1. At a Glance – The Corporate Version of “Main Kya Karoon?”
Hexa Tradex Ltd is what happens when a company tries to do everything… and ends up doing nothing particularly well. You’ve got trading in chemicals, steel, groceries, auto parts, even vegetables — basically if it exists on Earth, Hexa Tradex is technically allowed to trade it. Add an NBFC arm, sprinkle some investments, throw in a delisting attempt, and top it off with SEBI notices… and voilà — you get a company with ₹890 Cr market cap, ₹0.02 Cr quarterly sales, and losses that refuse to leave like a bad tenant.
Now ask yourself: Is this a business… or a corporate identity crisis?
2. Introduction – The Jindal Connection That Raises Eyebrows
Let’s start with the only thing giving this company any credibility — it belongs to the O.P. Jindal Group.
That’s like saying: “Don’t worry guys, the Titanic had a very reputed captain.”
Hexa Tradex was demerged from Jindal SAW and was supposed to become a diversified trading and investment powerhouse. Instead, it looks like someone opened Excel, listed 100 business ideas, and said: “Let’s do all of them… without execution.”
Their revenue mix says everything:
Investment & finance: 83%
Trading: 17%
So the “trading company” barely trades.
Even better — 70% of revenue comes from interest income, not actual business operations.
Which raises a very uncomfortable question: 👉 Is this a trading company… or just a glorified interest-earning vehicle?
And just when you think things can’t get more interesting:
Delisting attempt ongoing since 2022
SEBI show cause notice
Management exits and reshuffles
This isn’t a company. This is a Netflix corporate drama series.
3. Business Model – WTF Do They Even Do?
Let’s decode this business like detectives solving a scam.
Official Answer:
They trade in:
Metals, chemicals, coal
Groceries, electronics
Auto parts, machinery
Even fruits and vegetables
Yes… fruits and vegetables.
Reality:
They barely have sales.
TTM revenue: ₹4.63 Cr
For context: That’s less than a mid-sized Kirana store in Mumbai.
Their Actual Business Model (Decoded)
Investment-heavy structure
Investments alone: ₹5,560.71 Cr
Total assets: ₹5,563.16 Cr
So basically: 👉 Almost entire balance sheet = investments
NBFC subsidiary
Generates interest income (70% of revenue)
Minimal real operations
Trading exists mostly on paper
So let’s simplify:
Hexa Tradex is not a trader. It is an investment holding company disguised as a trading company.
Now ask yourself: If 99% assets are investments… why not just call it an investment company?
4. Financials Overview – Numbers That Need Therapy
