Eastern Investments Ltd

Indicative price history

Key highlights

• Government of India enterprise (RINL 51%, President of India ~16%) holding 50.01% each of OMDC and BSLC; 14,44,387 shares of ₹10, book value ₹1,848 a share, no debt.
• FY25 standalone: total income ₹44.27 lakh, net loss ₹28.91 lakh; consolidated revenue ₹128.67 Cr and loss after tax ₹35.18 Cr; no dividend.
• Listed on the Calcutta Stock Exchange (suspension revoked May 2024) but last traded there in September 2012; trades off-market in demat.
• Rate ₹3,800 (wwipl last traded; UnlistedZone shows no price) implies ~₹549 Cr market cap, about 2.1x book.

About Eastern Investments

Eastern Investments Limited (EIL) is a non-banking finance company whose business is holding shares. It was incorporated on 3 January 1927 as the investment arm of the Calcutta managing-agency house Bird & Company. The Bird & Co. undertakings were nationalised under the Bird & Company Ltd (Acquisition and Transfer of Undertakings and other Properties) Act, 1980; EIL became a central public sector undertaking on 19 March 2010 and a subsidiary of Rashtriya Ispat Nigam Limited (RINL, the Visakhapatnam steel maker) on 5 January 2011, when RINL acquired 7,36,638 shares, or 51%, under a Ministry of Steel restructuring. The company has no regular employees; its registered office is in Bhubaneswar and it is administered alongside its subsidiaries as the 'Bird Group'.

EIL holds 50.01% of The Orissa Minerals Development Company Limited (OMDC, an iron and manganese ore miner in Odisha's Barbil belt that is itself listed on BSE/NSE) and 50.01% of The Bisra Stone Lime Company Limited (BSLC, a limestone and dolomite miner at Birmitrapur). Its income is almost entirely dividends from these subsidiaries and interest on bank deposits. Because OMDC's mining leases have been stalled for years pending renewals and clearances, and BSLC has been loss-making, neither subsidiary paid a dividend in FY24 or FY25, so EIL's own income has shrunk to interest and fair-value movements. The directors' report says future growth depends on reopening OMDC's mines; BSLC has environment-ministry permission to raise production from 0.96 to 5.26 million tonnes a year.

The audited FY25 standalone accounts show total income of ₹44.27 lakh (revenue ₹57.24 lakh, other income a ₹12.97 lakh fair-value loss) against ₹95.56 lakh in FY24, expenses of ₹88.74 lakh and a net loss of ₹28.91 lakh (FY24: profit ₹2.10 lakh). No dividend was recommended. Standalone net worth is ₹266.91 Cr, of which ₹258.64 Cr is the cost of the two subsidiary stakes; there is no debt. On a consolidated basis the group had revenue of ₹128.67 Cr (FY24 ₹171.63 Cr), a pre-tax loss of ₹41.19 Cr and a loss after tax of ₹35.18 Cr, of which ₹17.27 Cr is attributable to EIL's owners; consolidated equity is negative (₹-141.62 Cr including minority interests) and the group took on ₹177.99 Cr of non-current borrowings in FY25 while capital work-in-progress jumped to ₹111.08 Cr, reflecting mine-restart spending at OMDC. The CAG's comments and a qualified consolidated audit report are part of the annual report.

EIL's 14,44,387 equity shares of ₹10 are listed on the Calcutta Stock Exchange (scrip code 10015071). CSE revoked a long suspension of trading with effect from 20 May 2024, but CSE itself offers no trading platform, and the shares were last traded on the exchange on 7 September 2012 at ₹2,436.45. Dealers therefore trade the stock off-market in demat form. UnlistedZone lists the company but shows no indicative price; the only dealer quote found is wwipl's last traded price of ₹3,800 (recorded as a lifetime high on 24 May 2025, up from ₹800 in September 2021), which is the rate used here. At ₹3,800 the implied market capitalisation is about ₹549 Cr — roughly 2.1 times the standalone book value of ₹1,848 a share and far above the earnings, which are negative. The investment case is purely the look-through value of the 50.01% OMDC stake (OMDC is separately listed) and any eventual restart of the mines.

Shareholding at 31 March 2025: RINL 51.00%, President of India 15.79% (plus a state government 0.01%), OMDC 1.76%, LIC and public-sector insurers 6.84%, banks 0.62%, bodies corporate 3.80%, Indian public 17.90%, trusts/LLPs/HUFs 1.52%, foreign holders 0.52% and the Custodian of Enemy Property 0.13%. The board is government-nominated: A K Saxena (non-executive chairman from 4 November 2024), A K Bagchi (RINL nominee and managing director with additional charge from 1 October 2025, succeeding S C Pandey), Neha Verma (government nominee from 16 July 2025) and Anil Kumar P.V. (independent). Auditors are B. Chhawchharia & Co., Kolkata; the RTA is CB Management Services, Kolkata.

Verification status (10 Oct 2026): incorporation, CIN, office, share count, board, shareholding, FY24 and FY25 standalone and consolidated figures are from the audited 98th Annual Report (FY 2024-25), including the CSE listing and last-trade data. The ₹3,800 rate is a wwipl last-traded price (UnlistedZone shows none) and should be confirmed with the dealer; the look-through valuation of the OMDC stake is not computed here. Cash-flow lines are taken from the standalone cash-flow statement. No FY23 or earlier figures were extracted.

Where the revenue comes from

• Interest on bank deposits100%

  Revenue from operations of ₹57.24 lakh in FY25 was interest; no dividend was received from OMDC or BSLC

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