Nalwa Sons Investments
NSIL NSE
Nalwa Sons Investments
Financial ServicesNSE: NSIL BSE: 532256 Investment Company
Key Fundamentals
MicrocapInvestment CompanyFinancial ServicesMarket Cap
₹2,840 Cr
Volatility
Moderate
P/E Ratio
51.49
EBITDA
₹75.60 Cr
Return on Equity
0.27%
Debt to Equity
0
Book Value
₹29,519.55
52W High
₹8,730
52W Low
₹4,700
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
2- Company is almost debt free.
- Stock is trading at 0.19 times its book value
Weaknesses
3- Though the company is reporting repeated profits, it is not paying out dividend
- The company has delivered a poor sales growth of 8.43% over past five years.
- Company has a low return on equity of 0.39% over last 3 years.
Growth Rate
Revenue Growth
-19.27% lower than
3Y
Net Income Growth
24.59% higher than
3Y
Cash Flow Change
50.04% higher than
3Y
ROE
-38.64% lower than
3Y
ROCE
-34.62%
EBITDA Margin (Avg.)
45.08% higher than
3Y
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 69d agoAI opinion · based on fundamentals
Risk high
Nalwa Sons Investments Ltd is a ₹2,771 Cr market cap financial services holding company trading at just 0.18x book value with a PE of 49x. The company is virtually debt-free but delivers near-zero ROE (0.39% over 3 years) and has seen sales decline 19% TTM, while paying no dividends despite reporting profits.
Bull Case 8
- Stock trades at 0.18x book value, indicating massive discount to net asset value of its underlying holdings
- Company is almost debt-free, eliminating balance sheet risk and interest burden
- 10-year stock CAGR of 22% demonstrates long-term wealth creation despite operational weakness
- 5-year stock CAGR of 26% shows sustained investor interest in the holding company structure
- 10-year compounded profit growth of 11% indicates a long-term earnings trajectory that is positive
- 10-year compounded sales growth of 13% suggests the underlying business portfolio has delivered reasonable top-line expansion over the longer term
- Company is expected to deliver a good upcoming quarter based on current estimates
- 5-year compounded profit growth of 5% shows the company has remained profitable through cycles
Bear Case 8
- Return on equity is effectively zero at 0.39% over 3 years, indicating extremely poor capital efficiency
- TTM sales have declined 19%, signaling sharp deterioration in revenue generation
- Despite reporting repeated profits, the company pays zero dividend, offering no income return to shareholders
- 3-year compounded sales growth is negative at -9%, showing a sustained revenue contraction trend
- PE ratio of 49x is elevated for a company with near-zero ROE and declining sales
- 3-year compounded profit growth is negative at -16%, indicating earnings erosion over the medium term
- Stock has declined 26% over the past 1 year, reflecting significant recent price weakness
- 5-year sales growth of only 8.43% is poor for an investment/holding company in a growing economy
This is AI-generated analysis, not financial advice. Do your own due diligence.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 25 | 27 | 26 | 11 | 40 | 60 | 14 | 12 | 37 | 25 | 12 | 27 | 34 |
| Expenses | 1 | 1 | 5 | 6 | 1 | 15 | 2 | 43 | 4 | 3 | 1 | 18 | 1 |
| Operating Profit | 24 | 26 | 20 | 5 | 39 | 44 | 11 | -31 | 33 | 21 | 11 | 10 | 34 |
| OPM % | 95% | 96% | 79% | 43% | 98% | 74% | 82% | -251% | 88% | 86% | 95% | 35% | 98% |
| Other Income | 0 | 1 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 2 | 0 | 0 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PBT | 24 | 26 | 21 | 5 | 39 | 45 | 11 | -30 | 33 | 23 | 11 | 9 | 34 |
| Tax % | 31% | 21% | 16% | 63% | 25% | 23% | 26% | -13% | 21% | 22% | 33% | 41% | 21% |
| Net Profit | 17 | 21 | 17 | 2 | 29 | 35 | 8 | -26 | 26 | 18 | 8 | 6 | 27 |
| EPS in Rs | 33.88 | 38.88 | 33.55 | 3.25 | 56.77 | 68.14 | 15.89 | -49.86 | 50.21 | 30.61 | 14.58 | 10.71 | 51.91 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 31 | 30 | 34 | 36 | 43 | 59 | 67 | 97 | 134 | 89 | 125 | 101 | 98 |
| Expenses | 17 | 6 | 12 | 26 | 19 | 50 | 21 | 17 | 8 | 14 | 61 | 26 | 22 |
| Operating Profit | 13 | 24 | 22 | 10 | 24 | 9 | 46 | 80 | 125 | 75 | 64 | 76 | 76 |
| OPM % | 43% | 80% | 65% | 29% | 56% | 16% | 68% | 82% | 94% | 84% | 51% | 75% | 77% |
| Other Income | 0 | 1 | 0 | 0 | 60 | 0 | 2 | 0 | 0 | 1 | 1 | 1 | 2 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PBT | 13 | 24 | 22 | 11 | 84 | 9 | 48 | 80 | 124 | 76 | 65 | 76 | 77 |
| Tax % | 9% | 23% | 18% | 19% | 7% | -110% | 9% | 18% | 26% | 25% | 29% | 26% | — |
| Net Profit | 12 | 19 | 18 | 8 | 79 | 19 | 43 | 66 | 93 | 56 | 46 | 57 | 58 |
| EPS in Rs | 23.54 | 36.53 | 36.47 | 22.21 | 152 | 38.18 | 83.74 | 129 | 177 | 110 | 90.94 | 106 | 108 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 |
| Reserves | 318 | 334 | 354 | 365 | 443 | 3,182 | 5,101 | 7,934 | 7,988 | 12,600 | 16,678 | 15,168 |
| Borrowings | 31 | 33 | 32 | 33 | 1 | 2 | 0 | 0 | 0 | 0 | 0 | 3 |
| Other Liabilities | 43 | 44 | 44 | 42 | 32 | 208 | 663 | 1,477 | 1,448 | 1,951 | 2,264 | 2,009 |
| Total Liabilities | 397 | 416 | 436 | 445 | 481 | 3,397 | 5,769 | 9,417 | 9,442 | 14,556 | 18,947 | 17,184 |
| Fixed Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 167 | 197 | 232 | 235 | 254 | 3,141 | 5,492 | 9,079 | 9,081 | 14,148 | 18,507 | 16,744 |
| Other Assets | 230 | 220 | 203 | 210 | 227 | 256 | 277 | 338 | 361 | 407 | 440 | 440 |
| Total Assets | 397 | 416 | 436 | 445 | 481 | 3,397 | 5,769 | 9,417 | 9,442 | 14,556 | 18,947 | 17,184 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 17 | 18 | 24 | 22 | 25 | 20 | 50 | 42 | 72 | 41 | 62 | 49 |
| Investing | -18 | -19 | -26 | -13 | -3 | -20 | -48 | -41 | -68 | -30 | -75 | -49 |
| Financing | 1 | 2 | -1 | 0 | -31 | 0 | -2 | 0 | -1 | 0 | 0 | 3 |
| Net Cash Flow | 1 | 1 | -2 | 10 | -10 | 0 | 0 | 1 | 4 | 11 | -14 | 2 |
| Free Cash Flow | 17 | 18 | 24 | 22 | 24 | 20 | 50 | 42 | 72 | 41 | 62 | 49 |
| CFO/OP | 181 | 100 | 130 | 252 | 112 | 241 | 112 | 65 | 81 | 75 | 128 | 89 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 27 | 91 | 30 | 26 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 15 |
| Inventory Days | — | 676 | 197 | 147 | 1,142 | 1,368 | 1,252 | 764 | — | 1,099 | 758 | 658 |
| Days Payable | — | 1,158 | 330 | 331 | 0 | 0 | 2 | 1 | — | 2 | 22 | 0 |
| Cash Conversion Cycle | 27 | -391 | -103 | -158 | 1,142 | 1,368 | 1,249 | 763 | 0 | 1,097 | 738 | 674 |
| Working Capital Days | 2,436 | 1,908 | 1,244 | 1,083 | 1,229 | 363 | 232 | 175 | 113 | 186 | 128 | 160 |
| ROCE % | 4% | 6% | 5% | 2% | 10% | 0% | 1% | 1% | 2% | 1% | 0% | 0% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Nalwa Sons Investments insights
61 extracted metrics + investor summaries across FY13–FY26.
Documents
1
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
22 Apr - Compliance certificate-Regulation 74(5) of SEBI(Depository and Participants) Regulations, 2018 22 Apr - Compliance certificate-Regulation 74(5) of SEBI(Depository and Participants) Regulations, 2018
2
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
11h - Compliance certificate-Regulation 74(5) of SEBI(Depository and Participants) Regulations, 2018 11h - Compliance certificate-Regulation 74(5) of SEBI(Depository and Participants) Regulations, 2018
4
Outcome Of Board Meeting Under Regulations 30 And 33 Of SEBI (LODR) Regulations, 2015 ("SEBI Listing Regulations")
13 Feb - Approved unaudited standalone & consolidated results for quarter and 9M ended 31-Dec-2025; consolidated 9M PAT ₹5,118.21 lakh. 13 Feb - Approved unaudited standalone & consolidated results for quarter and 9M ended 31-Dec-2025; consolidated 9M PAT ₹5,118.21 lakh.
5
Board Meeting Outcome for Outcome Of Board Meeting Under Regulations 30 And 33 Of SEBI (LODR) Regulations, 2015 ("SEBI Listing Regulations")
13 Feb - Approved unaudited results for quarter and nine months ended 31-Dec-2025; standalone Q profit Rs500.90L, consolidated Q profit Rs752.75L. 13 Feb - Approved unaudited results for quarter and nine months ended 31-Dec-2025; standalone Q profit Rs500.90L, consolidated Q profit Rs752.75L.
Frequently Asked Questions about Nalwa Sons Investments
What does Nalwa Sons Investments Ltd do?
Nalwa Sons Investments Ltd (NSIL) is an RBI-registered, non-deposit-taking NBFC–Middle Layer that holds strategic investments, mainly in O.P. Jindal-group companies, and lends to group companies. Consolidated accounts also include a small goods-trading activity.[1]
Where is Nalwa Sons Investments Ltd (NSIL) listed?
Nalwa Sons Investments Ltd trades as NSIL on the NSE and under code 532256 on the BSE.
Which sector does Nalwa Sons Investments Ltd belong to?
Nalwa Sons Investments Ltd is classified under the Financial Services sector, in the Investment Company industry.
What is the market capitalisation of Nalwa Sons Investments Ltd?
Nalwa Sons Investments Ltd has a market capitalisation of ₹2,840 Cr, which places it in the Small Cap band.
What is the PE ratio of Nalwa Sons Investments Ltd?
Nalwa Sons Investments Ltd trades at a PE ratio of 51.49, against a book value of ₹29,519.55 per share.
What is the 52-week high and low of Nalwa Sons Investments Ltd?
Over the last 52 weeks Nalwa Sons Investments Ltd has traded between ₹4,700 and ₹8,730.
What is the Return on Equity (ROE) of Nalwa Sons Investments Ltd?
Nalwa Sons Investments Ltd reported a return on equity of 0.27%. Its debt-to-equity ratio is 0.00.
Company Information
Nalwa Sons Investments Ltd (NSIL) is an RBI-registered, non-deposit-taking NBFC–Middle Layer that holds strategic investments, mainly in O.P. Jindal-group companies, and lends to group companies. Consolidated accounts also include a small goods-trading activity.[1]
Website nalwasons.com
CEO Mr. Mahender Kumar Goel
Employees 4
Listed 2003-11-17
Face Value ₹ 10
Issued Size 51,36,163
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