Ambadi Investments Ltd

Indicative price history

Key highlights

• FY25 consolidated PBT ₹1,665 Cr, PAT about ₹1,655 Cr, EPS ₹6,773; FY24 PBT ₹1,716 Cr, EPS ₹6,961.
• Book value about ₹50,967 a share (net worth roughly ₹12,450 Cr) against a ₹20,100 quote — 0.39x book, 3x earnings.
• Promoter stakes in Tube Investments (35.76% in 2021), Cholamandalam companies, EID Parry/Coromandel and Carborundum Universal; listed investments valued at ₹10,986 Cr as early as January 2020.
• Promoters hold 94.74% of 24.4 lakh shares; no UnlistedZone price — rate is wwipl's last trade.

About Ambadi Investments

Ambadi Investments Limited is the principal holding company of the Chennai-based Murugappa Group. Incorporated on 6 May 1942 (CIN U65993TN1942PLC003659, RoC Chennai), it is registered with the Reserve Bank of India as a Systemically Important Non-Deposit-taking Core Investment Company (NBFC – Middle Layer) and exists to hold, manage and grow the family's investments in group companies. It is listed as a promoter entity in the exchange filings of the group's listed companies and holds direct stakes in Tube Investments of India, Cholamandalam Financial Holdings, Cholamandalam Investment & Finance, E.I.D. Parry (India), Coromandel International (through Parry), Carborundum Universal and Kartik Investment Trust; a 2021 shareholding pattern showed it as the largest holder of Tube Investments with 35.76%.

Ownership sits with the Murugappa family: the promoters and promoter group hold about 94.74% of the 24,43,022 equity shares of ₹10 each (paid-up capital ₹2.44 Cr), with the balance held by a small number of other shareholders — a 2020 AGM record showed 49 voting shareholders. The board is drawn from the family's branches: M A Alagappan signs as Chairman, and directors include M M Venkatachalam, A Vellayan, M A M Arunachalam, Vellayan Subbiah and N Padmanabhan. The company was at the centre of the 2019–2020 dispute in which Valli Arunachalam, daughter of the late M V Murugappan, sought a board seat and an exit for her branch's roughly 8% holding; shareholders voted down her candidacy in 2020 and a family settlement was announced in August 2023, which states that no listed group company is party to it.

Because it accounts for its group companies as associates, Ambadi's consolidated profit is dominated by its share of their earnings rather than by its own revenue. Dealer-published consolidated statements show profit before tax of ₹1,716.3 Cr in FY24 and ₹1,665.1 Cr in FY25, of which share of profit of associates was ₹1,715.3 Cr and ₹1,655.7 Cr; basic EPS was ₹6,960.62 and ₹6,772.68, giving profit after tax of about ₹1,700 Cr and ₹1,655 Cr. Revenue from operations (dividends, interest and fair-value gains on its own portfolio) was about ₹462 Cr in FY25. Book value per share was about ₹50,967 at March 2025, a consolidated net worth of roughly ₹12,450 Cr. Business Standard estimated the market value of its listed investments at ₹10,986 Cr in January 2020; the group companies have re-rated substantially since, so the see-through value today is a multiple of that figure.

The stock is a classic holding-company discount play. UnlistedZone lists the company but shows no indicative price (₹0, 'price history not available'), so the rate used here is the most recent dealer quote — wwipl's last traded ₹20,100 (52-week range ₹19,000–₹20,100, high on 8 May 2026). At that price the market capitalisation is about ₹4,910 Cr: 3.0 times FY25 consolidated EPS and 0.39 times book value, and a small fraction of the market value of the underlying stakes. The discount reflects the 94.74% promoter lock, the family's demonstrated reluctance to admit outside holders, negligible float and the absence of a published ISIN or dividend record in the sources found; buyers should expect very low liquidity and confirm the lot (set at 5 here) with the dealer.

Verification status (10 Oct 2026): CIN, incorporation date, registered office and paid-up capital are from registry aggregators (InstaFinancials, companydetails) and an NSE promoter filing; the board and DINs are from a registry directory snapshot; FY24/FY25 profit, EPS, share-of-associates and book value are from wwipl's reproduction of the consolidated accounts and UnlistedZone's research note (not independently audited here); the holdings list is from Business Standard (2019) and exchange shareholding patterns; the family dispute and settlement are from Business Today and Moneylife. Revenue for FY24, expenses, balance-sheet composition, cash flows, dividends and headcount are estimates and are marked as such. No UnlistedZone price exists — the ₹20,100 rate is a wwipl quote.

Where the revenue comes from

• Share of profit of associates (Murugappa group companies)78%

  Equity-accounted earnings of Tube Investments, Cholamandalam, EID Parry/Coromandel, CUMI and others — ₹1,655.7 Cr in FY25

• Dividend, interest and investment income22%

  Revenue from operations of about ₹462 Cr in FY25 (dividends and portfolio gains)

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