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RSD Finance Ltd

RSDFIN

NSE

₹83.97+0.53%19 Oct 2026

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NBFC Others

RSD Finance Ltd

RSDFIN

NSE

₹83.97

+0.53%

19 Oct 2026

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NBFC Others

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.

RSD Finance is not a conventional lender but a compact holding company - a Non-Banking Financial Institution - Non Systemically Important, Non Deposit taking Company (NBFC-ND-NSI) registered with the Reserve Bank of India - that deploys its own capital across a deliberately varied set of businesses, from industrial services and hospitality to financial markets. Incorporated under the old Companies Act of 1956 and run from Jamshedpur by a Managing Director who himself operates an NBFC, a heat-treatment facility and a hotel, the group has been assembled by taking controlling stakes in operating subsidiaries and letting their cash flows fund the parent’s portfolio. The recurring pattern is a lean central structure - just eight employees - that earns through dividends, interest and investment gains while the real activity happens inside the entities it owns.

Business segments

Four engines at different stages - a large industrial heat-treatment platform, a growing hospitality business, a small precision-automotive unit, and a parent treasury that harvests market returns - each built with the cash flows of the one before.

1. Heat treatment: the group’s industrial backbone

Sigma HTS LLP is a contract heat-treatment shop that hardens metal parts for manufacturers, making it the largest revenue contributor inside the consolidated group.

Paid per batch, not per part - the business earns by processing components through controlled heating and cooling cycles that alter their physical properties, so its revenue rises with factory output rather than with the price of the metal itself.
A supplier to the supply chain - it sits between steel mills and finished-goods makers, treating parts that go into automotive, engineering and industrial equipment, which means its order book depends on the capital-goods cycle.
Scale without complexity - the heat treatment activity is conducted by Sigma HTS LLP, which is majority-owned by a subsidiary, keeping the operating model simple while generating consolidated revenue that dwarfs the group’s other operating segments.

2. Hotel business: a hospitality play with real-estate character

SRP Oil Private Limited runs a hotel operation that is the second-largest revenue stream in the consolidated group, anchored in a physical property in Jamshedpur.

Rooms and related services - the business sells accommodation, food and ancillary hospitality services, earning from both business and leisure travellers in an industrial city that draws steady corporate traffic.
The property is the moat - because the company’s registered office itself sits at “The Alcor Hotel” in Bistupur, Jamshedpur, the hotel is not just a brand but a hard asset in a prime commercial location.
Operating leverage at work - as occupancy rises, a large share of each additional rupee of revenue drops to the profit line, which is why the unit’s profit before tax nearly doubled in a single year when demand recovered.

3. Precision automotive: a niche manufacturing bet

Precision Automotive Private Limited (PAPL) is a small component maker serving the auto industry, contributing a sliver of group revenue but running at high margins.

Tight-tolerance parts - the unit manufactures components that require precise engineering, likely for engine or transmission applications, where customers certify suppliers slowly and then stay with them for the life of a vehicle programme.
Capital-light within the group - because it operates as a separate private limited company, its capital needs are ring-fenced, and it has historically generated profit before tax that is a large fraction of its own revenue.

4. Investment and finance: the parent’s treasury engine

At the standalone level, RSD Finance is a portfolio manager that allocates its own net worth across mutual funds, quoted shares, bonds and loans, earning through capital gains, dividends and interest.

A Core Investment Company by design - the RBI licence means the company exists to hold stakes in group entities and deploy surplus funds, not to take public deposits or build a loan book.
Liquid and diversified - surplus cash is parked in debt and equity mutual funds for quick exit and risk spread, while the investment book also holds quoted equity shares, debentures, bonds and portfolio management mandates.
Almost no borrowed money - with standalone borrowings of roughly Rs 40 lakh against a net worth of Rs 73 crore, the treasury runs on its own capital, so it keeps all the upside of its investment gains without interest costs eating into returns.
Market-linked, not customer-linked - the company’s returns depend on the Indian capital markets, which means its income can swing with stock indices even though its operating subsidiaries are churning out steady cash.

Group structure and partners

RSD Finance is the listed holding company at the centre of a web of unlisted operating entities, each a separate legal vehicle with its own business focus.

Listed but tightly held - the parent’s equity shares trade on the Bombay Stock Exchange and the Calcutta Stock Exchange, with a paid-up capital of Rs 6.47 crore and a board of six directors that includes three independent members.
Lean governance backbone - the group relies on a small set of shared service providers: a single statutory auditor, a single internal auditor, a single registrar and transfer agent, and a compliance team led by a company secretary, keeping overhead low across the structure.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

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Balance Sheet

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Peer Comparison

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Mkt Cap

Market Capitalization

₹109Cr

Close Price

₹83.97

Industry

NBFC Others

Price To Earnings

6.83

Price To Sales

2.87

Revenue

₹38Cr

Rev Gr TTM

Revenue Growth TTM

-65.27%

PAT Gr TTM

PAT Growth TTM

-21.87%

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	19	28	31	33	29	31	37	11	6	14	6	12
Growth YoY Revenue Growth YoY%	-12.3	23.5	30.4	27.9	55.7	11.5	19.7	-64.8	-78.7	-54.5	-84.8	2.2
Expenses ExpensesCr	16	19	23	23	22	23	30	5	5	7	6	5
Operating Profit Operating ProfitCr	3	9	8	9	8	9	6	7	1	8	0	6
OPM OPM%	14.4	32.8	26.3	29.1	25.9	27.4	17.5	57.9	22.9	53.6	-4.7	53.7
Other Income Other IncomeCr	2	1	3	2	2	0	1	3	2	2	0	3
Interest Expense Interest ExpenseCr	1	1	1	1	0	1	2	0	0	0	0	0
Depreciation DepreciationCr	2	3	3	2	2	2	2	0	1	0	0	0
PBT PBTCr	3	7	8	9	7	6	3	9	3	9	0	8
Tax TaxCr	0	2	2	2	2	2	2	1	0	1	3	1
PAT PATCr	3	5	6	7	6	4	1	8	3	8	-3	7
Growth YoY PAT Growth YoY%	6.8	13.8	588.2	117.2	121.0	-16.7	-86.4	12.8	-50.6	85.2	-478.2	-10.8
NPM NPM%	13.4	18.8	20.9	21.4	19.0	14.1	2.4	68.3	44.0	57.2	-59.0	59.6
EPS EPS₹	2.4	5.5	3.6	6.5	4.6	2.0	0.9	6.0	2.1	7.0	-3.5	6.7

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	19	28	31	33	29	31	37	11	6	14	6	12
Growth YoY Revenue Growth YoY%	-12.3	23.5	30.4	27.9	55.7	11.5	19.7	-64.8	-78.7	-54.5	-84.8	2.2
Expenses ExpensesCr	16	19	23	23	22	23	30	5	5	7	6	5
Operating Profit Operating ProfitCr	3	9	8	9	8	9	6	7	1	8	0	6
OPM OPM%	14.4	32.8	26.3	29.1	25.9	27.4	17.5	57.9	22.9	53.6	-4.7	53.7
Other Income Other IncomeCr	2	1	3	2	2	0	1	3	2	2	0	3
Interest Expense Interest ExpenseCr	1	1	1	1	0	1	2	0	0	0	0	0
Depreciation DepreciationCr	2	3	3	2	2	2	2	0	1	0	0	0
PBT PBTCr	3	7	8	9	7	6	3	9	3	9	0	8
Tax TaxCr	0	2	2	2	2	2	2	1	0	1	3	1
PAT PATCr	3	5	6	7	6	4	1	8	3	8	-3	7
Growth YoY PAT Growth YoY%	6.8	13.8	588.2	117.2	121.0	-16.7	-86.4	12.8	-50.6	85.2	-478.2	-10.8
NPM NPM%	13.4	18.8	20.9	21.4	19.0	14.1	2.4	68.3	44.0	57.2	-59.0	59.6
EPS EPS₹	2.4	5.5	3.6	6.5	4.6	2.0	0.9	6.0	2.1	7.0	-3.5	6.7

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	41	39	38	54	67	51	93	92	103	130	38	38
Growth Revenue Growth%	50.1	-3.5	-2.6	41.6	24.7	-24.9	84.1	-0.9	11.7	26.1	-71.1	-65.3
Expenses ExpensesCr	28	25	32	41	52	39	61	67	76	98	22	23
Operating Profit Operating ProfitCr	12	14	6	13	15	12	32	26	27	32	15	15
OPM OPM%	30.2	35.1	16.1	24.2	22.3	22.8	34.2	27.9	26.3	24.7	41.1	39.9
Other Income Other IncomeCr	6	4	9	6	5	5	5	6	8	5	7	7
Interest Expense Interest ExpenseCr	1	1	2	2	2	2	2	3	3	4	0	0
Depreciation DepreciationCr	3	3	7	6	5	5	11	13	11	8	2	2
PBT PBTCr	14	14	7	15	13	10	24	16	22	25	21	20
Tax TaxCr	3	3	2	3	2	2	6	3	4	8	6	6
PAT PATCr	11	11	5	12	11	8	18	13	17	18	15	15
Growth PAT Growth%	124.2	0.9	-52.4	127.0	-6.8	-26.1	127.6	-28.3	34.6	2.4	-13.2	-21.9
NPM NPM%	26.0	27.2	13.3	21.3	15.9	15.7	19.4	14.0	16.9	13.7	41.1	38.6
EPS EPS₹	15.4	15.5	3.6	7.4	4.4	8.3	14.8	8.0	15.8	14.0	11.6	12.3

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	41	39	38	54	67	51	93	92	103	130	38	38
Growth Revenue Growth%	50.1	-3.5	-2.6	41.6	24.7	-24.9	84.1	-0.9	11.7	26.1	-71.1	-65.3
Expenses ExpensesCr	28	25	32	41	52	39	61	67	76	98	22	23
Operating Profit Operating ProfitCr	12	14	6	13	15	12	32	26	27	32	15	15
OPM OPM%	30.2	35.1	16.1	24.2	22.3	22.8	34.2	27.9	26.3	24.7	41.1	39.9
Other Income Other IncomeCr	6	4	9	6	5	5	5	6	8	5	7	7
Interest Expense Interest ExpenseCr	1	1	2	2	2	2	2	3	3	4	0	0
Depreciation DepreciationCr	3	3	7	6	5	5	11	13	11	8	2	2
PBT PBTCr	14	14	7	15	13	10	24	16	22	25	21	20
Tax TaxCr	3	3	2	3	2	2	6	3	4	8	6	6
PAT PATCr	11	11	5	12	11	8	18	13	17	18	15	15
Growth PAT Growth%	124.2	0.9	-52.4	127.0	-6.8	-26.1	127.6	-28.3	34.6	2.4	-13.2	-21.9
NPM NPM%	26.0	27.2	13.3	21.3	15.9	15.7	19.4	14.0	16.9	13.7	41.1	38.6
EPS EPS₹	15.4	15.5	3.6	7.4	4.4	8.3	14.8	8.0	15.8	14.0	11.6	12.3

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	6	6	6	6	6	0	0	6	6	6	6
Reserves ReservesCr	107	116	121	133	139	150	169	177	192	205	213
Current Liabilities Current LiabilitiesCr	21	17	13	15	18	17	22	21	15	23
Non Current Liabilities Non Current LiabilitiesCr	14	15	17	17	19	20	30	31	29	20
Total Liabilities Total LiabilitiesCr	161	170	172	188	203	214	252	263	275	292	267
Current Assets Current AssetsCr	39	47	48	16	19	12	30	30	31	42
Non Current Assets Non Current AssetsCr	122	123	124	171	185	202	222	233	244	250
Total Assets Total AssetsCr	161	170	172	188	203	214	252	263	275	292	267

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	6	6	6	6	6	0	0	6	6	6	6
Reserves ReservesCr	107	116	121	133	139	150	169	177	192	205	213
Current Liabilities Current LiabilitiesCr	21	17	13	15	18	17	22	21	15	23
Non Current Liabilities Non Current LiabilitiesCr	14	15	17	17	19	20	30	31	29	20
Total Liabilities Total LiabilitiesCr	161	170	172	188	203	214	252	263	275	292	267
Current Assets Current AssetsCr	39	47	48	16	19	12	30	30	31	42
Non Current Assets Non Current AssetsCr	122	123	124	171	185	202	222	233	244	250
Total Assets Total AssetsCr	161	170	172	188	203	214	252	263	275	292	267

Consolidated

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	5	4	15	5	6	15	0	7
Investing Cash Flow Investing Cash FlowCr	0	-9	-13	-13	-12	-6	5	19
Financing Cash Flow Financing Cash FlowCr	-3	4	-1	13	4	-8	-6	-26
Net Cash Flow Net Cash FlowCr	2	-2	1	5	-2	1	-1	-1
Free Cash Flow Free Cash FlowCr	-8	1	15	5	6	15	0
CFO To PAT CFO To PAT%	39.8	33.6	187.5	27.3	46.0	87.6	-0.8	42.7
CFO To EBITDA CFO To EBITDA%	35.0	24.0	128.5	15.4	23.1	56.2	-0.4	42.7

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	5	4	15	5	6	15	0	7
Investing Cash Flow Investing Cash FlowCr	0	-9	-13	-13	-12	-6	5	19
Financing Cash Flow Financing Cash FlowCr	-3	4	-1	13	4	-8	-6	-26
Net Cash Flow Net Cash FlowCr	2	-2	1	5	-2	1	-1	-1
Free Cash Flow Free Cash FlowCr	-8	1	15	5	6	15	0
CFO To PAT CFO To PAT%	39.8	33.6	187.5	27.3	46.0	87.6	-0.8	42.7
CFO To EBITDA CFO To EBITDA%	35.0	24.0	128.5	15.4	23.1	56.2	-0.4	42.7

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			36	26	27	45	141	107	127	159	101	109
Price To Earnings Price To Earnings			7.7	2.5	3.6	6.3	8.8	9.7	9.1	12.0	7.9	6.8
Price To Sales Price To Sales			0.8	0.4	0.4	0.8	1.4	1.1	1.2	1.2	2.7	2.9
Price To Book Price To Book			0.3	0.2	0.2	0.3	0.8	0.6	0.6	0.8	0.5	0.5
EV To EBITDA EV To EBITDA			8.9	3.1	3.0	5.3	5.2	5.3	5.4	5.4	6.3	7.1
Profitability Ratios Profitability Ratios
GPM GPM%	62.9	66.1	69.2	64.8	55.7	54.5	62.0	61.7	60.1	67.2
OPM OPM%	30.2	35.1	16.1	24.2	22.3	22.8	34.2	27.9	26.3	24.7	41.1	39.9
NPM NPM%	26.0	27.2	13.3	21.3	15.9	15.7	19.4	14.0	16.9	13.7	41.1	38.6
ROCE ROCE%	10.8	10.0	5.9	10.5	8.8	6.6	12.9	8.8	10.9	12.6	9.5	9.5
ROE ROE%	9.3	8.7	4.0	8.2	7.4	5.3	10.7	7.1	8.8	8.4	7.1	7.1
ROA ROA%	6.5	6.3	2.9	6.1	5.3	3.7	7.2	4.9	6.3	6.1	5.8	5.8
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			36	26	27	45	141	107	127	159	101	109
Price To Earnings Price To Earnings			7.7	2.5	3.6	6.3	8.8	9.7	9.1	12.0	7.9	6.8
Price To Sales Price To Sales			0.8	0.4	0.4	0.8	1.4	1.1	1.2	1.2	2.7	2.9
Price To Book Price To Book			0.3	0.2	0.2	0.3	0.8	0.6	0.6	0.8	0.5	0.5
EV To EBITDA EV To EBITDA			8.9	3.1	3.0	5.3	5.2	5.3	5.4	5.4	6.3	7.1
Profitability Ratios Profitability Ratios
GPM GPM%	62.9	66.1	69.2	64.8	55.7	54.5	62.0	61.7	60.1	67.2
OPM OPM%	30.2	35.1	16.1	24.2	22.3	22.8	34.2	27.9	26.3	24.7	41.1	39.9
NPM NPM%	26.0	27.2	13.3	21.3	15.9	15.7	19.4	14.0	16.9	13.7	41.1	38.6
ROCE ROCE%	10.8	10.0	5.9	10.5	8.8	6.6	12.9	8.8	10.9	12.6	9.5	9.5
ROE ROE%	9.3	8.7	4.0	8.2	7.4	5.3	10.7	7.1	8.8	8.4	7.1	7.1
ROA ROA%	6.5	6.3	2.9	6.1	5.3	3.7	7.2	4.9	6.3	6.1	5.8	5.8
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	NCLRESE	VGCL	ABHICAP	RSDFIN	OPTIFIN	VJTFEDU	GARNETINT
Market CapitalizationMkt CapCr	115	115	112	109	108	108	103
Close PriceClose₹	0.73	50.00	161.90	83.97	14.49	61.50	52.55
IndustryIndustry	NBFC Others	NBFC Others	NBFC Others	NBFC Others	NBFC Others	NBFC Others	NBFC Others
Price To EarningsPE		4.20	40.37	6.83	18.82	75.00	32.84
Price To SalesPS	19.07	0.51	25.48	2.87	0.52	58.83	31.46
RevenueRevenueCr	6	224	4	38	206	2	3
Revenue Growth TTMRev Gr TTM%	-33.0%	-10.2%	-6.2%	-65.3%	30.3%	217.2%	-60.1%
PAT Growth TTMPAT Gr TTM%	-222.3%	399.1%	74.2%	-21.9%	-2.3%	52.0%	52.7%

	NCLRESE	VGCL	ABHICAP	RSDFIN	OPTIFIN	VJTFEDU	GARNETINT
Market CapitalizationMkt CapCr	115	115	112	109	108	108	103
Close PriceClose₹	0.73	50.00	161.90	83.97	14.49	61.50	52.55
IndustryIndustry	NBFC Others	NBFC Others	NBFC Others	NBFC Others	NBFC Others	NBFC Others	NBFC Others
Price To EarningsPE		4.20	40.37	6.83	18.82	75.00	32.84
Price To SalesPS	19.07	0.51	25.48	2.87	0.52	58.83	31.46
RevenueRevenueCr	6	224	4	38	206	2	3
Revenue Growth TTMRev Gr TTM%	-33.0%	-10.2%	-6.2%	-65.3%	30.3%	217.2%	-60.1%
PAT Growth TTMPAT Gr TTM%	-222.3%	399.1%	74.2%	-21.9%	-2.3%	52.0%	52.7%

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Jun 26