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1. At a Glance
Nahar Capital and Financial Services holds shares, bonds and property, and earns from what those holdings pay.
Sales for the three months to June 2026 were ₹9.39 crore. Net profit for the same three months was ₹67.44 crore.
Sales rose 65.6% from ₹5.67 crore a year earlier. Operating profit came in at ₹6.08 crore against ₹2.97 crore. Net profit rose 487% from ₹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. The auditor lists those associates as Nahar Spinning Mills and Nahar Poly Films.
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. The note also cites conservatively availing brought-forward MAT credit of up to ₹6 crore. MAT credit is tax paid earlier under a minimum levy, usable against later tax bills. Management 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. It also re-appointed two independent directors. The board fixed 4 September 2026 as the record date for a dividend of ₹1.50 per share. ICRA, a credit-rating agency, reaffirmed the ₹25 crore commercial paper programme at [ICRA]A1+ on 30 July.
Market capitalisation is ₹427 crore. Book value per share is ₹960.
2. Introduction
Nahar Capital and Financial Services Limited was incorporated in April 2006. ICRA, a credit-rating agency, records that 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. That label means a large finance company that lends but takes no public deposits. The registered office is Nahar Tower, Industrial Area-A, Ludhiana.
The company belongs to the Ludhiana-based Nahar Group. ICRA describes the Group as one of the largest and oldest textile groups in the country. ICRA puts its track record at over six decades, with operations running from spinning through garmenting to retailing. The other Group companies ICRA names are Monte Carlo Fashions, Oswal Woollen Mills, Nahar Spinning Mills and Nahar Industrial Enterprises. ICRA also names Nahar Poly Films. Inside that structure, Nahar Capital holds 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 and three re-appointments. It set the 21st AGM for 25 September 2026, to be held by video conferencing. It fixed the dividend record date and the book closure from 5 to 9 September. Gupta Vigg & Co., Chartered Accountants, Ludhiana, issued limited review reports on the standalone and consolidated results.
ICRA’s July 2026 rationale puts net worth at ₹912 crore as of 31 March 2026. It puts capital adequacy at 70.18% and liquid investments at roughly ₹313 crore. Capital adequacy is the cushion of own funds a finance company holds against what it lends. ICRA records that 32% of total assets on that date, ₹263 crore, sat in various Nahar Group companies. The company receives dividend income from those holdings. ICRA notes that the company lends to Group entities from time to time to support their operations. It adds that the quantum of such transactions has remained low.
The financial year to March 2026 closed with revenue of ₹27.83 crore.
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3. Business Model: WTF Do They Even Do?
The company owns things and waits for them to pay.
Formally there are three activities. The first is investment in shares, debentures, stock, bonds and securities. The company states that it invests with a long-term perspective and also trades for short-term opportunities. The second is real estate: buying and selling residential and commercial land, developing it, constructing buildings and letting flats on lease. It also hires property developers and building contractors to do the actual bricks. The third is lending against the security of shares, government bonds, gold and property.
The segment disclosure collapses all of that into two reporting segments, Investment/Financial Activity and Real Estate. For the three months to June 2026, consolidated segment revenue from Investment/Financial was ₹16.77 crore. Real Estate brought in ₹1.68 crore. Segment results were ₹15.44 crore and ₹1.09 crore respectively. On the assets side, real estate carries ₹77.28 crore against ₹1,830.05 crore for the financial segment.
ICRA sets out where the money sat on 31 March 2026. Strategic investments in Nahar Group were about 32% of the total. Listed equity shares were 23%, and bonds and AIF funds 16%. Mutual funds were about 13% and preference shares about 10%, the latter including group companies’ preference shares. Smaller amounts sat in unlisted shares, properties under development and a real estate fund. An AIF, or alternative investment fund, is a pooled vehicle that invests outside listed markets.
The Screener extraction of standalone filings tracks the same portfolio from March 2015 onwards. Equity investments moved from ₹215.76 crore to ₹479.78 crore over the decade to March 2025. Mutual funds moved the other way, from ₹199.18 crore to ₹108.02 crore. AIF and venture funds moved from ₹2.04 crore to ₹90.07
