including loss of capital. Figures may not be current. Consult a registered adviser before acting.

1. At a Glance

Fedders Holding closed FY26 with consolidated revenue of ₹345 Cr, down 23.5% from ₹451 Cr in FY25, yet net profit rose to ₹91.3 Cr from ₹38 Cr.

That’s not a typo—and not magic either.

A wholly owned subsidiary, Fedders Electric and Engineering Limited (FEEL), spilled ₹106 Cr of “other income” into the consolidated pot. About ₹47.66 Cr of that came from recognising old trade receivables written off in prior years. The auditors flagged this as suspicious documentation; subsidiaries remain under question marks about fixed asset depreciation and IEPF compliance.

The stock trades at 8.80× earnings, a P/E that looks peachy against a peer median of 21.85×. But those earnings carry asterisks.

The tension: does a crushing revenue decline with one-off gains hiding in “other income” leave the core advisory business intact, or hollowed out?

2. Introduction

Fedders Holding is a corporate and transaction advisory firm incorporated in 1991, historically focused on real estate and distressed debt advisory. In 2022 it transformed—acquiring Fedders Electric and Engineering (FEEL), an iron ore and TMT bar manufacturer with operations spanning mining beneficiation, steel billet production, and export logistics.

By FY24 the subsidiary dominated: FEEL revenue accounted for ~90% of group sales; a 57% overseas mix. By FY25 that was still the story.

In October 2025 the board applied to NCLT to delist FEEL from NSE and BSE, citing a resolution plan under which ownership would transfer to a successful resolution applicant. NCLT approved the delisting in mid-October; NSE and BSE completed it on 2 March 2026. The subsidiary vanishes from the stock exchange mid-reporting year.

The holding company is left: three people on staff (down from 14 in the consolidated entity), ₹215 Cr in trade receivables (waiting 228 days on average), and ₹100.85 Cr in cash & bank balances. The core business—advisory on real estate and capital transactions—is now fully visible.

It is also fully invisible in the financials.

3. Business Model: WTF Do They Even Do?

Strip out FEEL and what remains is IM+ Capitals, which in FY22 (when FEEL was not yet material) earned ₹96 Cr revenue on an advisory, asset management, and consultancy mandate. The stated focus: corporate transactions, real estate advisory, distressed debt resolution, fundraising consultancy, RERA consulting, capital management.

Audited standalone results show near-zero revenue for this business in FY26. The narrative suggests it still exists (“Corporate and Transaction Advisory Company”), but the numbers do not.

FEEL, until delisting, was the cash engine: iron ore mining with ₹1.5 MTPA beneficiation capacity, owned ~60 acres in Odisha since FY24, exported ore to Switzerland, Singapore, Hong Kong. It made TMT bars. It was listed, suspended, then delisted.

Now, with FEEL off the books from March 2026 onward, Fedders is a holding company without its held company. IM+ Investments & Capital (another subsidiary) exited NBFI business in March 2026 and had its CoR cancelled by RBI. The second subsidiary was a shell.

The business model, post-delisting: unclear. Advisory, wait, or restructure.

4. Financials Overview

Figures are consolidated, in ₹ crore.

Annual Results (FY24, FY25, FY26):

Revenue fell 23.5%. Operating profit turned negative (financing profit, ₹-10 Cr, implying ₹-3% margin). Net profit rose ₹53.6 Cr year-on-year.

Quarterly trend (latest four quarters, Q4 FY25 to Q4 FY26):

Q1 FY26 revenue spiked (134.1 Cr), then the year tanked. Q4 FY26 is the balancing figure. Management did not hold a concall; no guidance given.

Other Income Red Flags.

FY26 consolidated other income: ₹106 Cr, of which ₹47.66 Cr was recognition of old trade receivables written off in prior years. The auditors noted insufficient documentation. ₹5.82 Cr other write-offs (advances, recoveries) added to the confusion.

Strip out the ₹47.66 Cr and consolidated net profit drops to ₹43.65 Cr, still respectable but far less of a jump from FY25.

5. Market Expectations & Historical Multiples

This section describes how the market is currently pricing the company and how that compares with its own history and peer group. It is descriptive, not predictive.