1. At a Glance – Rice King or Credit Rating Drama?
₹311 crore market cap. ₹250 share price. P/E 76.7. ROE 14.8%. Debt ₹298 crore. Q3 FY26 PAT ₹21 crore.
Ladies and gentlemen, welcome to the Halder kitchen.
In Q3 FY26 (Dec 2025), Halder Venture clocked ₹145 crore sales and ₹21 crore net profit. EPS for the quarter? A spicy ₹16.59. That’s not bad for a company trading at ₹250 — until you realize interest coverage is just 1.73 and debt-to-equity is 2.01.
Oh, and Crisil migrated its rating to BB+/Stable (Issuer Not Cooperating) in January 2026. Translation: “Boss, they’re not picking up our calls.”
Stock is down ~7.7% in 3 months, yet up 30.9% in 1 year. Promoters hold 73.8%. No pledge. Dividend yield? 0.40%. Basically, rice with a tiny papad.
But here’s the twist — quarterly sales fell 59% YoY while profit didn’t collapse proportionally.
So what’s cooking here? Smart operations? One-off magic? Or rice margin illusion?
Let’s open the pressure cooker.
2. Introduction – From Birbhum to Balance Sheet Battles
Halder Venture Ltd was incorporated in 1982. But the Halder family’s rice connection goes back to 1924. That’s 100 years of rice polishing and milling before Instagram reels existed.
They manufacture:
- Parboiled rice
- Puffed rice
- Rice bran oil
- De-oiled rice bran
- Lecithin
- Raw cashew
Brands include Bhojmoti, Odaana, and Moti. Sounds like a wedding catering lineup.
Exports contribute ~72% of FY22 revenue. That means forex exposure, global demand risk, and maybe some geopolitical rice drama.
FY25 revenue was ₹844 crore. TTM revenue has fallen to ₹493 crore. That’s not a correction. That’s a diet.
Profit growth TTM? -90%.
Sales growth TTM? -48%.
Yet Q3 FY26 shows ₹21 crore PAT.
So the real question is: Is the slump reversing, or are we looking at a seasonal bounce?
And why would a company with ₹387 crore bank facilities go “Issuer Not Cooperating”?
You smelling something in the rice sack too?
3. Business Model – WTF Do They Even Do?
Let me explain like you’re a smart but lazy investor.
Halder buys paddy → mills it → sells rice domestically and exports it → processes by-products like rice bran oil → monetizes every grain.
Think of it as “Nothing Goes to Waste Pvt. Ltd.”
They’re vertically integrated via subsidiaries:
- PK Agri Link
- PK Cereals
- Jatadhari Rice Mills
They also formed Halder Greenfuel Industries (52% stake). So now we have rice + edible oil + greenfuel ambitions.
Business revenue breakup FY22:
- Sale of products: 99%
- Other operating revenue: 1%
So
