Oswal Greentech Limited is a real estate developer and surplus-funds investor that was born from a deliberate break with its past - it was known as Oswal Chemicals & Fertilisers until 2023, when it shed that identity entirely to focus on property and lending. The company operates without debt, funding its projects and its interest-bearing deposits entirely from internal cash, and it has historically seen the fragmented real estate market as an opening to become a leading organised player. That recurring approach - using a clean balance sheet to build and lend, while staying ready to pivot - explains everything that follows. # Business segments Two engines, roughly equal in activity - a North Indian property developer that builds through joint agreements and an in-house lender that puts surplus cash to work, both running on the same pool of internal capital. ## 1. Real estate development: building residential townships in Punjab **The company develops and sells flats and plots, but it does so by partnering with builders under joint development agreements rather than constructing everything itself.** - **A flagship project that grew through a dispute** - the company’s main asset is “Centra Greens,” a 538-flat residential complex in Ludhiana, Punjab, completed in early 2020. Under the joint development agreement, the company initially held 54 flats; when the developer could not repay its dues, the company pursued arbitration and was awarded Rs. 97.17 crores in June 2025, while also gaining the developer’s unsold inventory of 109 flats and management control of the entire township. - **A second project, built and selling** - a 57-acre residential and commercial development at Barnala, Punjab, was started in FY 2021-22 and completed by late FY 2023-24, so it is now generating revenue from plot sales. The project can include plotted colonies, villas, independent floors, shops and multistoried buildings, giving it flexibility to match local demand. - **Inventory held across three categories** - the company’s real estate stock includes raw land and plots, construction work-in-progress (which bundles land, development and borrowing costs), and finished trading stock, all valued at the lower of cost or net realisable value. It also holds investment properties, with buildings depreciated over 60 years and fair value assessed annually by an external valuer. - **No bank borrowings** - the company has no working capital limits from any bank or financial institution, so its development activity is funded entirely from its own surpluses. ## 2. Surplus-funds deployment: an in-house lender earning interest on internal cash **The company takes the cash it does not need for real estate and lends it out as interest-bearing inter-corporate deposits or parks it in mutual funds - a treasury function that behaves like a separate business.** - **Lending to other parties** - inter-corporate deposits (ICDs) are the primary instrument, with outstanding balances that have run into hundreds of crores; for instance, the ICD book stood at Rs. 65,461.39 lakh in FY24. The company also extends small staff loans, but ICDs to external parties dominate the portfolio. - **Credit risk is real and concentrated** - the Arr Ess Industries Private Limited dispute is the clearest example: the company stopped accruing interest on an ICD linked to that counterparty while arbitration was underway, which led the statutory auditors to flag that interest income was understated by Rs. 4,242.55 lakhs and current assets by Rs. 7,505.47 lakhs in FY 2024-25. - **Treated as a distinct activity** - the lending and investment operation is classified under NIC Code 649, separate from the real estate business under NIC Code 681, and the company has confirmed it does not need to register as a non-banking financial company with the Reserve Bank of India. - **Funded entirely by internal surpluses** - because the company carries no debt and has no bank working capital lines, every rupee it lends comes from its own accumulated cash, which keeps the cost of funds at zero but also ties the lending scale directly to the cash generated by the real estate side. # Group structure and partners **The company stands alone - no subsidiaries, no associates - but it is the promoter of another listed real-estate-and-lending entity and has just taken its first step toward building an international presence.** - **No subsidiaries or associates as of March 2025** - the company operates as a single legal entity with no consolidated group. - **Promoter of Oswal Agro Mills Limited** - Oswal Greentech is the promoter of this listed company, which runs a similar model of real estate trading and surplus-fund lending. It built its stake through open-market purchases, acquiring roughly 5% in February 2025 for Rs. 46.17 crores and another 5% in August 2025 for Rs. 50.91 crores, with the stated aim of reinforcing commitment and market confidence. - **A Dubai subsidiary in the works** - in June 2026, the board approved incorporating a subsidiary in the UAE to develop land, residential and commercial properties internationally. Oswal Greentech will hold 95% of the paid-up capital, subscribing to 38,000 shares at AED 1,000 each for a total initial investment of AED 40 million, with director Shael Oswal taking the remaining 5%. - **A promoter reclassification that simplified the share register** - P C Media Systems Limited, a promoter entity that held no shares and exercised no control, was moved to the public category in May 2023, leaving the promoter group holding 64.34% and the public 35.66%.