- **lead** - … Naperol Investments is a holding company that was born from a chemical factory. For nearly seventy years it ran India’s largest hydrogen-peroxide plant, but in 2023 it carved out that entire manufacturing business into a separate listed entity and acquired the long-term investment through the amalgamation of the erstwhile Naperol Investments Limited. The recurring approach is simple: the company now lives off the assets it kept - group-company stakes and the factory land it retained - while using its lean, debt-free balance sheet to start a new chemical-trading line that needs almost no physical infrastructure of its own. # Business segments Two engines at different stages - a legacy investment-and-land portfolio that throws off steady income, and a young chemical-trading desk built on the relationships of the business that came before. ## 1. Investment and leasing: the portfolio the demerger left behind **The company holds stakes in Wadia Group entities and leases out the land under its former factory - both are capital-light, cash-generating assets that require only three employees to run.** - **Group-company stakes are the core holding** - as of FY24, every investment on the books was in a parent or group company, so the returns are tied to the conglomerate it has always been part of. - **The factory land stayed behind** - when the chemical business was demerged, the Kalyan, Maharashtra plant site remained with Naperol Investments, and leasing that land has become a major income stream without the company having to operate anything on it. - **No debt, no drain** - the company meets all its long-term and working-capital needs from internally generated cash and carries no long-term debt, which means the investment and leasing income is not eroded by interest costs. - **A three-person operation** - with an employee strength of just three at the end of FY25, the entire segment runs out of a single office in Mumbai’s Ballard Estate, serving markets in four Indian states and no international geographies. ## 2. Chemical trading: a new desk on old relationships **Launched in FY25, this business imports and exports basic and specialty chemicals for Indian manufacturers and distributors - it is a working-capital play that leans on the industry knowledge of the group’s peroxygen past.** - **Bought and sold, not made** - the company trades industrial chemicals as a wholesaler, supplying domestic and international customers without owning any production capacity itself. - **A market with room to run** - India’s chemical industry was worth about USD 220 billion in 2023 and is projected to reach USD 400-450 billion by 2030, with the specialty-chemicals slice alone expected to grow at a 12% compound annual rate to USD 64 billion by 2025. - **Global supply-chain shifts help** - the China-plus-one strategy is pushing buyers to look for Indian suppliers, and government incentive policies are backing manufacturing and exports, which creates more trading opportunities for a new entrant with established industry contacts. - **Still domestic-only in reach** - in its first year, the trading business served four Indian states and recorded no export sales, though foreign-exchange outgo of about ₹4.26 crore shows it is already sourcing from abroad. # Group structure and partners **The company is a listed Wadia Group vehicle that was deliberately reshaped in 2023 to separate industrial risk from investment income, leaving behind two publicly traded entities with identical shareholding.** - **A conglomerate anchor** - Naperol Investments is part of the Wadia Group, a more-than-250-year-old Indian business house, and its ultimate holding entity as of FY22 was Bucharn Holdings Limited. - **One scheme, three entities** - the 2021 Composite Scheme of Arrangement demerged the chemical business into NPL Chemicals Limited, amalgamated the original Naperol Investments NBFC into the listed shell, and cancelled the shares the listed company held in the chemical entity, so that both surviving companies ended up with the same promoter-public split of roughly 71:29. - **No subsidiaries remain** - after the restructuring, Naperol Investments has no subsidiaries, associates, or joint ventures; it is a standalone investment and trading company listed on BSE under stock code 500298.