About STEL Holdings Limited

STEL Holdings Limited is an Indian Core Investment Company (CIC) registered under the Companies Act, 1956, and listed on both the National Stock Exchange and BSE. The Company’s primary activity is to hold and manage investments in group companies, with income derived mainly from dividends and interest. Its registered office is located at 24/1624, Bristow Road, Willingdon Island, Cochin – 682003, Kerala. As stated in the Board’s Report, STEL continues to meet the criteria of an unregistered Core Investment Company, maintaining a stable portfolio of long-term strategic investments.

STEL’s investment portfolio comprises equity shares, mutual funds, and related instruments within its business group ecosystem. Major holdings include Ceat Limited, PCBL Limited, KEC International Limited, CESC Limited, RPSG Ventures Limited, RPG Life Sciences Limited, Summit Securities Limited, Saregama (India) Limited, and Zensar Technologies Limited. The Company also holds investments in money market mutual funds and subscribed to share warrants during the year under review. Being a pure investment holding entity, STEL owns no manufacturing facilities and operates entirely within India, with no foreign currency earnings in FY 2024–25.

Key Milestones of STEL Holdings Limited

• Incorporated as a Core Investment Company under the Companies Act, 1956.
• Maintained its standing as an unregistered CIC, deriving income primarily from dividends and interest.
• Continued to uphold governance consistency and investment prudence as reflected in the 35th Annual Report.
• Expanded its investment portfolio by subscribing to share warrants of PCBL Chemical Limited in FY 2024–25.
• Achieved 96.34% dematerialisation of equity shares as of March 31, 2025, promoting investor convenience and compliance.

STEL Holdings Limited Business Segment and Geographic Presence

Core Activity:

• Holding and managing strategic investments in group companies through equity shares, mutual funds, and related instruments.
• Generating income primarily from dividends and interest.

Geographies Covered:

• Operations confined to India, with corporate headquarters in Cochin, Kerala.
• No international presence or foreign currency earnings reported.

STEL operates strictly within India as an investment holding entity with exposure across group-listed companies, maintaining a diversified portfolio of domestic equity instruments and mutual funds.

STEL operates as a single-segment enterprise engaged in core investment activities. Its revenue streams consist primarily of dividend and interest income earned from long-term investments held in group companies. The Company maintains holdings in major listed entities such as Ceat Limited, PCBL Limited, KEC International Limited, and CESC Limited, alongside positions in mutual funds and share warrants. There are no manufacturing, trading, or foreign operations associated with STEL’s line of business, reaffirming its role as a pure investment holding company.

STEL Holdings Limited Key Management

• Abraham Ittyipe – Whole-time Director
• Kaushik Roy – Director (Non-Executive)
• Mahesh Narayanaswamy – Director (Non-Executive)
• Alok Kalani – Director (Non-Executive)
• Iram Hassan – Independent Director
• Rohin Feroze Bomanji – Independent Director
• Sunil Kamalakar Tamhane – Independent Director
• Samarth Parekh – Independent Director
• Lakshmi P. S – Company Secretary & Compliance Officer
• Sivaram Neelakantan Krishnan – Chief Financial Officer

Latest Updates on STEL Holdings Limited

• Strategic investment: Shareholders approved a material related party transaction to invest up to Rs 33.60 crore in PCBL Chemical Limited through subscription to 12,00,000 warrants at Rs 280 per warrant on a preferential basis. The Board approved this on March 29, 2024, and shareholders ratified the investment at the Extraordinary General Meeting on April 25, 2024.
• Portfolio diversification: Continued to hold investments across key group listed companies—Ceat, PCBL, KEC International, CESC, RPSG Ventures, RPG Life Sciences, Saregama (India), Summit Securities, and Zensar Technologies—along with mutual fund holdings. Share warrants were recognised as financial assets as per approved transactions.
• Board composition changes: Induction of Independent Directors—Rohin Feroze Bomanji and Samarth Parekh (effective August 1, 2024) and Sunil Kamalakar Tamhane (effective October 1, 2024). Earlier Independent Directors ceased on September 30, 2024, as detailed in the Corporate Governance Report.
• Audit and compliance: The Statutory Audit Report for FY 2024–25 carried no qualifications, reservations, or adverse remarks. The Secretarial Audit Report also recorded no adverse findings. SEP & Associates were appointed Secretarial Auditors for a five-year term commencing FY 2025–26, subject to shareholder approval.
• Investor services: 96.34% of shares held in dematerialised form as of March 31, 2025. The Company continues to encourage investors to update KYC, PAN, and nomination details to ensure compliance and efficient servicing.