Originally incorporated on November 09, 1977, with a primary line of business in manufacturing computers and related peripherals, International Data Management Ltd. has effectively ceased all meaningful operations. The company's financial statements reveal a stark reality: no sales, no employees, and minimal operating expenses that reflect only administrative costs to maintain its legal existence. With shareholder funds standing at a deeply negative ₹4.24 crores as of March 2025, the company's balance sheet is technically insolvent, with liabilities far exceeding assets.
The recent price surge to ₹32.67 represents a remarkable 556.02% gain over five years, despite the complete absence of business operations—a clear indication of speculative trading rather than fundamental value creation. Institutional investors have stayed away entirely, with just 0.06% holdings from other domestic institutional investors and zero presence from foreign institutional investors or mutual funds.
Financial Performance: A Chronicle of Continuous Losses
International Data Management Ltd.'s financial performance in Q2 FY2026 offers no deviation from the established pattern of losses. The company reported a net loss of ₹0.01 crores for the quarter ended September 2025, maintaining the trend of quarterly value destruction. With absolutely no revenue generation (₹0.00 crores in sales), the company's entire financial activity consists of minimal operating expenses.
| Quarter | Net Sales (₹ Cr) | Operating Profit (₹ Cr) | Net Profit (₹ Cr) |
|---|---|---|---|
| Sep'25 | 0.00 | -0.01 | -0.01 |
| Jun'25 | 0.00 | -0.05 | -0.05 |
| Mar'25 | 0.00 | -0.03 | -0.03 |
| Dec'24 | 0.00 | -0.04 | -0.04 |
| Sep'24 | 0.00 | -0.01 | -0.01 |
| Jun'24 | 0.00 | -0.05 | -0.04 |
| Mar'24 | 0.00 | -0.07 | -0.07 |
The quarterly loss of ₹0.01 crores in Q2 FY2026 represents an improvement from the ₹0.05 crores loss recorded in Q1 FY2026, though this merely reflects variation in minimal administrative expenses rather than any operational recovery. On a year-on-year basis, the Q2 FY2026 loss matches the ₹0.01 crores loss from Q2 FY2025, indicating absolute stagnation.
The company maintains zero employee costs, zero interest expenses, and negligible depreciation, confirming its status as a dormant entity. Other income, which occasionally appears in quarterly results, remains minimal at ₹0.00 crores for Q2 FY2026. The balance sheet as of March 2025 reveals shareholder funds of negative ₹4.24 crores, comprising equity capital of ₹2.20 crores offset by accumulated losses in reserves and surplus of negative ₹6.44 crores.
Critical Red Flag: Negative Book Value
With a book value per share of negative ₹19.26, International Data Management Ltd. has completely eroded shareholder equity. The company's liabilities of ₹4.29 crores far exceed its minimal assets of ₹0.05 crores in current assets and ₹0.01 crores in fixed assets. This represents technical insolvency, where the company owes more than it owns.
Operational Reality: A Shell Without Substance
International Data Management Ltd. operates—if one can use that term—without any discernible business activity. The company has no sales, no production facilities, no employees, and no meaningful assets. Fixed assets stand at a mere ₹0.01 crores as of March 2025, whilst current assets total just ₹0.05 crores. The company maintains no investments and has zero long-term debt, though current liabilities of ₹4.29 crores create the negative equity position.
Return on equity calculations become meaningless when equity itself is negative. The company's average ROE stands at 0.0%, whilst the latest ROE is listed as "Negative BV" due to the negative book value. Similarly, return on capital employed (ROCE) stands at a meagre 1.18% on average, though the latest ROCE is negative 13.00%, reflecting the ongoing destruction of capital.
The cash flow statement reveals the stark reality of a company in suspended animation. Cash flow from operations, investing, and financing activities all register ₹0.00 crores for March 2024 and March 2023. Opening and closing cash balances remain at zero, indicating that the company conducts no meaningful financial transactions beyond the bare minimum required to maintain its listing status.
The Puzzle of Market Valuation
Despite having zero revenue, negative equity, and no business operations, International Data Management Ltd. commands a market capitalisation of ₹7.00 crores at the current price of ₹32.67. This represents a price-to-book value of negative 1.68 times—a valuation metric that highlights the disconnect between market price and fundamental value. Investors are essentially paying ₹32.67 per share for a company with negative ₹19.26 book value per share, a premium that defies conventional valuation logic.
Shareholding Pattern: Promoter Exit Signals Deepening Concerns
The shareholding pattern reveals a troubling trend that should alarm any prospective investor. Promoter holding has declined from 25.27% in September 2025 to 23.53% in December 2025, representing a sequential decrease of 1.74 percentage points. This reduction in promoter stake, occurring whilst the company remains operationally dormant, raises questions about promoter confidence in the entity's future.
| Quarter | Promoter % | QoQ Change | FII % | MF % | Non-Institutional % |
|---|---|---|---|---|---|
| Dec'25 | 23.53% | -1.74% | 0.00% | 0.00% | 76.41% |
| Sep'25 | 25.27% | 0.00% | 0.00% | 0.00% | 74.67% |
| Jun'25 | 25.27% | 0.00% | 0.00% | 0.00% | 74.67% |
| Mar'25 | 25.27% | 0.00% | 0.00% | 0.00% | 74.67% |
| Dec'24 | 25.27% | N/A | 0.00% | 0.00% | 74.67% |
The promoter group consists of HCL Corporation Private Limited (22.28%), Viren Investments Private Limited (0.74%), and Vireet Investments Private Limited (0.51%). The recent reduction suggests that even those with the deepest knowledge of the company's affairs are reducing their exposure. Institutional investors remain completely absent, with zero holdings from foreign institutional investors, mutual funds, and insurance companies. Only a negligible 0.06% is held by other domestic institutional investors, unchanged for multiple quarters.
Non-institutional holdings have correspondingly increased to 76.41% in December 2025 from 74.67% previously, absorbing the shares sold by promoters. This shift towards retail and non-institutional investors, who may lack the resources for thorough due diligence, creates additional risk in an already precarious situation.
Peer Comparison: The Weakest Link in Commercial Services
Comparing International Data Management Ltd. to peers in the Commercial Services & Supplies sector reveals the stark underperformance and fundamental weakness of this entity. Whilst peers generate returns on equity ranging from 7.65% to 23.95%, International Data Management registers 0.0% ROE due to its negative book value.
| Company | P/E (TTM) | ROE % | Debt/Equity | Price/Book | Div Yield % |
|---|---|---|---|---|---|
| Intl. Data Mgt. | NA (Loss Making) | 0.0% | -1.01 | -1.68 | NA |
| Integrated Capital | 115.65 | 15.45% | 0.25 | 1.41 | NA |
| Jonjua Overseas | 4.89 | 10.76% | 0.89 | 0.40 | 2.02% |
| Zodiac Ventures | 11.07 | 7.65% | 0.41 | 0.31 | 6.33% |
| Getalong Enterp. | 6.18 | 15.98% | 0.07 | 0.77 | NA |
| BNR Udyog | NA (Loss Making) | 23.95% | -0.63 | 1.11 | NA |
International Data Management's negative price-to-book ratio of -1.68 times stands in stark contrast to peers trading at positive multiples ranging from 0.31 to 1.41 times book value. The company's debt-to-equity ratio of -1.01 reflects its negative equity position rather than prudent capital structure. With a market capitalisation of just ₹7.00 crores, it ranks last among its peer group, reflecting the market's assessment of its non-existent business prospects.
Valuation Analysis: Paying a Premium for Nothing
The valuation metrics for International Data Management Ltd. defy conventional financial analysis. With a P/E ratio listed as "NA (Loss Making)" due to consistent losses, investors lack even the basic framework for assessing earnings potential. The enterprise value-to-EBITDA ratio stands at -11.51 times, whilst EV-to-EBIT similarly registers -11.51 times—both negative due to the company's loss-making status and minimal enterprise value.
The company's overall valuation grade stands at "RISKY," a classification that seems generous given the complete absence of business operations. The stock trades at ₹32.67, representing a 57.07% premium to its 52-week low of ₹20.80, yet remains 19.67% below its 52-week high of ₹40.67. This volatility occurs without any fundamental business developments, confirming that price movements are driven purely by speculative trading rather than value creation.
The dividend yield remains "NA" as the company has paid no dividends, unsurprising given its loss-making status and negative reserves. The PEG ratio similarly cannot be calculated due to the absence of earnings growth. Any attempt to derive a fair value estimate for this stock becomes an exercise in futility when the underlying business generates no cash flows and possesses no tangible assets of value.
Stock Performance: Speculative Gains Divorced from Fundamentals
The stock price performance of International Data Management Ltd. presents a paradox: significant returns generated despite zero business activity. Over the past five years, the stock has delivered a remarkable 556.02% return, vastly outperforming the Sensex's 62.34% gain by an alpha of 493.68 percentage points. However, this performance reflects speculative trading activity rather than fundamental value creation.
| Period | Stock Return | Sensex Return | Alpha |
|---|---|---|---|
| 1 Day | +4.98% | -0.66% | +5.64% |
| 1 Week | +11.35% | +0.43% | +10.92% |
| 1 Month | +5.73% | -0.24% | +5.97% |
| 3 Months | +0.37% | -0.94% | +1.31% |
| 6 Months | +33.40% | +4.29% | +29.11% |
| YTD | +5.39% | -1.81% | +7.20% |
| 2 Years | +81.00% | +17.73% | +63.27% |
| 3 Years | +126.40% | +37.89% | +88.51% |
| 5 Years | +556.02% | +62.34% | +493.68% |
Recent price momentum shows the stock trading above all key moving averages—5-day (₹29.99), 20-day (₹30.25), 50-day (₹29.03), and 100-day (₹28.50)—suggesting technical strength. The technical trend classification has shifted to "BULLISH" as of February 12, 2026, with indicators like MACD, Bollinger Bands, and On-Balance Volume showing bullish signals on the weekly timeframe.
However, these technical signals must be viewed with extreme caution. The extremely low trading volumes—just 664 shares traded on February 12, 2026—indicate thin liquidity that makes the stock susceptible to manipulation. The weighted average price of ₹31.36 on minimal volume suggests that small trades can create significant price movements, amplifying volatility and risk.
Investment Thesis: A Speculative Bet with No Fundamental Support
The investment case for International Data Management Ltd., if one can call it that, rests entirely on speculation rather than fundamental analysis. The company's Mojo Score stands at 40 out of 100, placing it firmly in "SELL" territory with a recommendation to "Consider selling" and "Look for exit opportunities." This score reflects the harsh reality across all assessment parameters.
The quality grade registers as "BELOW AVERAGE," based on long-term financial performance that shows zero sales growth, zero EBIT growth, and negligible return metrics. The financial trend classification stands at "FLAT," unchanged from previous assessments, indicating no improvement in the company's operational status. The valuation assessment carries a "RISKY" designation, acknowledging that traditional valuation frameworks cannot adequately capture the risks inherent in a non-operating entity with negative equity.
Technical indicators, whilst currently showing "BULLISH" signals, provide little comfort given the fundamental vacuum. The recent shift to bullish technical trend on February 12, 2026, merely reflects short-term price momentum driven by speculative interest rather than any material business development or operational recovery.
Limited Positives
- Zero debt position (though this reflects absence of operations rather than financial strength)
- No promoter pledging of shares
- Minimal cash burn due to suspended operations
- Strong price momentum over medium to long term (though fundamentally unjustified)
Critical Risk Factors
- Zero revenue generation for multiple consecutive years
- Negative book value of ₹19.26 per share indicating technical insolvency
- Shareholder funds deeply negative at ₹4.24 crores
- Complete absence of business operations or employees
- Declining promoter holding (down 1.74% to 23.53% in latest quarter)
- Zero institutional investor interest (FII, MF, Insurance all at 0%)
- Extremely thin trading volumes creating manipulation risk
- No clear path to operational recovery or business revival
- Consistent quarterly losses with no improvement trajectory
Outlook: No Catalysts for Recovery
The forward outlook for International Data Management Ltd. remains bleak, with no visible catalysts for operational recovery or value creation. The company has provided no guidance, announced no restructuring plans, and demonstrated no intention to resume business operations. The recent reduction in promoter holding suggests that even insiders lack confidence in any potential turnaround.
Monitoring Points (Positive)
- Any announcement of business revival plans or new ventures
- Injection of fresh capital to restore positive equity
- Merger or acquisition discussions
- Promoter increasing stake (reversal of current trend)
Red Flags to Watch
- Further decline in promoter holding below 20%
- Continued quarterly losses expanding the negative equity
- Regulatory actions or delisting warnings
- Sharp price corrections as speculative interest wanes
- Inability to meet listing obligations
Investors must recognise that International Data Management Ltd. represents a corporate shell with no operating business, negative equity, and no discernible path to recovery. The recent price appreciation reflects speculative trading activity in a thinly traded stock rather than any fundamental improvement in business prospects. The company's classification as "Below Average quality" with a "SELL" rating accurately captures the investment risks.
The Verdict: Avoid This Value Trap
Score: 40/100
For Fresh Investors: Avoid entirely. This is a non-operating shell company with zero revenue, negative equity of ₹4.24 crores, and no visible business prospects. The recent price gains reflect speculative trading rather than fundamental value creation. Investing in this entity amounts to pure speculation with extreme downside risk.
For Existing Holders: Exit at the earliest opportunity. The declining promoter stake, complete absence of institutional investors, and persistent losses indicate no confidence in recovery. Use any price strength to liquidate positions before speculative interest evaporates. The negative book value of ₹19.26 per share means the company is technically insolvent.
Fair Value Estimate: Cannot be determined using conventional valuation methods. With zero revenue, negative equity, and no business operations, the fundamental value approaches zero. Current price of ₹32.67 represents significant overvaluation relative to non-existent intrinsic worth.
Note- ROCE = (EBIT - Other income)/(Capital Employed - Cash - Current Investments)
⚠️ Investment Disclaimer
This article is for educational and informational purposes only and should not be construed as financial advice. Investors should conduct their own due diligence, consider their risk tolerance and investment objectives, and consult with a qualified financial advisor before making any investment decisions. International Data Management Ltd. represents an extremely high-risk investment with fundamental concerns including zero revenue, negative equity, and no operating business. Past price performance does not guarantee future results.
