Netlink Solutions is a business in the middle of a deliberate reinvention. For most of its four decades, it was a small digital-services and exhibition-management company, but the sale of its trade-fair business in 2019 and a growing treasury operation turned it into a lean, debt-free entity that lives off its investment portfolio while it waits for the next big idea. That next idea arrived in 2026, when new owners took control and rewrote the company’s purpose to include manufacturing and trading tungsten-based products - a hard pivot from software to strategic metals - while the legacy cash engines continue to hum in the background. # Business segments Three engines at different stages - a treasury operation that funds the company, a quiet information-media earner, and a tungsten bet that has just been written into the rulebook - each a chapter in a story of using what you have to build what comes next. ## 1. Treasury management: the portfolio that pays the bills **A concentrated basket of listed Indian equities, held with zero debt, generates the gains, dividends and interest that keep the company solvent while it searches for its next operating business.** - **More than half the company, by design** - by FY24, investments in quoted equities made up over 50% of total assets and produced over 50% of total revenue, making the treasury the dominant economic engine even though management calls it temporary. - **A concentrated bet on familiar names** - as of March 2025, the Rs. 18.5 crore portfolio held positions in HDFC Bank, Reliance Industries, HCL Technologies and Laurus Labs, among others, all priced daily on the BSE or NSE. - **Technically a finance company, but not registered as one** - because the investment book is so large relative to the whole business, the RBI’s NBFC rules technically apply, but management has chosen not to register, arguing the activity is not permanent. ## 2. Info media: the quiet earner that came from nowhere **A segment that generated nothing for two years and then grew to Rs. 6.4 crore in revenue, with almost no disclosure about what it actually does.** - **A sudden and sustained contributor** - the segment reported nil revenue in FY21 and FY22, then jumped to Rs. 580.08 lakhs in FY23 and Rs. 636.15 lakhs in FY25, making it the largest operating segment by reported revenue. - **Print-adjacent, but the filings are vague** - the company describes it as information-media activity and has noted that electronic media is overtaking print, but it never spells out the specific product, customer type or contract structure. - **Recognised like a service, not a product** - revenue is booked on a time-and-material basis when services are performed at agreed rates, the same method used for the software division. ## 3. Tungsten products: the future, written into the charter **The company has legally authorised itself to manufacture and trade everything from tungsten scrap to finished carbide parts for aerospace and defence - but it has not yet reported a single rupee from doing so.** - **A complete rewrite of the company’s purpose** - in 2026, the Memorandum of Association was altered to add manufacturing, process engineering, refining, importing, exporting and trading in tungsten-based products, covering the full chain from raw scrap and ammonium paratungsten through to tungsten carbide powder and finished parts. - **Targeting industries that need hard metals** - the authorised product list names automotive, industrial, aerospace, defence, oil and gas, nuclear, medical and railway applications, all of which use tungsten for its density and heat resistance. - **A parallel trading licence covers almost everything else** - in August 2023, the board also approved objects allowing the company to trade in an exhaustive list of goods from agricultural products to ferrous and non-ferrous metals, electronics, jewellery and pharmaceuticals, giving it broad permission to pivot into general trading if tungsten does not work out. - **The physical footprint is being cleared for action** - in mid-2026, the company proposed selling its Mumbai office premises and two cars and shifting its registered office from Maharashtra to Gujarat, suggesting a relocation of its operational base ahead of the new business. # Group structure and partners **A listed shell with four employees changed hands in 2026, and the new owners have kept it listed while installing their own board.** - **A holding company at the top** - Jupiter Infomedia Limited, a BSE-listed online-directory business, held 54.66% of Netlink through itself and its wholly owned subsidiary Jineshvar Securities as of April 2025. - **The open offer closed with a minority stake** - by February 2026, the acquirers held 0.31% of Netlink directly before the offer, and they jointly exercise control alongside the existing promoters while applying for promoter classification. - **The old guard stepped aside** - the existing promoters sought reclassification to the public category, and the previous company secretary and independent directors resigned effective April 1, 2026 and April 23, 2026 respectively, replaced by new appointees including Mrs. Kajal Baldha as Whole Time Director. - **No subsidiaries, no debt, almost no receivables** - the company has no joint ventures or associates, trade receivables of just Rs. 0.86 lakh, and trade payables of nil as of March 2025, reflecting an entity that has been run as a clean holding structure rather than an active operating business.