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Hercules Investments Ltd

HERCULES

BSE

₹109.15-3.19%19 Oct 2026

Reports

Finance Holding Company

Hercules Investments Ltd

HERCULES

BSE

₹109.15

-3.19%

19 Oct 2026

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Finance Holding Company

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Hercules Investments is a publicly listed Indian holding company that lives entirely off the dividends and capital gains of a concentrated basket of Bajaj Group shares - it no longer makes or sells anything itself. The firm was born from a six-decade-old industrial hoist manufacturer, Hercules Hoists, which in 2024 carved out its entire factory-and-crane business into a separate listed entity so that the parent could become a pure investment vehicle. That same approach - separating an operating business to unlock a portfolio’s value - is the recurring logic behind everything the company now is.

Business segments

Three engines at different stages - a legacy hoist-and-crane manufacturer now housed in a separate listed company, a wind-power unit that has been fully sold off, and the investment portfolio that remains the company’s sole active business - each shaped by the same impulse to separate and simplify.

1. The investment portfolio: a concentrated bet on Bajaj Group companies

The company holds large, long-term stakes in five listed Bajaj Group firms and lives on the dividends they pay - it is a family-backed holding company, not a trader.

A hand-picked basket of five stocks - the non-current portfolio consists of Bajaj Holdings & Investment, Bajaj Auto, Bajaj Finserv, Bajaj Electricals, and BAJEL Projects, with positions sized in the hundreds of thousands of shares each.
Dividends are the main income - the company earns its keep through dividends from those equity holdings, plus interest on loans to group companies and on fixed deposits parked in sovereign government securities.
No trading, no churn - investments are held for long-term appreciation, with buy-and-sell decisions guided by internal research and a reading of domestic and global macro conditions, not by quarterly price moves.

2. Indef Manufacturing: the hoist-and-crane business that was carved out

This is the historic factory operation that was demerged into a separately listed company, Indef Manufacturing, which now sells lifting and storage equipment under the Bajaj Indef brand across India.

Everything from a chain block to an overhead crane - the product range spans mechanical hoists, electric chain and wire-rope hoists, electric overhead travelling cranes, gantry and jib cranes, and storage gear such as stackers and roll-out racks.
Sold through a nationwide partner network - authorised business partners and sub-dealers act as both salesforce and service centres through “Indef Clinics,” backed by direct sales offices in five metro cities.
Two factories in Maharashtra - manufacturing runs at Khalapur in Raigad district and at a leased unit in Chakan MIDC, Pune, with quality systems certified to ISO 9001, 14001, and 45001.
A recent brand acquisition broadens the catalogue - in August 2024 the company’s wholly owned subsidiary Indef Manufacturing Limited signed a purchase agreement to acquire the ‘Swift’ trademark, designs, and related data from Consolidated Hoists, giving it the right to manufacture and sell hoists and cranes under the Swift name.
Exports are tiny - the business reaches 12 countries, but overseas sales contribute only half a percent of turnover, making it overwhelmingly dependent on Indian industrial demand.

3. Windmill power: a small green-energy unit that has been fully exited

The company once owned four 1.25 MW wind turbines in Dhule district, Maharashtra, but sold them all between 2021 and 2022 and no longer generates any power.

Four turbines installed in the mid-2000s - the windmills were set up at Khori-Titane, Amkhel, and Phophade in Dhule District, Maharashtra between 2005 and 2006, each with a generation capacity of 1.25 MW.

Group structure and partners

The entire corporate architecture was reshaped by a single demerger that split the old Hercules Hoists into two mirror-shareholding listed companies - one holding the investments, the other running the factories.

A clean break on a single date - the Scheme of Demerger took effect on 30 September 2024, transferring the whole manufacturing business to Indef Manufacturing on a going-concern basis, with an appointed date backdated to 1 October 2022.
Shareholders got one-for-one shares in the new company - for every share of Hercules Hoists, investors received one share of Indef Manufacturing, and the shares Hercules held in Indef were cancelled, so the promoter-public split of roughly 70:30 was replicated exactly in both entities.
Indef Manufacturing listed in early 2025 - after receiving in-principle approvals from both exchanges in December 2024 and January 2025, trading in Indef shares began on BSE and NSE on 21 February 2025.
Hercules is now a standalone investment office - post-demerger it has no subsidiaries, associates, or joint ventures, and operates with just two or three permanent employees from a single corporate office in Mumbai.
A voluntary NSE delisting is underway - in November 2025 the board approved a proposal to delist the company’s shares from the National Stock Exchange without giving shareholders an exit opportunity, under the SEBI delisting regulations.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹349Cr

Close Price

₹109.15

Industry

Finance Holding Company

Price To Earnings

44.55

Price To Sales

95.17

Revenue

₹4Cr

Rev Gr TTM

Revenue Growth TTM

1,012.12%

PAT Gr TTM

PAT Growth TTM

46.18%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	0	0	0	0	0	0	0	0	0	3	0	0
Growth YoY Revenue Growth YoY%	-100.0	-100.0	-100.0	-100.0							81.3	147.1
Expenses ExpensesCr	0	0	7	0	0	0	0	0	0	0	0	0
Operating Profit Operating ProfitCr	0	0	-7	0	0	0	0	0	0	3	0	0
OPM OPM%							0.0	23.5		92.2	-3.5	47.6
Other Income Other IncomeCr	4	5	0	0	3	3	0	0	5	0	0	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	4	5	0	0	3	3	0	0	5	3	0	0
Tax TaxCr	0	1	0	0	0	0	0	0	0	0	0	0
PAT PATCr	9	10	0	0	3	3	0	0	5	3	0	0
Growth YoY PAT Growth YoY%	23.9	17.2	-99.8	-95.6	-70.3	-73.7	-100.0	-104.8	96.2	-4.4		1,300.0
NPM NPM%							0.0	-5.9		88.2	-27.6	28.6
EPS EPS₹	0.8	0.9	0.0	0.0	0.2	0.8	0.0	0.0	1.6	0.8	0.0	0.0

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	0	0	0	0	0	0	0	0	0	3	0	0
Growth YoY Revenue Growth YoY%	-100.0	-100.0	-100.0	-100.0							81.3	147.1
Expenses ExpensesCr	0	0	7	0	0	0	0	0	0	0	0	0
Operating Profit Operating ProfitCr	0	0	-7	0	0	0	0	0	0	3	0	0
OPM OPM%							0.0	23.5		92.2	-3.5	47.6
Other Income Other IncomeCr	4	5	0	0	3	3	0	0	5	0	0	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	4	5	0	0	3	3	0	0	5	3	0	0
Tax TaxCr	0	1	0	0	0	0	0	0	0	0	0	0
PAT PATCr	9	10	0	0	3	3	0	0	5	3	0	0
Growth YoY PAT Growth YoY%	23.9	17.2	-99.8	-95.6	-70.3	-73.7	-100.0	-104.8	96.2	-4.4		1,300.0
NPM NPM%							0.0	-5.9		88.2	-27.6	28.6
EPS EPS₹	0.8	0.9	0.0	0.0	0.2	0.8	0.0	0.0	1.6	0.8	0.0	0.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	91	73	75	102	83	78	108	151	0	5	9	4
Growth Revenue Growth%	-6.5	-19.8	3.3	35.4	-18.8	-5.6	38.4	39.0	-100.0		62.7	1,012.1
Expenses ExpensesCr	84	72	72	93	78	74	102	134	0	0	1	1
Operating Profit Operating ProfitCr	7	1	4	9	5	4	7	17	0	5	8	3
OPM OPM%	7.7	1.4	5.1	9.2	5.5	5.0	6.3	11.1		91.2	89.8	73.0
Other Income Other IncomeCr	12	12	10	10	15	9	16	18	9	1	0	6
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	1	0	0	0	0
Depreciation DepreciationCr	2	3	3	3	4	3	2	4	0	0	0	0
PBT PBTCr	17	10	11	16	16	10	18	116	9	6	8	8
Tax TaxCr	3	2	1	3	3	2	4	13	0	0	0	0
PAT PATCr	13	8	10	13	13	8	15	103	9	6	8	8
Growth PAT Growth%	5.1	-40.1	23.0	30.9	1.4	-40.2	92.4	591.5	-91.5	-36.8	38.3	46.2
NPM NPM%	14.6	10.9	13.0	12.5	15.6	9.9	13.8	68.5		102.0	86.7	213.9
EPS EPS₹	1.2	0.7	0.9	1.1	1.1	0.7	1.3	9.0	0.8	1.7	2.4	2.5

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	91	73	75	102	83	78	108	151	0	5	9	4
Growth Revenue Growth%	-6.5	-19.8	3.3	35.4	-18.8	-5.6	38.4	39.0	-100.0		62.7	1,012.1
Expenses ExpensesCr	84	72	72	93	78	74	102	134	0	0	1	1
Operating Profit Operating ProfitCr	7	1	4	9	5	4	7	17	0	5	8	3
OPM OPM%	7.7	1.4	5.1	9.2	5.5	5.0	6.3	11.1		91.2	89.8	73.0
Other Income Other IncomeCr	12	12	10	10	15	9	16	18	9	1	0	6
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	1	0	0	0	0
Depreciation DepreciationCr	2	3	3	3	4	3	2	4	0	0	0	0
PBT PBTCr	17	10	11	16	16	10	18	116	9	6	8	8
Tax TaxCr	3	2	1	3	3	2	4	13	0	0	0	0
PAT PATCr	13	8	10	13	13	8	15	103	9	6	8	8
Growth PAT Growth%	5.1	-40.1	23.0	30.9	1.4	-40.2	92.4	591.5	-91.5	-36.8	38.3	46.2
NPM NPM%	14.6	10.9	13.0	12.5	15.6	9.9	13.8	68.5		102.0	86.7	213.9
EPS EPS₹	1.2	0.7	0.9	1.1	1.1	0.7	1.3	9.0	0.8	1.7	2.4	2.5

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	3	3	3	3	3	3	3	3	3	3	3
Reserves ReservesCr	185	336	377	424	334	491	616	703	726	843	688
Current Liabilities Current LiabilitiesCr	51	11	14	16	11	15	28	29	0	1	0
Non Current Liabilities Non Current LiabilitiesCr	4	3	3	8	4	17	32	38	53	93	62
Total Liabilities Total LiabilitiesCr	243	354	397	451	352	525	679	774	782	940	754
Current Assets Current AssetsCr	151	104	97	112	109	90	138	91	19	12	20
Non Current Assets Non Current AssetsCr	91	251	300	338	243	435	541	683	763	928	734
Total Assets Total AssetsCr	243	354	397	451	352	525	679	774	782	940	754

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	3	3	3	3	3	3	3	3	3	3	3
Reserves ReservesCr	185	336	377	424	334	491	616	703	726	843	688
Current Liabilities Current LiabilitiesCr	51	11	14	16	11	15	28	29	0	1	0
Non Current Liabilities Non Current LiabilitiesCr	4	3	3	8	4	17	32	38	53	93	62
Total Liabilities Total LiabilitiesCr	243	354	397	451	352	525	679	774	782	940	754
Current Assets Current AssetsCr	151	104	97	112	109	90	138	91	19	12	20
Non Current Assets Non Current AssetsCr	91	251	300	338	243	435	541	683	763	928	734
Total Assets Total AssetsCr	243	354	397	451	352	525	679	774	782	940	754

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-4	12	15	13	10	16	14	12	-1	8	-1
Investing Cash Flow Investing Cash FlowCr	3	1	-11	-5	-7	-9	3	-1	9	6	0
Financing Cash Flow Financing Cash FlowCr	1	-13	-4	-5	-6	-6	-7	-9	-8	-13	0
Net Cash Flow Net Cash FlowCr	1	0	0	3	-2	1	10	2	0	1	-1
Free Cash Flow Free Cash FlowCr	-6	-1	13	9	8	15	13	87	-1	8	-1
CFO To PAT CFO To PAT%	-28.5	153.2	154.6	100.0	78.7	200.1	94.4	11.3	-12.5	135.9	-14.3
CFO To EBITDA CFO To EBITDA%	-54.3	1,195.2	392.9	136.5	221.8	393.2	204.9	69.9		151.9	-13.8

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-4	12	15	13	10	16	14	12	-1	8	-1
Investing Cash Flow Investing Cash FlowCr	3	1	-11	-5	-7	-9	3	-1	9	6	0
Financing Cash Flow Financing Cash FlowCr	1	-13	-4	-5	-6	-6	-7	-9	-8	-13	0
Net Cash Flow Net Cash FlowCr	1	0	0	3	-2	1	10	2	0	1	-1
Free Cash Flow Free Cash FlowCr	-6	-1	13	9	8	15	13	87	-1	8	-1
CFO To PAT CFO To PAT%	-28.5	153.2	154.6	100.0	78.7	200.1	94.4	11.3	-12.5	135.9	-14.3
CFO To EBITDA CFO To EBITDA%	-54.3	1,195.2	392.9	136.5	221.8	393.2	204.9	69.9		151.9	-13.8

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	463	488	335	370	161	357	445	571	1,725	464	287	349
Price To Earnings Price To Earnings	37.6	61.3	34.2	28.9	12.4	46.0	29.8	5.5	195.3	83.3	37.2	44.5
Price To Sales Price To Sales	5.1	6.7	4.4	3.6	1.9	4.6	4.1	3.8		75.4	32.1	95.2
Price To Book Price To Book	2.5	1.4	0.9	0.9	0.5	0.7	0.7	0.8	2.4	0.6	0.4	0.5
EV To EBITDA EV To EBITDA	66.6	475.6	86.5	38.8	34.3	89.2	62.5	33.2		92.7	35.8	134.6
Profitability Ratios Profitability Ratios
GPM GPM%	29.8	41.7	34.6	39.0	42.5	39.0	31.8	34.2		100.0	100.0	100.0
OPM OPM%	7.7	1.4	5.1	9.2	5.5	5.0	6.3	11.1		91.2	89.8	73.0
NPM NPM%	14.6	10.9	13.0	12.5	15.6	9.9	13.8	68.5		102.0	86.7	213.9
ROCE ROCE%	8.7	3.0	2.8	3.8	4.8	1.9	3.0	16.5	1.3	0.7	1.2	1.2
ROE ROE%	7.1	2.3	2.6	3.0	3.9	1.6	2.4	14.6	1.2	0.7	1.1	1.1
ROA ROA%	5.5	2.3	2.5	2.8	3.7	1.5	2.2	13.3	1.1	0.6	1.0	1.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	463	488	335	370	161	357	445	571	1,725	464	287	349
Price To Earnings Price To Earnings	37.6	61.3	34.2	28.9	12.4	46.0	29.8	5.5	195.3	83.3	37.2	44.5
Price To Sales Price To Sales	5.1	6.7	4.4	3.6	1.9	4.6	4.1	3.8		75.4	32.1	95.2
Price To Book Price To Book	2.5	1.4	0.9	0.9	0.5	0.7	0.7	0.8	2.4	0.6	0.4	0.5
EV To EBITDA EV To EBITDA	66.6	475.6	86.5	38.8	34.3	89.2	62.5	33.2		92.7	35.8	134.6
Profitability Ratios Profitability Ratios
GPM GPM%	29.8	41.7	34.6	39.0	42.5	39.0	31.8	34.2		100.0	100.0	100.0
OPM OPM%	7.7	1.4	5.1	9.2	5.5	5.0	6.3	11.1		91.2	89.8	73.0
NPM NPM%	14.6	10.9	13.0	12.5	15.6	9.9	13.8	68.5		102.0	86.7	213.9
ROCE ROCE%	8.7	3.0	2.8	3.8	4.8	1.9	3.0	16.5	1.3	0.7	1.2	1.2
ROE ROE%	7.1	2.3	2.6	3.0	3.9	1.6	2.4	14.6	1.2	0.7	1.1	1.1
ROA ROA%	5.5	2.3	2.5	2.8	3.7	1.5	2.2	13.3	1.1	0.6	1.0	1.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	ELCIDIN	SUMMITSEC	VHL	JPOLYINVST	MAXIND	GFLLIMITED	HERCULES
Market CapitalizationMkt CapCr	2,000	1,436	1,214	977	876	636	349
Close PriceClose₹	1,00,005.00	1,317.00	3,804.50	929.15	155.55	57.90	109.15
IndustryIndustry	Finance Holding Company	Finance Holding Company	Finance Holding Company	Finance Holding Company	Finance Holding Company	Finance Holding Company	Finance Holding Company
Price To EarningsPE	20.95	11.99	4.83	1.21		10.49	44.55
Price To SalesPS	17.33	7.41	61.73	0.94	4.10	167.82	95.17
RevenueRevenueCr	115	194	20	1,037	214	4	4
Revenue Growth TTMRev Gr TTM%	-8.1%	33.5%	0.5%	3,152.9%	37.2%	10.5%	1,012.1%
PAT Growth TTMPAT Gr TTM%	8.9%	39.5%	1.6%	167.2%	4.7%	206.0%	46.2%

	ELCIDIN	SUMMITSEC	VHL	JPOLYINVST	MAXIND	GFLLIMITED	HERCULES
Market CapitalizationMkt CapCr	2,000	1,436	1,214	977	876	636	349
Close PriceClose₹	1,00,005.00	1,317.00	3,804.50	929.15	155.55	57.90	109.15
IndustryIndustry	Finance Holding Company	Finance Holding Company	Finance Holding Company	Finance Holding Company	Finance Holding Company	Finance Holding Company	Finance Holding Company
Price To EarningsPE	20.95	11.99	4.83	1.21		10.49	44.55
Price To SalesPS	17.33	7.41	61.73	0.94	4.10	167.82	95.17
RevenueRevenueCr	115	194	20	1,037	214	4	4
Revenue Growth TTMRev Gr TTM%	-8.1%	33.5%	0.5%	3,152.9%	37.2%	10.5%	1,012.1%
PAT Growth TTMPAT Gr TTM%	8.9%	39.5%	1.6%	167.2%	4.7%	206.0%	46.2%

FY2026

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FY2020

FY2026

Jun 26