1. At a Glance – The “Alive but Not Kicking” Edition
Oscar Global Ltd is that rare listed company which technically exists, legally trades, files quarterly results, holds board meetings… and yet does not actually do anything. As of the latest data, the company has a market cap of roughly ₹5.33 crore, a stock price hovering around ₹16, zero operating revenue, and losses that come not from bad business decisions—but from having no business at all.
Let’s be clear: this is not a cyclical slowdown story. This is not a margin compression phase. This is a complete business shutdown that has been politely dressed up in regulatory filings as “exploring new avenues.”
ROE and ROCE are both at -6.81%, sales are ₹0, PAT is -₹0.13 crore, and EPS stands at -₹0.39. Debt is zero, which sounds great until you realize there is nothing left worth borrowing for. Promoters still hold ~43.8%, public holds ~55.6%, and the company continues to exist mostly because the Companies Act has not yet invented a “merciful shutdown” clause.
If you ever wondered what happens to a leather exporter when the world collectively says “nah, we prefer vegan leather now,” Oscar Global is your case study.
And the big question: is this a zombie stock… or a sleeping shell waiting for resurrection?
2. Introduction – From Leather Jackets to Interest Income
Oscar Global Ltd was incorporated in 1990, back when leather jackets were a lifestyle statement, not a sustainability crime. The company built its business exporting leather garments and accessories, primarily to Europe. For years, it made sense—European winters, premium pricing, Indian leather craftsmanship. All good.
Then fashion changed. Ethics entered the chat. Synthetic alternatives arrived with better margins, lighter weight, and fewer angry environmentalists. Demand for genuine leather garments didn’t decline gradually—it fell off a cliff.
Oscar Global didn’t pivot. It didn’t diversify into synthetics. It didn’t reposition itself. Instead, it slowly bled until it finally accepted reality: there was no demand left for its core products.
Manufacturing stopped. Sales stopped. Assets were sold. Plant, machinery, buildings—gone. What remained was a listed entity, some cash, some investments, and a board that now meets to approve losses instead of profits.
In FY25, almost 99% of income came from interest, with the remaining 1% from other non-operating income. This is no longer a leather exporter. It is a tiny financial parking lot masquerading as a consumer discretionary stock.
And yet, the stock
price has delivered respectable returns over 1, 3, and even 5 years. That’s where things get interesting—and slightly dangerous.
3. Business Model – WTF Do They Even Do?
Short answer: nothing operational.
Long answer: Oscar Global currently has no active business operations. It does not manufacture leather garments. It does not export anything. It does not sell domestically. There is no factory hum, no export order book, no raw material sourcing, no customers.
What it does have is:
- Cash and equivalents
- Interest income
- Some investments
- A listed shell structure
- A board of directors
- A promoter group that hasn’t walked away yet
The official narrative says the company is “trying to identify viable business avenues and revive operations.” That sentence has been recycled in hundreds of Indian annual reports over the last 20 years. Sometimes it works. Often, it doesn’t.
At present, Oscar Global’s “business model” is closer to a holding-and-waiting strategy. Expenses are minimal, depreciation is zero, interest costs are zero, and losses are mostly administrative.
If you’re explaining this company to a lazy but smart investor, you’d say:
“This is not a business. This is a listed corporate entity waiting for a new idea, new promoter intent, or a reverse-merger-style resurrection.”
Now ask yourself: how many such stories actually turn into something meaningful?
4. Financials Overview – Zero Revenue, Maximum Honesty
Quarterly Comparison Table (Figures in ₹ Crores)
| Metric | Latest Qtr (Dec 2025) | YoY Qtr (Dec 2024) | Prev Qtr (Sep 2025) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 0.00 | 0.00 | 0.00 | 0% | 0% |
| EBITDA | -0.04 | -0.12 | -0.06 | Improvement | Improvement |
| PAT | 0.00 | -0.08 | -0.03 | NA | NA |
| EPS (₹) | 0.00 | -0.24 | -0.09 | NA | NA |
Witty commentary:
When your revenue is zero every quarter, YoY and QoQ comparisons become philosophical exercises. EBITDA losses are shrinking, not
