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1. At a Glance
Hexa Tradex reported no consolidated revenue from operations in the three months to June 2026. Not low, not soft: the line is empty. The company still reported a net profit of ₹1.67 crore and earnings of ₹0.30 a share. That is the sort of arithmetic that makes a first-year accounting student check the column heading again.
Per the consolidated segment disclosure, the driver was the valuation line. A gain of ₹2.18 crore on non-current investments was booked as a negative expense. That turned total expenses to minus ₹1.67 crore. A negative expense column tends to look after the profit on its own.
A year earlier the group posted a loss of ₹0.16 crore, so the swing is ₹1.83 crore. Screener, a financial data site, records the quarterly profit variation at 1,144%. The base under that percentage is small enough to be issued with a helmet.
Everything else is size. Market capitalisation stands at ₹884.5 crore. Investments on the consolidated balance sheet were ₹5,318.21 crore at March 2026. Borrowings were ₹8.63 crore, against ₹586.48 crore three years earlier. Promoter holding is 92.13%, unchanged across twelve consecutive quarters.
Underneath all of it sits a 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. The final application is pending with BSE and NSE.
The trading business contributed ₹0.02 crore of standalone segment revenue in the quarter. Consolidated revenue from operations was nil.
2. Introduction
Hexa Tradex was incorporated in 2010 as a demerged entity of Jindal SAW Limited. It belongs to the O.P. Jindal Group, and the shareholding table says so at a glance. Around forty Jindal-linked names sit on it, several of them holding exactly 0.00%.
On paper the company does two things: trading and other activities, and investment and finance. Per the segment disclosure for the year to March 2026, trading contributed under 1% of segment revenue. Investment and finance contributed roughly all of it. The revenue breakup for that year is listed as dividend income, at roughly 100%. The trading company trades, in the way that assembling one flat-pack wardrobe makes a person a carpenter.
The ten-year financial record moves about. Consolidated sales were ₹8.29 crore in the year to March 2017, and ₹0.06 crore two years later. They reached ₹133.23 crore in the year to March 2024. They were ₹5.48 crore the next year, and ₹5.40 crore the year after.
Net profit keeps its own choreography. There was a loss of ₹54.40 crore in the year to March 2018, then a profit of ₹47.17 crore the year after. A loss of ₹25.61 crore in the year to March 2023 was followed by a profit of ₹92.29 crore. The two years since brought losses of ₹24.95 crore and ₹8.72 crore. Screener, the data site, leaves its ten-year compounded profit growth cell empty.
The defining corporate event of the recent past is the delisting. Per the disclosures for the year to March 2026, the promoter group began a voluntary delisting in March 2022. The aim was to buy all public shareholding and remove the company from BSE and NSE. Promoters took an extra 29.01% through the offer, lifting holding to 92.13%. The offer closed on 27 June 2022.
The company then applied for final approval. On 24 January 2023 it filed an announcement whose entire content was that approval was still awaited. The results filed in August 2026 carry the same note.
Per the company’s own Regulation 30 disclosures, SEBI, the securities regulator, issued a show cause notice in October 2023. It issued a further show-cause notice in March 2024 and imposed penalties for regulatory violations in June 2024. The filings for the year to March 2026 record that the delisting remains subject to developments related to that show-cause notice.
Permanent employees on a standalone basis, as extracted from the annual reports, numbered 3 for seven straight years. The count dropped to 2 in the year to March 2026.
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3. Business Model: WTF Do They Even Do?
The stated product profile deserves to be read aloud. Hexa Tradex describes a wholesale cash-and-carry business, meaning bulk sales to buyers who pay at once and take the goods away.
The list opens with minerals and metals, stainless and special steels, alloys, and ferrous and non-ferrous metals. It moves on to auto parts, tools and implements, dies and jigs. Then steel pipes, tubes and pipe fittings, cast iron and tubular structural scrap. Then chemicals and petrochemicals, and capital goods.
Without a change of gear it adds household articles such as toiletries, electronics and electrical appliances. Then groceries, including packaged food items, and fruits and vegetables. Then general merchandise, apparel, accessories and stationery. Then over-the-counter drugs, home and office furnishing, and beauty products.
It is a catalogue that begins with structural scrap and ends with beauty products, acknowledging the journey nowhere. Somewhere in a filing, a company secretary typed “dies jigs” and “fruits & vegetables” into the same list.
The actual revenue tells a shorter story. Per the segment disclosure for the year to March 2026, trading activities came to under 1% of segment revenue. Investment and finance came to roughly all of it. Consolidated revenue from operations for that year was ₹5.40 crore. Standalone trading and other activities brought in ₹0.02 crore in the three months to June 2026.
The balance sheet says what the company is. Investments stood at ₹5,318.21 crore at 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 listing steel
