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Elcid Investments Ltd

ELCIDIN

NSE

₹1,00,005.00-0.49%19 Oct 2026

Reports

Finance Holding Company

Elcid Investments Ltd

ELCIDIN

NSE

₹1,00,005.00

-0.49%

19 Oct 2026

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Finance Holding Company

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Elcid Investments is fundamentally a long-term investment vehicle controlled by the Vakil family, the same promoter group behind Asian Paints, and built to hold a concentrated portfolio of high-quality Indian securities across generations. Incorporated in 1981 and registered as a Non-Banking Financial Company with the Reserve Bank of India, it operates as a non-deposit-taking, debt-free entity that channels its own capital into listed and unlisted equities, mutual funds, and bonds. The recurring approach that explains everything else is a quality-first, long-horizon philosophy run from an extraordinarily lean structure - just four permanent employees managing a multi-thousand-crore portfolio with zero borrowings and an emphasis on capital preservation over trading.

Business segments

A single engine - a diversified, long-horizon investment portfolio - that generates returns through dividends, interest, and fair-value appreciation from a completely debt-free balance sheet.

1. The investment portfolio: a patient pool of Indian capital

The company makes its money by owning pieces of other businesses for the long haul, collecting dividends and letting the value compound - it is a portfolio, not a trading desk.

Dividends are the paycheck - roughly four-fifths of operating revenue comes from dividends paid out by the companies it owns, making the portfolio’s income depend on the dividend policies of its investee firms rather than on buying and selling.
One anchor holding dominates - the single largest investment across all reviewed years is Asian Paints Ltd, a position that ran to over 2.83 crore shares with a carrying value of more than Rs. 7,18,000 lakhs as of March 2021, which means the portfolio’s fortunes are closely tied to that one company’s stock price and dividend decisions.
Debt-free by design - the balance sheet carries zero borrowings, so there is no refinancing risk and the company can deploy cash opportunistically when markets dislocate, without lenders forcing its hand.
A spread beyond the anchor - the portfolio also holds mutual funds, alternative investment funds, government securities, corporate bonds, and unquoted stakes in companies like One97 Communications and Brainbees Solutions, giving it exposure to technology, logistics, and commercial real estate themes alongside its core consumption holding.
New bets are small and selective - in FY26 the company wrote cheques of roughly Rs. 7.5 crores into Zepto, the quick-commerce platform, and about Rs. 15 crores into Nexon Omniverse, a fashion retailer, acquiring fractional stakes of approximately 0.039% and 0.60% respectively - small positions that add consumer-internet and retail exposure without disturbing the portfolio’s core.
Mark-to-market swings are part of the ride - because equity investments are carried at fair value through either profit-and-loss or other comprehensive income, the reported numbers move with stock prices even when nothing is sold, which is why the company stresses that it is a long-term holder, not a trader.

Group structure and partners

The company sits inside a tight family-controlled structure with two mirror-image subsidiaries, all recently brought under formal RBI registration as a coordinated investment group.

Two wholly owned clones - Murahar Investments & Trading Company and Suptaswar Investments & Trading Company, both incorporated in 1979, are pure investment vehicles that hold securities just as the parent does, with Elcid owning 50,000 shares of Rs. 10 each in each one.
All three got their RBI licences together - Elcid applied for its NBFC registration in December 2024, the subsidiaries followed in March 2025, and all three received their certificates on the same day in September 2025, turning a legacy structure into a fully regulated group.
The promoter group holds three-quarters - as of March 2026, the Vakil family and its entities owned 75.00% of the company, a stake that has barely moved over the years and that the promoters tried to consolidate entirely through a voluntary delisting in 2022, which public shareholders voted down.
A board built for oversight of a lean operation - six directors include three independents alongside three Vakil family members, with the CEO and CFO roles held by Mrs. Ragini Vakil and the compliance function handled by a dedicated company secretary, reflecting the governance demands of a listed NBFC run by four employees.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

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Mkt Cap

Market Capitalization

₹2,000Cr

Close Price

₹1,00,005.00

Industry

Finance Holding Company

Price To Earnings

20.95

Price To Sales

17.33

Revenue

₹115Cr

Rev Gr TTM

Revenue Growth TTM

-8.11%

PAT Gr TTM

PAT Growth TTM

8.91%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	23	60	23	178	56	-5	-17	92	44	62	-64	73
Growth YoY Revenue Growth YoY%	-28.6	114.7	650.6	38.3	149.7	-108.8	-175.6	-48.2	-21.9	1,273.8	-264.5	-20.2
Expenses ExpensesCr	1	1	1	1	1	1	3	1	1	1	3	1
Operating Profit Operating ProfitCr	22	59	22	176	55	-6	-21	91	42	61	-66	72
OPM OPM%	95.7	98.4	97.2	99.4	98.4	115.2	119.6	99.0	96.6	98.2	104.1	98.8
Other Income Other IncomeCr	1	1	0	0	0	0	1	0	0	0	0	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	22	59	22	177	55	-6	-20	91	42	61	-66	72
Tax TaxCr	6	13	6	41	12	1	0	21	11	13	-25	15
PAT PATCr	16	46	16	136	43	-7	-20	71	32	47	-41	58
Growth YoY PAT Growth YoY%	-30.2	141.2	4,402.7	39.6	179.4	-114.9	-222.7	-48.0	-27.0	787.7	-111.0	-18.5
NPM NPM%	68.9	77.6	68.9	76.6	77.1	131.0	111.8	76.8	72.2	76.7	64.7	78.4
EPS EPS₹	778.2	2,311.1	795.9	6,797.3	2,173.7	-344.3	-977.0	3,531.2	1,587.0	2,368.9	-2,061.1	2,878.3

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	23	60	23	178	56	-5	-17	92	44	62	-64	73
Growth YoY Revenue Growth YoY%	-28.6	114.7	650.6	38.3	149.7	-108.8	-175.6	-48.2	-21.9	1,273.8	-264.5	-20.2
Expenses ExpensesCr	1	1	1	1	1	1	3	1	1	1	3	1
Operating Profit Operating ProfitCr	22	59	22	176	55	-6	-21	91	42	61	-66	72
OPM OPM%	95.7	98.4	97.2	99.4	98.4	115.2	119.6	99.0	96.6	98.2	104.1	98.8
Other Income Other IncomeCr	1	1	0	0	0	0	1	0	0	0	0	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	22	59	22	177	55	-6	-20	91	42	61	-66	72
Tax TaxCr	6	13	6	41	12	1	0	21	11	13	-25	15
PAT PATCr	16	46	16	136	43	-7	-20	71	32	47	-41	58
Growth YoY PAT Growth YoY%	-30.2	141.2	4,402.7	39.6	179.4	-114.9	-222.7	-48.0	-27.0	787.7	-111.0	-18.5
NPM NPM%	68.9	77.6	68.9	76.6	77.1	131.0	111.8	76.8	72.2	76.7	64.7	78.4
EPS EPS₹	778.2	2,311.1	795.9	6,797.3	2,173.7	-344.3	-977.0	3,531.2	1,587.0	2,368.9	-2,061.1	2,878.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	0	0	0	61	78	108	135	109	235	211	134	115
Growth Revenue Growth%	62.4	-56.6	27.8	26,947.9	27.3	39.0	25.1	-19.2	116.1	-10.3	-36.5	-8.1
Expenses ExpensesCr	1	1	1	2	6	1	3	6	3	6	6	6
Operating Profit Operating ProfitCr	0	-1	-1	59	72	107	132	103	232	205	128	109
OPM OPM%	-37.3	-386.5	-245.0	97.3	92.5	99.1	97.7	94.4	98.6	97.1	95.4	94.7
Other Income Other IncomeCr	30	37	47	0	0	0	0	0	1	2	1	1
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	1	1	1	1	1	1
PBT PBTCr	30	36	47	59	72	107	131	102	232	206	128	109
Tax TaxCr	0	1	0	5	-2	25	31	29	56	53	19	14
PAT PATCr	30	35	46	55	73	81	100	73	176	153	109	95
Growth PAT Growth%	-1.0	19.0	31.8	17.8	34.2	10.8	23.4	-26.6	139.4	-12.9	-29.1	8.9
NPM NPM%	7,278.9	19,954.9	20,574.6	89.6	94.4	75.2	74.2	67.4	74.7	72.5	81.0	82.7
EPS EPS₹	1,476.2	1,757.0	2,315.7	2,727.2	3,659.0	4,052.5	5,001.9	3,670.6	8,786.8	7,649.8	5,426.0	4,773.2

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	0	0	0	61	78	108	135	109	235	211	134	115
Growth Revenue Growth%	62.4	-56.6	27.8	26,947.9	27.3	39.0	25.1	-19.2	116.1	-10.3	-36.5	-8.1
Expenses ExpensesCr	1	1	1	2	6	1	3	6	3	6	6	6
Operating Profit Operating ProfitCr	0	-1	-1	59	72	107	132	103	232	205	128	109
OPM OPM%	-37.3	-386.5	-245.0	97.3	92.5	99.1	97.7	94.4	98.6	97.1	95.4	94.7
Other Income Other IncomeCr	30	37	47	0	0	0	0	0	1	2	1	1
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	1	1	1	1	1	1
PBT PBTCr	30	36	47	59	72	107	131	102	232	206	128	109
Tax TaxCr	0	1	0	5	-2	25	31	29	56	53	19	14
PAT PATCr	30	35	46	55	73	81	100	73	176	153	109	95
Growth PAT Growth%	-1.0	19.0	31.8	17.8	34.2	10.8	23.4	-26.6	139.4	-12.9	-29.1	8.9
NPM NPM%	7,278.9	19,954.9	20,574.6	89.6	94.4	75.2	74.2	67.4	74.7	72.5	81.0	82.7
EPS EPS₹	1,476.2	1,757.0	2,315.7	2,727.2	3,659.0	4,052.5	5,001.9	3,670.6	8,786.8	7,649.8	5,426.0	4,773.2

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	0	0	0	0	0	0	0	0	0	0	0
Reserves ReservesCr	177	212	258	5,133	6,952	10,165	12,329	11,192	11,684	9,168	8,673
Current Liabilities Current LiabilitiesCr	0	0	1	0	0	4	15	10	12	10	1
Non Current Liabilities Non Current LiabilitiesCr	0	0	0	1,306	268	688	836	744	786	1,428	1,325
Total Liabilities Total LiabilitiesCr	178	213	259	6,439	7,220	10,857	13,179	11,946	12,482	10,607	10,000
Current Assets Current AssetsCr	1	4	3	1	7	9	1	11	4	2	5
Non Current Assets Non Current AssetsCr	177	209	256	6,438	7,213	10,848	13,178	11,935	12,478	10,605	9,994
Total Assets Total AssetsCr	178	213	259	6,439	7,220	10,857	13,179	11,946	12,482	10,607	10,000

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	0	0	0	0	0	0	0	0	0	0	0
Reserves ReservesCr	177	212	258	5,133	6,952	10,165	12,329	11,192	11,684	9,168	8,673
Current Liabilities Current LiabilitiesCr	0	0	1	0	0	4	15	10	12	10	1
Non Current Liabilities Non Current LiabilitiesCr	0	0	0	1,306	268	688	836	744	786	1,428	1,325
Total Liabilities Total LiabilitiesCr	178	213	259	6,439	7,220	10,857	13,179	11,946	12,482	10,607	10,000
Current Assets Current AssetsCr	1	4	3	1	7	9	1	11	4	2	5
Non Current Assets Non Current AssetsCr	177	209	256	6,438	7,213	10,848	13,178	11,935	12,478	10,605	9,994
Total Assets Total AssetsCr	178	213	259	6,439	7,220	10,857	13,179	11,946	12,482	10,607	10,000

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-1	-1	-1	-1	-1	14	61	37	78	94	70
Investing Cash Flow Investing Cash FlowCr	1	5	0	1	8	-12	-68	-27	-85	-95	-69
Financing Cash Flow Financing Cash FlowCr	0	0	0	0	0	0	0	0	-1	-1	-1
Net Cash Flow Net Cash FlowCr	0	3	-1	0	6	2	-7	10	-7	-1	0
Free Cash Flow Free Cash FlowCr	-1	-1	-1	-1	-1	-1	60	37	67	88	63
CFO To PAT CFO To PAT%	-4.0	-3.6	-1.9	-1.7	-1.6	17.4	61.1	50.5	44.2	61.5	64.2
CFO To EBITDA CFO To EBITDA%	779.9	184.5	155.9	-1.6	-1.6	13.2	46.4	36.1	33.5	45.9	54.5

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-1	-1	-1	-1	-1	14	61	37	78	94	70
Investing Cash Flow Investing Cash FlowCr	1	5	0	1	8	-12	-68	-27	-85	-95	-69
Financing Cash Flow Financing Cash FlowCr	0	0	0	0	0	0	0	0	-1	-1	-1
Net Cash Flow Net Cash FlowCr	0	3	-1	0	6	2	-7	10	-7	-1	0
Free Cash Flow Free Cash FlowCr	-1	-1	-1	-1	-1	-1	60	37	67	88	63
CFO To PAT CFO To PAT%	-4.0	-3.6	-1.9	-1.7	-1.6	17.4	61.1	50.5	44.2	61.5	64.2
CFO To EBITDA CFO To EBITDA%	779.9	184.5	155.9	-1.6	-1.6	13.2	46.4	36.1	33.5	45.9	54.5

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr										2,652	1,759	2,000
Price To Earnings Price To Earnings										17.3	16.2	20.9
Price To Sales Price To Sales										12.6	13.1	17.3
Price To Book Price To Book										0.3	0.2	0.2
EV To EBITDA EV To EBITDA										12.9	13.7	18.4
Profitability Ratios Profitability Ratios
GPM GPM%	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0
OPM OPM%	-37.3	-386.5	-245.0	97.3	92.5	99.1	97.7	94.4	98.6	97.1	95.4	94.7
NPM NPM%	7,278.9	19,954.9	20,574.6	89.6	94.4	75.2	74.2	67.4	74.7	72.5	81.0	82.7
ROCE ROCE%	16.8	16.9	18.1	1.1	1.0	1.1	1.1	0.9	2.0	2.3	1.5	1.5
ROE ROE%	16.6	16.6	17.9	1.1	1.1	0.8	0.8	0.7	1.5	1.7	1.3	1.3
ROA ROA%	16.6	16.5	17.9	0.8	1.0	0.8	0.8	0.6	1.4	1.4	1.1	1.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr										2,652	1,759	2,000
Price To Earnings Price To Earnings										17.3	16.2	20.9
Price To Sales Price To Sales										12.6	13.1	17.3
Price To Book Price To Book										0.3	0.2	0.2
EV To EBITDA EV To EBITDA										12.9	13.7	18.4
Profitability Ratios Profitability Ratios
GPM GPM%	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0
OPM OPM%	-37.3	-386.5	-245.0	97.3	92.5	99.1	97.7	94.4	98.6	97.1	95.4	94.7
NPM NPM%	7,278.9	19,954.9	20,574.6	89.6	94.4	75.2	74.2	67.4	74.7	72.5	81.0	82.7
ROCE ROCE%	16.8	16.9	18.1	1.1	1.0	1.1	1.1	0.9	2.0	2.3	1.5	1.5
ROE ROE%	16.6	16.6	17.9	1.1	1.1	0.8	0.8	0.7	1.5	1.7	1.3	1.3
ROA ROA%	16.6	16.5	17.9	0.8	1.0	0.8	0.8	0.6	1.4	1.4	1.1	1.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	ALEMBICLTD	RANEHOLDIN	KICL	ELCIDIN	SUMMITSEC	VHL	JPOLYINVST
Market CapitalizationMkt CapCr	2,444	2,136	2,136	2,000	1,436	1,214	977
Close PriceClose₹	95.16	1,496.30	4,893.80	1,00,005.00	1,317.00	3,804.50	929.15
IndustryIndustry	Finance Holding Company	Finance Holding Company	Finance Holding Company	Finance Holding Company	Finance Holding Company	Finance Holding Company	Finance Holding Company
Price To EarningsPE	7.63	25.30	52.58	20.95	11.99	4.83	1.21
Price To SalesPS	10.22	0.35	27.31	17.33	7.41	61.73	0.94
RevenueRevenueCr	239	6,129	78	115	194	20	1,037
Revenue Growth TTMRev Gr TTM%	8.2%	25.8%	-1.2%	-8.1%	33.5%	0.5%	3,152.9%
PAT Growth TTMPAT Gr TTM%	-14.6%	-50.7%	-36.7%	8.9%	39.5%	1.6%	167.2%

	ALEMBICLTD	RANEHOLDIN	KICL	ELCIDIN	SUMMITSEC	VHL	JPOLYINVST
Market CapitalizationMkt CapCr	2,444	2,136	2,136	2,000	1,436	1,214	977
Close PriceClose₹	95.16	1,496.30	4,893.80	1,00,005.00	1,317.00	3,804.50	929.15
IndustryIndustry	Finance Holding Company	Finance Holding Company	Finance Holding Company	Finance Holding Company	Finance Holding Company	Finance Holding Company	Finance Holding Company
Price To EarningsPE	7.63	25.30	52.58	20.95	11.99	4.83	1.21
Price To SalesPS	10.22	0.35	27.31	17.33	7.41	61.73	0.94
RevenueRevenueCr	239	6,129	78	115	194	20	1,037
Revenue Growth TTMRev Gr TTM%	8.2%	25.8%	-1.2%	-8.1%	33.5%	0.5%	3,152.9%
PAT Growth TTMPAT Gr TTM%	-14.6%	-50.7%	-36.7%	8.9%	39.5%	1.6%	167.2%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26