1. At a Glance – This Is Not What You Think It Is
Nagpur Power & Industries Ltd is currently priced at ₹146 with a market cap of ₹191 Cr. Sounds like a small ferro alloy player, right? Except… it’s trading at a P/E of 106 with ROE of 0.86% and ROCE of 3.37%. That’s not a typo. That’s premium pricing for a company generating TTM PAT of just ₹1.80 Cr.
In Q3 FY26 (Dec 2025 quarter), consolidated revenue came in at ₹20.63 Cr, up 42.7% YoY. PAT? ₹0.46 Cr. EPS for the quarter? ₹0.35.
Stock has returned 77.5% in 3 months and 46% in 6 months. Meanwhile, operating margin is 4.14% and interest coverage sits at 1.86.
So what exactly is the market seeing here? A turnaround? A land monetisation story? An NBFC in the making?
Or is this a ferro alloy company slowly transforming into a treasury management firm with a side hustle in slag recovery?
Let’s dig in.
2. Introduction – From Ferro Manganese to Financial Securities?
Founded in 1996, Nagpur Power & Industries Ltd originally operated in High, Medium, Low Carbon Ferro Manganese and Silico Manganese.
But here’s the twist.
The company has discontinued manufacturing high carbon and medium carbon ferro manganese. Today, it produces low ferro manganese slag using a recovery process.
In simple language — it’s recycling industrial waste and extracting usable material.
Not exactly the roaring steel boom story.
Even more interesting? Income from bank deposits and financial securities exceeds income from its curtailed business operations. Because of this, RBI has asked the company to obtain NBFC registration. And yes — they’ve initiated the process.
So are we analyzing a metal company… or a soon-to-be NBFC?
And wait, they’re also exploring land development for warehousing and commercial real estate.
Metals. Investments. Real estate.
What is this company’s true identity?
3. Business Model – WTF Do
