Hexa Tradex Ltd (HEXATRADEX)
🎯 Key Takeaways
- HEXATRADEX is in a critical turnaround phase following years of losses and delisting pressures. The company has shown a return to net profitability in Q1 FY2026 after a prior quarter loss, but revenue remains volatile and near-zero in recent quarters.
- ⚠️ Ongoing delisting proceedings by acquirers with SEBI show-cause notice already issued, posing existential risk to continued listing.
- Market Cap
- ₹865
- P/B Ratio
- 0.19
- ROE
- -0.1%
- ROCE
- -0.1%
- Debt/Equity
- 0.00
- Promoter
- 92.1%
📖 The Story
HEXATRADEX is in a critical turnaround phase following years of losses and delisting pressures. The company has shown a return to net profitability in Q1 FY2026 after a prior quarter loss, but revenue remains volatile and near-zero in recent quarters. Management is navigating regulatory scrutiny and delisting proceedings while attempting to stabilize core operations. The business appears to be in a fragile recovery stage with limited operational scale.
📰 What's Happening
In Q1 FY2026, HEXATRADEX returned to net profit of ₹167.25 Cr after reporting a loss of ₹331.72 Cr in the prior quarter, marking a significant improvement despite a decline in revenue to ₹145.47 Cr from ₹150.88 Cr. The company continued to manage delisting proceedings initiated by acquirers, with SEBI having issued a show-cause notice earlier. Shareholders approved all agenda items at the AGM on June 24, 2026, including reappointment of directors and approval of material related party transactions up to Rs.30 Crores. The board reviewed unaudited financial results on August 11, 2026, confirming compliance with SEBI regulations and accounting standards.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 3 | 0 | 1 | 0 |
| Operating Profit | 0 | -4 | -3 | 2 |
| OPM % | 3.9% | -20950.0% | -210.3% | — |
| Net Profit | -1 | -4 | -3 | 2 |
| EPS | ₹-0.16 | ₹-0.79 | ₹-0.60 | ₹0.30 |
The financial trajectory shows sharp improvement in profitability from a loss of ₹3 Cr in Q4 FY2026 to a profit of ₹1.67 Cr in Q1 FY2026, although revenue declined slightly during the same period. Earlier quarters revealed severe operational stress, with near-zero revenue and substantial losses in Q3 and Q4 FY2025. The company has not disclosed specific growth drivers, but the return to profitability suggests cost optimization or one-time gains may be contributing. However, the lack of revenue growth and volatile top-line performance indicate limited operational momentum.
🔮 Management Outlook & What's Next
Management has not provided explicit forward guidance on revenue growth or margin improvement in the reviewed filings. However, the board reaffirmed its role in assessing going concern status amid delisting pressures, and compliance with SEBI regulations was confirmed by auditors. The company continues to operate under regulatory scrutiny, with no public roadmap for business revival or strategic realignment disclosed. Investor communication remains minimal, focusing on procedural updates rather than strategic vision.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 11 | 11 | 11 | 11 |
| Reserves | 4,468 | 5,036 | 4,604 | 4,802 |
| Borrowings | 22 | 48 | 9 | 20 |
| Total Liabilities | 5,175 | 5,872 | 5,321 | 5,563 |
| Fixed Assets | 0 | 0 | 0 | 0 |
| Investments | 5,171 | 5,840 | 5,318 | 5,561 |
| Total Assets | 5,175 | 5,872 | 5,321 | 5,563 |
The balance sheet shows stable equity of ₹11 Cr and modest growth in reserves, while borrowings have fluctuated between ₹9 Cr and ₹20 Cr over the past two years. Total assets remain around ₹5,300–5,500 lakhs, indicating limited asset expansion. There is no evidence of aggressive deleveraging or capital reduction, suggesting financial flexibility is constrained. The company is not returning capital to shareholders but maintains a minimal equity base, consistent with a micro-cap entity under regulatory pressure.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | -4 |
| Investing | +18 |
| Financing | -15 |
| Net Cash Flow | +0 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 92.1% | 92.1% | 92.1% | 92.1% |
| FII | 0.0% | 0.0% | 0.0% | 0.0% |
| DII | 0.2% | 0.2% | 0.5% | 0.0% |
| Public | 6.7% | 6.7% | 6.5% | 6.5% |
| # Shareholders | 15,051 | 14,835 | 14,581 | 14,558 |
Promoter holding remains stable at 92.13% over the past year, indicating no dilution or exit. FII holding is negligible at 0.04%, while DII ownership has declined from 0.51% to 0.03% over four quarters, suggesting institutional disengagement. The number of public shareholders has slightly decreased, reflecting limited retail interest. No significant changes in shareholding patterns indicate lack of investor confidence or activist interest.
⚖️ Peer Comparison — Finance
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| BAJFINANCE | 6.06 L Cr | 29.8 | 10.4% | — | 3.82 |
| BAJAJFINSV | 2.79 L Cr | 27.4 | 11.4% | — | 5.50 |
| SHRIRAMFIN | 2.29 L Cr | 17.2 | 11.5% | — | 3.80 |
| ICICIAMC | 1.60 L Cr | 32.1 | 111.5% | — | 0.00 |
| JIOFIN | 1.44 L Cr | 67.7 | 2.3% | — | 0.17 |
| TATACAP | 1.41 L Cr | 25.7 | 8.4% | — | 5.28 |
| CHOLAFIN | 1.39 L Cr | 24.1 | 9.3% | — | 6.93 |
| BAJAJHLDNG | 1.19 L Cr | 13.4 | 12.4% | — | 0.00 |
| MUTHOOTFIN | 1.10 L Cr | 9.7 | 14.4% | — | 3.88 |
| PFC | 1.07 L Cr | 4.1 | 9.8% | — | 7.62 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Ongoing delisting proceedings by acquirers with SEBI show-cause notice already issued, posing existential risk to continued listing. 2. Persistent revenue volatility and near-zero top-line in recent quarters suggest core business instability. 3. Minimal institutional interest and declining DII participation reflect weak investor confidence. 4. Auditor has not flagged going concern concerns, but the company's ability to sustain operations remains uncertain without clearer revenue recovery.
📋 Recent Filings
- Announcement2026-09-29Hexa Tradex Limited announces a trading window closure effective 1 October 2026 through 48 hours after unaudited financial results for the quarter end…
- 🔴 Financial Results2026-08-25HEXATRADEX reported consolidated revenue of **[amount context mismatch] lakhs** for Q1 FY2026, up from **₹150.88 lakhs** in Q4 FY2026 and **₹545.59 la…
- 🟡 Board Meeting2026-08-11Hexa Tradex Limited announced unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, following a board meeting o…
- 🟡 Board Meeting2026-06-26Hexa Tradex Limited announced that shareholders approved all agenda items at the Annual General Meeting on June 24, 2026, including adoption of audite…
- Financial Results2026-06-25Hexa Tradex Limited announced that its trading window will close from July 1, 2026, through 48 hours after the release of unaudited quarterly results …
- 🟡 Board Meeting2026-06-24Hexa Tradex held its 15th Annual General Meeting on 24 June 2026, where shareholders approved the audited financial statements for FY2026, reappointed…
- 🔴 annual report2026-05-11Hexa Tradex Limited announced its 15th Annual General Meeting on June 24, 2026, at 12:30 PM, offering e-voting from June 21 to 23 for shareholders hol…
- 🟡 Board Meeting2026-05-11Hexa Tradex Limited announced on May 11, 2026 that its board reappointed Dr. Vinita Jha as an Independent Director for a second five-year term effecti…
- 🟡 Board Meeting2026-05-11Hexa Tradex Limited announced the approval of its audited standalone and consolidated financial results for the quarter and year ended March 31, 2026,…
- Financial Results2026-03-27Hexa Tradex Limited announced a trading window closure effective **1st April, 2026** until **48 hours after declaration of audited financial results**…
🧠 Analyst's Read
HEXATRADEX remains a high-risk entity with no clear path to operational recovery or market repositioning. The recent return to profitability is a positive signal but is overshadowed by structural challenges, regulatory scrutiny, and lack of growth visibility. Investors should monitor next quarter's revenue trajectory and any updates on delisting resolution as critical near-term catalysts.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-30.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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