Hexa Tradex Ltd Forensic Report - SOIC x StockScans Report

as of Jul 2026

Hexa Tradex presents a record of clean audit opinions and a 92.13% promoter holding that is fully disclosed, but the company is a shell of its former self: revenue has collapsed to under ₹8 lakhs, and the group's economic substance sits entirely inside a loss-making NBFC subsidiary. The real exposures are a ₹425 crore guarantee that still hangs over the company, a multi-year pattern of SEBI enforcement actions, and related-party approvals that routinely chase transactions that have already happened.

Key findings

  1. A ₹425 crore guarantee and a stagnant ₹2.52 crore tax dispute sit without provisions Major - A disputed income-tax liability of ₹2.52 crore remained outstanding with no provision as at March 31, 2026 and March 31, 2025. The CARO report for FY2024-25 lists a disputed income tax due of ₹119.64 lakhs for FY 2016-17 pending before the CIT (Appeals).
  2. SEBI actions span a penalty paid, an administrative warning, and a pending show-cause notice Major - SEBI imposed a ₹5,00,000 penalty on the company on 18 June 2024 for violations of Delisting and LODR Regulations, which was subsequently paid. An administrative warning followed on 12 March 2025 for failing to obtain prior approvals for related-party transactions in FY2023-24. A show-cause notice dated 18 March 2024 alleging SEBI Act violations remains pending, with settlement applications filed.
  3. Related-party approvals repeatedly came after the fact, and limits dwarf the company's own turnover Major - SEBI's 12 March 2025 warning flagged RPTs by the company and its subsidiary in FY2023-24 that lacked prior Audit Committee and shareholder approval. In FY2022-23, a material transaction between Siddeshwari Tradex and HSFCL was also entered without prior approval. Shareholder approval for RPTs with Siddeshwari Tradex was obtained on 29 September 2023 for up to ₹75 crores per FY2024 and FY2025, after a violation had already occurred in the quarter ended 30 June 2023; the EGM on 23 June 2025 later approved a ₹50 crore transaction with Jindal Saw for FY2026-27 that represented 1,096% of the immediately preceding year's consolidated turnover of ₹24.56 crores.
  4. Audit opinions are unqualified, but the ERP audit trail has a persistent partial gap Minor - The statutory auditor issued unqualified opinions on standalone and consolidated financials every year from FY2019-20 through FY2025-26, with no Key Audit Matters reported. However, the ERP's audit trail for modifications by certain privileged users was not enabled for part of the year in FY2023-24, FY2024-25, and FY2025-26. The standalone entity incurred cash losses of ₹3.85 crore in FY2024-25 and ₹3.36 crore in FY2023-24.
  5. Operating cash flows are persistently negative or disconnected from reported profit Minor - Standalone cash losses were ₹3.4 crore in FY2025-26 and ₹3.85 crore in FY2024-25. Consolidated CFO was ₹-3.63 crore against a PAT of ₹-8.72 crore in FY2025-26, and ₹22.49 crore against a PAT of ₹-24.95 crore in FY2024-25. The company has no CWIP and negligible capex.
  6. Revenue has collapsed to negligible levels, and trade receivables are zero Minor - Total income for FY2025-26 was ₹7.86 lakhs, a decline of over 99% from ₹6.77 crore in FY2024-25. Trade receivables were Nil as of March 31, 2026, March 31, 2025, and March 31, 2024. Two customers each contributed more than 10% of total revenue in FY2025-26, FY2024-25, and FY2022-23.
  7. Fair-valuation swings on investments drive virtually all equity changes, with no Level-3 positions Clean - In FY2024-25, other equity rose on a profit of ₹836.87 crore (net of taxes) in OCI from fair valuation of investments; in FY2025-26, it fell on a loss of ₹15.75 crore. The Group reported no Level-3 fair-value measurements and no transfers between Level 1 and Level 2 in FY2025-26, FY2024-25, and FY2023-24. No scheme of arrangement with an accounting impact was entered in any year from FY2021-22 through FY2024-25.

What to watch

Bottom line: This is a disclosed record with unqualified audit opinions and no hidden fair-value positions. The character of the risk is structural: the company has negligible operations of its own, a ₹425 crore guarantee tethered to a loss-making NBFC subsidiary, and a promoter group that has consolidated control to 92.13% while a delisting application sits in limbo. Governance processes, particularly around related-party approvals, have repeatedly lagged the transactions they are meant to authorise. Watch the SEBI show-cause notice, the delisting approval, and whether the guarantee and tax dispute are resolved or provisioned.