💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue for H1 FY26 reached INR 288.12 Cr, a 2,181.8% increase from INR 12.63 Cr in H1 FY25. Treasury segment revenue was INR 2.15 Cr (down 82.98% YoY), while the newly consolidated Tea segment contributed INR 285.97 Cr.

Geographic Revenue Split

India operations (Treasury and Tea) contributed INR 201.04 Cr (69.8% of total revenue), while Tea operations outside India contributed INR 87.09 Cr (30.2% of total revenue).

Profitability Margins

Operating Profit Margin was 90.36% in FY25 (up 0.21% YoY). Net Profit Margin was 65.19% in FY25, a decrease of 18.85% from 80.33% in FY24, primarily due to higher tax expenses.

EBITDA Margin

Operating Profit Margin of 90.36% reflects high core profitability in treasury operations. Consolidated Profit Before Tax for H1 FY26 was INR 37.34 Cr, compared to INR 11.21 Cr in H1 FY25.

Capital Expenditure

Standalone purchase of investments for H1 FY26 was INR 125.22 Cr, while sales of investments totaled INR 123.26 Cr. Historical current ratio dropped 39.51% to 103.09 due to significant investment increases.

Credit Rating & Borrowing

Not disclosed in available documents. Consolidated loans and borrowings stood at INR 233.97 Cr as of September 30, 2025.

⚙️ Operational Drivers

Raw Materials

Not disclosed for the Tea segment; Treasury operations are service-based and do not require physical raw materials.

Capacity Expansion

Not disclosed in available documents; however, the company is exploring opportunities in start-ups and infrastructure development.

📈 Strategic Growth

Expected Growth Rate

7%

Growth Strategy

The company aims to achieve growth by monitoring market trends, maintaining a long-term investment horizon to mitigate stock volatility, and exploring new opportunities in start-ups and infrastructure development.

Products & Services

Investments in shares and securities (Treasury Operations) and Tea products.

Brand Portfolio

Naga Dhunseri, Dhunseri Investments Limited (Associate).

Market Expansion

Looking forward to using opportunities in start-up and infrastructure development at the right moment.

Market Share & Ranking

Not disclosed in available documents; however, Indian NBFCs are outpacing banks with 20% credit growth vs 12%.

Strategic Alliances

Dhunseri Investments Limited (Associate).

🌍 External Factors

Industry Trends

The global NBFC market is projected to grow at a 7% CAGR to reach USD 1,600 billion by 2033. In India, NBFC credit growth reached 20% in FY25, reaching a total net advance of INR 24.5 lakh crore.

Competitive Landscape

NBFCs are currently outperforming commercial banks in credit growth (20% vs 12%), particularly driven by the Gold NBFC category.

Competitive Moat

The company's moat is its long-term investment strategy; holding a major part of investments for the long term insulates it from temporary stock market fluctuations, ensuring financial stability.

Macro Economic Sensitivity

Sensitive to global growth (projected at 3.3% for 2025) and global headline inflation (expected at 4.2% in 2025).

Geopolitical Risks

Global policy uncertainties and structural challenges are noted as risks to the modest growth landscape in 2025.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, Companies Act 2013, and RBI norms for NBFCs.

Taxation Policy Impact

Standalone direct taxes paid (net of refunds) were INR 0.83 Cr for H1 FY26.

Legal Contingencies

No reportable material weaknesses or instances of fraud were observed by auditors during the FY25 financial year audit.

⚠️ Risk Analysis

Key Uncertainties

Market volatility is the primary risk, with potential impact on investment fair values. Fair value changes of investments were INR 1.20 Cr in H1 FY26.

Geographic Concentration Risk

Revenue is concentrated in India (69.8%) and specific international tea markets (30.2%).

Credit & Counterparty Risk

The company encounters credit risk in its daily business operations; terms of loans given are monitored to ensure they are not prejudicial to company interests.