SICOM Ltd
Maharashtra's 1966 state industrial-finance corporation turned part-privatised NBFC — ₹60.77 Cr of paid-up capital, a legacy loan book under NPA sale, and dealer quotes that range from ₹85 (UnlistedZone, 2021) to ₹0.50 (wwipl).
Market cap
₹516.54 Cr
6.08 Cr shares
P/E ratio
50.60
Sector average 12
Book value
₹34.68
P/B 2.45
1-year return
+0.00%
52w ₹1 – ₹85
Currently 100% of the way through its 52-week range.
Indicative price history
1Y change
+16,900.00% ₹1 → ₹85
52-week band in this window: ₹0.50 – ₹85.00. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Founded 1966 as Maharashtra's state industrial-finance corporation; part-privatised 1995-96 with the state at about 49%.
- Paid-up capital ₹60.77 Cr (about 6.08 Cr shares of ₹10); FY23 revenue ₹163.69 Cr, profit ₹10.20 Cr per registry aggregators.
- UnlistedZone ₹85 (17 Sep 2021, lot 250) versus wwipl last trade ₹0.50 (Jan 2023) — a 170x gap; no recent trades found.
- Legacy NPAs under auction (EOI corrigendum May 2024); subsidiaries include SICOM ARC.
About SICOM
SICOM Limited began life in 1966 as the State Industrial and Investment Corporation of Maharashtra, the Government of Maharashtra's agency for financing and promoting industry in the state's backward regions. For three decades it extended term loans, took equity in new ventures, ran the state's incentive schemes and developed industrial infrastructure. In 1995-96 it became India's first state financial institution to be part-privatised: the Government of Maharashtra reduced its stake to 49% and SICOM was re-registered as a non-banking financial company owned jointly by the state, public financial institutions (IDBI, LIC, GIC, SBI, UTI) and later private investors. Its registered office is in Andheri (East), Mumbai (CIN U65990MH1966PLC013459, RoC Mumbai).
In its NBFC avatar SICOM's businesses were corporate and SME lending, structured and mezzanine finance, treasury, and advisory and incentive-disbursement services for the state. It built a group of subsidiaries — SICOM ARC (an asset-reconstruction company), SICOM Investments and Finance, SICOM Capital Management, SICOM Realty and SICOM Trustee Company — and for a time managed venture funds. Lending to mid-sized Maharashtra industrials left it with a concentrated, cyclical book; non-performing assets rose sharply after 2017, rating agencies cut its debt ratings towards default grade around 2019-20 after delays in servicing borrowings (verify the exact sequence), and the company has since been in a long recovery phase, selling NPAs and shrinking the balance sheet. In May 2024 it issued a corrigendum to an expression-of-interest notice for the sale of a pool of non-performing financial assets.
Registry aggregators report FY23 (year to 31 March 2023) revenue of ₹163.69 Cr and a profit of ₹10.20 Cr — the only recent figures found; paid-up capital is ₹60,76,87,030 (about 6.08 Cr shares of ₹10) and the last balance sheet on record is dated 31 March 2024. Net worth, borrowings and NPA ratios are not available from the sources reached, and audited accounts should be obtained from the company or MCA21 before any investment decision. The board has 11 directors according to the registry, including nominees of the Government of Maharashtra and institutional shareholders.
Pricing is the central problem with this scrip. UnlistedZone's page shows an indicative price of ₹85 with a lot of 250 and a market capitalisation of ₹517 Cr — but that quote is dated 17 September 2021. wwipl's record shows a last traded price of ₹0.50 with a lifetime high of ₹10 (August 2022) and a lifetime low of ₹0.50 (January 2023), implying a market value of about ₹3 Cr. Per the user's instruction the UnlistedZone figure of ₹85 is recorded as the listing rate, but there is a 170-fold gap between dealers and no trade data since 2023; any buyer should treat ₹85 as a historical reference, not a transactable price, and insist on current audited financials.
Verification status (10 Oct 2026): CIN, RoC, registered office locality, paid-up capital, status, FY23 revenue and profit and the NPA-sale notice are from registry aggregators (InstaFinancials, Infyner) and search snippets; the ISIN, lot and prices are from UnlistedZone and wwipl snippets. History (1966 founding, 1995-96 part-privatisation, 49% state holding, subsidiary list, rating downgrades) is from memory and public history and should be verified. Incorporation day/month, the full registered address, headcount, balance-sheet and cash-flow figures, management names and the shareholding split are estimates or unverified.
Where the revenue comes from
- Loan recoveries & interest income60%
Interest and recoveries on the legacy corporate/SME loan book (estimate)
- Treasury & investments25%
Income on investments, equity stakes and subsidiaries (estimate)
- Fee, advisory & state incentive services15%
Advisory, trusteeship and disbursement services for the Government of Maharashtra (estimate)
Products & services
Corporate & SME term lending
Legacy project and working-capital loans to Maharashtra industrial borrowers, now largely in recovery.
Asset reconstruction (SICOM ARC)
RBI-registered ARC subsidiary acquiring and resolving stressed assets.
Investments & treasury
Equity stakes in assisted companies, subsidiaries and market investments.
Advisory & state services
Incentive disbursement, trusteeship and advisory for the Government of Maharashtra and industry.
What works
- • Six decades of history as Maharashtra's state industrial-finance arm, with the Government of Maharashtra still the largest shareholder (about 49%) and public financial institutions on the register.
- • Group of licensed subsidiaries — notably SICOM ARC (asset reconstruction) — and a Mumbai real-estate footprint that may hold recovery value beyond the loan book.
- • Registry data show FY23 revenue of ₹163.69 Cr and a profit of ₹10.20 Cr, suggesting the company was still generating income from recoveries and treasury.
- • At wwipl's quotes the equity trades at a tiny fraction of paid-up capital, so any successful NPA resolution or asset sale could create an asymmetric outcome for a speculative buyer.
What to watch
- • No usable market: UnlistedZone's ₹85 is five years old, wwipl's last trade is ₹0.50, and no 2024-26 trades were found; the listing rate could be 170 times what a willing buyer would pay.
- • Asset-quality crisis: large legacy NPAs, debt-servicing delays and default-grade ratings around 2019-20, with NPA pools still being auctioned in 2024; net worth may be impaired.
- • Opaque disclosure: no audited financials since FY23 reached, no public rating rationale, and a government-linked ownership structure where strategic decisions depend on the state.
- • Governance and regulatory overhang typical of stressed NBFCs — possible RBI directions, litigation with borrowers and lenders, and no dividend or liquidity event in sight.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| SICOMThis page | ₹85.00 | ₹516.54 Cr | 50.60 | 2.45 | +0.00% |
| INKEL | ₹20.40 | ₹346.8 Cr | 36.43 | 1.73 | +15.47% |
| Peerless | ₹17,500.00 | ₹5,803 Cr | 21.57 | 2.39 | +14.99% |
Latest reported year: FY23 ending 31 Mar 2023.