Stel Holdings Limited (STEL)

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Stel Holdings Limited (STEL) · mywealthgrid

About

Stel Holdings operates as an investment company within financial services. Market cap ₹1,075.22 Cr. Recent quarters show extreme volatility: revenue collapsed 99% from ₹16.94 Cr (Dec 2025) to ₹0.1 Cr (Jun 2026), and latest quarter posted net loss despite high reported margins.

Face value: ₹10

Market cap

₹1,062 Cr

P/E

54.1×

P/B

0.7×

Dividend yield

ROE

1.2%

ROCE

1.5%

Debt / equity

OPM

97.3%

EPS (TTM)

₹10.6

Book value

₹871.9

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Revenue collapsed 99% from ₹16.94 Cr (Dec 2025) to ₹0.1 Cr (Jun 2026); Jun 2026 posted net loss of ₹0.13 Cr — earnings volatility (EPS -₹0.07 to ₹6.82) inconsistent with current valuation
PE of 54.8 and ROE of 1.18% are misaligned — valuations imply recovery the recent fundamentals do not show; verify what drives investor confidence
OPM swung from +99% (Dec 2025) to -110% (Jun 2026) in consecutive quarters — extreme volatility suggests investment-portfolio driven earnings; verify whether losses are temporary or structural
Institutional participation minimal (FII 0.01%, DII 0.07%) — verify whether this reflects typical investment-company positioning or investor concern about business

Generated analysis · source review pending

Growth drivers

Dec 2025 quarter generated ₹16.94 Cr revenue and ₹12.58 Cr net profit — verify source (investment exits? one-time gains?) and whether similar results can recur
Zero debt (D/E 0) provides financial runway and flexibility for capital deployment — verify management's plan to restart revenue generation
Extreme margin volatility (OPM +99% to -110%) reflects investment-portfolio driven model — verify if current losses are temporary mark-downs or permanent impairment, and recovery timeline

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹574.2-4%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 97.3%
+Profit CAGR of 18.1% over the last 5 years
+Revenue CAGR of 17.5% over the last 5 years
+Almost debt-free (debt/equity 0)
+High promoter holding of 72.1% with no pledge

Cons

−Low return on equity of 1.1% (3-yr avg)

Research score

Structured signal from quality, growth, valuation and momentum.

37/100

Business quality: 50
Growth: 31
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

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Jio Financial Services LimitedJIOFINJIOFIN	₹1,40,316 Cr	₹1,62,084 Cr	₹4,905 Cr	₹3,264 Cr	65.6%	₹2,066 Cr	44.4%	—	1.2%	—
Aditya Birla Capital LimitedABCAPITALABCAPITAL	₹1,02,546 Cr	₹2,81,426 Cr	₹48,186 Cr	₹17,803 Cr	36.7%	₹4,104 Cr	8.5%	—	11.6%	—
Tata Investment Corporation LimitedTATAINVESTTATAINVEST	₹31,122 Cr	₹31,122 Cr	₹404 Cr	₹361 Cr	89.4%	₹431 Cr	109.2%	—	1.4%	—
Cholamandalam Financial Holdings LimitedCHOLAHLDNGCHOLAHLDNG	₹25,721 Cr	₹2,36,121 Cr	₹40,993 Cr	₹22,781 Cr	55.1%	₹2,669 Cr	14%	—	17.5%	—
Tvs Holdings LimitedTVSHLTDTVSHLTD	₹24,010 Cr	₹60,166 Cr	₹62,488 Cr	₹9,940 Cr	15.8%	₹1,970 Cr	5.8%	—	30.4%	—
Maharashtra Scooters LimitedMAHSCOOTERMAHSCOOTER	₹14,113 Cr	₹14,113 Cr	₹289 Cr	₹285 Cr	98.7%	₹279 Cr	99.3%	—	1.1%	—
Jsw Holdings LimitedJSWHLJSWHL	₹12,496 Cr	₹12,496 Cr	₹184 Cr	₹168 Cr	92.2%	₹137 Cr	81.7%	—	0.5%	—
Religare Enterprises LimitedRELIGARERELIGARE	₹7,663 Cr	₹8,064 Cr	₹8,941 Cr	₹60 Cr	1.6%	₹50 Cr	0.9%	—	3.2%	—
Pilani Investment And Industries Corporation LimitedPILANIINVSPILANIINVS	₹4,320 Cr	₹6,712 Cr	₹248 Cr	₹216 Cr	88.5%	₹-12 Cr	11%	—	0.2%	—
Nalwa Sons Investments LimitedNSILNSIL	₹2,633 Cr	₹2,636 Cr	₹98 Cr	₹77 Cr	74.8%	₹55 Cr	56.1%	—	0.3%	—
Kalyani Investment Company LimitedKICLKICL	₹2,065 Cr	₹2,065 Cr	₹78 Cr	₹65 Cr	82.2%	₹41 Cr	47.1%	—	0.4%	—
El Cid Investments LimitedELCIDINELCIDIN	₹2,043 Cr	—	₹134 Cr	₹127 Cr	94.5%	₹109 Cr	81%	—	1.2%	—

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	16	12	20	17	18	22	27
Interest	0	0	0	0	0	0	0
Expenses	1	1	1	1	1	1	1
Financing profit	16	12	19	16	18	21	27
Financing margin %	95.6%	95.9%	97%	95.9%	96.5%	97.1%	97.3%
Other income	0	0	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0
Profit before tax	15	12	19	16	18	21	27
Tax	0	3	5	4	4	5	7
Tax %	2.1%	26.1%	24.8%	25.3%	25.2%	25.2%	25.5%
PAT	15	9	15	12	13	16	20
EPS (₹)	8.2	4.7	7.9	6.6	7.2	8.6	10.8
EPS adjusted (₹)	8.2	4.7	7.9	6.6	7.2	8.6	10.8
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	18	18	18	18	18	18	18
Reserves	—	759	721	796	1,485	1,735	1,591
	—	0	0	0	0	0	0
	—	5	3	4	96	159	104
Total equity & liabilities	—	783	742	819	1,600	1,913	1,713
	1	1	1	1	1	1	1
CWIP	—	—	—	0	0	0	0
Investments	—	687	713	781	1,566	1,884	1,710
	—	95	28	36	32	28	3
Total assets	—	783	742	819	1,600	1,913	1,713

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-10	15	14	17	43	-6
	72	-82	-4	-17	-43	6
	0	0	0	-4	0	0
Net cash flow	62	-67	10	-5	0	-0
Free cash flow	-10	15	14	16	43	-6
CFO / Operating profit %	-82.5%	74.7%	83.8%	92.6%	203%	-22.5%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	64.68%	65.64%	66.19%	67.47%	69.15%	69.15%	69.47%	69.47%	70.83%	71.33%	71.66%	72.06%
	0.02%	0.04%	0%	0.11%	0.13%	0.08%	0.02%	0%	0.01%	0%	0.01%	0.01%
	0.2%	0.2%	0.2%	0.17%	0.17%	0.17%	0.17%	0.17%	0.17%	0.15%	0.13%	0.07%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	35.1%	34.12%	33.61%	32.25%	30.55%	30.6%	30.34%	30.36%	28.99%	28.52%	28.2%	27.86%
No. of shareholders	—	—	—	—	—	—	—	—	21,602	21,353	21,183	20,877

Promoter holding up 7.38 percentage points since Sep 2023.

11 disclosures

Person	Deal	Shares	Value	Holding	Filed
LEBNITZE REAL ESTATES PVT LTDPromoter Group	BuyMarket Purchase	100	₹40,496	2.39% → 2.39%	10 Nov 20257(2)
SOFREAL MERCANTRADE PRIVATE LTDPromoter Group	BuyMarket Purchase	9,286	₹48.48 L

5 deals · 26 Aug 2021 – 1 Aug 2023

Date	Client	Type	Venue	Side	Quantity	Price	Value
1 Aug 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	1,63,216	₹219.01	₹3.57 Cr
1 Aug 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	1,63,216	₹218.81	₹3.57 Cr
31 Jul 2023	YUGA STOCKS AND COMMODITIES PRIVATE LIMITED .	Bulk	NSE	Sell	1,00,086	₹208.25	₹2.08 Cr
31 Jul 2023	YUGA STOCKS AND COMMODITIES PRIVATE LIMITED .	Bulk	NSE	Buy	1,00,086	₹206.82	₹2.07 Cr
26 Aug 2021	SECURA INDIA TRUST	Bulk	NSE	Buy	95,305	₹137.43	₹1.31 Cr

1–5 of 5

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. ALOK KALANINon-Executive - Non Independent Director-Chairperson
Mr. KAUSHIK ROYNon-Executive - Non Independent Director
Mr. MAHESH NARAYANASWAMYNon-Executive - Non Independent Director
Mr. ABRAHAM ITTYIPEExecutive Director
Sivarama KrishnanChief Financial Officer
Ms. IRAM HASSANNon-Executive - Independent Director
Mr. ROHIN FEROZE BOMANJINon-Executive - Independent Director
Mr. SAMARTH PAREKHNon-Executive - Independent Director
Mr. SUNIL KAMALAKAR TAMHANENon-Executive - Independent Director
Ms. Sruthi SindhuCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Stel Holdings Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results7 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

12 announcementsExport CSV

21 Sept 2026, 11:27 amInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

2 Sept 2026, 6:01 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

1 Sept 2026, 8:22 pmOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

1 Sept 2026, 8:05 pmAGM/EGM

INTIMATION OF 36TH ANNUAL GENERAL MEETING OF THE COMPANY AND NOTICE OF THE 36TH AGM ALONGWITH ANNUAL REPORT FOR THE FY 2025-26

AGM PDF

1 Sept 2026, 7:20 pmCorp. Action

INTIMATION OF BOOK CLOSURE PURSUANT TO REGULATION 42 OF SEBI (LODR) REGULATIONS, 2015

Book Closure PDF

28 Aug 2026, 9:18 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

25 Aug 2026, 7:10 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

8 Aug 2026, 4:35 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

Date	Category	Subject	Filing
21 Sept 2026, 11:27 am	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
2 Sept 2026, 6:01 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication

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Leverage
Current ratio	—	2,355.5	301.67	455.12	0.34	1.08	24.5

Stel Holdings Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

1

Announcements

1

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Compounded sales growth

Compounded profit growth

Return on equity

Working capital
Receivable days	—	0	0	0	0	0	0

Stel Holdings Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Board meetings1

Announcements

Board meetings1

Not in the F&O segment

No fund holdings on record

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Announcements

Ratio timeline

Annual reports

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

1

1