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Industrial & Prudential Investment Company Ltd

INDPRUD

NSE

₹6,260.00-1.42%19 Oct 2026

Reports

Finance and Investments Others

Industrial & Prudential Investment Company Ltd

INDPRUD

NSE

₹6,260.00

-1.42%

19 Oct 2026

SOICxStockScans Reports

Ask AI

Finance and Investments Others

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.

Industrial & Prudential Investment Company is a 112-year-old investment vehicle that behaves like a permanent capital pool - it buys stakes in publicly listed Indian companies, holds them for decades, and lives off the dividends and appreciation, without a single rupee of debt. Originally incorporated in 1913 as an assurance company and renamed in 1959, it is now a subsidiary of Paharpur Cooling Towers Limited, which provides its entire management team at no cost to the company. The recurring approach is simple: use internal accruals to build a concentrated portfolio of blue-chip equities and one strategic manufacturing associate, make small tactical adjustments under external advisory, and distribute profits as dividends - a model that has required no borrowings and no employees of its own for at least five years.

Business segments

Three engines, all funded by the same zero-debt balance sheet - a quoted-equity portfolio that does the heavy lifting, a strategic manufacturing associate that pays dividends, and a niche lending book that earns interest.

1. Quoted equity portfolio: the main engine of value and income

A buy-and-hold collection of 22 listed Indian companies, managed with external advice and carried at fair value - this is where nearly all the company's assets sit.

Diversified across India's largest names - the portfolio spans banks (HDFC Bank, Axis Bank, SBI), consumer (Hindustan Unilever, Nestle India, Titan), industrials (Larsen & Toubro, Siemens, Cummins India), and technology (Infosys), among others, so no single sector or stock dominates the outcome.
Fair value drives the balance sheet - quoted equity investments are carried at fair value through Other Comprehensive Income, which means changes in market prices flow through reserves rather than the profit-and-loss statement, insulating reported earnings from short-term market swings.
External advisors, board oversight - the portfolio is managed under the active advice of investment banks specialised in advisory, and the Board or its committee periodically reviews the holdings, making small adjustments to align with global economic trends.
Income from dividends, not just appreciation - the company earns revenue from dividends on its holdings and participates in securities lending, having lent shares of Computer Age Management Services under SEBI's scheme, which generates a small additional fee.
One unquoted exception - the portfolio also includes 26,000 unquoted shares in Chennai Super Kings Cricket Limited, a non-traded asset held outside the fair-value framework.

2. Associate stake in KSB Limited: a manufacturing dividend stream

A 21.55% stake in a listed pump and valve manufacturer, held at cost and treated as an associate - it pays dividends and has its own market value independent of the main portfolio.

Promoter stake with influence - the company is a key promoter of KSB Limited, an engineering and manufacturing business, and the 21.55% holding gives it significant influence without full control.
Carried at cost, not marked to market - unlike the quoted portfolio, this investment sits on the books at its acquisition cost of about ₹109 crore, so its balance-sheet value does not fluctuate with KSB's share price.
Dividends are the visible return - the company receives dividend income from KSB Limited, and the associate's share price reached all-time highs during FY21, though those gains are not captured in the carrying value.
A stake built over time - during FY21, the company added 100,000 equity shares of KSB at a cost of roughly ₹8 crore, and the holding has remained steady at 21.55% across multiple years.

3. Lending to plywood companies: a niche credit book

A small, unsecured loan book funded entirely by the company's own cash - it earns interest from a single industry with no defaults on record.

Single-industry exposure - all outstanding loans, carried at about ₹3.95 crore as of March 2025, are to corporates in the plywood industry, making it a concentrated but deliberately chosen niche.
Zero non-performing assets - every loan is classified as Stage 1, meaning fully performing, and the company has reported no gross NPAs across the periods reviewed.
Unsecured, but internally funded - the loans are unsecured, yet the company carries no borrowings of its own, so the credit book is entirely financed by retained earnings - there is no asset-liability mismatch to manage.
Interest income supplements dividends - the lending activity generates interest revenue that sits alongside dividend and fair-value income from the investment business, making it the second of two activities around which all other operations revolve.

Group structure and partners

The company is controlled by the Swarup family's Paharpur Cooling Towers group, operates with no employees of its own, and absorbed its only subsidiary in 2022 to eliminate duplication.

Promoter control at 68% - Paharpur Cooling Towers Limited, an unlisted public company, holds 44.57%, with other promoter entities (Paharpur Corporation Limited at 11.43% and Melvin Powell Vanaspati at 9.24%) taking the total promoter shareholding to 68.17% as of FY22.
Management provided by the parent - the Chairman and Managing Director, CFO, and Company Secretary are all Key Managerial Personnel of the holding company PCTL and receive no remuneration from Industrial & Prudential Investment Company itself.
A buyback that consolidated control - in early 2021, the company bought back 69,500 shares at ₹1,200 each via a tender offer, reducing the equity share count and increasing promoter shareholding from 65.89% to 68.17%, all funded from internal reserves without any borrowing.

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Balance Sheet

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Mkt Cap

Market Capitalization

₹1,049Cr

Close Price

₹6,260.00

Industry

Finance and Investments Others

Price To Earnings

17.23

Price To Sales

164.17

Revenue

₹6Cr

Rev Gr TTM

Revenue Growth TTM

-28.28%

PAT Gr TTM

PAT Growth TTM

-3.16%

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	2	2	1	1	4	2	1	3	2	1	0	3
Growth YoY Revenue Growth YoY%	-5.3	-42.3	-10.8	-41.3	139.4	-3.7	-3.5	124.4	-53.8	-9.5	-19.6	-6.8
Expenses ExpensesCr	0	0	0	0	0	0	0	0	0	0	0	0
Operating Profit Operating ProfitCr	1	1	0	1	4	1	0	3	2	1	0	2
OPM OPM%	90.0	85.4	55.2	74.8	94.5	81.0	53.6	90.8	88.7	85.3	17.8	88.0
Other Income Other IncomeCr	0	0	0	0	0	0	0	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	15	12	12	11	18	15	16	14	17	16	18	11
Tax TaxCr	-1	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	16	12	12	11	18	15	16	14	17	16	17	11
Growth YoY PAT Growth YoY%	49.9	18.9	-10.2	9.0	16.2	22.1	34.6	30.1	-8.3	8.2	7.2	-20.6
NPM NPM%	980.0	728.0	2,089.7	807.6	475.7	922.8	2,914.3	468.0	944.1	1,102.8	3,886.7	398.5
EPS EPS₹	93.6	71.3	72.3	63.1	108.7	87.0	97.4	82.1	99.7	94.1	104.4	65.2

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	2	2	1	1	4	2	1	3	2	1	0	3
Growth YoY Revenue Growth YoY%	-5.3	-42.3	-10.8	-41.3	139.4	-3.7	-3.5	124.4	-53.8	-9.5	-19.6	-6.8
Expenses ExpensesCr	0	0	0	0	0	0	0	0	0	0	0	0
Operating Profit Operating ProfitCr	1	1	0	1	4	1	0	3	2	1	0	2
OPM OPM%	90.0	85.4	55.2	74.8	94.5	81.0	53.6	90.8	88.7	85.3	17.8	88.0
Other Income Other IncomeCr	0	0	0	0	0	0	0	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	15	12	12	11	18	15	16	14	17	16	18	11
Tax TaxCr	-1	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	16	12	12	11	18	15	16	14	17	16	17	11
Growth YoY PAT Growth YoY%	49.9	18.9	-10.2	9.0	16.2	22.1	34.6	30.1	-8.3	8.2	7.2	-20.6
NPM NPM%	980.0	728.0	2,089.7	807.6	475.7	922.8	2,914.3	468.0	944.1	1,102.8	3,886.7	398.5
EPS EPS₹	93.6	71.3	72.3	63.1	108.7	87.0	97.4	82.1	99.7	94.1	104.4	65.2

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	TTM
Revenue RevenueCr	7	8	5	6	3	8	7	7	6	7	7	6
Growth Revenue Growth%	68,35,700.0	21.2	-35.6	7.0	-41.1	142.8	-15.2	4.9	-16.6	20.3	-9.6	-28.3
Expenses ExpensesCr	1	1	1	1	3	1	1	1	1	1	1	1
Operating Profit Operating ProfitCr	6	7	5	5	0	7	6	6	5	6	6	5
OPM OPM%	87.5	89.3	87.7	88.8	9.1	91.4	91.0	85.3	86.8	85.0	84.2	82.6
Other Income Other IncomeCr	1	0	0	0	5	0	0	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	7	7	5	5	26	27	39	46	50	60	64	61
Tax TaxCr	0	0	0	1	2	1	2	1	1	0	0	0
PAT PATCr	7	7	4	4	24	26	37	45	49	60	64	61
Growth PAT Growth%	0.8	4.9	-38.8	-13.0	543.2	7.7	40.0	21.3	10.6	20.7	6.8	-3.2
NPM NPM%	99.5	86.1	81.9	66.6	727.1	322.5	532.8	616.3	816.9	819.7	968.3	952.9
EPS EPS₹	122.7	120.4	114.3	108.4	140.1	157.1	220.0	266.8	295.1	356.2	380.3	363.4

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	7	8	5	6	3	8	7	7	6	7	7	6
Growth Revenue Growth%	68,35,700.0	21.2	-35.6	7.0	-41.1	142.8	-15.2	4.9	-16.6	20.3	-9.6	-28.3
Expenses ExpensesCr	1	1	1	1	3	1	1	1	1	1	1	1
Operating Profit Operating ProfitCr	6	7	5	5	0	7	6	6	5	6	6	5
OPM OPM%	87.5	89.3	87.7	88.8	9.1	91.4	91.0	85.3	86.8	85.0	84.2	82.6
Other Income Other IncomeCr	1	0	0	0	5	0	0	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	7	7	5	5	26	27	39	46	50	60	64	61
Tax TaxCr	0	0	0	1	2	1	2	1	1	0	0	0
PAT PATCr	7	7	4	4	24	26	37	45	49	60	64	61
Growth PAT Growth%	0.8	4.9	-38.8	-13.0	543.2	7.7	40.0	21.3	10.6	20.7	6.8	-3.2
NPM NPM%	99.5	86.1	81.9	66.6	727.1	322.5	532.8	616.3	816.9	819.7	968.3	952.9
EPS EPS₹	122.7	120.4	114.3	108.4	140.1	157.1	220.0	266.8	295.1	356.2	380.3	363.4

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	1	2	2	2	2	2	2	2	2	2	2
Reserves ReservesCr	163	183	197	329	321	512	617	618	768	803	848
Current Liabilities Current LiabilitiesCr	8	1	1	2	1	1	1	1	2	2	3
Non Current Liabilities Non Current LiabilitiesCr	0	0	0	83	78	8	25	17	31	28	28
Total Liabilities Total LiabilitiesCr	171	186	199	416	402	523	645	639	802	834	880
Current Assets Current AssetsCr	2	3	2	5	3	2	3	2	2	3	5
Non Current Assets Non Current AssetsCr	169	183	197	411	400	521	642	637	799	831	876
Total Assets Total AssetsCr	171	186	199	416	402	523	645	639	802	834	880

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	1	2	2	2	2	2	2	2	2	2	2
Reserves ReservesCr	163	183	197	329	321	512	617	618	768	803	848
Current Liabilities Current LiabilitiesCr	8	1	1	2	1	1	1	1	2	2	3
Non Current Liabilities Non Current LiabilitiesCr	0	0	0	83	78	8	25	17	31	28	28
Total Liabilities Total LiabilitiesCr	171	186	199	416	402	523	645	639	802	834	880
Current Assets Current AssetsCr	2	3	2	5	3	2	3	2	2	3	5
Non Current Assets Non Current AssetsCr	169	183	197	411	400	521	642	637	799	831	876
Total Assets Total AssetsCr	171	186	199	416	402	523	645	639	802	834	880

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	6	5	5	5	7	7	4	11	14	12	23
Investing Cash Flow Investing Cash FlowCr	-2	3	-1	0	-2	7	1	-3	-4	4	-5
Financing Cash Flow Financing Cash FlowCr	-4	-7	-5	-5	-5	-15	-5	-8	-10	-15	-18
Net Cash Flow Net Cash FlowCr	0	1	-1	0	0	-1	0	0	0	0	0
Free Cash Flow Free Cash FlowCr	6	5	5	5	12	7	4	11	14	12	23
CFO To PAT CFO To PAT%	86.9	72.0	116.4	131.9	29.9	27.4	11.3	24.0	27.9	19.4	36.7
CFO To EBITDA CFO To EBITDA%	98.8	69.5	108.7	98.9	2,400.9	96.9	66.0	173.5	262.6	187.6	421.5

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	6	5	5	5	7	7	4	11	14	12	23
Investing Cash Flow Investing Cash FlowCr	-2	3	-1	0	-2	7	1	-3	-4	4	-5
Financing Cash Flow Financing Cash FlowCr	-4	-7	-5	-5	-5	-15	-5	-8	-10	-15	-18
Net Cash Flow Net Cash FlowCr	0	1	-1	0	0	-1	0	0	0	0	0
Free Cash Flow Free Cash FlowCr	6	5	5	5	12	7	4	11	14	12	23
CFO To PAT CFO To PAT%	86.9	72.0	116.4	131.9	29.9	27.4	11.3	24.0	27.9	19.4	36.7
CFO To EBITDA CFO To EBITDA%	98.8	69.5	108.7	98.9	2,400.9	96.9	66.0	173.5	262.6	187.6	421.5

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	136	227	208	176	122	188	249	300	813	953	916	1,049
Price To Earnings Price To Earnings	6.8	10.8	10.4	9.3	5.0	7.1	6.8	6.7	16.4	16.0	14.4	17.2
Price To Sales Price To Sales	17.4	27.4	38.9	30.9	36.4	23.0	36.0	41.0	134.4	130.4	139.3	164.2
Price To Book Price To Book	0.8	1.2	1.1	0.5	0.4	0.4	0.4	0.5	1.1	1.2	1.1	1.2
EV To EBITDA EV To EBITDA	22.5	30.3	44.0	34.4	394.3	24.9	39.2	48.2	154.5	153.7	164.9	201.1
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%	87.5	89.3	87.7	88.8	9.1	91.4	91.0	85.3	86.8	85.0	84.2	82.6
NPM NPM%	99.5	86.1	81.9	66.6	727.1	322.5	532.8	616.3	816.9	819.7	968.3	952.9
ROCE ROCE%	4.3	4.0	2.4	1.5	8.1	5.3	6.2	7.4	6.5	7.4	7.5	7.5
ROE ROE%	4.2	3.9	2.2	1.1	7.6	5.1	6.0	7.2	6.4	7.4	7.5	7.5
ROA ROA%	4.0	3.8	2.2	0.9	6.1	5.0	5.7	7.0	6.2	7.2	7.2	7.2
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	136	227	208	176	122	188	249	300	813	953	916	1,049
Price To Earnings Price To Earnings	6.8	10.8	10.4	9.3	5.0	7.1	6.8	6.7	16.4	16.0	14.4	17.2
Price To Sales Price To Sales	17.4	27.4	38.9	30.9	36.4	23.0	36.0	41.0	134.4	130.4	139.3	164.2
Price To Book Price To Book	0.8	1.2	1.1	0.5	0.4	0.4	0.4	0.5	1.1	1.2	1.1	1.2
EV To EBITDA EV To EBITDA	22.5	30.3	44.0	34.4	394.3	24.9	39.2	48.2	154.5	153.7	164.9	201.1
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%	87.5	89.3	87.7	88.8	9.1	91.4	91.0	85.3	86.8	85.0	84.2	82.6
NPM NPM%	99.5	86.1	81.9	66.6	727.1	322.5	532.8	616.3	816.9	819.7	968.3	952.9
ROCE ROCE%	4.3	4.0	2.4	1.5	8.1	5.3	6.2	7.4	6.5	7.4	7.5	7.5
ROE ROE%	4.2	3.9	2.2	1.1	7.6	5.1	6.0	7.2	6.4	7.4	7.5	7.5
ROA ROA%	4.0	3.8	2.2	0.9	6.1	5.0	5.7	7.0	6.2	7.2	7.2	7.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	PNBGILTS	FEDDERSHOL	ZSARACOM	INDPRUD	SYSTMTXC	DOLATALGO	AFSL
Market CapitalizationMkt CapCr	1,290	1,205	1,073	1,049	1,039	1,039	1,030
Close PriceClose₹	71.67	59.81	9,790.00	6,260.00	76.13	59.05	201.08
IndustryIndustry	Finance and Investments Others	Finance and Investments Others	Finance and Investments Others	Finance and Investments Others	Finance and Investments Others	Finance and Investments Others	Finance and Investments Others
Price To EarningsPE	6.71	13.75	7.65	17.23		7.22	7.58
Price To SalesPS	0.74	3.58	6.50	164.17	6.15	2.40	0.04
RevenueRevenueCr	1,740	336	165	6	169	433	25,747
Revenue Growth TTMRev Gr TTM%	-2.7%	-6.8%	326.4%	-28.3%	14.4%	-11.3%	427.8%
PAT Growth TTMPAT Gr TTM%	7.1%	151.8%	438.7%	-3.2%	-102.8%	-21.2%	18.2%

	PNBGILTS	FEDDERSHOL	ZSARACOM	INDPRUD	SYSTMTXC	DOLATALGO	AFSL
Market CapitalizationMkt CapCr	1,290	1,205	1,073	1,049	1,039	1,039	1,030
Close PriceClose₹	71.67	59.81	9,790.00	6,260.00	76.13	59.05	201.08
IndustryIndustry	Finance and Investments Others	Finance and Investments Others	Finance and Investments Others	Finance and Investments Others	Finance and Investments Others	Finance and Investments Others	Finance and Investments Others
Price To EarningsPE	6.71	13.75	7.65	17.23		7.22	7.58
Price To SalesPS	0.74	3.58	6.50	164.17	6.15	2.40	0.04
RevenueRevenueCr	1,740	336	165	6	169	433	25,747
Revenue Growth TTMRev Gr TTM%	-2.7%	-6.8%	326.4%	-28.3%	14.4%	-11.3%	427.8%
PAT Growth TTMPAT Gr TTM%	7.1%	151.8%	438.7%	-3.2%	-102.8%	-21.2%	18.2%

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