Industrial & Prudential Investment Company Limited (INDPRUD) share price

₹6305.00 on NSE as of 2026-10-07. +0.09% on the day. market cap ₹1,028 Cr. P/E 17.4. 52-week range ₹6092.50 to ₹6949.95. Financial Services.

Industrial & Prudential Investment Q1 FY27: ₹2.74 Cr of Sales, ₹10.92 Cr of Profit, and a 113-Year-Old Balance Sheet

At a glance

Industrial and Prudential Investment Company, incorporated in 1913, owns shares in other companies for a living. It reported its results for the three months to June 2026 on 6 August. Revenue from operations was ₹2.74 crore, and net profit was ₹10.92 crore. Profit four times revenue is not a typo, an adjustment or an exceptional item. It is simply how the company is built, and no factory sits behind the number.

Sales came in 6.8% below the ₹2.94 crore of the three months to June 2025. Profit after tax was 20.6% below the ₹13.76 crore of the year-ago quarter. Operating profit was ₹2.41 crore against ₹2.67 crore a year earlier. Earnings per share, the profit attributed to each share, were ₹65.16 against ₹82.11.

Against the three months to March 2026, the direction of travel flips. Sales were ₹0.45 crore in that quarter and ₹2.74 crore in this one. Operating profit was ₹0.08 crore then and ₹2.41 crore now. Profit after tax moved the other way, from ₹17.49 crore to ₹10.92 crore.

The consolidated statement sets out the arithmetic, and it takes two lines to do it. Profit before the share of associate and tax was ₹2.41 crore. The share of profit of associate KSB Limited added ₹8.57 crore. Dividend income for the quarter was ₹18.62 crore standalone and ₹2.12 crore consolidated. The difference is the associate's own dividend, removed when the two sets of accounts are combined.

Borrowings on the balance sheet are nil, as they were every year back to at least FY17. The board has recommended a final dividend of ₹120 per share.

Introduction

Industrial and Prudential Investment Company Limited was incorporated in 1913 and still runs from Kolkata. The registered office is Paharpur House on Diamond Harbour Road, in that city. Its corporate identity number begins L65990WB1913, so the year of incorporation is baked into the identifier itself.

The company describes itself as a registered Non-Banking Financial Company, or NBFC. More precisely, it calls itself a Non-Systematically Important Non-Deposit Taking NBFC. That first half means the Reserve Bank does not class it as large enough to threaten the system. The second half means it takes no deposits from the public. There is one reportable business segment, NBFC activities, and everything else is incidental to it.

The market capitalisation is ₹1,052 crore, and book value per share is ₹5,072. Book value is the accounted net worth attached to each share. The market applies a price-to-book multiple of 1.24 to that accounted figure.

The recent calendar has been governance rather than commerce, filing by filing. On 14 July the company intimated its 110th Annual General Meeting, set for 20 August 2026. The record date for the final dividend of ₹120 per share is 12 August 2026. On 15 July it communicated the deduction of tax at source on that dividend for FY26. On 22 July it intimated the board meeting for the quarterly results and closed the trading window. On 6 August the board met from 2:30 PM to 4:00 PM. It approved the unaudited standalone and consolidated results, the disclosure regime now recording how long the meeting ran. On 7 August the company published the newspaper advertisement carrying those results.

Four filings, one dividend, one quarter of results and one meeting notice make up the period. There is no order book, no capacity expansion and no product launch. A hundred and ten annual meetings in, the news flow is largely notice of the next one.

The FY25 audited results carried an unmodified opinion from the company's auditor. They also carried a final dividend recommendation of 1100% and the appointment of a new secretarial auditor.

Business model

The business model is owning shares, and the company's own framing says as much. IPICL describes itself as engaged primarily in investments in equity shares for long-term value creation for stakeholders. There is no factory, no distribution network, no dealer margin and no monsoon to worry about. Fixed assets are nil, capital work in progress is nil, and depreciation for FY26 is nil. In principle the whole operation fits inside a filing cabinet and a demat account.

The single largest holding is roughly 21.55% of the share capital of KSB Limited. That size makes KSB an associate rather than an ordinary portfolio holding. The equity method is the accounting rule that carries a share of an associate's profit onto the owner's accounts. Under it, KSB's profits are pulled onto IPICL's consolidated profit and loss account. The company describes KSB as remaining a significant portion of its investment portfolio. The consolidated and standalone statements therefore differ at the revenue line and meet again at profit.

The rest of the book, as disclosed for FY23, was equity instruments at roughly 54%. Mutual funds were roughly 15% and the investment in the associate roughly 31%. The portfolio was disclosed at a market-based value of ₹3,161.53 crore for FY25 on standalone data. Those holdings were spread across 28 investee companies. CRAR, capital measured against risk-weighted assets, is the buffer the RBI requires an NBFC to hold. It stood at 53.70% for FY25, against a regulatory floor that is a fraction of that.

Revenue arrives in the forms a share portfolio produces rather than a factory. For FY23 the company disclosed dividend income at roughly 62% of revenue. Net gain from marking holdings to market prices came to roughly 22%. Bill discounting and processing charges contributed roughly 8% and derivatives roughly 6%. Interest on an income tax refund accounted for roughly 1% of the total. One line of the revenue breakup is money the tax department handed back late.

The ownership structure runs upward as well as downward from the company. Paharpur Cooling Towers Limited controls the composition of IPICL's board, which places IPICL in the Paharpur group. The NCLT is the tribunal that approves company mergers in India. In FY23 its Kolkata bench approved the merger of New Holding and Trading Company Limited. After that approval, NHTCL ceased to be a wholly owned subsidiary.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Industrial & Prudential Investment Company Limited.

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