Dhunseri Investments Limited is a Reserve Bank of India (RBI) registered **Non-Banking Financial Company (NBFC)** (Registration No. **N.05.06909**). The company functions as a strategic investment vehicle, managing a diversified portfolio of securities for long-term capital appreciation and dividend yield. Under the **RBI Scale Based Regulations**, it is categorized as part of a common promoter group (including Mint Investments Ltd and Naga Dhunseri Group Ltd) with combined asset values exceeding **Rs. 1,000 crore**. --- ### Strategic Portfolio Realignment & Entity Rationalization In **2025**, the company executed a transformative reorganization of its holdings to streamline operations and consolidate control over its high-growth industrial interests. This shift marks a transition from a diversified holding company to one focused on the petrochemical and packaging sectors. **Key Transactional Outcomes:** * **Consolidation of Petrochemical Interests:** The company increased its stake in **Dhunseri Ventures Limited (DVL)** from **56.44%** to **65.23%**. This was achieved through an inter-se transfer of **30,78,759** shares at an estimated cost of **INR 142.15 crores** (average price of **INR 461.70** per share). * **Exit from Tea Manufacturing:** To focus on its core NBFC mandate, the company divested its entire **45.77%** stake (**48,09,595 shares**) in **Dhunseri Tea & Industries Ltd (DTIL)**. * **Asset Monetization:** The company finalized the sale of the **Hatibari Tea Factory** assets on **July 31, 2025**. While this resulted in a minor settlement loss of **Rs. 22.55 Lacs**, it successfully removed direct manufacturing liabilities from the standalone balance sheet. --- ### Diversified Group Business Segments While the standalone entity focuses on **Treasury Operations**, the consolidated group operates across four active industrial and commercial verticals: | Segment | Primary Activity | Key Entity/Brand | | :--- | :--- | :--- | | **Treasury Operations** | Management of shares, securities, and mutual funds for capital gains. | Dhunseri Investments Ltd | | **Flexible Packaging** | Manufacturing of **BOPET** (Biaxially Oriented Polyethylene Terephthalate) films. | Dhunseri Poly Films Pvt Ltd | | **Trading** | Trading operations involving **PET resin**. | Dhunseri Ventures Ltd | | **Tea** | Production of black tea and strategic tea manufacturing investments. | Group Associates | | **Food & Beverage** | Bakery operations (Singapore); **Discontinued** as of Oct 2025. | Twelve Cupcakes Pte. Ltd. | --- ### Industrial Expansion & Debt Financing Profile The group is currently servicing significant debt related to large-scale industrial projects under its subsidiary, **Dhunseri Poly Films Private Limited**. These projects represent the group's primary capital expenditure and future growth drivers. **Project Financing Details:** * **BOPET Project (Panagarh, West Bengal):** * **€ Loan (OLB AG):** **₹ 197.25 crore** balance; interest at **0.95% + 6 months EURIBOR**; maturity **Sept 2032**. * **HDFC Bank Loan:** **₹ 82.03 crore** balance; interest at **2.75% + 3 months EURIBOR**; maturity **April 2030**. * **BOPP Project (Kathua, Jammu):** * **OLB AG:** **₹ 17.72 crore**; interest at **0.90% + 6 months EURIBOR**; maturity **May 2036**. * **SBI & EXIM Bank:** Combined **₹ 15.92 crore**; interest at **0.55% + 6 months MCLR**; maturity **June 2039**. * **Working Capital Support:** Short-term borrowings of **₹ 30 crore** at **9.20%** interest, secured against the company's investment portfolio. --- ### Standalone Financial Performance & Capital Structure The company maintains a robust capital base, though profitability is inherently tied to the performance of the Indian equity markets. | Metric (Standalone) | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | :--- | | **Net Profit** | **₹ 11.49 crore** | **₹ 32.65 crore** | - | | **Total Equity** | **₹ 517.59 crore** | **₹ 451.28 crore** | **₹ 351.13 crore** | | **Working Capital** | **₹ 85.53 crore** | **₹ 58.16 crore** | **₹ 28.66 crore** | | **Cash & Equivalents** | **₹ 5.98 crore** | **₹ 3.60 crore** | **₹ 0.61 crore** | * **Share Capital:** Paid-up capital stands at **Rs. 6,09,71,780** (**60,97,178** equity shares at **Rs. 10** par). * **Shareholder Returns:** Recommended dividend of **₹ 3.00 per share (30%)** for FY 2024-25. * **Regulatory Reserves:** Transferred **₹ 18.34 crore** to the **NBFC Reserve Fund** (Sec 45-IC of the RBI Act). * **Capital Adequacy:** The **CRAR** remains comfortably above the RBI-mandated **15%**. --- ### Real Estate & Infrastructure Exposure The Group holds a **3.03-acre** leasehold land parcel originally intended for an **IT SEZ** development. * **Financial Exposure:** Total Capital Work-in-Progress (CWIP) stands at **INR 46.23 crore**. * **Current Status:** Construction is **temporarily suspended** due to weak demand in the IT sector. * **Strategic Pivot:** Following the GoI notification reclassifying SEZs as **'Multi-Sector Special Economic Zones'**, management is evaluating alternative commercial uses for the constructed space to recover the investment. --- ### Risk Factors & Regulatory Oversight * **Market Volatility:** As an investment entity, quarterly results are subject to **fair value changes** (OCI/P&L) and may not reflect annual performance. Total investment exposure is **₹ 50,678.59 lakh**. * **Subsidiary Wind-up:** **Twelve Cupcakes Pte. Ltd.** (Singapore) initiated **Voluntary Winding-up** in **October 2025**, leading to a loss of control and the classification of the F&B segment as a discontinued operation. * **Compliance Matters:** * **Section 185:** A subsidiary recovered a **₹ 22.5 crore** loan from a director-interested entity by **August 2024**; however, auditors noted the initial lack of a Special Resolution. * **NBFC Status:** A subsidiary briefly met the "Principal Business Test" for NBFC status in **FY 2021-22** but has since exited those criteria as of **March 2023**. * **Contingent Tax Liabilities:** Disputed income tax claims totaling approximately **₹ 83.95 lakh** are currently under appeal or rectification, primarily regarding **Section 14A** disallowed expenses. * **Currency Risk:** The group utilizes **forward exchange contracts** (maturities <1 year) to hedge exposure to **USD** and **SGD** fluctuations. --- ### Ownership Structure (as of March 2024) The company is tightly held by the promoter group: * **Mint Investments Ltd:** **45.16%** * **Naga Dhunseri Group Ltd:** **21.59%** * **Public/Other:** **33.25%**