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1. At a Glance
Nahar Capital and Financial Services reported sales of ₹9.39 crore for the quarter ended 30 June 2026. It reported net profit of ₹67.44 crore. Those two numbers belong to the same three months, and the arithmetic between them is the subject of most of what follows.
Sales rose 65.6% against ₹5.67 crore in the June 2025 quarter. Operating profit came in at ₹6.08 crore against ₹2.97 crore. Net profit rose 487% against ₹11.48 crore. Other income for the quarter was ₹45.01 crore. The consolidated filing also carries ₹35.95 crore as share of profit from associates — Nahar Spinning Mills and Nahar Poly Films, the two associate companies the auditor lists.
The tax line for the quarter is negative ₹16.94 crore. Management’s note attributes this to the company opting for the new tax regime under the 2026 budget and conservatively availing brought-forward MAT credit of up to ₹6 crore, and states that current-quarter figures are not comparable with earlier quarters.
Elsewhere in the period: the board re-appointed Dinesh Oswal as Managing Director for five years from 1 January 2027, re-appointed two independent directors, and fixed 4 September 2026 as the record date for a dividend of ₹1.50 per share. ICRA reaffirmed the ₹25 crore commercial paper programme at [ICRA]A1+ on 30 July.
Market cap is ₹427 crore. Book value per share is ₹960. Both of those are also numbers about the same company, which is the first sign that this is not a normal operating business.
2. Introduction
Nahar Capital and Financial Services Limited was incorporated in April 2006. Per ICRA, it took over the investment business of a group company, Nahar Spinning Mills Limited. It is registered as a Systemically Important Non-Deposit Taking NBFC, and its registered office is Nahar Tower, Industrial Area-A, Ludhiana.
It belongs to the Ludhiana-based Nahar Group, described by ICRA as one of the largest and oldest textile groups in the country, with a track record spanning over six decades and vertically integrated operations from spinning through garmenting to retailing. The other companies ICRA names in the Group are Monte Carlo Fashions, Oswal Woollen Mills, Nahar Spinning Mills, Nahar Industrial Enterprises and Nahar Poly Films. Nahar Capital sits inside that structure holding paper rather than spindles.
The August 2026 board meeting ran from 4:00 p.m. to 4:55 p.m. In fifty-five minutes it approved the quarterly results, three re-appointments, the date of the 21st AGM (25 September 2026, by video conferencing), the record date for the dividend, and the book closure from 5 to 9 September. Gupta Vigg & Co., Chartered Accountants, Ludhiana, issued limited review reports on both the standalone and consolidated results.
ICRA’s July 2026 rationale puts net worth at ₹912 crore as of 31 March 2026, capital adequacy at 70.18%, and liquid investments at roughly ₹313 crore. It records that 32% of total assets on that date — ₹263 crore — sat in various Nahar Group companies, from which the company receives dividend income. ICRA notes the company lends to Group entities from time to time to support their operations, and that the quantum of such transactions has remained low.
The financial year 2026 closed with revenue of ₹27.83 crore. The company that reported that is the same one carrying ₹1,677.85 crore of investments on its balance sheet. Scale, here, is a question of which line you look at.
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3. Business Model: WTF Do They Even Do?
They own things and wait.
Formally, three activities. First, investment in shares, debentures, stock, bonds and securities — the company states it invests with a long-term perspective and trades for short-term opportunities, which is the corporate way of saying it does both and will explain afterwards. Second, real estate: buying and selling residential and commercial land on a trading basis, developing land, constructing buildings, being proprietor of flats, letting them on lease, and hiring property developers and building contractors to do the actual bricks. Third, lending — against the security of shares, government bonds, gold, property and other assets.
The segment disclosure collapses all of that into two reporting segments: Investment/Financial Activity and Real Estate. For the June 2026 quarter, consolidated segment revenue was ₹1,677.19 lakh from Investment/Financial and ₹167.76 lakh from Real Estate. Segment result: ₹1,544.08 lakh and ₹108.91 lakh respectively. The real estate arm contributes roughly a tenth of revenue and, on the assets side, ₹7,727.70 lakh against ₹1,83,004.54 lakh for the financial segment.
ICRA’s breakdown of where the money actually sits as on 31 March 2026: strategic investments in Nahar Group at ~32%, mutual funds ~13%, preference shares ~10% including group companies’ preference shares, listed equity shares 23%, bonds and AIF funds 16%, and minor amounts in unlisted shares, properties under development and a real estate fund. The Screener extraction of standalone filings tracks the same portfolio over a decade: equity investments moving from ₹21,576 lakh in FY2015 to ₹47,978 lakh in FY2025, mutual funds moving the other way from ₹19,918 lakh to ₹10,802 lakh, and AIF/venture funds from ₹204 lakh to ₹9,007 lakh.
An employee cost of ₹7.56 crore for FY26 runs the whole thing. There is no factory to depreciate — ₹1.16 crore of depreciation for
