1. At a Glance
Pacheli Industrial Finance Ltd is a 1985-incorporated NBFC that, in theory, lends and invests. In reality, it just reported TTM sales of almost zero and a profit number pumped by ₹20 Cr in “other income.” ROCE is a sleepy 0.67%, ROE is a polite 3.59%, and yet the P/E sits at a premium 73.5. If this isn’t market optimism, it’s market comedy.
2. Introduction
Think of a company that’s been around for 40 years, calls itself “Industrial Finance,” and is valued like it’s funding half of Dalal Street — only to discover it has no real lending revenue. The business model is “asset-rich, activity-poor,” and FY25’s jump in equity capital from ₹4 Cr to ₹519 Cr screams “capital structure games” rather than organic growth.
3. Business Model (WTF Do They Even Do?)
Officially:
- NBFC operations: lending, investing, consultancy for hotels & lodging.
- Investment holding: moving funds into other assets.
Unofficially:
- Balance sheet games — sudden equity infusions, massive
- borrowings, large investments.
- Income reliant on other income (₹20 Cr FY25 vs. ₹0 Cr in lending income).
4. Financials Overview
| Metric | FY25 | YoY Change |
|---|---|---|
| Revenue | ₹0 Cr | -93% |
| EBITDA | -₹5 Cr | From ₹0 |
| PAT | ₹15 Cr | N/A (other income-led) |
| EPS | ₹0.29 | Up from ₹0.03 |
| ROE | 3.59% | Stable-ish |
| OPM | -6,262% | When zero sales meet fixed costs |
Commentary: Without the ₹20 Cr other income, this is loss-making.
5. Valuation (Fair Value RANGE only)
| Method | Inputs | FV (₹) |
|---|---|---|
| P/E | NBFC avg 20× EPS ₹0.29 | 5.8 |
| P/B | P/B 1× BV ₹16.0 | 16 |
| DCF | Impossible — no operating cash flows |
Fair Value Range: ₹6 – ₹16
Disclaimer: This FV range is for educational purposes only and is not investment advice.
6. What’s Cooking – News, Triggers, Drama
- New MD appointed: Prabhakar Kumar (Aug 2025).
- AGM & Book
