1. At a Glance
NDL Ventures, once the poster child of Hinduja’s digital dreams, is now moonwalking through the finance world. Q1 FY26? ₹0.24 Cr net profit, no sales, a P/E of 373, and dividends so high you’d think they mined gold. Spoiler: they didn’t.
2. Introduction with Hook
Imagine a rock band that sold out stadiums, then suddenly became a solo flute player in a subway tunnel. That’s NDL Ventures.
- Once part of Hinduja Global’s cable-digital empire
- FY25: ₹0 sales, still managed to pull ₹0.59 Cr in profit
Now, the company has “reinvented” itself as a non-operational finance service entity. Think less Netflix, more net-interest… except there’s no interest.
3. Business Model (WTF Do They Even Do?)
Let’s break it down:
- Former Life: Provided digital content to 5 million+ subscribers under “NXT Digital”
- Current Life: MOA changed to financial services (excluding insurance and pensions)
- Real Life: No core business operations, earns via “Other Income”
So basically: - No products
- No services
- No sales
- But somehow… profit
Business Model = “Live. Laugh. Dividend.”
4. Financials Overview
Here’s the fun part. Table says everything.
| Metric | FY23 | FY24 | FY25 | TTM |
|---|---|---|---|---|
| Sales | ₹0.00 Cr | ₹0.00 Cr | ₹0.00 Cr | ₹0.00 Cr |
| Net Profit | ₹0.27 Cr | ₹1.62 Cr | ₹0.59 Cr | ₹0.66 Cr |
| EPS | ₹0.08 | ₹0.48 | ₹0.18 | ₹0.19 |
| Dividend Payout | 2494% | 208% | 285% | – |
| Book Value | ₹17.8 | – | – | – |
Takeaway: This company is the equivalent of a financial zombie—technically alive, mostly unproductive, but still distributing dividends like it’s Diwali every quarter.
5. Valuation
Let’s try to value a company with no operations. Challenge accepted.
- P/E Ratio: 373 (aka nosebleed territory)
- Book Value: ₹17.8
- CMP / BV: 4.04x
Valuation Methods:
- Asset-Based Value (Book Value x 1.5):
₹17.8 x 1.5 = ₹26.7 (Bear Case) - Dividend Discount (assuming ₹0.25/year, 10% cost):
₹0.25 / 0.10 = ₹2.5 (No. Just No.) - Hope & Holding Co Premium:
Assume 3x Book for future biz sale/merger potential = ₹53.4 (Bull Case)
EduFair Value Range: ₹25 – ₹55
Current price of ₹71.9 is… well… floating in optimism.
6. What’s Cooking – News, Triggers, Drama
- Q1 FY26 Results Out Today – ₹0.24 Cr net profit on ₹0 sales
- AGM on Aug 29, 2025 – Dividend record date: Aug 22
- Re-appointment of Mr. Amar Chintopanth – Signaling continuation of legacy strategy (?)
- Secretarial Auditor appointed for 5 years – Looks like they’re here for the long haul
- No concalls since 2022 – Translation: “Hum bolte nahi, bas dividend dete hain”
7. Balance Sheet
| Metric | FY25 |
|---|---|
| Equity Capital | ₹33.67 Cr |
| Reserves | ₹26.38 Cr |
| Borrowings | ₹0.00 Cr |
| Other Liabilities | ₹6.35 Cr |
| Fixed Assets | ₹0.00 Cr |
| Investments | ₹0.00 Cr |
| Other Assets | ₹66.4 Cr |
| Total Assets | ₹66.4 Cr |
Highlights:
- Zero borrowings.
- 100% asset-light, cash + financial instruments likely.
- Reserve erosion is real. ₹2,014 Cr in FY18 → ₹26 Cr now.
8. Cash Flow – Sab Number Game Hai
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Operating CF | ₹74.87 Cr | ₹-10.73 Cr | ₹-4.21 Cr |
| Investing CF | ₹-54.00 Cr | ₹10.20 Cr | ₹7.67 Cr |
| Financing CF | ₹-13.47 Cr | ₹-6.73 Cr | ₹-3.37 Cr |
| Net Cash Flow | ₹7.40 Cr | ₹-7.26 Cr | ₹0.09 Cr |
Key Points:
- Business generates no OCF.
- Reliant on liquidation of past investments.
- Survives purely on managing balance sheet levers.
9. Ratios – Sexy or Stressy?
| Ratio | FY23 | FY24 | FY25 |
|---|---|---|---|
| ROE | 0.80% | 2.76% | 0.96% |
| ROCE | 0.36% | 2.76% | 1.69% |
| EPS | ₹0.08 | ₹0.48 | ₹0.18 |
| P/E | – | – | 373 |
| CMP / BV | – | – | 4.04x |
Verdict? These aren’t sexy numbers. They’re the financial equivalent of lukewarm chai.
10. P&L Breakdown – Show Me the Money
| Year | Sales | Expenses | Other Income | Net Profit |
|---|---|---|---|---|
| FY23 | ₹0.00 | ₹2.25 Cr | ₹2.52 Cr | ₹0.27 Cr |
| FY24 | ₹0.00 | ₹4.10 Cr | ₹5.90 Cr | ₹1.62 Cr |
| FY25 | ₹0.00 | ₹3.90 Cr | ₹4.94 Cr | ₹0.59 Cr |
Insights:
- There is no “sales” to break down.
- Entire profit is thanks to Other Income – likely from interest, investment exits, or financial jiggery-pokery.
11. Peer Comparison
| Company | P/E | ROE | Market Cap | CMP/BV | Sales (TTM) | PAT (TTM) |
|---|---|---|---|---|---|---|
| CRISIL | 58.14 | 27.81% | ₹42,306 Cr | 16.49 | ₹3380 Cr | ₹727 Cr |
| Algoquant | 60.31 | 37.55% | ₹1,923 Cr | 19.05 | ₹234 Cr | ₹31.89 Cr |
| Centrum | NA | -41.28% | ₹1,595 Cr | 5.76 | ₹3,493 Cr | ₹-148 Cr |
| NDL Ventures | 373.3 | 0.96% | ₹246 Cr | 4.04 | ₹0 | ₹0.66 Cr |
Clearly, NDL is in the “holding pattern” category. Not a CRISIL. Not a Centrum. Maybe a dormant SPAC with a desi twist?
12. Miscellaneous – Shareholding, Promoters
| Type | % Holding (Jun ’25) |
|---|---|
| Promoters | 66.20% |
| FIIs | 5.38% |
| DIIs | 0.04% |
| Public | 28.38% |
- Promoters haven’t budged since 2022 – suggests long-term intent
- Shareholders = ~10,700 – cult following for a company that does nothing operationally
13. EduInvesting Verdict™
NDL Ventures is a curious case of corporate reincarnation. Once a media giant, now a dividend zombie living off investment scraps. It’s debt-free, dividend-happy, and profit-lite. The absence of a real business model makes it a speculative holding at best. Its current price of ₹71 looks steep for a company generating sub-₹1 Cr profits.
Verdict:
It’s like watching a retired actor show up at award shows just to clap. Still rich, still relevant, but definitely not starring in anything.
Metadata
– Written by EduInvesting Team | July 23, 2025
– Tags: NDL Ventures, Hinduja, Financial Services, No Sales Company, Dividend Kings, EduAnalysis
