Finance - Investment · Founded 1991 · www.siddhaventures.com · BSE 530439 · · ISIN INE140C01012
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Business
Siddha Ventures Ltd. is an Indian non-banking financial company (NBFC) primarily engaged in investment and trading activities in shares, securities, and other financial instruments. Its core business model revolves around building and managing a portfolio of investments, which may include both listed and unlisted equities, and debt instruments. The company generates revenue through capital gains realized from the sale of these investments, dividend income from its equity holdings, and interest income from its debt and other financial assets.
Revenue Mix
The company's operations are largely consolidated under its 'Investment Activities' segment. While specific granular breakdowns vary by reporting period, its revenue mix predominantly comprises:
Profit/Loss on Sale of Investments (capital gains/losses)
Dividend Income
Interest Income
As an NBFC, its financial performance is highly correlated with its investment portfolio's performance and market movements.
Industry
Siddha Ventures operates within the broad and competitive Indian finance sector, specifically as an investment-focused NBFC. The industry includes a wide range of players from large asset management companies and private equity funds to smaller investment holding companies and other NBFCs. Siddha Ventures appears to be a relatively smaller player within this landscape, competing for attractive investment opportunities. Its positioning is that of an active investor and trader in financial markets, rather than a specialized lender or large-scale fund manager.
MOAT
For a company of its size and nature, Siddha Ventures Ltd. is unlikely to possess strong, durable competitive advantages typically associated with a "moat." It does not demonstrate significant advantages in brand recognition, scale economies, network effects, or proprietary technology. Its primary advantage, if any, would stem from the investment acumen of its management, access to proprietary deal flow (potentially through its promoter group's wider business interests), and effective capital allocation. However, these are often hard to sustain consistently over the long term.
Growth Drivers
Indian Capital Market Performance: A buoyant stock market and overall economic growth can lead to appreciation in its investment portfolio and opportunities for profitable exits.
Identification of High-Growth Investments: Astute selection of promising listed or unlisted companies for investment can significantly boost returns.
Regulatory Environment: Favorable regulatory policies for NBFCs and capital markets can support growth.
Capital Infusion: Any fresh capital raised, either through internal accruals or external funding, could allow for expansion of its investment base.
Risks
Market Volatility: Fluctuations in equity and debt markets directly impact the value of its investment portfolio and profitability.
Concentration Risk: If its portfolio is highly concentrated in a few investments, a downturn in any of those could significantly impact the company.
Liquidity Risk: Difficulty in liquidating certain investments, especially unlisted ones, could pose challenges.
Regulatory Changes: Being an NBFC, it is subject to regulations from the Reserve Bank of India (RBI) and capital market regulations from SEBI; changes can impact operations and profitability.
Investment Performance Risk: Poor investment decisions or underperforming portfolio companies can lead to capital losses.
Management & Ownership
Siddha Ventures Ltd. is promoted by the Siddha Group, which has interests in real estate and other ventures. The promoter holding in the company is generally high (often around 75%), indicating strong control and alignment of interests with the group. Assessment of management quality depends on consistent financial performance, transparent disclosures, and corporate governance practices, which can be challenging to ascertain without detailed, independent analysis.
Outlook
Siddha Ventures operates as an investment vehicle, making its financial performance largely tethered to the broader performance of the Indian capital markets and its specific investment decisions. The bull case rests on continued strong market performance, the ability of its management to identify and capitalize on lucrative investment opportunities, and potential value unlocking from its existing portfolio. The high promoter holding suggests a long-term strategic interest from the Siddha Group. However, the bear case highlights the inherent risks of an investment company, including exposure to market downturns, potential for sub-optimal investment choices, and the absence of a clear competitive moat. As a smaller player in a highly competitive sector, its growth and profitability will be susceptible to both macro-economic factors and micro-level investment successes.
| #(Fig in Cr.) | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Expenditure | 0 | -0 | 0 | 0 | 0 | -20 | 0 | 0 | 0 | -1 |
| Operating Profit | -0 | 0 | -0 | 1 | 0 | 20 | 0 | -0 | -0 | 1 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -0 | 0 | -0 | 1 | 0 | 20 | 0 | -0 | -0 | 1 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | -0 | -0 |
| Profit After Tax | -0 | 0 | -0 | 1 | 0 | 20 | 0 | -0 | -0 | 1 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | -0 |
| Profit After Adjustments | -0 | 0 | -0 | 1 | 0 | 20 | 0 | -0 | -0 | 1 |
| Adjusted Earnings Per Share | -0 | 0.4 | -0.1 | 0.9 | 0.1 | 20.3 | 0.2 | -0 | -0 | 0.7 |
| #(Fig in Cr.) | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 0 | 3 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 0 | 3 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 |
| Total Expenditure | 0 | 3 | 0 | -5 | 4 | 0 | 1 | -2 | -0 | -20 | -0 | -1 |
| Operating Profit | -0 | -0 | -0 | 6 | -4 | -0 | -1 | 3 | 0 | 21 | 1 | 1 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -0 | -0 | -0 | 6 | -4 | -0 | -1 | 3 | 0 | 21 | 1 | 1 |
| Provision for Tax | -0 | -0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | -0 | 0 |
| Profit After Tax | -0 | -0 | -0 | 6 | -4 | -0 | -1 | 3 | 0 | 21 | 1 | 1 |
| Adjustments | -0 | -0 | -0 | 0 | 0 | 0 | -0 | 0 | 0 | -0 | 0 | 0 |
| Profit After Adjustments | -0 | -0 | -0 | 6 | -4 | -0 | -1 | 3 | 0 | 21 | 1 | 1 |
| Adjusted Earnings Per Share | -0 | -0 | -0 | 5.5 | -3.8 | -0.1 | -0.7 | 2.5 | 0.3 | 21.3 | 0.8 | 0.9 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -100% | 0% | 0% | 0% |
| Operating Profit CAGR | -95% | -31% | 0% | 0% |
| PAT CAGR | -95% | -31% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -31% | -20% | 1% | 18% |
| ROE Average | 2% | 25% | 17% | 10% |
| ROCE Average | 2% | 25% | 17% | 10% |
| #(Fig in Cr.) | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 7 | 7 | 7 | 18 | 17 | 16 | 16 | 18 | 19 | 40 | 41 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | -0 | -0 | -0 | -0 | -0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 4 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 10 | 9 | 7 | 19 | 17 | 16 | 16 | 19 | 19 | 40 | 41 |
| Fixed Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 2 | 2 | 0 | 3 | 6 | 5 | 5 | 5 | 5 | 3 | 7 |
| Total Current Assets | 8 | 7 | 7 | 15 | 11 | 11 | 11 | 14 | 14 | 37 | 34 |
| Total Assets | 10 | 9 | 7 | 19 | 17 | 16 | 16 | 19 | 19 | 40 | 41 |
| #(Fig in Cr.) | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | 2 | 0 | -2 | 0 | 0 | -0 | -0 | 0 | -0 | -0 | 0 |
| Cash Flow from Investing Activities | -2 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow from Financing Activities | 0 | 0 | 0 | -0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Cash Inflow / Outflow | 0 | 0 | -2 | 0 | -0 | -0 | -0 | 0 | -0 | -0 | 0 |
| Closing Cash & Cash Equivalent | 0 | 0 | -2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -0.04 | -0.01 | -0.05 | 5.53 | -3.8 | -0.06 | -0.7 | 2.52 | 0.3 | 21.27 | 0.79 |
| CEPS(Rs) | -0.04 | -0.01 | -0.05 | 5.53 | -3.8 | -0.06 | -0.7 | 2.52 | 0.3 | 21.27 | 0.79 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 6.71 | 6.7 | 6.66 | 18.48 | 16.55 | 15.98 | 15.86 | 18.36 | 18.66 | 39.93 | 40.82 |
| Core EBITDA Margin(%) | 0 | -0.54 | -4.78 | 1101.6 | -1997.88 | -49.94 | -160.75 | 0 | 0 | 1592.94 | 271.3 |
| EBIT Margin(%) | 0 | -0.42 | -4.19 | 1101.67 | -1997.63 | -49.53 | -154.95 | 0 | 0 | 1593.04 | 271.72 |
| Pre Tax Margin(%) | 0 | -0.42 | -4.26 | 1101.64 | -1997.7 | -49.57 | -155.55 | 0 | 0 | 1593.02 | 271.68 |
| PAT Margin (%) | 0 | -0.32 | -36.4 | 1100.97 | -1998.43 | -38.07 | -172.65 | 0 | 0 | 1591.74 | 277.44 |
| Cash Profit Margin (%) | 0 | -0.32 | -36.4 | 1100.97 | -1998.43 | -38.07 | -172.65 | 0 | 0 | 1591.74 | 277.44 |
| ROA(%) | -0.46 | -0.09 | -0.64 | 43.7 | -21.54 | -0.38 | -4.36 | 14.41 | 1.58 | 72.13 | 1.95 |
| ROE(%) | -0.66 | -0.13 | -0.74 | 43.98 | -21.68 | -0.39 | -4.41 | 14.73 | 1.61 | 72.62 | 1.96 |
| ROCE(%) | -0.71 | -0.12 | -0.07 | 44.01 | -21.67 | -0.5 | -3.96 | 14.73 | 1.61 | 72.68 | 1.92 |
| Receivable days | 0 | 10.73 | 215.78 | 58.46 | 154.45 | 360.35 | 366.59 | 0 | 0 | 84.17 | 0 |
| Inventory Days | 0 | 537.91 | 8514.16 | 6504.15 | 0 | 0 | 9695.11 | 0 | 0 | 6436.16 | 0 |
| Payable days | 0 | 0 | 0 | -3.73 | 7.38 | 214.9 | 0 | 0 | 0 | 0 | 0 |
| PER(x) | 0 | 0 | 0 | 0.26 | 0 | 0 | 0 | 0.49 | 28.09 | 0.19 | 12.65 |
| Price/Book(x) | 0.18 | 0.12 | 0.11 | 0.08 | 0.03 | 0.02 | 0 | 0.07 | 0.45 | 0.1 | 0.25 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0 | 1.02 | 4.47 | 2.32 | 1.83 | 2.03 | 24.51 | 0 | 0 | 3 | 34.91 |
| EV/Core EBITDA(x) | -80.69 | -245.11 | -106.68 | 0.21 | -0.09 | -4.09 | -15.82 | 0.42 | 28.01 | 0.19 | 12.85 |
| Net Sales Growth(%) | -100 | 0 | -95.03 | 269.12 | -62.15 | -13.16 | 146.38 | -100 | 0 | 0 | -78.67 |
| EBIT Growth(%) | -1133.9 | 81.31 | 50 | 0 | -168.63 | 97.85 | -670.84 | 500.12 | -88.17 | 7038.77 | -96.36 |
| PAT Growth(%) | -1260.53 | 80.27 | -468.97 | 0 | -168.7 | 98.35 | -1017.48 | 458.97 | -88.16 | 7032.93 | -96.28 |
| EPS Growth(%) | -1263.39 | 78.96 | -434.41 | 0 | -168.7 | 98.35 | -1019.88 | 458.99 | -88.16 | 7031.95 | -96.28 |
| Debt/Equity(x) | 0.55 | 0.31 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio(x) | 2.18 | 3.05 | 42.94 | 152.83 | 80.23 | 286.27 | 32.08 | 43.14 | 46.93 | 1628.17 | 2579.76 |
| Quick Ratio(x) | 0.91 | 1.61 | 22.81 | 3.48 | 1.18 | 7.61 | 1.73 | 1.77 | 1.44 | 147.5 | 4.5 |
| Interest Cover(x) | -610 | 0 | -57 | 0 | 0 | -1089.58 | -259.08 | 2800.44 | 0 | 0 | 7744 |
| Total Debt/Mcap(x) | 3.05 | 2.59 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 5.76 | 5.76 | 5.76 | 5.76 | 5.76 | 5.76 | 5.76 | 5.76 | 5.76 | 5.76 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 |
| Public | 94.05 | 94.05 | 94.05 | 94.05 | 94.05 | 94.05 | 94.05 | 94.05 | 94.05 | 94.05 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.94 | 0.94 | 0.94 | 0.94 | 0.94 | 0.94 | 0.94 | 0.94 | 0.94 | 0.94 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -100% | — | — | — |
| Operating Profit CAGR | -95% | -31% | — | — |
| PAT CAGR | -95% | -31% | — | — |
| Share Price CAGR | -31% | -20% | +1% | +18% |
| ROE Average | +2% | +25% | +17% | +10% |
| ROCE Average | +2% | +25% | +17% | +10% |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 5.76 | 5.76 | 5.76 | 5.76 | 5.76 | 5.76 | 5.76 | 5.76 | 5.76 | 5.76 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 |
| Public | 94.05 | 94.05 | 94.05 | 94.05 | 94.05 | 94.05 | 94.05 | 94.05 | 94.05 | 94.05 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.94 | 0.94 | 0.94 | 0.94 | 0.94 | 0.94 | 0.94 | 0.94 | 0.94 | 0.94 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
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