Virya Resources is a shape-shifter: a former Indian paper-and-construction company that changed hands, changed continents and changed its name to become a natural-resources trader anchored in Indonesia. The pivot began in mid-2021 when a new promoter group acquired a near-75% controlling stake, and the recurring approach ever since has been to follow the personal business networks of its directors - particularly into Indonesian coal and gold - while using agreements and alliances to bolt on new ventures rather than building them from scratch. # Business segments A single trading engine that buys and sells coal, with a management-services fee stream bolted on and several planned diversifications still on the drawing board. ## 1. Coal trading: the engine that pays the bills **The company buys coal and sells it to Indian power plants and factories, earning a margin as the middleman - it holds no inventory and its edge comes from an Indonesian director who already runs a large coal-export business.** - **Indonesia is the supply lifeline** - director Candra Winoto Salim is an Indonesian businessman whose coal entity held orders for more than 500,000 metric tonnes a month in Vietnam and 200,000 metric tonnes a month in India as of late 2022. He also held a 40% stake in a coal-mining company and later founded an 80%-owned firm that exported Indonesian coal to Vietnam. - **India is the demand anchor** - the company’s customers are power generators (which burn more than 70% of India’s coal) and industrial users in steel, cement, brick, pharmaceuticals and textiles. Coal still generates about 70% of India’s electricity, and management calls it irreplaceable until alternatives arrive at scale. - **No warehouse, no stockpile** - the company carries zero inventory, which means it matches a buyer to a seller and takes its cut without tying up capital in stored coal. - **Ancillary ambitions attached** - the annual report also describes coal-chemical and coal-mining-equipment businesses that coordinate safety overhauls and sell integrated equipment solutions into the mid-to-high-end upgrade market, though these appear to be early-stage extensions of the trading core. ## 2. Management services: a fee stream from the parent’s businesses **Virya runs operations for its ultimate holding company’s businesses and keeps 51% of the net operating margin - a capital-light income line that requires no ownership.** - **A contract, not a subsidiary** - under a three-year agreement signed in February 2026, Virya was granted management and operational rights over specified businesses of Magma Capital Resources (its Singapore-based ultimate parent), with no transfer of shares or voting rights. - **Paid on performance** - the company is entitled to 51% of the net operating margin generated by the businesses it manages, so its fee rises and falls with the profitability of those operations rather than being a fixed retainer. ## 3. Planned diversifications: agricultural commodities and gold **The board has declared an intention to trade copra, crude palm oil and gold ornaments across India and Southeast Asia, but these remain plans tied to a director’s personal gold background rather than active revenue lines.** - **Gold follows the family tree** - director Candra Winoto Salim’s parents run a gold-jewellery factory in Semarang; he started his own jewellery factory in Bandung in 2019 and has marketed jewellery since 2015. He also acquired an 80% stake in a gold-mining company holding 5,600 hectares in Banten Province and later brought in a Chinese partner and an independent geologist to estimate the resource. - **Palm and copra are a stated ambition** - the company says it will venture into copra and crude palm oil in India, Indonesia, Vietnam and other Southeast Asian markets as part of a broader push into agricultural and e-commerce solutions, but no operational details or timelines are disclosed. # Group structure and partners **Virya Resources is a Hyderabad-headed, BSE-listed shell that operates through an Indonesian subsidiary and a web of promoter-linked entities, with its ultimate parent sitting in Singapore.** - **Indonesian operating arm** - PT Virya Resources Indonesia is a subsidiary based in Indonesia that the company says will keep studying the market and evaluating opportunities. - **Singapore and Malaysia vehicles added** - in July 2024 the board approved two new wholly owned subsidiaries: Virya Resources Pte. Ltd. in Singapore for multi-mineral commodities trading, and Virya Resources SDN BHD in Malaysia for bauxite mining and mineral trading. - **The ultimate parent** - Magma Capital Resources Pte. Ltd., Singapore, is the company’s ultimate holding entity and the counterparty to the 2026 management-services agreement. - **The controlling bloc** - VR Integrated Project Management Private Limited, controlled by Nanchraiya Shiva Rama Krishna Pulakanam, Ratna Kumari Pulakanam and VR Commodities Private Limited, holds a 74.98% stake acquired in mid-2021 from the original promoter. - **Listed but illiquid** - the company’s equity share capital is Rs. 1.5 crore and its shares trade on the BSE under scrip code 512479, with a Hyderabad-based registrar managing the shareholder records.