- N.B.I. Industrial Finance Company is a nearly century-old investment house that operates like a patient, concentrated portfolio - it buys stakes in listed companies, collects dividends, and occasionally sells for a gain, all while carrying zero debt. Incorporated in 1936, it is registered with the Reserve Bank of India as a non-deposit-taking NBFC (a finance company that cannot accept public deposits). The recurring approach is simple: take long-term positions in businesses with easy liquidity and better yield, and fund those positions entirely with its own capital - the company has never taken a term loan or issued a debenture. # Business segments A single engine - a concentrated, long-only equity portfolio - that generates its return from dividends and selective sale of holdings, with no other operating business. ## 1. Investment portfolio: a concentrated bet on listed Indian equities **The company is essentially a single, debt-free pool of capital that buys and holds shares in other businesses, with one stock - Shree Cement - dominating the book.** - **One holding drives the book** - as of March 2022, the company’s single largest investment was 849,450 shares of Shree Cement Ltd, carried at a fair value of roughly Rs. 2,041.45 crore, which dwarfed every other position. - **Dividends are the main paycheck** - the company’s primary income comes from dividends on its long-term holdings, supplemented by interest on fixed deposits and profits when it sells an investment. - **The rest of the portfolio is a basket of blue-chips** - beyond Shree Cement, the company held meaningful stakes in familiar consumer and industrial names like Procter & Gamble Hygiene & Health Care, Hindustan Unilever, Gillette, Bosch, ITC, ICICI Bank, and Pfizer, alongside a handful of small unquoted positions. - **No borrowed money, no bad loans** - the company has zero debt on its books and zero gross or net non-performing assets, which means it never lent money it couldn’t get back. - **Returns move with the market** - because the portfolio is overwhelmingly in listed equities, the company’s profitability rises and falls with stock-market cycles, a risk it manages by monitoring performance continuously rather than trading actively. # Group structure and partners **The company is tightly linked to the Bangur family and Shree Cement, and recently absorbed a sister investment firm to consolidate its capital base.** - **A merger of two family investment vehicles** - in December 2024, Western India Commercial Company Ltd (another RBI-registered NBFC, incorporated in 1928) was amalgamated into NBI Industrial Finance, with all its assets and liabilities vesting in NBI. - **The share swap was steeply asymmetric** - shareholders of the transferor company received 94 equity shares of NBI (face value ₹5 each) for every 3 shares they held (face value ₹100 each), a ratio set by an independent valuer using the net-asset-value method. - **The Bangur family emerged with a large, defined stake** - post-merger, promoter-group entities including Prashant Bangur, Harimohan Bangur, Shree Capital Services Ltd, Mannakrishna Investments Pvt Ltd, and Asish Creations Private Limited collectively held a substantial portion of the company, with Shree Capital Services alone at 21%. - **A strategic associate, not a subsidiary** - the company holds a 36% stake in Snree Cement Marketing Limited, which it treats as an associate; it has no subsidiary companies. - **The board was recently reshaped** - in January 2026, Harimohan Bangur (the long-time leader of Shree Cement) and his son Prashant Bangur joined the board as non-executive directors, cementing the family’s governance role.