The stock closed at ₹35.48 on November 17, 2025, down 19.27% over the past year, significantly underperforming the Sensex which gained 9.50% during the same period. With a negative book value of ₹79.85 per share and shareholder funds at negative ₹22.79 crores, the company's balance sheet reflects severe financial distress accumulated over years of operational inactivity.
The company's proprietary Mojo Score stands at a dismal 17 out of 100, firmly in "STRONG SELL" territory, reflecting the combination of zero operational activity, deteriorating financials, and negative equity position. The quality grade remains "BELOW AVERAGE" with financial trend classified as "FLAT"—a generous characterisation given the complete absence of business operations.
Financial Performance: A Business in Suspended Animation
Olympic Oil Industries' Q2 FY26 results reveal a company that exists only on paper. Net sales stood at precisely zero for the quarter ended September 2025, a situation that has persisted unchanged since March 2024. The net loss of ₹0.06 crores, whilst marginally lower than Q1 FY26's ₹0.08 crores loss, reflects minimal ongoing expenses rather than any operational improvement.
| Quarter | Net Sales (₹ Cr) | Operating Profit (₹ Cr) | Net Profit (₹ Cr) | Employee Cost (₹ Cr) |
|---|---|---|---|---|
| Sep'25 | 0.00 | -0.06 | -0.06 | 0.01 |
| Jun'25 | 0.00 | -0.08 | -0.08 | 0.01 |
| Mar'25 | 0.00 | -0.07 | -0.07 | 0.01 |
| Dec'24 | 0.00 | -0.05 | -0.05 | 0.01 |
| Sep'24 | 0.00 | -0.05 | -0.05 | 0.01 |
| Jun'24 | 0.00 | -0.08 | -0.08 | 0.01 |
| Mar'24 | 0.00 | -0.11 | -0.06 | 0.02 |
Employee costs have remained minimal at ₹0.01 crores per quarter, suggesting a skeletal staff maintaining basic corporate compliance. The operating loss before depreciation, interest, and tax (PBDIT) of ₹0.06 crores in Q2 FY26 represents the bare minimum expenses required to keep the corporate entity legally alive.
On a half-yearly basis (H1 FY26), the company accumulated losses of ₹0.14 crores against zero revenue, bringing the total reserves and surplus deficit to ₹25.64 crores as of March 2025. This erosion of shareholder value has been relentless, with reserves declining from negative ₹24.09 crores in March 2020 to the current negative ₹25.64 crores.
Critical Red Flag: Complete Business Cessation
Olympic Oil Industries has reported zero revenue for seven consecutive quarters since March 2024. The company's last meaningful operational year was FY2018, when it generated ₹1,233 crores in sales. The subsequent collapse has been catastrophic—from ₹17 crores in FY2019 to absolute zero since FY2020. This represents a complete cessation of business operations rather than a temporary downturn.
Balance Sheet: A Portrait of Financial Distress
The company's balance sheet as of March 2025 reveals the extent of financial deterioration. With negative shareholder funds of ₹22.79 crores against a share capital of ₹2.85 crores, equity has been completely wiped out. The company continues to exist only because of the support provided by current liabilities totalling ₹388.71 crores, primarily comprising trade payables of ₹208.91 crores and other current liabilities of ₹72.39 crores.
Current assets stand at ₹361.75 crores, suggesting the company holds some inventory or receivables from its erstwhile trading operations. However, with zero sales for over five years, the realisable value of these assets remains highly questionable. Fixed assets have depreciated to a mere ₹0.07 crores, whilst investments remain static at ₹4.10 crores.
The debt-free status—with zero long-term debt and negligible interest expenses—provides little comfort given the negative equity position. The company's average net debt to equity ratio of negative 4.69 technically classifies it as a "net cash company," but this metric is meaningless when shareholder funds themselves are negative.
The Historical Collapse: From ₹1,233 Crores to Zero
Olympic Oil Industries' descent into operational oblivion represents one of the most dramatic collapses in Indian commodity trading. In FY2018, the company generated revenue of ₹1,233 crores with an operating profit margin of 0.73%, posting a net profit of ₹1.00 crore. The business model, whilst low-margin, was functional.
| Financial Year | Net Sales (₹ Cr) | YoY Growth | Net Profit (₹ Cr) | PAT Margin |
|---|---|---|---|---|
| FY2020 | 0.00 | -100.0% | -10.00 | N/A |
| FY2019 | 17.00 | -98.6% | -49.00 | -288.2% |
| FY2018 | 1,233.00 | +1.8% | 1.00 | 0.1% |
| FY2017 | 1,211.00 | -38.7% | 5.00 | 0.4% |
| FY2016 | 1,976.00 | +5.3% | 8.00 | 0.4% |
| FY2015 | 1,877.00 | N/A | 9.00 | 0.5% |
The collapse began in FY2019 when sales plummeted 98.62% to ₹17 crores, accompanied by a catastrophic loss of ₹49 crores. By FY2020, revenue had evaporated entirely, and the company has remained operationally dormant ever since. The five-year sales growth rate stands at 0.00%, whilst average return on equity (ROE) is effectively zero given the negative book value.
Valuation Analysis: Price Disconnected from Reality
At ₹35.48 per share, Olympic Oil Industries trades at a market capitalisation of ₹10.00 crores despite having negative shareholder funds of ₹22.79 crores. The price-to-book value ratio of negative 0.44 times is meaningless in this context—the company's book value per share is negative ₹79.85, meaning shareholders theoretically owe money rather than own value.
The P/E ratio is classified as "NA (Loss Making)" given the sustained losses. The EV/EBITDA multiple of negative 117.04 times reflects the absurdity of applying traditional valuation metrics to a non-operational entity. The company's valuation grade remains "RISKY," a classification it has held since April 2023.
Valuation Disconnect
The stock's continued trading at ₹35.48 despite zero operations and negative equity represents a complete disconnect between price and fundamental value. The 52-week range of ₹27.55 to ₹51.65 suggests speculative trading activity rather than any rational investment thesis. With average daily volumes of just 71 shares, the stock exhibits extreme illiquidity, making any meaningful exit difficult for holders.
Peer Comparison: Lost Among the Struggling
Within the "Other Agricultural Products" sector, Olympic Oil Industries stands out for all the wrong reasons. Whilst several peers face challenges, none match the complete operational cessation seen at Olympic Oil.
| Company | P/E (TTM) | P/BV | ROE (%) | Debt/Equity |
|---|---|---|---|---|
| Olympic Oil Ind. | NA (Loss Making) | -0.44 | 0.0% | -4.69 |
| Tarai Foods | NA (Loss Making) | -4.90 | 0.0% | -0.70 |
| Vasudhagama Ent. | 7.80 | N/A | N/A | N/A |
| Elegant Floricul | 4.45 | 0.54 | 2.83% | 0.00 |
| Omega Ag Seeds | 28.32 | -9.91 | 0.0% | -0.50 |
| Prima Agro | 14.58 | 0.65 | 14.48% | -0.41 |
Olympic Oil's ROE of 0.0% and negative book value position it amongst the weakest performers in an already struggling sector. The company's market capitalisation of ₹10.00 crores ranks it fifth amongst the six-company peer group, reflecting its marginalised status.
Shareholding Pattern: Promoters Maintain Stake Despite Distress
Promoter holding has remained static at 24.13% for the past five quarters, with no buying or selling activity. The absence of institutional investors—zero FII, mutual fund, insurance, or DII holdings—speaks volumes about the company's investment appeal. Non-institutional shareholders hold the remaining 75.87%, likely representing retail investors trapped in an illiquid, distressed situation.
| Quarter | Promoter % | FII % | MF % | Non-Institutional % |
|---|---|---|---|---|
| Sep'25 | 24.13% | 0.00% | 0.00% | 75.87% |
| Jun'25 | 24.13% | 0.00% | 0.00% | 75.87% |
| Mar'25 | 24.13% | 0.00% | 0.00% | 75.87% |
| Dec'24 | 24.13% | 0.00% | 0.00% | 75.87% |
| Sep'24 | 24.13% | 0.00% | 0.00% | 75.87% |
Notably, there is no promoter pledging, suggesting promoters are not using their shares as collateral for loans. However, this provides little comfort given the complete absence of business operations and value creation.
Stock Performance: Underperformance Across All Timeframes
Olympic Oil Industries' stock has underperformed the Sensex across virtually every meaningful timeframe, with the sole exception being the three-month period where it posted a 22.47% gain against the Sensex's 5.40% rise—likely reflecting speculative trading rather than fundamental improvement.
| Period | Stock Return | Sensex Return | Alpha |
|---|---|---|---|
| 1 Week | -5.06% | 1.69% | -6.75% |
| 1 Month | -2.85% | 1.19% | -4.04% |
| 3 Months | 22.47% | 5.40% | +17.07% |
| 6 Months | -24.51% | 3.18% | -27.69% |
| YTD | -4.37% | 8.72% | -13.09% |
| 1 Year | -19.27% | 9.50% | -28.77% |
| 3 Years | 48.45% | 37.57% | +10.88% |
| 5 Years | -38.67% | 93.28% | -131.95% |
The stock's one-year loss of 19.27% compares unfavourably even to its struggling sector, which declined 21.75%—meaning Olympic Oil has marginally outperformed its peer group by 2.48 percentage points, though this represents outperformance amongst the distressed rather than any fundamental strength.
The stock's beta of 1.50 indicates it is 50% more volatile than the market, with volatility of 69.16% against the Sensex's 12.26%. This extreme volatility, combined with negative returns, places the stock firmly in the "HIGH RISK LOW RETURN" category. The risk-adjusted return of negative 0.28 compares dismally with the Sensex's positive 0.77.
Technical Analysis: Mildly Bearish Amidst Extreme Illiquidity
The technical trend is classified as "MILDLY BEARISH" as of November 17, 2025, though technical analysis has limited utility for a stock with such minimal trading volumes. The stock trades below all key moving averages—5-day (₹36.68), 20-day (₹36.16), 50-day (₹33.48), 100-day (₹36.11), and 200-day (₹37.63)—indicating sustained downward pressure.
Immediate support lies at the 52-week low of ₹27.55, whilst resistance clusters around the ₹36.16 to ₹37.63 range. The MACD shows mixed signals (mildly bullish weekly, mildly bearish monthly), whilst Bollinger Bands suggest mildly bullish weekly but bearish monthly conditions. However, with average daily volumes of just 71 shares, these technical indicators provide little actionable insight.
"A stock trading at ₹35.48 with negative book value of ₹79.85 per share and zero revenue for seven quarters represents speculation, not investment."
Investment Thesis: No Thesis Exists
Olympic Oil Industries presents no credible investment thesis. The company generates zero revenue, operates no business, maintains negative equity, and shows no signs of operational revival. The Mojo Score of 17 out of 100 appropriately reflects this dire situation, with the "STRONG SELL" rating justified across all parameters.
The quality grade of "BELOW AVERAGE" actually understates the severity of the situation. With five-year sales growth of 0.00%, EBIT growth of 0.00%, average ROCE of negative 2.43%, and ROE of 0.0% (meaningless given negative equity), the company fails every fundamental quality test.
Minimal Positives
- Zero Debt: The company carries no long-term debt, avoiding interest burden on losses.
- No Promoter Pledging: Promoters have not pledged shares, suggesting no immediate liquidity stress at promoter level.
- Minimal Cash Burn: Quarterly losses of ₹0.06 crores represent minimal ongoing expenses.
- Legal Entity Intact: The company maintains corporate compliance and listing status.
Critical Concerns
- Zero Revenue: No sales for seven consecutive quarters since March 2024.
- Negative Equity: Book value of negative ₹79.85 per share; shareholder funds at negative ₹22.79 crores.
- Complete Operational Cessation: No business activity since FY2020.
- Extreme Illiquidity: Average daily volume of 71 shares makes exit difficult.
- No Institutional Interest: Zero FII, MF, insurance, or DII holdings.
- Valuation Disconnect: Stock trades at ₹35.48 despite negative book value.
- No Revival Plan: No announced restructuring, asset monetisation, or business revival strategy.
Outlook: No Catalysts for Revival
Olympic Oil Industries' outlook remains bleak with no visible catalysts for operational revival. The company has shown no signs of restarting its commodity trading business, monetising assets, or pursuing any strategic alternatives such as merger, acquisition, or voluntary delisting.
Theoretical Positive Catalysts (Highly Unlikely)
- Announcement of business revival plan
- Asset monetisation to return value to shareholders
- Merger or acquisition by operational entity
- Voluntary delisting with exit offer to shareholders
Red Flags to Monitor
- Continued quarterly losses depleting remaining assets
- Further deterioration in book value below current negative ₹79.85
- Regulatory actions due to prolonged non-operation
- Delisting without adequate shareholder compensation
- Promoter stake sale signalling abandonment
For existing shareholders, the primary focus should be on any corporate actions such as asset sales, delisting proposals, or restructuring announcements that might provide an exit opportunity. The extreme illiquidity makes gradual exit through market sales impractical for any meaningful holdings.
The Verdict: Avoid at All Costs
Score: 17/100
For Fresh Investors: Absolutely avoid. This is a non-operational company with negative equity trading purely on speculation. There is no investment case whatsoever. The stock represents capital destruction waiting to happen.
For Existing Holders: Exit at any reasonable opportunity, accepting losses if necessary. The extreme illiquidity (71 shares daily volume) makes exit difficult, but holding offers no prospect of recovery. Monitor for any corporate actions (asset sales, delisting offers) that might provide exit opportunities. Consider tax-loss harvesting benefits if applicable.
Fair Value Estimate: ₹0.00 (100% downside from current ₹35.48) — With negative book value of ₹79.85 per share and zero operations, the company has no intrinsic value. Current trading price reflects speculation, not fundamental worth.
Rationale: Olympic Oil Industries is a corporate shell with zero revenue, negative equity, and no operational activity for over five years. The Mojo Score of 17/100 appropriately reflects the complete absence of investment merit. The stock's continued trading represents a disconnect between price and reality, driven by extreme illiquidity and speculative activity rather than any fundamental value. This is not an investment; it is a speculation on corporate restructuring that shows no signs of materialising.
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. The views expressed are based on publicly available information and do not constitute a recommendation to buy, sell, or hold any security.
