1. At a Glance
Sinnar Bidi Udyog is a tiny ₹33 Cr micro-cap stuck in a slow burn. Once a niche exporter of bidis, now it’s just trying not to cough up losses every quarter. With negative ROE and declining sales, investors are either betting on nostalgia or just… betting.
2. Introduction with Hook
Once upon a time, in the tobacco trade, there was a humble bidi-maker from Nashik. Today? It’s a zombie stock that refuses to die, despite making barely ₹1 crore in quarterly sales. And yet… it trades at ₹824/share (7.5x BV). Why? Maybe the market just loves an underdog story with a nicotine twist.
- FY25 Revenue: ₹4.73 Cr
- FY25 Net Loss: ₹–0.12 Cr
- Stock Price Growth (1Y): +10%
- ROE (3Y Avg): –3%
3. Business Model (WTF Do They Even Do?)
This company used to manufacture bidis and sell them to exporters. Now?
- No bidi manufacturing.
- Primarily tobacco processing + trading.
- HQ in Nashik.
- Revenue depends heavily on seasonal trading and minuscule processing ops.
They’ve zero borrowing, near-zero revenue growth, and zero dividends. The only thing going up seems to be… the share price.
4. Financials Overview
| Year | Revenue (₹ Cr) | Net Profit (₹ Cr) | EPS | OPM % | ROE % |
|---|---|---|---|---|---|
| FY23 | 6.29 | 0.44 | 11.0 | –3.2% | 11.0% |
| FY24 | 4.80 | 0.12 | 3.0 | –1.5% | 3.0% |
| FY25 | 4.73 | –0.12 | –3.0 | –4.0% | –2.7% |
Despite tiny profits in FY23, FY25 brought it back to red. Operating losses have been consistent like a bad habit.
5. Valuation
Let’s pretend there’s a way to value this smoke-ring stock:
- Book Value: ₹110
- CMP: ₹824 (7.5x Book — market must be on something strong)
- Fair Value (if we’re being generous): ₹150–₹220
- Assuming it turns profitable and delivers ₹0.5–₹1 Cr PAT
- 20x PE on ₹1 Cr = ₹200 Cr → Market Cap Fair Value = ₹130–₹220/share
- Bear Case FV: ₹60–₹80 (based on liquidation value)
Conclusion: This is a sentiment stock, not a spreadsheet stock.
6. What’s Cooking – News, Triggers, Drama
- Zero Promoter movement: 73.4% holding, untouched for years.
- No dividends for over a decade.
- Not a large corporate: So SEBI relaxations apply (yay?)
- Public shareholding: Slowly creeping up.
- Sales dropped 25% from FY23 → FY25.
- Quarterly losses returned in FY25.
There’s no corporate drama here, just the eerie silence of a forgotten cap table.
7. Balance Sheet
| Year | Reserves (₹ Cr) | Borrowings | Total Assets | Investments |
|---|---|---|---|---|
| FY23 | ₹4.12 Cr | ₹0 Cr | ₹9.47 Cr | ₹0.58 Cr |
| FY25 | ₹4.19 Cr | ₹0 Cr | ₹8.80 Cr | ₹0.66 Cr |
- Debt-free and not growing.
- Low fixed assets, zero capex.
- Stable investments but no returns.
- Essentially, a financial hibernation.
8. Cash Flow – Sab Number Game Hai
| Year | CFO (₹ Cr) | FCF (Est.) | Net Cash Flow |
|---|---|---|---|
| FY23 | –₹0.77 | ~–₹1 Cr | –₹0.03 Cr |
| FY24 | ₹3.74 | ~₹3 Cr | ₹3.99 Cr |
| FY25 | –₹1.28 | ~–₹1.3 Cr | –₹1.21 Cr |
Inconsistency thy name is Sinnar. FY24 was a fluke, not a trend.
9. Ratios – Sexy or Stressy?
| Ratio | FY23 | FY24 | FY25 |
|---|---|---|---|
| ROCE | –5.4% | –0.9% | –3.2% |
| ROE | 11% | 3% | –2.7% |
| OPM | –3.2% | –1.5% | –4.0% |
| Debtor Days | 179 | 11 | 14 |
A bipolar balance sheet. No debt, yes — but no profit either.
Also, OPM is consistently negative. What’s being “processed” here, exactly?
10. P&L Breakdown – Show Me the Money
| Quarter | Revenue (₹ Cr) | Net Profit (₹ Cr) | OPM % |
|---|---|---|---|
| Mar ’24 | ₹1.24 | –₹0.11 | –12.9% |
| Jun ’24 | ₹1.31 | –₹0.14 | –13.0% |
| Sep ’24 | ₹0.96 | –₹0.02 | –3.1% |
| Dec ’24 | ₹1.48 | ₹0.07 | 3.4% |
| Mar ’25 | ₹0.98 | –₹0.04 | –5.1% |
No consistency. Even the few good quarters are flukes.
11. Peer Comparison
| Company | CMP (₹) | Sales (₹ Cr) | ROE % | OPM % | CMP / BV |
|---|---|---|---|---|---|
| Godfrey Phillips | ₹9,355 | ₹5,611 | 24.3% | 21% | 9.3x |
| VST Industries | ₹293 | ₹1,398 | 16.5% | 20% | 3.8x |
| NTC Industries | ₹172 | ₹60 | 7.3% | 23.5% | 1.2x |
| Sinnar Bidi | ₹824 | ₹4.7 | –2.7% | –4% | 7.5x |
It’s trading like a premium tobacco brand but selling like a roadside panwala.
12. Miscellaneous – Shareholding, Promoters
- Promoter Holding: 73.4% (unchanged in 12+ quarters)
- Public Holding: 26.6% (321 → 434 shareholders in 1 year)
- No mutual funds, no FII — retail-only game
- No dividend history. Not even in FY23, the one profitable year.
13. EduInvesting Verdict™
Sinnar Bidi is a market mystery: near-dead financials, no new business triggers, no promoters buying… yet it’s up 10% in a year. Retail flocking here might be betting on a shell play, real estate asset unlocking, or—let’s be honest—pure FOMO.
It’s not a bidi company anymore.
It’s a story stock.
Just make sure the story isn’t fiction.
Metadata
– Written by EduInvesting | 20 July 2025
– Tags: Sinnar Bidi, Microcap Tobacco, Shell Company, No Revenue Growth, Negative ROE, Nashik Stocks
