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Stel Holdings Limited (STEL)

₹562.25 -1.35% last close, 16 Oct

📊 NSE: STEL 🏢 Finance & Investments 📢 Latest filing: 08 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q4 FY26)

In its latest reported quarter, Q4 FY26, Stel Holdings' revenue was ₹0.3 Cr (-98.1% year on year, -98.5% on the previous quarter), and net profit ₹0.5 Cr (-94.8% year on year); the operating margin was 23.1%.

Q4 FY26 (₹ Cr)	Value	YoY vs Q4 FY25	QoQ
Revenue	₹0.3	-98.1%	-98.5%
Operating profit	₹0.1	-99.6%	-99.6%
Net profit	₹0.5	-94.8%	-95.9%
EPS (₹)	0.28	-94.8%	-95.9%
Operating margin	23.1%	—	—

Full quarterly financials → Results calendar →

STEL delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 76.16% of the STEL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 62.65%. That is higher than usual for this stock. Turnover was only ₹10 lakh, so a handful of trades can move this figure. Volume was 0.4 times its average, well below normal.

76.16%Delivery, 16 Oct

62.65%Own 20-session average

0.4×Volume vs its average

₹562.25NSE close · -1.35%

Delivery in the last 5 sessions: 58.5% · 45.6% · 48.0% · 79.9% · 76.2%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

STEL Holdings Submits Q2 FY27 Dematerialisation Compliance Certificate

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 08 Oct 2026, 12:10 PM

STEL Holdings Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited confirms the processing, verification, and cancellation of physical share certificates received for dematerialisation. The filing is a standard quarterly administrative requirement with zero financial or operational impact.

Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
Covers the quarter ended September 30, 2026
Issued by RTA MUFG Intime India Private Limited dated October 03, 2026
Securities received for dematerialisation verified, mutilated, and cancelled within regulatory timelines

💡 No action required; investors should track upcoming Q2 FY27 financial results for fundamental updates.

STEL Holdings Shareholders Approve FY26 Financials and Director Re-Appointment at 36th AGM

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Sep 2026, 08:18 PM

STEL Holdings Limited has declared the voting results and submitted the Scrutinizer's report for its 36th Annual General Meeting held on September 25, 2026. A total of 1,32,91,393 votes were polled, representing 72.019% of outstanding shares. Both ordinary resolutions—the adoption of FY26 financial statements and the re-appointment of Director Mahesh Narayanaswamy—passed with overwhelming majorities of 99.99% and 99.98% votes in favour, respectively. The meeting concluded standard annual corporate governance requirements.

Total votes polled stood at 1,32,91,393, representing 72.019% of total outstanding shares
Adoption of FY26 Standalone and Consolidated Financial Statements passed with 99.99% assent (1,32,90,425 votes)
Re-appointment of Director Mahesh Narayanaswamy approved with 99.98% votes in favour (1,32,89,377 votes)
A total of 44 shareholders attended via video conferencing (30 promoter group, 14 public) out of 20,485 shareholders on the record date of September 18, 2026

💡 Track the upcoming Q2 FY27 earnings release and performance of key investee companies (such as PCBL Chemical) for portfolio dividend inflow visibility.

STEL Holdings Shareholders Approve FY26 Financials and Director Re-Appointment at 36th AGM

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Sep 2026, 07:59 PM

Total votes polled stood at 1,32,91,393, representing 72.019% of total outstanding shares
Adoption of FY26 Standalone and Consolidated Financial Statements passed with 99.99% assent (1,32,90,425 votes)
Re-appointment of Director Mahesh Narayanaswamy approved with 99.98% votes in favour (1,32,89,377 votes)
A total of 44 shareholders attended via video conferencing (30 promoter group, 14 public) out of 20,485 shareholders on the record date of September 18, 2026

💡 Track the upcoming Q2 FY27 earnings release and performance of key investee companies (such as PCBL Chemical) for portfolio dividend inflow visibility.

STEL Holdings Closes Trading Window from October 01, 2026 for Q2/H1 FY27 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 21 Sep 2026, 11:28 AM

STEL Holdings Limited has announced the closure of its trading window for Designated Persons and their immediate relatives effective Thursday, October 01, 2026. The window closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the Q2 and half-year financial results ending September 30, 2026. The restriction will remain in effect until 48 hours after the declaration of the unaudited financial results. The specific date for the Board Meeting to approve the results will be announced separately.

Trading window closes effective Thursday, October 01, 2026
Closure relates to unaudited financial results for the period ending September 30, 2026
Trading ban persists until 48 hours post declaration of financial results
Date for the Board Meeting to approve Q2/H1 results to be intimated in due course

💡 Track future corporate announcements for the declaration of the board meeting date when Q2/H1 FY27 financial results will be considered.

STEL Holdings Schedules 36th AGM on September 25, 2026; Submits FY26 Annual Report

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 01 Sep 2026, 08:05 PM

STEL Holdings Limited has issued the notice for its 36th Annual General Meeting (AGM) scheduled for Friday, September 25, 2026, at 12:00 PM IST via Video Conferencing. The meeting agenda includes the adoption of audited standalone and consolidated financial statements for FY 2025-26 and the reappointment of director Mr. Mahesh Narayanaswamy, who retires by rotation. Along with the AGM notice, the company has submitted its full Annual Report for FY26 pursuant to SEBI Listing Regulations.

36th Annual General Meeting convened for September 25, 2026, at 12:00 Noon IST via VC/OAVM
Ordinary business includes adoption of audited Standalone and Consolidated Financial Statements for FY 2025-26
Re-appointment of Mr. Mahesh Narayanaswamy (DIN: 01449684) as Director retiring by rotation
Remote e-voting facility provided to members via CDSL for the AGM resolutions

💡 Eligible shareholders can participate in remote e-voting or attend the AGM virtually on September 25, 2026. Review the full FY26 Annual Report for portfolio details and subsidiary operations.

STEL Holdings Sets Sep 18, 2026 as Cut-Off Date for 36th AGM and E-Voting

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 01 Sep 2026, 07:30 PM

STEL Holdings Limited has announced the schedule for its 36th Annual General Meeting (AGM), to be held on September 25, 2026, via video conferencing. The cut-off date to determine shareholder eligibility for remote e-voting and voting at the AGM is fixed as September 18, 2026. The company's share transfer books and register of members will remain closed from September 19, 2026, to September 25, 2026. Remote e-voting will run from September 22 to September 24, 2026.

36th Annual General Meeting scheduled for September 25, 2026, at 12:00 Noon
Record/Cut-off date for AGM e-voting eligibility set as September 18, 2026
Book closure period runs from September 19, 2026, to September 25, 2026 (both days inclusive)
Remote e-voting window open from September 22, 2026 (9:00 AM) to September 24, 2026 (5:00 PM)

💡 Shareholders holding equity shares as of the September 18, 2026 cut-off date can cast their votes on AGM agenda items between September 22 and September 24, 2026.

STEL Holdings Reports Q1 Net Loss of ₹13.06 Lakhs; Total Comprehensive Income at ₹136.88 Cr

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 07 Aug 2026, 06:10 PM

STEL Holdings reported a consolidated net loss of ₹13.06 lakhs for Q1 FY27, compared to a profit of ₹34.88 lakhs in the year-ago period. Revenue from operations fell significantly to ₹9.79 lakhs from ₹70.74 lakhs YoY, reflecting the seasonal nature of dividend income for this investment holding company. However, the company recorded a massive Total Comprehensive Income of ₹136.88 crore, driven by mark-to-market gains on its equity portfolio. The company remains debt-free with a lean operating structure, though quarterly P&L remains volatile based on investee company payout cycles.

Consolidated revenue from operations declined 86% YoY to ₹9.79 lakhs from ₹70.74 lakhs.
Reported a consolidated net loss of ₹13.06 lakhs for the quarter ended June 30, 2026.
Total Comprehensive Income surged to ₹136.88 crore due to ₹137.01 crore in Other Comprehensive Income (OCI).
Total expenditure remained controlled at ₹22.03 lakhs, with employee costs at just ₹2.73 lakhs.
The company's subsidiary, Doon Dooars Plantations Ltd, remains immaterial with a quarterly loss of ₹0.10 lakhs.

💡 Investors should focus on the 'Total Comprehensive Income' and the market value of the underlying portfolio rather than quarterly P&L volatility. Monitor dividend declarations from key investee companies like PCBL, as these drive STEL's actual cash flow.

STEL Holdings to Close Trading Window from July 1, 2026, for Q1 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 25 Jun 2026, 03:52 PM

Stel Holdings Limited has announced the closure of its trading window starting July 1, 2026, in compliance with SEBI insider trading regulations. This closure is ahead of the announcement of the company's unaudited financial results for the first quarter ending June 30, 2026. The restriction applies to all designated persons and their immediate relatives. The trading window will remain closed until 48 hours after the financial results are officially declared to the exchanges.

Trading window closure begins on July 1, 2026, for the Q1 reporting period.
Closure is mandated by SEBI (Prohibition of Insider Trading) Regulations, 2015.
Window will reopen 48 hours after the declaration of results for the quarter ending June 30, 2026.
The specific date for the Board Meeting to approve results will be announced in due course.

💡 No immediate action is required as this is a standard regulatory procedure. Investors should monitor for the upcoming board meeting date to review the Q1 financial performance.

STEL Holdings FY26 Net Profit Rises 25% to ₹19.86 Cr; Q4 Revenue Declines Sharply

🔵 WATCH ⭐ 7/10

EARNINGS 📅 27 May 2026, 05:58 PM

STEL Holdings reported a standalone net profit of ₹19.86 crore for the full year ended March 31, 2026, compared to ₹15.88 crore in the previous year. However, Q4 FY26 performance was significantly weaker, with revenue falling to ₹25.74 lakhs from ₹13.44 crore in Q4 FY25. The company's Other Comprehensive Income (OCI) took a major hit, recording a loss of ₹163.51 crore for the year, reflecting a decline in the market value of its investment portfolio. Total assets also decreased by approximately 10.4% year-on-year to ₹1,713.29 crore.

Annual standalone net profit increased by 25.1% to ₹1,986.44 lakhs in FY26.
Q4 FY26 standalone revenue plummeted to ₹25.74 lakhs from ₹1,343.89 lakhs in the year-ago period.
Recorded a massive Other Comprehensive Loss of ₹16,351.16 lakhs for FY26, compared to a gain of ₹23,354.27 lakhs in FY25.
Total assets stood at ₹1,71,328.82 lakhs as of March 31, 2026, down from ₹1,91,261.74 lakhs in March 2025.
The Board approved amendments to the Whistle Blower Policy (Vigil Mechanism).

💡 As a holding company, STEL's value is tied to its investment portfolio; investors should monitor the specific stocks held by STEL as the large OCI loss indicates a decline in their market value. The sharp drop in Q4 revenue warrants caution and further investigation into the timing of dividend receipts from its holdings.

STEL Holdings to Close Trading Window from April 1, 2026, for Annual Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Mar 2026, 05:03 PM

STEL Holdings Limited has announced the closure of its trading window for designated persons starting April 1, 2026. This closure is a mandatory regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's financial result declaration. The restriction applies to the audited financial results for the quarter and full financial year ending March 31, 2026. The window will reopen 48 hours after the results are made public.

Trading window closure effective from Wednesday, April 1, 2026.
Closure is in relation to the audited financial results for Q4 and FY ending March 31, 2026.
The window remains closed until 48 hours after the official result declaration.
Board meeting date for result approval to be announced in due course.

💡 This is a routine compliance notification and has no impact on the company's business fundamentals. Investors should look out for the upcoming board meeting date to review the company's annual financial performance.

STEL Holdings Acquires 3.5 Lakh Shares of Saregama India for Rs 12.45 Crore

🟢 POSITIVE ⭐ 6/10

OTHER 📅 16 Mar 2026, 11:38 PM

STEL Holdings Limited has acquired 3,50,000 equity shares of Saregama India Limited through a market purchase on March 16, 2026. The total investment value is approximately Rs 12.45 crore, executed at an average price of Rs 355.70 per share. This acquisition represents a 0.18% stake in Saregama, a company where STEL is already part of the promoter group. The move reflects STEL's ongoing strategy as a Core Investment Company to manage and increase its holdings in group entities.

Acquired 3,50,000 shares of Saregama India Limited via open market purchase
Total cost of acquisition is approximately Rs 12.44,94,818
Average acquisition price per share is Rs 355.70 including charges
The purchase represents a 0.18% stake in the target company
Saregama India reported a significant revenue growth to Rs 1,171.36 crore in FY 2024-25

💡 Investors should note the increase in promoter-group stake as a sign of confidence in Saregama's long-term growth. For STEL shareholders, this demonstrates active portfolio management within the group's core investment strategy.

STEL Holdings Acquires 35,970 Shares of Zensar Technologies for Rs 2 Crore

🟡 NEUTRAL ⭐ 4/10

M&A 📅 06 Mar 2026, 04:19 PM

STEL Holdings Limited has acquired 35,970 equity shares of Zensar Technologies Limited through a market purchase on March 5, 2026. The acquisition was completed at an average price of approximately Rs. 554.11 per share, totaling a cash consideration of around Rs. 2 crores. This transaction represents a 0.016% stake in Zensar Technologies, where STEL is already a member of the promoter group. Zensar Technologies is a large-cap IT services firm with a consolidated turnover of Rs. 5,280.60 crores in FY 2024-25.

Acquired 35,970 shares of Zensar Technologies at approximately Rs. 554.11 per share
Total investment value is approximately Rs. 2 crores via cash consideration
Increases STEL's stake in the promoter group company by 0.016%
Zensar reported a consolidated revenue of Rs. 5,280.60 crores for FY 2024-25

💡 This is a minor stake increase by a promoter group entity and should be viewed as a routine investment activity. No immediate action is required as the transaction size is negligible compared to Zensar's total market capitalization.

STEL Holdings Acquires 35,970 Shares of Zensar Technologies for Rs 2 Crores

🟡 NEUTRAL ⭐ 3/10

OTHER 📅 06 Mar 2026, 03:48 PM

STEL Holdings Limited, a promoter group entity, has acquired 35,970 equity shares of Zensar Technologies Limited through a market purchase. The transaction was executed at an average price of Rs 554.11 per share, amounting to a total investment of approximately Rs 2 crores. This acquisition represents a minor 0.016% stake in Zensar Technologies. As an unregistered Core Investment Company, STEL Holdings frequently engages in such transactions as part of its ordinary investment operations.

Acquired 35,970 equity shares of Zensar Technologies via open market purchase
Total cost of acquisition is approximately Rs 2 crores at Rs 554.11 per share
The purchase represents a 0.016% stake in the target company
Zensar Technologies reported a consolidated turnover of Rs 5,280.60 crores for FY 2024-25

💡 This is a routine investment by a holding company in its group entity and does not significantly change the investment thesis for either company. Investors should view this as a minor consolidation of holdings by the promoter group.

STEL Holdings Clarifies Clerical Error in Q3 FY26 PDF Results; XBRL Data Remains Accurate

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 10 Feb 2026, 11:54 AM

STEL Holdings Limited responded to an NSE clarification regarding its Q3 FY2025-26 financial results, identifying a clerical error in the PDF version of its consolidated results. The company explained that an incorrect formula caused the tax amount to be displayed in the Net Profit column instead of the actual net profit figure. Importantly, the XBRL filings and standalone results were accurate, and the error has no material impact on the company's reported financial performance. For the quarter ended December 31, 2025, the company reported a standalone net profit of ₹1,257.75 Lacs on a total income of ₹1,720.18 Lacs.

Clerical error in PDF consolidated results was caused by an incorrect formula in the base file.
XBRL data and Standalone results were confirmed as accurate and unaffected by the error.
Standalone total income for Q3 FY26 rose significantly to ₹1,720.18 Lacs from ₹30.43 Lacs YoY.
Standalone Net Profit for the quarter reached ₹1,257.75 Lacs, compared to ₹9.32 Lacs in the previous year's quarter.
Management stated the error has no material impact on the company's financial position or performance.

💡 No action is required as the error was purely administrative and did not change the underlying financial performance. Investors should refer to the corrected filings for consolidated data.

STEL Holdings Q3 Net Profit Jumps to ₹12.58 Cr; New Company Secretary Appointed

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 28 Jan 2026, 04:34 PM

STEL Holdings reported a massive surge in standalone net profit to ₹12.58 crore for Q3 FY26, compared to just ₹0.09 crore in the same quarter last year. Total income for the quarter rose significantly to ₹17.20 crore, driven by its operations as a Core Investment Company. For the nine-month period ending December 2025, the company recorded a net profit of ₹25.36 crore against ₹5.90 crore in the previous year. The board also approved the appointment of Ms. Sruthi Sindhu as the new Company Secretary effective March 1, 2026, following the resignation of Ms. Lakshmi P.S.

Standalone Net Profit surged to ₹1,257.75 Lacs in Q3 FY26 from ₹9.32 Lacs in Q3 FY25.
Total Income for the quarter increased to ₹1,720.18 Lacs compared to ₹30.43 Lacs YoY.
Nine-month (9M FY26) EPS improved significantly to ₹13.74 from ₹3.20 in the prior year.
Ms. Sruthi Sindhu (ACS: 79555) appointed as CS and Compliance Officer effective March 01, 2026.
Negative Other Comprehensive Income of ₹3,445.61 Lacs in Q3 reflects volatility in investment valuations.

💡 The sharp increase in profit is positive, but investors should note that as an investment company, STEL's earnings are highly dependent on dividend cycles and market valuations. Monitor the total comprehensive income which remains volatile due to mark-to-market adjustments on investments.

View All STEL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Dividend and interest income are the primary revenue drivers; standalone profit before tax grew 23.07% YoY to INR 9.55 Cr for the half-year ended September 30, 2025.

Geographic Revenue Split

100% of revenue is derived from India-based investments; specific regional split within India is not disclosed.

Profitability Margins

Operating profit before working capital changes was INR 9.37 Cr for H1 FY26, representing a 20.28% increase from INR 7.79 Cr in the previous year, driven by higher dividend yields from investee companies.

EBITDA Margin

Not applicable for a Core Investment Company; however, operating profit grew 20.28% YoY, reflecting high administrative efficiency with only 3 employees.

Capital Expenditure

Deployed INR 33.6 Cr in October 2025 for the acquisition of 12,0,000 equity shares of PCBL Chemical Limited at INR 280 per share.

Credit Rating & Borrowing

Not disclosed in available documents; the company primarily operates as a debt-free Core Investment Company.

⚙️ Operational Drivers

Raw Materials

Not applicable as STEL is a Core Investment Company (CIC) and does not engage in manufacturing.

Capacity Expansion

Not applicable for investment activities; however, the company acquired 12,00,000 shares of PCBL Chemical Limited to expand its sector-specific exposure.

Manufacturing Efficiency

Administrative efficiency is maintained by a lean team of 3 employees managing a total asset base of INR 2,032.79 Cr.

📈 Strategic Growth

Expected Growth Rate

20.28%

Growth Strategy

STEL plans to achieve growth by focusing on companies with high-quality governance and strong balance sheets, specifically in sectors like Power and Carbon Black. The recent INR 33.6 Cr investment in PCBL Chemical Limited demonstrates a commitment to expanding its footprint in the chemical manufacturing sector to drive future dividend income and capital gains.

Products & Services

Investment holding services, dividend income, and interest income from bank deposits.

Brand Portfolio

STEL Holdings Limited, Doon Dooars Plantations Ltd (Subsidiary).

New Products/Services

Small capital allocations to new-age companies whose earnings are expected to fructify at a later stage of development.

Market Expansion

Focus on the Indian market, leveraging the revival of stalled infrastructure projects and stable central government policies to enhance investee company performance.

Strategic Alliances

Maintains promoter group status in various investee companies; specific third-party joint venture partners are not named.

🌍 External Factors

Industry Trends

The Indian financial sector is experiencing a surge in equity-based financing and IPOs (6x growth FY13-FY24), which provides a favorable exit and valuation environment for STEL's listed equity holdings.

Competitive Landscape

Operates within the Indian financial sector alongside other holding companies and NBFCs competing for capital allocation opportunities.

Competitive Moat

STEL's moat is its long-term strategic position as a promoter group entity in several key industrial companies, providing a stable and durable advantage in accessing high-quality investment opportunities not available to general market participants.

Macro Economic Sensitivity

Highly sensitive to Indian capital market fluctuations; the portfolio value increased 20.28% YoY to INR 1,884.20 Cr in line with positive domestic economic sentiment.

Consumer Behavior

Rising consumer debt and unsecured lending in the financial sector (as per Economic Survey 2024-25) may impact the performance of financial service investee companies.

Geopolitical Risks

Global macro-economic conditions are cited as factors that could affect the timing and valuation of long-term investment realizations.

⚖️ Regulatory & Governance

Industry Regulations

Subject to Indian tax laws and RBI regulations for Core Investment Companies; changes in these could impact the net profitability of dividend income and the efficiency of capital reallocation.

Environmental Compliance

ESG related risks are monitored as part of the risk management framework; specific compliance costs are not disclosed.

Taxation Policy Impact

The company faces a deferred tax liability of INR 150.72 Cr as of September 30, 2025, which increased by 12.42% YoY, reflecting the growing valuation of its underlying investments.

Legal Contingencies

Not disclosed in available documents; the company reports compliance with all listing and legal requirements relating to financial statements.

⚠️ Risk Analysis

Key Uncertainties

Market risk and sectoral downturns in Power or Carbon Black could impact the INR 1,884.20 Cr portfolio value, which constitutes nearly 93% of total assets.