General information and education, 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. Always consult a SEBI-registered adviser.
1. At a Glance
Consolidated revenue from operations for the quarter ended 30 June 2026: nil. Not “low,” not “soft.” The line is empty. And yet the company reported a net profit of ₹1.67 crore and EPS of ₹0.30, which is the sort of arithmetic that makes a first-year accounting student rub their eyes and check the column heading again.
The engine, per the consolidated segment disclosure, was the fair-valuation line: a gain of ₹218.28 lakh on non-current investments, booked as a negative expense, which flipped total expenses to minus ₹167.15 lakh. When your expense column is negative, the profit tends to look after itself.
Against the year-ago quarter, when the group posted a loss of ₹0.16 crore, the swing is ₹1.83 crore. Screener records the quarterly profit variation at 1,144%, a percentage calculated off a base so small it should probably be issued with a helmet.
Everything else is size. Market capitalisation stands at ₹884.5 crore. Investments on the consolidated balance sheet at March 2026: ₹5,318.21 crore. Borrowings: ₹8.63 crore, down from ₹586.48 crore three years earlier. Promoter holding: 92.13%, unchanged across twelve consecutive quarters, which for a shareholding table is practically a form of meditation.
And running underneath all of it, the note the company has now repeated across four consecutive results filings: the delisting of the equity shares, initiated by the acquirers, has been substantially completed, and the final application is pending with BSE and NSE.
The trading business, meanwhile, contributed ₹2.01 lakh of segment revenue on a standalone basis this quarter. Consolidated revenue from operations was nil.
2. Introduction
Hexa Tradex was incorporated in 2010 as a demerged entity of Jindal SAW Limited, and it belongs to the O.P. Jindal Group — a lineage visible immediately in the shareholding table, which reads less like a register and more like a family reunion attendance sheet with 40-odd Jindal-linked names on it, several holding exactly 0.00%.
On paper, the company does two things: trading & other activities, and investment & finance. Per the FY26 segment disclosure, trading contributed under 1% of segment revenue and investment and finance contributed approximately 100%. The revenue breakup for FY26 is listed as dividend income, at roughly 100%. So the trading company trades, technically, in the same way a person who once assembled flat-pack furniture is technically a carpenter.
The financial record over ten years is the sort of thing that would make a trend line file for divorce. Consolidated sales: ₹8.29 crore in FY17, ₹0.06 crore in FY19, then ₹133.23 crore in FY24, then back to ₹5.48 crore in FY25 and ₹5.40 crore in FY26. Net profit follows its own private choreography — a loss of ₹54.40 crore in FY18, a profit of ₹47.17 crore in FY19, a loss of ₹25.61 crore in FY23, a profit of ₹92.29 crore in FY24, a loss of ₹24.95 crore in FY25, a loss of ₹8.72 crore in FY26. Screener’s compounded profit growth cell for ten years contains no figure at all, which is what happens when you ask a growth formula to take an average of a mood swing.
The defining corporate event of the recent past is the delisting. Per the FY26 disclosures, the promoter group initiated a voluntary delisting in March 2022 to acquire all public shareholding and remove the company from BSE and NSE. Promoters acquired an additional 29.01% through the offer, taking holding to 92.13%. The offer closed on 27 June 2022. The company then applied for final approval — and on 24 January 2023 it filed an announcement whose entire content was that it was still awaiting that approval. That was three and a half years ago. The August 2026 results carry the same note.
Along the way, SEBI issued a show cause notice in October 2023, imposed penalties for regulatory violations in June 2024, and issued a further show-cause notice in March 2024, per the company’s own Regulation 30 disclosures. The FY26 filings record that the delisting process remains subject to developments related to that show-cause notice.
The permanent employee count on a standalone basis, as extracted from the annual reports, ran at 3 for seven straight years and dropped to 2 in FY26.
US
Now live
US Stocks terminal is live
13,000+ US tickers · EDGAR fundamentals · screener and filings feed — the same terminal, for American markets.
Explore →
3. Business Model: WTF Do They Even Do?
The stated product profile is magnificent, and it deserves to be read aloud. Hexa Tradex operates a wholesale cash-and-carry trading business across: minerals and metals, stainless and special steels, alloys, ferrous and non-ferrous metals, auto parts, tools and implements, dies and jigs, steel pipes, tubes and pipe fittings, cast iron, tubular structural scrap. Then chemicals and petrochemicals, and capital goods. Then — without a change of gear — household articles like toiletries, electronics and electrical appliances. Then groceries, including packaged food items and fruits and vegetables. Then general merchandise, apparel, accessories, stationery, over-the-counter drugs, home and office furnishing, and beauty products.
It is a product catalogue that begins with structural scrap and ends with beauty products, and at no point does it acknowledge the journey. Somewhere in a filing, a company secretary typed “dies jigs” and “fruits & vegetables” into the same list and moved on with their day.
The actual revenue tells a shorter story. Per the FY26 segment disclosure, trading activities came to under 1% of segment revenue; investment and finance came to approximately 100%. Consolidated revenue from operations for FY26 was ₹5.40 crore. Standalone segment revenue from trading and other activities in Q1 FY27 was ₹2.01 lakh.
What the balance sheet says the company actually is: a holder of ₹5,318.21 crore of investments as of March 2026, against total assets of ₹5,320.89 crore. That is 99.95% of the asset base sitting in one line. Fixed assets are ₹0.02 crore. The entire physical footprint of a company that lists steel tubes and toiletries among its products would fit comfortably in a modest car.
The investment book, per FY26 disclosures, splits into quoted equity
