Overview

Detailed Summary

Nalwa Sons Investments Limited, formerly known as Jindal Strips Limited, is a non-banking financial company (NBFC) investing in shares of group companies and granting loans for dividends and interest income.
Originally a stainless steel manufacturer, the company has undergone significant restructuring, including hiving off divisions to JSPL and demerging its stainless steel division to Jindal Stainless Limited.
The company historically engaged in manufacturing wide range of steel products, including stainless steel strips, hot and cold-rolled coils, and sponge iron across multiple locations.
Jindal Strips was at one point a major player in the stainless steel industry, developing all its technology in-house without external collaboration, capturing a 40% market share.
Nalwa Sons has several subsidiaries, with recent changes including Jindal Holdings Limited ceasing to be an NBFC and Jindal Stainless (Mauritius) Limited ceasing to be a subsidiary.

Sector: Finance
Industry: Investment Company
Market Cap: 2,811 Cr
Volatility: High Risk
P/E Ratio: 51.6
Industry P/E: 17.8
PEG Ratio: 3.1
P/B Ratio: 0.2
52W High: 8,777.60
52W Low: 4,659.15

Sales CAGR

1Y: 41.57%
3Y: 9.38%
5Y: 16.85%
10Y: 18.77%

Profit CAGR

1Y: -18.30%
3Y: -13.13%
5Y: 8.50%
10Y: 11.60%

ROE

TTM: 0.36%
3Y: 0.52%
5Y: 0.60%
10Y: 0.78%

ROCE

TTM: 0.50%
3Y: 0.62%
5Y: 0.68%
10Y: 0.83%

Technicals

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Forecasts

Peers

Financial Services Financial Services Finance Investment Company

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
NSIL		5517.50	2,823 Cr	51.79	0.19	0.00	0.36	0.50	0.33
ELCIDIN		117190.00	2,344 Cr	21.60	0.27	0.02	1.25	1.48	1.09
KICL		5024.50	2,182 Cr	59.35	0.19	0.00	0.32	0.43	0.30
SCILAL		45.00	2,082 Cr	72.23	0.69	0.00	0.96	1.31	0.81
PNBGILTS		92.18	1,678 Cr	9.24	0.98	2.15	10.62	5.84	0.67
SUMMITSEC		1485.00	1,619 Cr	15.47	0.19	0.00	1.22	1.63	1.07
JINDALPHOT		1142.75	1,176 Cr	-51.62	1.15	0.00	-2.23	-1.34	-1.83
Median: 7 Co.	—	1485.00	2,082 Cr	21.60	0.27	0.00	0.96	1.31	0.67

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	26	11	40	60	14	12	37	25	12	27
Expenses	5.29	6.20	0.90	15	2.15	43	4.32	3.34	0.39	17
Interest	0.00	0.00	0.00	0.00	0.03	0.00	0.00	0.21	0.02	0.17
Financing Profit	20	4.72	39	44	11	-31	33	21	12	9.75
Financing Margin %	79.38	43.22	97.73	74.46	83.91	-250.57	88.35	85.64	96.57	35.61
Other Income	0.31	0.05	0.06	0.90	-0.23	0.47	0.03	1.62	-0.28	-0.41
Depreciation	0.00	0.00	0.00	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Profit Before Tax	21	4.77	39	45	11	-30	33	23	11	9.33
Tax %	16.39	63.31	24.74	22.77	26.50	12.74	21.35	21.62	33.07	40.94
Net Profit	17	1.75	29	35	8.18	-26	26	18	7.53	5.51
EPS in Rs	33.66	3.41	56.86	68.23	15.93	-51.49	50.20	34.79	14.66	10.72
Gross NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Revenue	34	36	49	59	65	93	134	88	125	123
Expenses	12	26	-1.27	50	21	17	8.32	14	61	65
Interest	0.02	0.03	0.03	0.00	0.00	0.00	0.88	0.16	0.03	0.03
Financing Profit	22	10	50	9.28	44	76	124	74	64	58
Financing Margin %	64.68	28.75	102.51	15.74	67.11	81.75	93.11	84.10	50.96	47.17
Other Income	0.24	0.11	0.81	-0.03	2.41	3.80	0.05	1.20	1.20	1.17
Depreciation	0.00	0.00	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.04
Profit Before Tax	22	11	51	9.24	46	80	124	76	65	59
Tax %	18.45	19.31	13.20	-110.29	9.65	17.54	25.54	25.48	29.25	27.82
Net Profit	18	8.48	85	19	43	66	93	56	46	43
EPS in Rs	—	—	97.53	35.67	84.00	128.24	180.26	109.59	89.53	110.37
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	5.14	5.14	5.14	5.14	5.14	5.14	5.14	5.14	5.14	5.14
Reserves	334	354	365	3,615	3,182	5,101	7,934	7,988	12,600	16,678
Borrowings	33	32	33	1.39	1.52	0.00	0.00	0.00	0.00	0.00
Other Liabilities	44	43	40	302	208	663	1,477	1,448	1,951	2,264
Total Liabilities	416	434	443	3,923	3,397	5,769	9,417	9,442	14,556	18,947
Fixed Assets	0.01	0.00	0.00	0.13	0.12	0.10	0.08	0.06	0.04	0.04
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.00	0.00	0.00	3,704	3,141	5,492	9,079	9,081	14,148	18,507
Other Assets	416	434	443	219	256	277	338	361	407	440
Total Assets	416	434	443	3,923	3,397	5,769	9,417	9,442	14,556	18,947

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	18	24	22	-8.82	20	50	42	72	41	62
Cash from Investing Activity	-19	-26	-13	-0.79	-20	-48	-41	-68	-30	-75
Cash from Financing Activity	1.93	-0.67	0.21	-0.03	0.13	-1.52	0.00	-0.88	-0.16	-0.03
Net Cash Flow	1.03	-2.16	9.68	-9.64	-0.48	0.38	0.52	3.61	11	-14

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	55.62%	55.62%	55.62%	55.62%	55.62%	55.62%	55.62%	55.62%	55.62%	55.62%	55.62%	55.62%
FIIs	5.10%	4.91%	4.83%	5.00%	5.05%	5.43%	4.99%	5.51%	5.74%	5.82%	5.67%	6.19%
DIIs	0.61%	0.61%	0.61%	0.07%	0.07%	0.07%	0.07%	0.10%	0.16%	0.16%	0.17%	0.18%
Public	38.67%	38.86%	38.94%	39.32%	39.27%	38.89%	39.33%	38.77%	38.49%	38.40%	38.54%	38.02%
Total Shareholders	23,078	23,795	23,563	24,116	24,955	26,700	37,734	38,396	36,859	35,598	37,455	36,366

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