Q3 FY26 Results · Quarterly Results (Oct–Dec 2025)
Nalwa Sons Investments:
₹7.5 Cr Profit. 118x P/E. Zero Clue What The Company Actually Does.
A company so mysterious that even its shareholders have stopped asking what it does. Lost 30% in 5 years, pays no dividend, earns 0.32% ROE, trades at book value like a penny stock, and yet somehow still costs ₹5,366 per share. This is what financial confusion looks like when you have ₹18,000 crore locked in investments nobody can find.
Market Cap₹2,758 Cr
CMP₹5,366
P/E Ratio118x
P/B Ratio0.17x
ROE0.32%
01 — At a Glance
The Jindal Family ATM That Forgot How to ATM
- 52-Week High / Low₹8,778 / ₹5,310
- Q3 FY26 Revenue₹11.9 Cr
- Q3 FY26 PAT₹7.51 Cr
- TTM Revenue₹86 Cr
- 5-Year Revenue CAGR+16% (Declining)
- Book Value / Share₹31,668
- Price to Book0.17x
- Total Investments₹18,030 Cr (97% of assets!)
- ROE (5-Year)0.69%
- Dividend Paid (Last 10 Years)₹0.00
Flash Summary: Nalwa Sons just posted Q3 PAT of ₹7.51 crore. The TTM PAT is ₹25.4 crore. Revenue fell 11.9% QoQ. The stock is down 24% in 6 months, down 18.8% in 3 months. Trades at 118x P/E on TTM earnings (which is meaningless because the earnings are in ₹7–8 crore range — literally smaller than many startup funding rounds). Holds ₹18,000 crore of investments in unlisted Jindal Group companies. Book value per share is ₹31,668. The stock price is ₹5,366. Let that sink in: you’re paying 17 paise for every rupee of book value. This is not a discount. This is a fire sale that nobody wants to attend.
02 — Introduction
The Company That Changed Its Entire Identity And Still Couldn’t Figure It Out
Nalwa Sons Investments Limited was originally incorporated as “Jindal Strips Limited” in the mists of time — back when O.P. Jindal was laying down the foundations of steel empire, manufacturing HR steel strips in Hisar. Then the company demerged its stainless steel business to Jindal Stainless Steel, rebranded itself as an NBFC, and was basically saying: “We are now a finance company.”
But here’s where it gets hilarious. In FY20, after some introspection possibly involving a bottle of Old Monk and a whiteboard, management decided: “Actually, no. We don’t want to be an NBFC anymore either. Let’s just become a non-NBFC investment holding company that invests in our group companies and occasionally loans them money.” And that’s where the company has stayed — in regulatory limbo, earning almost nothing, holding ₹18,000 crore of unlisted investments that trade nowhere and are valued based on vibes and Jindal Group news.
The Q3 FY26 story is simple: nothing interesting happened. Revenue was ₹11.9 crore (down 11.9% QoQ). PAT was ₹7.51 crore. EPS was ₹14.58 annualised to ₹14.58. Wait, that’s just one quarter. So annualised EPS = ₹14.58 × 4 = ₹58.32. Stock price: ₹5,366. P/E = 5,366 / 58.32 = 92x. Still stupid. The board hasn’t declared any dividend since 1947 (approximately). The company is hoarding cash like it’s planning for Armageddon.
What Is The Company Doing? Nobody knows. The annual report is 80% talk about Jindal Group businesses it doesn’t control, 15% disclosures about accumulated losses in group company books, and 5% hope that this mess somehow makes sense. Investors have essentially paid ₹2,758 crore for the privilege of saying they own shares in a company that owns unlisted shares in other companies. It’s like owning a photograph of an investment rather than the investment itself.
03 — Business Model: WTF Do They Even Do?
The Company That’s Not Sure If It’s Doing Anything
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