💰 Financial Performance

Revenue Growth by Segment

Revenue from operations is 0% as the company has transitioned to an Unregistered Core Investment Company (CIC). Other income for H1 FY26 was INR 5.72 Cr, representing a 44.5% increase compared to INR 3.96 Cr in H1 FY25.

Geographic Revenue Split

100% of income is derived from domestic (India) investment holdings and treasury operations.

Profitability Margins

Net Profit before tax for H1 FY26 was INR 5.29 Cr, yielding a 92.4% margin on total income of INR 5.72 Cr. This is an improvement from H1 FY25 where Net Profit before tax was INR 2.93 Cr on INR 3.96 Cr income.

EBITDA Margin

Not applicable for a CIC; however, Operating Profit before working capital changes was INR 0.35 Cr in H1 FY26, a significant recovery from a loss of INR 0.22 Cr in H1 FY25.

Capital Expenditure

Minimal capital expenditure; Property, Plant and Equipment (PPE) decreased to INR 0.0005 Cr (INR 0.05 Lakhs) as of September 2025 from INR 0.0034 Cr in March 2025.

Credit Rating & Borrowing

The company reports zero borrowings and no interest costs as of September 30, 2025.

⚙️ Operational Drivers

Raw Materials

Not applicable; the company is a Core Investment Company (CIC) and does not engage in manufacturing.

Import Sources

Not applicable.

Key Suppliers

Not applicable.

Capacity Expansion

Not applicable; the company has transferred its manufacturing assets to Indef Manufacturing Limited.

Raw Material Costs

0% of revenue as there are no manufacturing operations.

Manufacturing Efficiency

Not applicable; the company has transitioned to a passive investment model with a total headcount of 2 employees.

Logistics & Distribution

0% of revenue.

📈 Strategic Growth

Expected Growth Rate

Not disclosed

Growth Strategy

Growth will be achieved by strengthening the investment portfolio to maximize dividend income, interest, and capital appreciation. The company adopts a prudent approach to manage strategic holdings in Bajaj Group companies to create sustainable long-term shareholder value.

Products & Services

Strategic investment holding and financial support/assistance provided strictly within the Group.

Brand Portfolio

Hercules (formerly Hercules Hoists).

New Products/Services

Not applicable; the company's focus is on optimizing returns from its existing and future investment portfolio.

Market Expansion

Not applicable; the company operates as a group-focused investment vehicle.

Market Share & Ranking

Not applicable for a Core Investment Company.

Strategic Alliances

Completed the demerger of its manufacturing undertaking into Indef Manufacturing Limited (IML).

🌍 External Factors

Industry Trends

The company is following the trend of corporate restructuring to separate manufacturing operations from investment holdings, operating as an Unregistered Core Investment Company (CIC).

Competitive Landscape

Not applicable as the company serves as a holding entity for group investments.

Competitive Moat

The moat consists of long-term strategic stakes in established Bajaj Group companies, providing a durable stream of dividend income and capital appreciation potential.

Macro Economic Sensitivity

High sensitivity to equity market volatility, as 98% of the portfolio is linked to the market performance of strategic investments.

Consumer Behavior

Not applicable.

Geopolitical Risks

Indirect impact through the global operations and market performance of the investee companies within the portfolio.

⚖️ Regulatory & Governance

Industry Regulations

Strict compliance with Core Investment Company (CIC) norms is required to maintain its status and operational income flow.

Environmental Compliance

Not applicable for a CIC.

Taxation Policy Impact

The company maintains Deferred Tax Liabilities (Net) of INR 90.94 Cr as of September 30, 2025.

Legal Contingencies

Accounting adjustments of INR 7.72 Cr were made through Reserves and Surplus regarding inter-company balances and tax matters with Indef Manufacturing Limited following the demerger.

⚠️ Risk Analysis

Key Uncertainties

The primary risk is the market-driven fluctuation of the investment portfolio, which could impact the company's net worth and dividend-paying capacity.

Geographic Concentration Risk

100% of assets and operations are concentrated in India.

Third Party Dependencies

High dependency on the financial performance and dividend distribution policies of the investee group companies.

Technology Obsolescence Risk

Low risk given the nature of the business as an investment holding company.

Credit & Counterparty Risk

Potential credit exposure if financial assistance is extended to group companies, though current loans are reported as zero.