Hexa Tradex Ltd Q2/H1 FY26 – Trading Volume Low, Drama High: A Jindal-Sized Saga of ₹3 Crore Sales, ₹-0.89 Cr Loss, and a Delisting That Refuses to Die
1. At a Glance
If you ever wanted to see how to run a ₹900+ crore market-cap company with just ₹3 crore in quarterly sales, welcome to Hexa Tradex Ltd, the Jindal family’s “finance-and-trading-but-mostly-sitting-on-investments” showpiece. With a current price of ₹166, market cap ₹916 crore, and book value ₹871 per share, this counter is trading at a P/B of 0.19x — practically the real estate bargain of Dalal Street.
But don’t get too excited. The stock’s 1-year return is -44.9%, which means long-term investors have had enough time to regret their loyalty. Quarterly sales stood at ₹3.11 crore, but the PAT was a loss of ₹0.89 crore, a 98% QoQ deterioration. Yet the company somehow reports an EPS (TTM) of ₹3.88, because, well, the magic of “other income” and NBFC dividends.
The real twist? This one’s been trying to delist since 2022. The SEBI show cause notice (SCN) is still pending, and meanwhile, investors are left watching the Jindal family play ping-pong with regulatory filings.
If you think this is a typical trading firm, think again — it’s less about moving goods and more about moving papers, dividends, and maybe one or two crores worth of consultancy fees.
2. Introduction
Let’s get one thing straight — Hexa Tradex isn’t your friendly neighborhood trading firm. It’s that cousin who says he’s in “business” but never really explains what he sells. Officially, the company trades everything from iron & steel to edible oils, paints, and maybe even moral values. Unofficially, it’s a holding-cum-finance structure that earns more from interest and dividends than from actual trade.
This financial chameleon was born in 2010, courtesy of a demerger from Jindal SAW, and found itself under the illustrious O.P. Jindal Group umbrella. Think of it as a side hustle to park money, manage investments, and occasionally dabble in trading to keep appearances.
But this isn’t your run-of-the-mill trading entity. The company boasts a ROCE of 0.05% and ROE of -0.60%, the kind of numbers that make analysts tear up. Debt? Barely ₹19.8 crore — practically debt-free. Yet with a P/E of 42.7x, investors are clearly buying dreams, not earnings.
And what dreams! The firm tried to delist in 2022 — with acquirers like Siddeshwari Tradex, Innox Global Multiventures, Opelina Sustainable Services, and JSL Ltd — but two years later, SEBI still hasn’t sent the final blessing. Meanwhile, the share price has turned into a discount clearance sale.
If patience were a listed asset, Hexa Tradex investors would be billionaires by now.
3. Business Model – WTF Do They Even Do?
So what exactly does Hexa Tradex do? In simple terms — everything and nothing.
It claims to be engaged in trading — chemicals, iron, steel, auto parts, machinery, metals, household goods, groceries, beauty products, and perhaps even existential despair. It’s like an old-style general store — if that store occasionally bought government bonds and lent to its own subsidiary.
The real breadwinner, however, is its subsidiary Hexa Securities and Finance Company Ltd (HSFCL) — an NBFC that earns interest income and dividend revenue. In FY23, interest income contributed 70%, consultancy 17%, and dividends 13%. Translation: This is more of a finance and investment company than a trading house.
Trading activities form just 17% of total revenue, which is about as significant as a popcorn seller at a cricket stadium claiming team ownership. The remaining 83% comes from the finance and investment segment — meaning the “trade” in Hexa Tradex is more decorative than functional.
If “diversification” were a religion, Hexa would be the temple. From edible oils to copper, paints to petrochemicals, groceries to auto parts — they’ve thrown the entire kitchen sink into their list of “items of interest.”
But beneath all the categories, the company’s operations have one dominant product — interest income.
4. Financials Overview
Let’s break down the numbers for Q2 FY26 (Sep 2025) — and hold your calculators tight:
