Hexa Tradex is, at its core, a publicly listed investment holding company that once ran a small wholesale trading desk - and the investment portfolio has since grown so large that it now accounts for virtually all of the company’s assets. The company was born inside the O.P. Jindal / Prithavi Raj Jindal Group, a multi-decade industrial conglomerate spanning steel pipes, railway wagons and energy-from-waste, and it was originally set up to deal in everything from minerals and metals to packaged foods and beauty products on a cash-and-carry basis. The recurring approach that explains everything else is a group-aligned holding-company model: the balance sheet is overwhelmingly a collection of strategic stakes in other Jindal-group entities, managed with extraordinary leanness - just two permanent employees - while a voluntary delisting from the stock exchanges has been underway since 2022 to take the company private. # Business segments Two engines that share the revenue line almost equally - a tiny wholesale trading desk and a massive investment portfolio - but the investment book is the entire balance sheet. ## 1. The investment portfolio: where the company’s capital actually sits **A concentrated set of quoted and unquoted stakes in Jindal-group companies, held for dividends and long-term appreciation, that makes up over 99% of the company’s assets.** - **Three unquoted pillars** - the portfolio is anchored by large holdings in three private group entities: Siddeshwari Tradex Private Limited, Virtuous Tradecorp Private Limited and Sahyog Tradecorp Private Limited, which together were valued at over ₹4,000 crore in FY26. - **A quoted anchor in stainless steel** - the single largest quoted position is 1.45 crore shares of Jindal Stainless Limited, with a fair value of ₹84,605.16 lakhs, alongside smaller holdings in JSW Steel, JSW Holdings, Shalimar Paints and HDFC Bank. - **Earns through dividends and interest** - income comes in three ways: dividends recognised when the right to receive them is established, interest on financing activities booked on a time-proportion basis, and fair-value changes on the investment book. - **Preference shares add a fixed-income layer** - the company holds 9% non-cumulative redeemable preference shares across nine group finance and investment entities, totalling about ₹169 crore, which sit between pure equity and debt in the capital structure. - **Almost no borrowed money** - the gearing ratio stood at just 0.42% on a standalone basis in FY26, meaning the investment portfolio is funded almost entirely by equity rather than debt. ## 2. Wholesale trading: a minimal cash-and-carry desk **A B2B trading operation that buys and sells industrial commodities and consumer goods on a transaction-by-transaction basis, now generating negligible revenue relative to the company’s size.** - **Dealer, not manufacturer** - the company acts as a trader, import-export agent, broker and buying-and-selling agent across an unusually wide product range: chemicals, iron and steel, machinery parts, non-ferrous metals, scrap, paints, auto parts, and also consumer goods like packaged foods, toiletries, electronics, apparel and beauty products. - **Group customers dominate** - in recent years the major customers each contributing more than 10% of revenue have been fellow Jindal-group entities such as Nalwa Investments Limited and Jindal Strips Limited, and earlier Jindal Saw Limited was the sole major customer. - **Revenue recognised on delivery** - the company books a sale only when control of the goods passes to the customer and no obligations remain, net of GST, and it extends credit based on the customer’s track record and past dealings. # Group structure and partners **A single operating subsidiary and a web of promoter-group relationships, now moving toward full private ownership through a delisting that has been pending final exchange approval since 2022.** - **One wholly-owned NBFC subsidiary** - Hexa Securities and Finance Company Limited, held since 2011, is a systemically important non-banking finance company whose own balance sheet is dominated by investments of over ₹1,200 crore, making it effectively a second investment vehicle under the parent. - **Promoter group holds over 90% post-delisting** - four promoter-group acquirers launched a voluntary delisting in March 2022, bought out all public shareholders at a discovered exit price of ₹172 per share through a reverse book-building process, and completed settlement in July 2022; the final delisting application is still awaiting stock exchange approval. - **Material transactions with group entities** - the company has board-approved arrangements to enter into related-party transactions with Siddeshwari Tradex Private Limited (up to ₹75 crore during the financial year 2026-27) and Jindal Saw Limited (up to ₹50 crore during the financial year 2026-27), covering loans, interest, rent, expense reimbursements and services, all conducted at arm’s length. - **A past amalgamation shaped the portfolio** - in FY21, the NCLT approved a scheme merging Danta Enterprises and Glebe Trading into Siddeshwari Tradex, with Hexa Tradex receiving 14 shares of the merged entity for every 15 it held in Danta Enterprises, consolidating its unquoted holdings.