NSE: NAHARCAP · BSE: 532952
NAHAR CAP & FIN.
Functions as a Non-Banking Financial Company (NBFC) operating through two reported segments: Investment/Financial Activity, which contributed 93.2% of segment revenue at ₹48.28 crore in FY26, and Real Estate Activity, which contributed the remaining 6.8% at ₹3.54 crore. The Investment/Financial segment is the core earnings engine, with the company holding equity stakes in group associates Nahar Poly Films Ltd and Nahar Spinning Mills Ltd, whose share of profit flows into the consolidated results. The cost structure is consistent with a financial rather than manufacturing business — materials are nil, while employee cost at 15.7% of revenue and other operating expenses at 10.1% are the main cost lines. The company carries an ICRA A1+ rating — the highest short-term credit tier — on its proposed ₹25 crore Commercial Paper programme. Total assets of ₹1,781.99 crore sit against FY26 revenue of ₹48.26 crore, reflecting an asset-heavy investment-holding character. The promoter group, led by the Oswal family through Sankheshwar Holding Company and related entities, holds the company without any encumbrance on shares. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Investment/Financial Activity (93%), Real Estate Activity (7%). Asset-heavy NBFC and investment holding company with a small real estate side.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 43 | 34 | 52 | 46 | 48 |
| EBITDA (ex other income) | 35 | 26 | 43 | 37 | 35 |
| margin % | 81.7 | 76.2 | 83.7 | 79.2 | 73.1 |
| Owners' profit | 0 | 107 | 12 | 50 | 63 |
| EPS, as reported (₹) | 135.23 | 63.73 | 7.03 | 29.75 | 37.71 |
| ROE % · ROCE % | 14.5 · — | 7.0 · — | 0.8 · — | 3.2 · — | 3.9 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (69) | (23) | (11) | 3 | 13 |
| Capex | (0) | (0) | (1) | (1) | (1) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 19 | 5 | 5 | 15 | 15 | 14 | 5 | 18 |
| Profit before tax | 16 | 2 | 2 | 12 | 11 | 11 | 0 | 15 |
| Net profit | 10 | 6 | 21 | 11 | 20 | 13 | 18 | 67 |
| EPS (₹) | 6.23 | 3.87 | 12.67 | 6.86 | 12.17 | 7.81 | 10.86 | 40.27 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Investment/Financial Activity | 45 | 92.8 |
| Real Estate Activity | 4 | 7.2 |
| Total, before eliminations | 49 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| JIO FIN SERVICES LTD | 1,35,496 | 63.7 | 1.01 | — | 1.2 | — | — | 70.7 |
| ADITYA BIRLA CAPITAL LTD. | 97,598 | 22.8 | 2.65 | — | 10.5 | — | 18.8 | 40.8 |
| L&T FINANCE LIMITED | 61,858 | 19.4 | 2.21 | — | 10.6 | — | 5.5 | 62.3 |
| TATA INVESTMENT CORP LTD | 28,442 | 66.0 | 0.97 | — | 1.5 | — | 19.5 | 92.6 |
| CHOLAMANDALAM FIN HOL LTD | 24,545 | 9.2 | 0.72 | — | 16.2 | — | 23.0 | 58.4 |
| TVS HOLDINGS LIMITED | 23,883 | 12.1 | 1.85 | — | 26.3 | — | 23.4 | 16.4 |
| MAHARASHTRA SCOOTERS LTD | 13,373 | 48.0 | 0.48 | — | 1.1 | — | — | 84.1 |
| JSW HOLDINGS LIMITED | 12,440 | 90.6 | 0.38 | — | 0.4 | — | 14.1 | 84.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 3.1 | 19.9 | 7 of 51 | 88% |
| P/B | 0.2 | 0.6 | 13 of 63 | 79% |
| ROE | 3.9 | 1.3 | 24 of 65 | 64% |
| EBITDA margin | 83.6 | 61.6 | 24 of 62 | 62% |
| Revenue growth | 24.8 | 13.6 | 24 of 56 | 58% |
| Profit growth | 487.4 | 10.7 | 5 of 66 | 94% |
| Market cap | 370 | 273 | 32 of 68 | 54% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Newspaper notice on requests for pre-2019 physical shares | compliance | minimal | — | — |
| 21 Oct 2026 · Board Meeting on 30 Oct 2026 to consider Q2 FY27 results | results | low | — | — |
| 7 Oct 2026 · Compliance certificate for share dematerialization filed for Q2 FY26 | compliance | minimal | — | — |
| 5 Oct 2026 · Demat report for September 2026 filed with exchanges | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closure for Q2 FY27 results at Nahar Capital | compliance | minimal | — | — |
| 25 Sept 2026 · Nahar Capital AGM 2026: All 8 resolutions passed, Rs 1.50 dividend declared | compliance | minimal | — | — |
| 25 Sept 2026 · 21st AGM held on Sept 25, 2026; dividend of Rs 1.50 per share declared | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Re-appointment of MD and two Independent Directors approved at AGM | management changes | medium | — | — |
| 3 Sept 2026 · Nahar Capital informs Demat Report for August 2026 | compliance | minimal | — | — |
| 2 Sept 2026 · Nahar Cap informs exchange of letters sent to shareholders for FY26 AGM notice | compliance | minimal | — | — |
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.