1. At a Glance
A publicly listed investment-real-estate hybrid, Oswal Greentech Ltd combines the serenity of surplus fund lending with the chaos of real estate projects. Zero dividends, zero growth, and a P/E so high it could orbit Mars.
2. Introduction with Hook
Imagine a startup that doesn’t really startup. Now imagine it’s been around since 1981 and still can’t decide if it’s a real estate developer, NBFC, or just a very expensive locker for inter-corporate deposits.
- Stock trading at 0.46x Book Value.
- Return on Equity? A majestic 0.34%.
Investors call it “deep value.” We call it “deeply confused.”
3. Business Model (WTF Do They Even Do?)
- Primary revenue = lending surplus funds as interest-bearing inter-corporate deposits (ICDs).
- Secondary gig = real estate trading and development.
- Parent = Abhey Oswal Group
- Also holds stake in Oswal Agro Mills (because one dormant company isn’t enough).
- FY25 revenue = ₹65.96 Cr, but 90%+ of profit is other income, not business ops.
In short: it’s a fixed deposit that occasionally dabbles in real estate.
4. Financials Overview
10-Year Snapshot (Standalone)
| Metric | Mar 2015 | Mar 2020 | Mar 2023 | Mar 2025 |
|---|---|---|---|---|
| Sales (₹ Cr) | 83.63 | 116.23 | 96.94 | 65.96 |
| Net Profit (₹ Cr) | 37.30 | 71.46 | 37.88 | 8.53 |
| OPM % | 38.83% | 110.82% | 63.39% | -18.86% |
| Other Income | ₹21.86 Cr | ₹-21.86 Cr | ₹1.94 Cr | ₹26.77 Cr |
Key Observations:
- Profit when “other income” is up.
- Operating performance? Mostly negative.
- This ain’t an operating business. It’s an interest collector with RE dreams.
5. Valuation
Current Market Cap: ₹1,162 Cr
Book Value per Share: ₹97.4
CMP: ₹45.2
Valuation Multiple Math:
- Price/Book: 0.46x (cheap, but why?)
- P/E: 136 (because earnings are microscopic)
Fair Value Range:
If normalized ROE touches 5–6%, with decent ICD yield, and P/B normalizes to ~0.8–1.0x:
FV Range = ₹70–₹95
But unless core ops start functioning or they sell real assets, this is just a dream NAV.
6. What’s Cooking – News, Triggers, Drama
- Shael Oswal appointed Vice Chairman (June 2025)
- CEO resigned, qualified audit opinion (May 2025)
- Arbitration award: ₹97.17 Cr received (June 2025)
- Acquisition of stake in Oswal Agro Mills
- Litigation, fund flow issues, audit red flags
This stock throws more curveballs than a Ranji Trophy left-arm spinner.
7. Balance Sheet
Standalone | Mar 2025 (₹ Cr)
| Item | Value |
|---|---|
| Equity Capital | 256.81 |
| Reserves | 2,243.19 |
| Borrowings | 5.80 |
| Investments | 293.14 |
| Fixed Assets | 123.41 |
| Other Assets (ICDs etc.) | 2,140.77 |
| Total Assets | 2,557.32 |
Key Points:
- Almost debt-free.
- Investments and cash-like assets dominate.
- Real estate part = tiny slice.
8. Cash Flow – Sab Number Game Hai
| Year | CFO (₹ Cr) | CFI | CFF | Net Cash Flow |
|---|---|---|---|---|
| Mar 2023 | -145.12 | 186.47 | -41.63 | -0.27 |
| Mar 2024 | -466.34 | 474.10 | -2.96 | 4.80 |
| Mar 2025 | 110.15 | -109.96 | -2.17 | -1.97 |
Takeaway:
Cash flow cycles like mood swings. Only real consistency = random, large “investing inflows”.
9. Ratios – Sexy or Stressy?
| Metric | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|
| ROE | 1.48% | 0.25% | 0.33% |
| ROCE | 2.38% | 0.45% | 0.43% |
| Working Capital Days | 3,394 | 3,577 | 5,628 |
| OPM % | 63.39% | 16.94% | -18.86% |
Translation: this is not your active cash cow. It’s a sleepy, interest-gathering cow grazing on old investments.
10. P&L Breakdown – Show Me the Money
| Year | Sales | Op. Profit | Net Profit | EPS |
|---|---|---|---|---|
| Mar 2023 | ₹96.94 Cr | ₹61.45 Cr | ₹37.88 Cr | ₹1.48 |
| Mar 2024 | ₹90.75 Cr | ₹15.37 Cr | ₹6.37 Cr | ₹0.25 |
| Mar 2025 | ₹65.96 Cr | ₹-12.44 Cr | ₹8.53 Cr | ₹0.33 |
Other income keeps saving the day. Operating business? Still on vacation.
11. Peer Comparison
| Company | P/E | P/B | ROE | MCap (₹ Cr) |
|---|---|---|---|---|
| Oswal Greentech | 136 | 0.46 | 0.34% | 1,162 |
| Jio Financial | 128 | 1.68 | 1.23% | 2,06,990 |
| Tata Investment Corp | 107 | 1.07 | 1.02% | 33,421 |
| JSW Holdings | 124 | 0.78 | 0.69% | 24,325 |
When everyone in your peer group is overvalued and underperforming, you just might be… an investment holding company.
12. Miscellaneous – Shareholding, Promoters
- Promoter Holding: 69.19%
- Public Holding: 30.76%
- FII holding vanished in past year. Coincidence? Hmm.
- 2.5L+ Retail Shareholders — welcome to the jungle.
- Auditors raised qualified opinion in FY25.
- Arbitrations and litigations = frequent flyers.
13. EduInvesting Verdict™
Oswal Greentech is like a vintage wine cellar: looks valuable, but you’re not sure what’s fermenting inside.
The real estate biz is a side hustle, and the real engine is sitting on surplus funds and doing yoga with ICDs and investments.
If you’re looking for dividends, growth, or predictable profits — this ain’t it, chief.
But if you’re a NAV-hunter with patience and stomach for chaos, this could be your thrift-store Picasso… or a dusty box of IOUs.
Metadata
– Written by EduInvesting | 12 July 2025
– Tags: Oswal Greentech, Real Estate, Investment Company, NAV Discount, Audit Drama, ICD Specialist, Deep Value or Deep Trouble?
