1. At a Glance
Hexa Tradex Ltd is that one stock which looks like a billionaire on paper but behaves like a miser in real life. Market cap of ₹884 crore, current price hovering around ₹160, book value a jaw-dropping ₹871, and yet ROCE is a microscopic 0.05%. In the last one year, shareholders have watched the stock politely decline by 27%, while over five years it still somehow delivered 30% returns — proof that markets love mystery novels.
The latest Q3 FY26 results delivered sales of ₹0.02 crore and a loss of ₹4.35 crore. Yes, the decimal is correct. Meanwhile, the balance sheet is flexing with ₹5,560 crore of investments. If balance sheets had gym selfies, this one would be ripped — but the P&L forgot to show up.
Promoters hold a massive 92.13%, debt is negligible at ₹19.8 crore, and price-to-book is a scandalously low 0.18x. Sounds cheap? Or just… inactive? Let’s open the file.
2. Introduction
Hexa Tradex Ltd is what happens when a trading company slowly realises trading is too much effort and becomes an investment holding company instead. Originally demerged from Jindal SAW and part of the O.P. Jindal Group ecosystem, Hexa Tradex today feels less like a business and more like a financial locker with a stock market listing.
Over the years, revenue has collapsed from ₹133 crore in FY24 to ₹4.6 crore TTM, while assets ballooned past ₹5,500 crore. Operating margins swing between absurdly positive and hilariously negative. ROE has been flirting with zero for a decade. And yet, the stock survives — largely because the promoters own almost everything and public float is tiny.
The company has also been trying to delist since
2022, with SEBI show-cause notices, penalties, and “awaiting approval” updates sprinkled generously across announcements. If delisting was a web series, this one would be on season four with no finale date.
So what exactly is Hexa Tradex today — a failed trader, a stealth NBFC, or just a parking lot for group investments?
3. Business Model – WTF Do They Even Do?
On paper, Hexa Tradex trades everything except probably oxygen — metals, minerals, chemicals, coal, copper, edible oil, household goods, groceries, auto parts, scrap, even toiletries. In reality, trading contributes just 17% of FY23 revenue.
The real action is in Investment & Finance (83% of revenue), mainly through:
- Interest income (~70%)
- Consultancy income (~17%)
- Dividend income (~13%)
Its NBFC subsidiary, Hexa Securities and Finance Company Ltd, quietly handles lending and investment activities, while the parent mostly sits on massive long-term investments — largely group companies.
This is less “business model” and more “family office with a ticker symbol.” The trading licence exists, the NBFC exists, but neither seems particularly motivated.
If you explained Hexa Tradex to a lazy investor, you’d say:
“They own stuff. They earn some interest. They lose some
