NDL Ventures Ltd Q2FY26 | From Cable Chaos to Cash Chase: The Hinduja Family’s Most Confused Child Yet
1. At a Glance
NDL Ventures Ltd — earlier known as Nxt Digital, formerly the “digital media arm” of Hinduja Global Solutions — is now trying to reinvent itself as a financial services entity. Market cap? A modest ₹294 crore. Current price? ₹84.9, which looks innocent until you realize the P/E is a Himalayan 403x — that’s not valuation, that’s wishful thinking.
The company made a net profit of ₹0.28 crore in Q2FY26, with zero sales because apparently, “Other Income” has been promoted to the hero role. ROE stands at a princely 0.96%, and ROCE crawls at 1.69%, both roughly equivalent to your fixed deposit after tax. Debt? None. Cash? Some. Purpose? Still searching.
But here’s the real plot twist: NDL has a 12-crore-valued land parcel in Bangalore that’s now worth around ₹180 crore. It’s like owning a 1990 Maruti with a diamond in the boot — except the company doesn’t seem in a hurry to sell it.
The buzzword this quarter is “merger.” RBI has already given the No Objection Certificate (NOC) for the merger of Hinduja Leyland Finance (HLF) into NDL Ventures. So, if this actually goes through, a ₹294 crore company could end up swallowing a multi-thousand-crore NBFC. Basically, a guppy fish getting ready to digest a whale.
2. Introduction
Remember that one cousin who kept changing college majors every semester? That’s NDL Ventures.
Born in 1985, this company started as part of the Hinduja empire’s media experiment — broadcasting, set-top boxes, fiber networks, and digital dreams. Then, one fine day, in 2022, it handed over all its digital media operations to Hinduja Global Solutions under a court-approved demerger. The company suddenly had no revenue, no product, and no clear direction — a perfect candidate for a financial services makeover.
In 2023, the board said, “Okay, enough cables — let’s do credit!” The name changed from Nxt Digital Ltd to NDL Ventures Ltd, and they started chasing a new ambition: becoming a financial powerhouse by merging with Hinduja Leyland Finance (HLF).
If that merger goes through, NDL Ventures will go from “zero operations” to being part of one of India’s larger NBFCs with over ₹30,000 crore in assets. That’s like an empty classroom suddenly turning into a full IIT.
But until the merger materializes, NDL is mostly an empty shell with a gorgeous land bank and a legendary surname.
3. Business Model – WTF Do They Even Do?
Let’s be honest — “business model” is a strong phrase here.
Right now, NDL Ventures doesn’t have an operating business in the conventional sense. It’s a holding and transition vehicle — think of it as a waiting lounge before a merger flight. The old digital TV operations have been demerged into HGS, and the company has pivoted toward financial services.
Current income sources are:
Interest income on inter-corporate deposits (ICDs) – 72% of total income.
Salary reimbursements – 16% (probably from group companies using its staff).
Write-back of provisions – 12% (accounting magic).
Essentially, NDL makes money by lending to other Hinduja entities and earning interest — which is like lending pocket money to your siblings and charging them EMIs.
Once Hinduja Leyland Finance (HLF) merges into NDL, the company will morph into a full-fledged NBFC dealing in retail and commercial vehicle financing. Until then, it’s a holding structure in limbo — but at least a debt-free one.
4. Financials Overview
Source table
Metric
Latest Qtr (Sep 25)
YoY Qtr (Sep 24)
Prev Qtr (Jun 25)
YoY %
QoQ %
Revenue
0.00
0.00
0.00
—
—
Other Income
1.20
1.24
1.16
-3.2%
3.4%
Expenses
0.82
0.98
0.84
-16.3%
-2.4%
PAT
0.28
0.21
0.24
33.3%
16.7%
EPS (₹)
0.08
0.06
0.07
33.3%
14.3%
Commentary: NDL’s financials are like a yoga session — calm, slow, and deeply introspective. With no operating revenue, profits exist only because “Other Income” does. The company spent less this quarter, which boosted profit slightly. EPS at ₹0.08 is… technically positive.
5. Valuation Discussion – Fair Value Range Only
Let’s play financial sudoku with some theory:
Method 1: P/E Approach
EPS (TTM): ₹0.22
Industry P/E (Other Financial Services): ~33x
Fair Value Range = ₹7 – ₹10
Method 2: P/B Approach
Book Value: ₹17.5
Assigning 1.5x–2.5x P/B ⇒ ₹26 – ₹44
Method 3: Land Value Adjustment + Merger Optionality
Land in Bangalore (Market Value ₹180 crore vs Book ₹12 crore).
Market Cap: ₹294 crore.
Adjusted asset value ≈ ₹462 crore.
Post-merger with HLF could 10x the asset base.
Fair Range (post-merger expectation priced in): ₹70 – ₹120.
Disclaimer: These are educational fair value ranges, not buy/sell advice. Real value depends on merger timelines, regulatory approvals, and whether the land actually sells for what brokers claim.
6. What’s Cooking – News, Triggers, Drama
The past year has been full of plot twists:
RBI NOC (Aug 2025): RBI granted No Objection Certificate for the merger of Hinduja Leyland Finance into NDL Ventures. That’s the biggest trigger — turning NDL from a sleepy holding company into a financial services player overnight.
Land Sale Buzz: The 12-crore-carrying-cost land in Bangalore, reportedly worth ₹180 crore, might be monetized soon. That’s the equivalent of discovering oil in your backyard.
Quarterly Results (Q2FY26): H1FY26 PAT stood at ₹52.53 lakh. Yes, lakhs. The company needs the merger badly, or it risks becoming a quarterly
