Nalwa Sons Investments Ltd Q1 FY26 – Book Value ₹32,481, ROE 0.3%, P/E 90… Investor Heaven or Group Company Piggy Bank?
1. At a Glance
Welcome to the curious case of Nalwa Sons Investments Ltd (BSE: 532256 | NSE: NSIL) – a company trading at ₹7,608 with a market cap of ₹3,910 Cr, while its book value per share is ₹32,481. Yes, you read that right – the stock is trading at just 0.23x its book value, a discount bigger than Diwali sales on Flipkart.
But don’t get too excited – the catch is its ROE of only 0.32% and ROCE of 0.44%, so returns are moving slower than IRCTC Wi-Fi. Sales ₹123 Cr, PAT ₹43 Cr, EPS ₹84.4 – and yet, a P/E of 90x. Why? Because the company isn’t really a business. It’s a holding company, a glorified vault holding shares of the Jindal Group.
In short: if you like companies that don’t do much but own a lot, this is your vibe. If you prefer cash flows, dividends, or corporate action, keep scrolling.
2. Introduction
Once upon a time, there was a steel giant called Jindal Strips, set up by Shri O.P. Jindal. Over time, like any great Indian family drama, the group split into multiple entities – Jindal Stainless, JSW Steel, Jindal Steel & Power, etc. Nalwa Sons is that forgotten cousin who didn’t get a factory or a power plant, but got a bag full of shares.
Today, it’s technically a non-NBFC investment company, whose core skill is lending to and investing in other Jindal companies. Imagine being a landlord who owns many apartments but chooses not to rent them out. That’s Nalwa Sons – rich on paper, stingy in payouts.
So what do shareholders get? Exposure to the Jindal empire. That means when JSW Steel or Jindal Stainless rally, Nalwa Sons’ net worth goes up. But when steel crashes, this share becomes deader than an abandoned metro project.
The stock looks like a discount buffet – massive assets, low valuation. But the returns are as underwhelming as the last season of Sacred Games.
3. Business Model – WTF Do They Even Do?
Their “business model” is almost too simple:
Equity Investments: They own ~₹18,500 Cr worth of investments, largely in Jindal Group companies. Dividend income = ~43% of FY22 revenue.
Interest Income: They give loans to group companies (₹203 Cr due as of FY22), who coincidentally also have losses. Think of it as pocket money you’ll never get back.
Traded Goods: A small side hustle – sale of shares (around 10% of revenue).
Others: Some miscellaneous gains, because why not.
They used to be registered as an NBFC, but in FY20 they said, “Nah, let’s just be a Non-NBFC.” Translation: “We’re not even pretending to be a lending business anymore. We’re just a glorified holding company.”
If you’re confused, here’s the detective’s version: This isn’t a business, this is a Jindal family trust in listed avatar.
4. Financials Overview
Latest quarter snapshot (₹ Cr):
Source table
Metric
Latest Qtr (Q1 FY26)
YoY Qtr
Prev Qtr
YoY %
QoQ %
Revenue
37.1
39.7
42.0
-6.4%
-11.6%
EBITDA
33
37
-31
-11%
NA
PAT
25.8
29.2
-26.0
-12%
NA
EPS (₹)
50.2
56.8
-49.9
-12%
NA
Commentary: Earnings jump around like a cricketer on an
