1. At a Glance – The Rich Uncle Who Never Works
Naperol Investments Ltd is that relative who owns half the family property, has zero loans, eats calmly at weddings, but somehow still earns less than your fixed deposit. Market cap sits around ₹348 Cr, while the book value casually flexes at ~₹2,055 per share. Stock price? ~₹606. That’s a 0.29x price-to-book, which normally screams “deep value”, except here the value is mostly sleeping.
Last 3 months? Stock down ~30%.
Last 1 year? Down ~41%.
Debt? Zero.
Promoter holding? ~71%.
ROE? ~1%.
Latest quarter (Q3 FY26) delivered a loss of ~₹0.6 Cr, following a freakishly strong March 2025 quarter where profit spiked to ~₹9.8 Cr. So yes, earnings are volatile enough to give Excel sheets anxiety.
This is no longer a chemicals company. This is an investment + rental income vehicle wearing the expensive suit of a listed entity, but walking at the pace of a government file.
Curious yet? You should be.
2. Introduction – From Hydrogen Peroxide to Hydrogen-Free Returns
Once upon a time, this company manufactured hydrogen peroxide and proudly sat inside the Wadia Group’s industrial cupboard. Then came the Composite Scheme of Arrangement, corporate lawyers got busy, and by September 2023, the operating chemicals business was surgically removed.
What remained was:
- Investments
- Corporate lending
- Rental income
- And a very large balance sheet doing very little cardio
By December 2023, the company changed its name to Naperol Investments Ltd, which is corporate code for:
“Please stop valuing us like a manufacturing business.”
And yet, the market still hasn’t figured out what to do with it.
The irony?
The company has more assets today than it ever did as a manufacturer, but generates far
lower returns.
This isn’t mismanagement.
This is intentional conservatism.
But conservatism without returns is just expensive silence.
3. Business Model – WTF Do They Even Do?
Let’s explain this like you’re smart, busy, and mildly impatient.
Naperol does three things:
- Earn rental income from investment property
- Earn dividend income from investments
- Occasionally book gains from sale of investments
That’s it. No factories. No volumes. No customers yelling for discounts.
FY23 revenue breakup made it crystal clear:
- Rental income ~53%
- Dividend income ~42%
- Gains & fair value stuff ~5%
So this is not a lending NBFC, not a chemicals revival story, not a real estate developer.
This is a balance-sheet-driven holding company whose success depends entirely on:
- Quality of investments
- Capital allocation discipline
- Asset churn decisions
And here’s the problem:
👉 Management does not tell you what their return objective is.
No ROE targets.
No IRR guidance.
No capital recycling roadmap.
Just… silence.
4. Financials Overview – Numbers That Look Big, Returns That Don’t
Financial Comparison Table (₹ Cr)
| Metric | Latest Qtr (Dec FY26) | YoY Qtr | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 1.02 | 1.39 | 2.94 | -26.6% | -65.3% |
| EBITDA | -0.12 | -0.34 | 0.04 | NA | NA |
| PAT | -0.59 | -0.26 | -0.01 | -130% | NA |
| EPS (₹) | -1.04 | -0.46 | -0.02 | NA | NA |
Annualised EPS:
Q3
