NBIFIN - NBI Indl. Fin.

📊 NSE: NBIFIN 🏢 Finance & Investments 📅 Last Updated: 12/14/2025 10:25

💰 Financial Performance

Revenue Growth by Segment

The company operates in a single segment: Non-Banking Financial Activity. Total income for H1 FY26 was INR 9.01 Cr, representing a 35.63% decrease from INR 13.99 Cr in H1 FY25. This decline was primarily driven by a 38.71% drop in dividend income, which fell from INR 13.04 Cr to INR 7.99 Cr.

Geographic Revenue Split

100% of revenue is generated within India, with operations managed from its headquarters in Kolkata, West Bengal.

Profitability Margins

Net Profit Margin for H1 FY26 was 63.09%, an improvement from 60.64% in H1 FY25. Despite a 33.03% drop in absolute Net Profit (from INR 8.48 Cr to INR 5.68 Cr), margins remained robust due to the low operating cost structure of an investment holding company.

EBITDA Margin

Operating Profit before tax for H1 FY26 was INR 7.62 Cr, representing a margin of 84.6% on total income. This high core profitability is typical for investment firms with minimal employee and administrative overheads.

Capital Expenditure

Not disclosed in available documents as the company is an investment firm with negligible requirements for physical infrastructure or manufacturing assets.

Credit Rating & Borrowing

Not disclosed in available documents. However, the company is virtually debt-free with finance costs of only INR 0.09 Lakhs for H1 FY26.

⚙️ Operational Drivers

Raw Materials

Not applicable for a Non-Banking Financial Company (NBFC). The primary 'input' is capital, which is sourced from its massive equity base.

Import Sources

Not applicable.

Key Suppliers

Not applicable.

Capacity Expansion

The company expanded its investment portfolio during H1 FY26 with a net 'Purchase of Investments' totaling INR 5.43 Cr, increasing its total investment asset base to INR 3,404.26 Cr.

Raw Material Costs

Not applicable. Operating expenses are primarily administrative, with 'Other Expenses' totaling INR 18.82 Lakhs in H1 FY26, representing 2.09% of total income.

Manufacturing Efficiency

Not applicable. Efficiency is measured by investment yield; dividend yield for H1 FY26 was approximately 0.23% on the book value of investments.

Logistics & Distribution

Not applicable.

📈 Strategic Growth

Growth Strategy

Growth is driven by the appreciation of its INR 3,404.26 Cr investment portfolio and strategic consolidation, such as the amalgamation with Western India Commercial Company Limited. The company also holds a strategic stake in Shree Cement Marketing Limited (Associate) to benefit from the cement industry's growth.

Products & Services

Investment holding services, financing, and non-banking financial activities.

Brand Portfolio

NBIFIN

Market Expansion

The company shifted its registered office to HMP House, Kolkata, effective November 17, 2025, to optimize administrative functions within the local limits.

Strategic Alliances

Maintains a strategic associate relationship with Shree Cement Marketing Limited.

🌍 External Factors

Industry Trends

The NBFC sector is seeing increased regulatory compliance requirements. NBIFIN is positioned as a stable, high-net-worth investment vehicle for the Bangur group, focusing on long-term capital preservation and growth.

Competitive Landscape

Competes with other large-cap investment holding companies and NBFCs in the Indian financial sector.

Competitive Moat

The company's moat is its massive capital reserve. 'Other Equity' of INR 3,215.54 Cr against a small share capital of INR 1.48 Cr provides an unparalleled financial buffer that allows it to withstand prolonged market downturns.

Macro Economic Sensitivity

Highly sensitive to equity market performance and interest rate cycles, which affect the valuation of its financial assets and the dividend-paying capacity of its portfolio companies.

Consumer Behavior

Not applicable.

Geopolitical Risks

Indirect exposure through its investment portfolio; global economic shifts affecting the Indian cement and industrial sectors could reduce dividend inflows.

⚖️ Regulatory & Governance

Industry Regulations

Complies with RBI NBFC regulations and SEBI (LODR) Regulations, including Regulation 33 for financial reporting and Regulation 31(4) regarding promoter share encumbrances.

Environmental Compliance

Not applicable for financial services operations.

Taxation Policy Impact

The effective tax rate for H1 FY26 was 22.7%, with a current tax expense of INR 1.73 Cr on a Profit Before Tax of INR 7.62 Cr.

⚠️ Risk Analysis

Key Uncertainties

Concentration risk is high as the company operates in a single segment. Market risk is the primary uncertainty, with 99.9% of assets tied to investment valuations.