NGL Limited is an Indian public entity currently undergoing a fundamental strategic transformation. Historically rooted in the stone and granite industry, the company is transitioning into a diversified holding structure with interests spanning **Paper Packaging, Fashion Garments, Financial Technology, and Securities Trading**. In **November 2025**, the Board approved the name change to **NGL Limited** to reflect this broader corporate identity and its departure from a single-commodity focus. --- ### Corporate Structure and Subsidiary Portfolio The group manages its diverse operations through a series of wholly-owned subsidiaries. The company has actively used acquisitions and capital infusions to build this portfolio. | Entity Name | Relationship | Ownership | Primary Sector | Status/Key Financials | |:---|:---|:---|:---|:---| | **SPNP Paper and Pack Pvt Ltd** | Subsidiary | **100%** | Paper & Packaging | Turnover: **₹36.56 Cr**; PAT: **₹66.77 Lakhs** (FY25) | | **Yug Fashion Garments Pvt Ltd** | Subsidiary | **100%** | Apparel/Textiles | Assets: **₹4.57 Cr**; Capital: **₹4.24 Cr** | | **Paynov8 Pvt Ltd** (formerly Auro Fintech) | Subsidiary | **100%** | Fintech | Acquired **April 2025** for **₹60.57 Lakhs** | | **Fine Papyrus Pvt Ltd** | Step-down | **0%** | Paper | **Divested March 16, 2026** | --- ### Evolution of Business Segments As of **June 2025**, the group has expanded its reportable segments to reflect its new revenue streams. This diversification is a direct response to stiff competition and market challenges within the traditional stone sector. * **Financial Technology & Related Services:** Established following the **April 1, 2025**, acquisition of **Auro Fintech** (now **Paynov8**). This represents the company’s high-growth digital pivot. * **Manufacturing and Trading (Legacy):** Production and distribution of **granite and marble slabs, tiles, sandstone, and limestone**. * **Paper and Packaging:** Currently the strongest revenue contributor among subsidiaries, operated via **SPNP Paper and Pack**. * **Garments:** Managed through **Yug Fashion Garments**, which entered the group in **May 2023** for an initial **₹1.2 lakhs** followed by a rights issue of **42,30,000 shares**. * **Trading in Securities:** A strategic focus area designed to productively deploy surplus resources. Notably, financial assets now constitute **more than 50%** of total assets, though the company is not yet classified as an NBFC as the income from these assets remains **below 50%** of gross income. --- ### Capital Structure and Financial Trajectory The company has aggressively scaled its capital base to facilitate growth, doubling its paid-up capital through a bonus issue and utilizing preferential allotments for fundraising. **Net Worth Growth (Three-Year Trend):** | Financial Year | Paid Up Equity Capital (₹ Lakhs) | Book Net Worth (₹ Lakhs) | |:---|:---|:---| | **2024-2025** | **800.00** | **1,262.05** | | **2023-2024** | **400.00** | **1,160.73** | | **2022-2023** | **265.22** | **865.04** | **Key Capital Actions:** * **Bonus Issue (May 2024):** Allotted **40,00,000** fully paid equity shares in a **1:1 ratio**, increasing paid-up capital from **₹4 Crore** to **₹8 Crore**. * **Authorized Capital:** Increased to **₹10 Crore** in **July 2023** to accommodate future equity issuances. * **Warrant Conversions:** * **August 2023:** Converted **13,47,805 warrants** into equity at **₹29 per share** (including a **₹19 premium**). * **FY 2022-23:** Converted **19,02,195 warrants** at the same price point. * **Dividend Policy:** The Board has **not recommended dividends** in recent years, prioritizing the retention of earnings for operational expansion and subsidiary support. --- ### Governance and Ownership Dynamics Significant shifts in leadership and shareholding have occurred to align with the company's new strategic direction. * **Promoter Reorganization:** In **February 2025**, an inter-se transfer of **26,80,696 shares (33.51%)** was executed from Managing Director **Darpan Shah** to Chairperson **Devan Pandya**, bringing the latter’s holding to **66.75%**. * **Leadership Continuity:** Mr. **Darpan Shah** was re-appointed as **Managing Director** for a five-year term starting **February 13, 2026**. * **Regulatory Transition:** The group successfully transitioned to a unified framework of **four labour codes** (Wages, Social Security, Industrial Relations, and Occupational Safety) effective **November 21, 2025**. --- ### Risk Management and Internal Controls The company operates a structured risk framework overseen by the Board. As of **June 2025**, management reports no risks that threaten the company's existence. * **Financial Risk Profile:** * **Interest Rate Risk:** Reported as **zero exposure**, as the company maintains **no interest-bearing borrowings**. * **Liquidity Risk:** Managed through internal cash flow and short-term investments; the company maintains **adequate reserves** to match maturity profiles. * **Credit Risk:** Mitigated by dealing exclusively with **creditworthy counterparties** and securing collateral where necessary. * **Foreign Currency Risk:** The company **does not currently hedge** its non-INR exposures, as management deems the risk insignificant at current levels. * **Audit and Compliance:** * Auditors have highlighted the need to **strengthen systems and processes** to match the company’s increasing scale. * Certain balances in trade payables and receivables are subject to periodic reconciliation. * The company maintains an internal audit manual commensurate with its current size. --- ### Strategic Outlook NGL Limited is focused on **expense control** and the productive deployment of capital into its new fintech and securities trading arms. By divesting non-core assets (like **Fine Papyrus**) and consolidating its garment and packaging businesses, the company aims to leverage an improving economic environment to drive shareholder value through its diversified holding model.