BSE: 505720
Hercules Investments Limited
Operates as an unregistered Core Investment Company (CIC) that holds strategic investments in listed Bajaj Group companies. In FY26, revenue from operations of Rs 890.80 lakhs was earned from three sources: Rs 799.66 lakhs in dividend income from equity investments, Rs 86.89 lakhs in mutual fund gains, and Rs 4.25 lakhs in rental income. The business runs on a very lean cost base with no material inputs, depreciation or capex, and only Rs 1.6% of revenue going to employee costs and Rs 8.6% to other operating expenses. Operations are conducted from a single Mumbai office with just 3 permanent employees. The company holds a net worth of Rs 13,081 lakhs and voluntarily delisted from NSE in January 2026, leaving BSE (Scrip Code 505720) as the sole listing venue. Earlier material handling equipment and wind power operations were transferred via a demerger scheme with Indef Manufacturing Limited, leaving the company in its current investment-holding form. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Dividend income from equity investments, Mutual fund gains, Rental income. Asset-light investment holding company operating as an unregistered Core Investment Company
Exhibit 1: Financial summary, FY23–FY24 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 |
|---|---|---|
| Revenue | 151 | 180 |
| EBITDA (ex other income) | 103 | 29 |
| margin % | 68.3 | 16.2 |
| Owners' profit | 0 | 0 |
| EPS, as reported (₹) | 32.28 | 11.24 |
| ROE % · ROCE % | 14.6 · 15.7 | 3.8 · 4.7 |
| Debt / equity (x) | 0.00 | 0.00 |
| Cash from operations | 10 | 28 |
| Capex | (5) | (3) |
Exhibit 2: Quarterly performance, last 7 quarters
| ₹ crore | Q3 FY23 | Q4 FY23 | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 |
|---|---|---|---|---|---|---|---|
| Revenue | 36 | 47 | 41 | 41 | 40 | 57 | 38 |
| Profit before tax | 11 | 94 | 7 | 11 | 13 | 16 | 8 |
| Net profit | 9 | 85 | 5 | 9 | 10 | 12 | 6 |
| EPS (₹) | 2.77 | 26.55 | 1.50 | 2.79 | 3.24 | 3.70 | 1.86 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,904 | 97.4 | 24.99 | 80.9 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 30,105 | 81.2 | 9.82 | 52.4 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 26,932 | 49.1 | 6.04 | — | 11.8 | 15.5 | — | 18.2 |
| JYOTI CNC AUTOMATION LTD | 21,121 | 65.7 | 10.55 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| KAYNES TECHNOLOGY IND LTD | 20,995 | 60.6 | 4.41 | 29.9 | 7.6 | 9.8 | — | 17.1 |
| LMW LIMITED | 17,483 | 100.1 | 6.10 | 56.6 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,085 | 459.6 | 3.84 | 39.1 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,360 | 48.5 | 7.34 | 50.4 | 11.7 | 11.5 | — | 15.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 9.5 | 26.7 | 27 of 130 | 80% |
| P/B | 0.4 | 3.1 | 3 of 112 | 98% |
| ROCE | 4.6 | 11.3 | 106 of 142 | 26% |
| ROE | 3.8 | 9.8 | 88 of 113 | 22% |
| Debt / Equity | 0.0 | 0.2 | 1 of 113 | 80% |
| EBITDA margin | 24.8 | 12.4 | 17 of 110 | 85% |
| Revenue growth | (7.1) | 20.6 | 89 of 114 | 22% |
| Profit growth | 23.5 | 17.1 | 52 of 109 | 53% |
| Market cap | 351 | 273 | 67 of 141 | 53% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board to approve September 2026 quarter and half-year results | results | low | — | — |
| 12 Oct 2026 · Reg 74(5) certificate filing for quarter ended September 30, 2026 | compliance | minimal | — | — |
| 30 Sept 2026 · Trading window closure for designated persons from Oct 1, 2026 | compliance | minimal | — | — |
| 13 Aug 2026 · AGM proceedings: Dividend of Rs 2.50/share approved, director re-appointments confirmed | management changes | medium | — | — |
| 13 Aug 2026 · 64th AGM held; final dividend of Rs 2.50 per share approved among key items | board shareholder meetings | low | — | — |
| 13 Aug 2026 · Q1 FY27 Results: PAT turns positive at Rs 11.70 lakh versus loss last year | results | high | — | — |
| 13 Aug 2026 · Board approves Q1 FY26-27 results; revenue up about 145% YoY | results | medium | — | — |
| 6 Aug 2026 · Board meeting on Aug 13 to consider Q1 FY27 unaudited results | results | low | — | — |
| 16 Jul 2026 · Newspaper notice of 64th AGM, e-voting and book closure details filed | compliance | minimal | — | — |
| 14 Jul 2026 · Business Responsibility and Sustainability Report for the Financial Year Ending 2025-26 | compliance | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.