NDGL - Naga Dhunseri
📢 Recent Corporate Announcements
Naga Dhunseri Group Limited (NDGL) reported a standalone net loss of ₹334.01 lakhs for Q3 FY26, a significant downturn from a profit of ₹41.72 lakhs in the same quarter last year. The loss was primarily driven by negative total income resulting from ₹368.32 lakhs in unrealized losses on fair value changes of investments. The company also announced a leadership transition, with CFO Ayush Beriwala resigning and Sudarshan Mall appointed as his successor effective April 15, 2026. Additionally, CEO H.P. Bhuwania has been re-appointed for a term through March 2027.
- Standalone Net Loss of ₹334.01 lakhs in Q3 FY26 vs a profit of ₹41.72 lakhs in Q3 FY25.
- Total revenue from operations turned negative at ₹354.83 lakhs due to significant mark-to-market investment losses.
- CFO Ayush Beriwala resigned effective March 31, 2026; Sudarshan Mall appointed as CFO from April 15, 2026.
- CEO H.P. Bhuwania re-appointed for a one-year term starting March 1, 2026.
- Nine-month EPS dropped to negative ₹23.24 from ₹80.18 in the previous year's corresponding period.
Naga Dhunseri Group Limited (NDGL) reported a standalone net loss of ₹3.34 crore for the quarter ended December 31, 2025, a sharp decline from a profit of ₹0.42 crore in the same period last year. The company is undergoing a leadership transition with CFO Ayush Beriwala resigning effective March 31, 2026, to be replaced by Sudarshan Mall on April 15, 2026. The financial results were heavily impacted by unrealized losses on fair value changes of investments amounting to ₹3.68 crore during the quarter. Additionally, the board has extended the tenure of CEO H. P. Bhuwania until March 2027.
- Standalone Net Loss of ₹3.34 crore in Q3 FY26 compared to a profit of ₹0.42 crore in Q3 FY25.
- Total Revenue from operations turned negative at ₹(3.55) crore due to ₹3.68 crore in unrealized fair value losses.
- CFO Ayush Beriwala to resign on March 31, 2026; Sudarshan Mall appointed as new CFO effective April 15, 2026.
- CEO H. P. Bhuwania re-appointed for a one-year term from March 1, 2026, to March 31, 2027.
- Nine-month standalone performance shows a loss of ₹2.32 crore versus a profit of ₹8.02 crore in the previous year.
Naga Dhunseri Group Limited reported a significant standalone net loss of ₹334.01 lakhs for the quarter ended December 31, 2025, a sharp decline from a profit of ₹41.72 lakhs in the previous year's corresponding quarter. The negative performance was primarily driven by unrealized losses on fair value changes of investments totaling ₹368.32 lakhs. For the nine-month period ended December 2025, the company posted a net loss of ₹232.36 lakhs compared to a profit of ₹801.79 lakhs in the prior year. Alongside the results, the company announced a leadership transition with the resignation of CFO Ayush Beriwala and the appointment of Sudarshan Mall.
- Standalone Net Loss of ₹334.01 lakhs in Q3 FY26 vs a Net Profit of ₹41.72 lakhs in Q3 FY25.
- Total Revenue from operations turned negative at ₹(354.83) lakhs due to significant unrealized fair value losses on investments.
- 9M FY26 Standalone Net Loss recorded at ₹232.36 lakhs against a profit of ₹801.79 lakhs in 9M FY25.
- CFO Ayush Beriwala to resign effective March 31, 2026; Sudarshan Mall appointed as successor from April 15, 2026.
- CEO H. P. Bhuwania re-appointed for a one-year term from March 1, 2026, to March 31, 2027.
Naga Dhunseri Group Limited (NDGL) reported a standalone net loss of ₹3.34 crore for the quarter ended December 31, 2025, a sharp decline from a profit of ₹0.42 crore in the same period last year. The performance was severely impacted by unrealized losses on fair value changes of investments, which stood at ₹3.68 crore for the quarter. For the nine-month period, the company posted a net loss of ₹2.32 crore compared to a profit of ₹8.02 crore in the previous year. Alongside the results, the company announced that CFO Ayush Beriwala will resign effective March 31, 2026, to be succeeded by Sudarshan Mall.
- Standalone Net Loss of ₹334.01 Lakhs in Q3 FY26 vs a profit of ₹41.72 Lakhs in Q3 FY25
- Total revenue from operations turned negative at -₹354.83 Lakhs due to significant fair value losses on investments
- Nine-month EPS plummeted to -₹23.24 from ₹80.18 in the prior year period
- CFO Ayush Beriwala to resign on March 31, 2026; Sudarshan Mall appointed as new CFO effective April 15, 2026
- CEO H. P. Bhuwania re-appointed for a further term from March 1, 2026, to March 31, 2027
Naga Dhunseri Group Limited has filed its quarterly compliance report under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The report confirms that all physical share certificates received for dematerialization between October 1, 2025, and December 31, 2025, have been processed. The company's Registrar, Maheshwari Datamatics Private Limited, verified that these certificates were destroyed or cancelled as per regulations. This filing is a standard administrative requirement for listed companies to maintain updated electronic shareholding records.
- Quarterly compliance certificate submitted for the period ending December 31, 2025.
- Confirmation of dematerialization processing for requests received from October 1 to December 31, 2025.
- Registrar Maheshwari Datamatics Private Limited confirmed compliance with SEBI guidelines.
- Verification that physical certificates were destroyed or mutilated after substitution in depository records.
Naga Dhunseri Group Limited (NDGL) has announced the closure of its trading window for all designated persons starting January 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the announcement of the unaudited financial results for the quarter ending December 31, 2025. The window will remain closed until 48 hours after the results are declared. The specific date for the board meeting to approve these results will be announced later.
- Trading window for designated persons closes on January 1, 2026.
- Closure pertains to the unaudited financial results for the quarter ending December 31, 2025.
- Window will reopen 48 hours after the declaration of standalone and consolidated results.
- The date for the Board meeting to consider results will be intimated in due course.
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.