Haryana Capfin is a holding company that makes long-term bets on a single industrial group and lends to corporate borrowers - it is not a bank, it takes no deposits from the public, and nearly all its assets are equity shares it intends to keep, not trade. Incorporated in 1998 and listed on the BSE, the company operates from the same orbit as the D.P. Jindal group, holding a concentrated portfolio where one quoted investment alone accounts for the overwhelming bulk of its value. The recurring approach is simple: raise no debt, hold a large block of group-company shares for dividends and appreciation, and run a small loan book alongside - a structure that makes it a quiet, asset-heavy vault rather than an active financier. # Business segments Two engines, one balance sheet - a concentrated equity portfolio that defines the company and a small corporate loan book that supplements it, both funded entirely without leverage. ## 1. Strategic equity holdings: a vault of group-company shares **The company is essentially a single-bet portfolio: one quoted stake in Maharashtra Seamless Limited dominates its assets, and the intent is to hold for decades, not to churn.** - **One position drives everything** - as of March 2024, the company held 57.05 lakh equity shares of Maharashtra Seamless Limited, a quoted group entity, valued at Rs. 48,273.53 lakhs, making it the single largest asset by a wide margin. The market value of this stake has swung sharply over time - from roughly Rs. 78.66 crore in March 2021 against a book value of Rs. 25.57 crore - showing both the concentration risk and the long-term hold philosophy. - **Bought to collect dividends, not to sell** - the company designates its core equity holdings at Fair Value through Other Comprehensive Income, meaning gains and losses flow through reserves rather than the profit-and-loss statement, and it explicitly states these investments are not held for trading. Dividend income from these shares was Rs. 285.25 lakhs in FY24, which is the primary recurring cash stream the portfolio generates. - **A handful of smaller side bets** - beyond the Maharashtra Seamless stake, the company holds unquoted equity in two other group entities: 100 shares of Global Jindal Fin-invest Limited (valued at Rs. 0.28 lakhs) and 47,000 shares of GVN Fuels Limited (valued at Rs. 1,522.48 lakhs as of March 2024), plus a tiny mutual-fund position in HDFC Liquid Fund for parking surplus cash. Together, these are rounding errors next to the main holding. - **No borrowed money against the portfolio** - the company carries zero debt, with a debt-equity ratio of 0 in both FY24 and FY25, and it has never raised loans by pledging the securities it holds in group companies. That means the portfolio is unencumbered and the company faces no margin-call risk if share prices fall. ## 2. Corporate lending: a small, clean loan book to real-estate and investment firms **The company extends loans to body corporates - mostly in real estate and investment - but the book is tiny relative to the equity portfolio and carries no bad loans.** - **Loans to a narrow set of corporate borrowers** - the lending book stood at Rs. 2,128.47 lakhs as of March 2024 and Rs. 154.09 lakhs a year later, directed at companies engaged in real estate and investment activities. The sharp drop suggests the book is opportunistic rather than a steady-state operation. - **Zero non-performing assets** - as of both March 2024 and March 2023, the company reported no gross or net NPAs, and it has never had to acquire assets in satisfaction of bad debts. The interest income this book generated was Rs. 153.85 lakhs in FY24, a modest but clean stream. - **No customer-facing infrastructure** - the company has no branch network, no deposit-taking franchise, and no customer interface; it lends directly to known corporate entities, which keeps operating costs minimal and credit decisions concentrated at the board level. # Group structure and partners **The company is a promoter-controlled holding vehicle with no operating subsidiaries, sitting inside the D.P. Jindal group and managed by a lean in-house team.** - The promoter group owns 70.78% of the equity, giving it absolute control, and the board includes members of the Jindal family alongside independent directors. - Despite being described as a holding company, Haryana Capfin has had no subsidiaries for at least five consecutive years - as of every March from 2021 through 2025, the subsidiary count was zero. It holds stakes in group companies directly, not through intermediate entities. - The company has not entered into any related-party transactions during FY25, FY23, or FY22, and it has not taken funds from any entity to support subsidiaries or associates - largely because there are none to support. - Key managerial personnel are a compact group: a whole-time director, a chief financial officer, and a company secretary, with statutory audits handled by a Delhi-based chartered-accountancy firm.