NSE: NSIL · BSE: 532256
NALWA SONS INVESTMENT LTD
Operates as an investment and holding company, with FY26 revenue of ₹101.15 crore coming from two segments: Investments & Finance (80% of segment revenue, ₹80.90 crore) and Trading of goods (20%, ₹20.24 crore). The Investments & Finance segment, which generated almost all of the segment EBIT of ₹75.99 crore, earns money from interest income and dividends on its equity portfolio, supplemented by mark-to-market fair-value changes on equity instruments. The Trading of goods segment booked ₹20.24 crore in revenue but contributed only ₹0.16 crore in EBIT. Total assets stood at ₹17,184.47 crore against revenue of ₹101.15 crore, reflecting an asset-heavy book of investments. The cost base is light — employee cost at 0.7% of revenue and other operating expenses at 2.8% — consistent with a holding-company structure. The company is part of the OP Jindal Group, holds subsidiaries and an associate, and recorded consolidated net profit of ₹56.69 crore in FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Investments & Finance (80%), Trading of goods (20%). Asset-heavy investment holding company; earnings depend on dividends, interest, and mark-to-market swings on equity investments.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 93 | 131 | 88 | 125 | 101 |
| EBITDA (ex other income) | 76 | 123 | 75 | 64 | 76 |
| margin % | 81.8 | 93.7 | 84.3 | 51.0 | 74.7 |
| Owners' profit | 66 | 91 | 56 | 47 | 55 |
| EPS, as reported (₹) | 128.24 | 180.26 | 109.59 | 89.54 | 110.37 |
| ROE % · ROCE % | 0.8 · — | 1.2 · — | 0.4 · — | 0.3 · — | 0.4 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 42 | 72 | 41 | 62 | 49 |
| Capex | 0 | 0 | 0 | (0) | (0) |
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 | 60 | 14 | 12 | 37 | 25 | 12 | 27 | 34 |
| Profit before tax | 44 | 11 | (31) | 33 | 21 | 12 | 10 | 34 |
| Net profit | 35 | 8 | (26) | 26 | 18 | 8 | 6 | 27 |
| EPS (₹) | 68.23 | 15.93 | (51.49) | 50.20 | 34.79 | 14.66 | 10.72 | 51.96 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Investments & Finance | 44 | 43.7 |
| Trading of goods | 17 | 16.4 |
| Investment & Finance | 12 | 11.8 |
| Trading of Goods | 4 | 3.6 |
| investment & finance | 25 | 24.5 |
| Total, before eliminations | 101 | 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) | 43.6 | 19.9 | 34 of 51 | 34% |
| P/B | 0.2 | 0.6 | 6 of 63 | 90% |
| ROE | 0.4 | 1.3 | 44 of 65 | 33% |
| EBITDA margin | 98.3 | 61.6 | 13 of 62 | 80% |
| Revenue growth | (7.3) | 13.6 | 38 of 56 | 33% |
| Profit growth | 3.5 | 10.7 | 36 of 66 | 46% |
| Market cap | 2510 | 273 | 12 of 68 | 84% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 10 Oct 2026 · Quarterly compliance certificate for share dematerialization | compliance | minimal | — | — |
| 1 Oct 2026 · AGM Voting Results: All 4 Resolutions Passed at 55th AGM | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Nalwa Sons Investments 55th AGM held via video conferencing on Sep 30, 2026 | board shareholder meetings | medium | — | — |
| 30 Sept 2026 · 55th AGM held on Sep 30, 2026; four resolutions tabled | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1 for Q2 and half year results | compliance | minimal | — | — |
| 7 Sept 2026 · Letter to shareholders for 55th AGM and Annual Report access | compliance | low | — | — |
| 5 Sept 2026 · NSIL files Annual Report FY26 and 55th AGM notice | board shareholder meetings | medium | — | — |
| 5 Sept 2026 · Annual Report FY2025-26 and notice of 55th AGM filed with exchanges | results | high | — | — |
| 5 Sept 2026 · 55th AGM notice and FY26 annual report filed; Whole Time Director reappointment | board shareholder meetings | medium | — | — |
| 5 Sept 2026 · BRSR filing for FY 2025-26 submitted to BSE and NSE | 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.