**Bajaj Hercules Investments Limited** (the "Company") has successfully transitioned from a legacy engineering and manufacturing firm into a specialized **Unregistered Core Investment Company (CIC)**. This transformation follows a landmark structural demerger designed to separate industrial operations from the group’s substantial investment portfolio, thereby unlocking shareholder value and streamlining the corporate mandate. --- ### **The Strategic Demerger & Corporate Evolution** The company’s fundamental identity shifted following a **Scheme of Arrangement** approved by the **National Company Law Tribunal (NCLT)** on **August 2, 2024**. This restructuring effectively bifurcated the business into two distinct listed entities. | Milestone | Detail | | :--- | :--- | | **Effective Date** | **September 30, 2024** | | **Manufacturing Transfer** | Entire manufacturing undertaking transferred to **Indef Manufacturing Limited (IML)**. | | **Shareholder Mirroring** | Shareholders received **1 fully paid-up share** of **IML** (Face Value **₹1**) for every **1 share** held in the Company. | | **Listing of Resulting Entity** | **IML** (branded as **Bajaj Indef**) listed on **BSE** and **NSE** on **February 21, 2025**. | | **Name Change** | Transitioned from **Hercules Hoists Limited** to **Bajaj Hercules Investments Limited** (also referred to as **Hercules Investments Limited**) in **2025/2026**. | --- ### **Current Business Model: Core Investment Operations** As an **Unregistered CIC** compliant with **RBI** directions, the Company no longer engages in industrial production, sales of goods, or traditional supply chain management. Its operations are now lean, managed by a core team of **2 employees** (as of March 2025), and focused on three strategic pillars: * **Investment Management:** Holding and managing a diverse portfolio of equity instruments and mutual fund schemes. A key liquidity position includes the **Axis Liquid Fund**, valued at **₹1,014.18 Lakhs** as of March 2025. * **Strategic Group Support:** Providing financial assistance and loans exclusively within the promoter group, which comprises **18 companies** classified as CICs. * **Capital Appreciation:** The primary objective is long-term value creation through dividends, interest income, and the appreciation of listed and unlisted holdings. --- ### **Legacy Industrial Assets: Indef Manufacturing Limited (IML)** While the investment company holds the financial assets, the operational "Bajaj Indef" brand continues under the separate entity, **IML**. Investors should note the operational footprint that was the foundation of the Company: * **Product Portfolio:** Marketed under **Bajaj Indef, iStacker, iCrane,** and **Stier**. * **Mechanical/Electric Hoists:** Chain pulley blocks, ratchet lever hoists, and wire rope hoists. * **Cranes:** EOT, Gantry, Jib, and Light Profile cranes. * **Storage:** Automated stackers, roll-out racks, and winches. * **Infrastructure:** Manufacturing is centralized at two Maharashtra plants: **Khalapur (Raigad)** and **Chakan (Pune)**. * **Market Reach:** Serves sectors including **Automotive, Energy, Infrastructure, Metals, and Logistics**. --- ### **Financial Profile & Capital Structure** The Company maintains a highly conservative balance sheet with a focus on solvency and liquidity. Following the demerger, the balance sheet has been stripped of manufacturing-related liabilities and immovable properties. **Solvency and Gearing (as of March 31):** | Particulars (₹ in Lakhs) | 2024 | 2023 | | :--- | :--- | :--- | | Trade & Other Payables | **4,103.46** | **3,551.80** | | Less: Cash & Cash Equivalents | **1,235.08** | **1,580.53** | | **Net Debt** | **2,868.38** | **1,971.27** | | **Total Equity** | **94,792.73** | **70,665.39** | | **Gearing Ratio** | **2.94%** | **2.71%** | **Shareholder Returns & Exceptional Gains:** * **Dividend Policy:** The Company consistently rewards shareholders, declaring a final dividend of **₹4.00 per share** (Face Value **₹1.00**) for **FY 2023-24**. * **Asset Divestment:** Significant liquidity was generated through the sale of the **Mulund land** for **₹90 Crore** and the disposal of the **fourth Windmill plant** for **₹80 Lakhs**. --- ### **Risk Management & Governance Framework** The Company’s risk profile has shifted from operational/industrial risks to financial and market-based risks. * **Investment & Credit Risk:** Exposure is mitigated by a policy that restricts investments to **AAA and AA rated** fixed-income securities. Surplus funds are maintained to ensure high liquidity. * **Market Volatility:** The Company monitors global macroeconomic factors, including **OPEC** output impacts on oil prices and **US-China trade tensions**. * **Geopolitical Sensitivity:** Management noted significant economic risks from **India-Pakistan border tensions** in May 2025, which can impact broader market valuations. * **Currency Exposure:** Foreign currency risk is **insignificant**. Sensitivity analysis shows a total profit impact of only **₹1.12 Lakhs** for a **5%** currency fluctuation across **USD, EURO, and JPY**. * **Governance Leadership:** Led by **Chairman Shekhar Bajaj** and **Managing Director Amit Bhalla** (appointed **October 1, 2024**). The Board includes Independent Directors with terms extending to **March 2031**. --- ### **Future Outlook & Strategic Initiatives** The Company is positioned for aggressive growth of its "Remaining Undertaking" (the investment portfolio) by allocating resources away from manufacturing overheads. * **Delisting Strategy:** In **November 2025**, the Board evaluated the **voluntary delisting** of equity shares from the **NSE** while maintaining its listing on the **BSE**. This move aims to further streamline regulatory compliance. * **Operational Efficiency:** With a workforce of only **2 employees**, the Company operates with minimal overhead, ensuring that the majority of income from dividends and interest flows directly to the bottom line. * **Compliance Standards:** Despite its small staff, the Company maintains **ISO 45001:2018** standards and **100%** internal health and safety assessments, reflecting a commitment to high ESG and governance standards.