NDL Ventures Ltd – From Cable Dreams to Finance Schemes (and a ₹180 Cr Land Lottery)
1. At a Glance
NDL Ventures Ltd is that awkward kid in class who once wanted to be a rockstar (digital media) but now shows up in a suit talking finance. Born in 1985, it ran as Hinduja Group’s cable TV and digital media arm (NXTDIGITAL), demerged that business into Hinduja Global Solutions in 2022, rebranded in 2023, and is now pivoting to financial services. Current status? No sales, barely any PAT, P/E of 465, and its biggest “asset” is a Bangalore land parcel that’s carried on books at ₹12 crore but whispered in corridors as worth ₹180 crore. If ever there was a listed company built on “hope and Hinduja surname,” this is it.
2. Introduction
Imagine you were running a 5 million-subscriber digital TV business, complete with set-top boxes and cables dangling from every Indian rooftop. Then, one day, you hand over the business to Hinduja Global Solutions, leaving yourself with a company shell, a shiny nameplate, and some Bangalore land. That’s NDL Ventures.
The company’s current form is essentially a “holding + transition vehicle” waiting for the big merger with Hinduja Leyland Finance (HLF). RBI has already given the NOC, so the plan is clear: use this listed shell to house a juicy NBFC. For now though, the financials look like a start-up that hasn’t figured out what it wants to be when it grows up—zero revenue, profits from “interest income,” and corporate presentations full of “strategic realignment” slides.
Question to you: would you buy into a listed company not for what it is today, but purely for what it might become after a merger? That’s the NDL Ventures story in one line.
3. Business Model – WTF Do They Even Do?
Currently, NDLV is in a “pre-business” business model. It:
Earns interest income on inter-corporate deposits (72% of FY23 revenue).
Books small write-backs and reimbursements as other income.
Has no operating sales.
Future business model (post-merger):
Hinduja Leyland Finance is a well-established NBFC in vehicle and SME finance. If merged, NDL Ventures will transform from a zombie shell to a full-fledged financial services play.
It also sits on a Bangalore land bank worth ~₹180 crore market value, which may be monetised. For context, its current market cap is ₹307 crore—so the land is almost 60% of the “story.”
In short: NDL Ventures isn’t doing much today except paperwork, but the hope is tomorrow it will become the “Hinduja NBFC listing shortcut.”
4. Financials Overview
Quarterly Numbers (₹ Cr):
Source table
Metric
Jun’25 (Latest)
Jun’24 (YoY)
Mar’25 (QoQ)
YoY %
QoQ %
Revenue
0.00
0.00
0.00
–
–
EBITDA
-0.84
-0.93
-0.93
–
-10%
PAT
0.24
0.18
0.14
33%
71%
EPS (₹)
0.07
0.05
0.04
40%
75%
Commentary:
Revenue is a flat zero, but PAT of ₹0.24 crore exists thanks to interest income.
EPS is tiny (₹0.20 annualised), yet the stock trades at ₹90, giving a P/E of 465. That’s not valuation—it’s hallucination.
The company’s true story lies outside the P&L—in its land and the merger pipeline.
5. Valuation – Fair Value Range Only
Method 1: P/E
Current EPS: ₹0.20
Even at a generous 20x multiple → ₹4 fair value.
CMP ₹90 = 22x higher.
Method 2: Asset Value (Land)
Land carrying cost: ₹12 crore.
Market value: ~₹180 crore.
Per share = ~₹53.
Method 3: Post-Merger Play
Hinduja Leyland Finance (unlisted) has AUM >₹30,000 crore. If reverse-merged, NDLV becomes a financial services powerhouse. Valuation then depends on HLF metrics, not current shell.
Fair Value Range (Educational Only): ₹4 (as-is) – ₹50 (land-backed) – higher if HLF merger executes. (Disclaimer: Educational purposes only, not investment advice.)
6. What’s Cooking – News, Triggers, Drama
Demerger (Nov 2022): Digital media business given to Hinduja Global Solutions. NXTDIGITAL brand
