Equity Research Report: Hexa Tradex Ltd
Date: February 7, 2026
Current Market Price (CMP): ₹160.60 (as of Feb 6, 2026)
Market Cap: ~₹884 Cr
1️⃣ Business Model & Work
“A Holding Entity with Minimal Active Operations”
Hexa Tradex Ltd (HTL) O.P. Jindal Group ka hissa hai aur Jindal Saw Ltd se demerge hokar bani thi. Iska primary purpose active trading se zyada Jindal Group ki companies me investments hold karna hai.
- Business Segments:
- Investment & Finance: Ye segment revenue ka ~99% (indirectly via valuation/dividends) handle karta hai. Isme JSW Steel, JSW Holdings aur Jindal Saw jaisi group companies ke shares hold kiye jate hain.
- Trading: Chemicals, Iron & Steel, aur machinery parts ki wholesale trading. Halanki, financial data ke mutabik ye segment ab bilkul minimal revenue generate kar raha hai.
- Revenue Source: Currently, core operations se revenue negligible hai. Income mainly “Other Income” (Interest/Dividends) aur investment valuation gains se aati hai.
2️⃣ Industry & Sector Analysis
- Sector Status: Finance & Investment (Holding Company).
- Nature: Ye ek Non-Operating Holding Company ki tarah behave karti hai. Iska stock price iske core business se zyada iske portfolio me maujood doosri group companies (JSW Steel, etc.) ke performance aur market valuation par depend karta hai.
- Key Risks: Holding companies aksar apne Net Asset Value (NAV) se 50-70% discount par trade karti hain.
3️⃣ Latest Financial Performance (STRICT DATA)
Data Source: Screener & Exchange Filings (Verified)
Result Date: February 5, 2026 (Q3 FY26)
| Metric | Q3 FY26 (Dec ’25) | Q3 FY25 (Dec ’24) | YoY Growth | Q2 FY26 (Sep ’25) |
| Revenue | ₹0.02 Cr | Nil | NA | ₹3.11 Cr |
| Operating Profit | (₹0.46 Cr) | (₹0.51 Cr) | Loss Reduced | (₹0.64 Cr) |
| Net Profit (PAT) | (₹0.70 Cr) | ₹4.43 Cr | Turned Loss 🔽 | (₹0.84 Cr) |
| EPS (₹) | (₹0.13) | ₹0.80 | – | (₹0.15) |
Analysis:
- Operational Crisis: Core revenue gayab ho chuka hai (sirf ₹2 Lakhs in Q3).
- Profitability: Pichle saal ke profit (₹4.43 Cr) ke mukable is saal loss hua hai, kyunki pichle saal “Other Income” zyada thi jo is quarter me nahi rahi.
- Ratios: ROE (-0.60%) aur ROCE (0.05%) indicate karte hain ki capital ka use productivity ke liye nahi ho raha hai.
- Debt: Company Virtually Debt Free hai, jo iska ekmatra bada positive point hai.
4️⃣ Management & Shareholding (Latest Dec 2025)
| Category | Holding % | Trend |
| Promoters | 92.13% | Stable (Maximum Limit) 🟢 |
| FIIs | 0.05% | No major change |
| DIIs | 0.13% | Marginal |
| Public | 7.69% | Stable |
Key Signals:
- Extreme Concentration: Promoters ke paas 92% stake hai. Ye indicates karta hai ki stock me liquidity bohot kam hai aur ye delisting ke kafi kareeb hai.
- Delisting Status: Company ne Delisting ki process kafi had tak puri kar li hai aur final approvals pending hain.
5️⃣ Valuation (Latest Market Data)
- Current PE: 0 (Negative earnings ki wajah se).
- Price to Book (PB): 0.18x (Book Value ₹871 ke mukable Price ₹160).
- Discount to Book: Stock apni Book Value se ~80% discount par trade kar raha hai.
Fair Value Approach:
Iska valuation sirf iski Asset Value par based hai. Agar company liquidator/delist hoti hai, to shareholders ko assets ki value mil sakti hai, lekin operational basis par ye “Deep Value Trap” lagta hai.
6️⃣ Future Growth Triggers & Present Situation
- Delisting (Main Catalyst): Company delisting ki koshish kar rahi hai. Public shareholders ke liye exit price aur delisting process ka complete hona hi sabse bada trigger hai.
- Portfolio Revaluation: Agar JSW Steel ya Jindal Saw ke shares badhte hain, to iski Book Value aur badhegi.
- Regulatory Issues: SEBI ki taraf se ek Show Cause Notice pending hai, jo ek regulatory risk create karta hai.
7️⃣ Risk & Red Flags
- Operational Loss: Business se koi kamai nahi ho rahi hai.
- Liquidity Risk: 92% promoter holding ki wajah se shares buy/sell karna mushkil ho sakta hai.
- Value Trap: Stock saalo se sasta dikh raha hai (Low PB), lekin price tab tak nahi badhega jab tak management koi corporate action (Merger/Buyback/Delisting) na kare.
8️⃣ Final Verdict
- Summary: Hexa Tradex ek operational company nahi, balki ek Investment Vehicle hai.
- Long-term Perspective: Sirf tabhi hold karein agar aapko delisting payout me interest hai. Business growth zero hai.
- Conservative Investor: STRICTLY AVOID. Isme fundamental growth ki koi umeed nahi hai.
- Aggressive/Special Situations Investor: Ye ek “Asset Play” hai. Book value ₹800+ aur price ₹160 hone ki wajah se upside potential hai, lekin timing uncertain hai.
Target Range: Delisting price ke upar depend karega. Operative target dena impossible hai kyunki business inactive hai.
Disclaimer: Ye article sirf educational purpose ke liye hai. Kisi bhi nivesh se pehle apne Financial Advisor se salah zarur lein.