We use cookies for analytics and ads to improve your experience. You can accept or decline. See our Privacy Policy.
Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

Valuation
Financials (FY2024)
Investment Thesis
Winmore Leasing and Holdings Limited is a four-decade-old Mumbai-based Core Investment Company listed on MSEI, engaged in leasing, investment, and trading activities at a very small scale. The company maintains a steady, low-growth profile with no major expansion plans evident, functioning primarily as a financial holding vehicle for its promoter group. Its outlook is stable but growth is structurally limited given the narrow business model and small exchange listing.
Pros
Cons
Business Segments
Investment (Equity and Securities)
Revenue Model
Income from leasing activities (lease rentals), investment returns (dividends, interest), and trading profits. As a holding company structure, income primarily flows from its investment portfolio and leasing assets.
Detailed Analysis
Growth Plans
Potential value unlocking if investment portfolio contains appreciated assets
Restructuring or merger with a more active financial entity
Rising interest rates benefiting fixed-income investment portfolio returns
Industry Tailwinds
Potential value unlocking if investment portfolio contains appreciated assets
Recent Developments
Comparable Companies
BAJAJHLDNG · ~100000 Cr
PE: ~15xx
Frequently Asked Questions
About Winmore Leasing & Holdings
Winmore Leasing and Holdings Limited is a Mumbai-based Core Investment Company (CIC) incorporated on May 26, 1984, under the Companies Act, 1956. The company obtained its Certificate of Commencement of Business on June 27, 1984. It holds a CIN of L67120MH1984PLC272432 and is registered in Maharashtra. As a Core Investment Company (CIC) that is exempt from mandatory registration with the Reserve Bank of India under the Core Investment Companies (Reserve Bank) Directions, 2016, Winmore Leasing operates in the financial holding and investment space. CICs typically hold controlling interests in group companies and invest in equity and financial instruments as their primary business activity. The company is engaged in the business of leasing, investment, and trading. Through its subsidiaries, Winmore is involved in the construction and management of shopping malls, family entertainment centres (Game Zones), development and sale of residential property, and development of mixed-use properties in India. This diversified portfolio spanning financial services and real estate reflects the company's evolution from a traditional leasing entity to a broader holding company structure. Winmore's equity shares have been listed on the Metropolitan Stock Exchange of India Ltd (MSEI) since December 15, 2014, providing a degree of public market visibility even if trading volumes are limited on this exchange. The company's registered address is Ashiana, 69-C Bhulabhai Desai Road, Mumbai — a prestigious South Mumbai residential and commercial address. The company's board includes directors Shyam Ramsharan Khandelwal, Smita Shailesh Achrekar, Anil Gupta, and Nitin Vasant Mhatre. The last recorded AGM was held on September 14, 2021, and the balance sheet was last filed for FY2021, suggesting that the company may not be actively filing recent financial statements with MCA, which raises governance and transparency concerns. The real estate and retail subsidiaries — focusing on shopping malls, game zones, and residential developments — reflect the typical diversification strategy of Indian holding companies from this era, leveraging the urbanisation boom in tier-1 and tier-2 cities through retail and mixed-use property development.
Key Milestones
Common questions about unlisted shares
You buy from and sell to the wisefolio desk — shares route through the desk's demat, money-in before shares-out.
You enquire
· Takes 2 minutesTell us the company and quantity you want. Share your demat details so we can settle directly into your account.
We source & quote
· Typically within 1 business dayOur desk sources the shares and comes back with a firm price and an allocation for the quantity available.
You accept the allocation
· Quote valid for 3 daysReview the price, quantity and total. Accept to lock the allocation. The quote is valid for a short window before it needs re-pricing.
You transfer the funds
· Pay within 2 days of acceptingPay by direct bank transfer to the desk's published account — never to a personal account. We confirm receipt and begin the transfer.
Shares reach your demat
· Usually credited within 2–3 business daysOnce payment is verified, the shares are transferred from the desk's demat into yours, and you receive a transfer confirmation.
A principal desk for unlisted & pre-IPO shares — you transact with us, not a stranger.
You enquire
Takes 2 minutes
We source & quote
Typically within 1 business day
You accept the allocation
Quote valid for 3 days
You transfer the funds
Pay within 2 days of accepting
Shares reach your demat
Usually credited within 2–3 business days
Unlisted shares are illiquid and carry higher risk. Pricing is indicative, not live, and these are private off-market transactions with no exchange settlement guarantee. Read the full risk disclosure.
Be the first to discuss Winmore Leasing & Holdings — share your research, ask questions, or compare notes with other investors.
Restructuring or merger with a more active financial entity
Rising interest rates benefiting fixed-income investment portfolio returns
Industry Headwinds
Continued value erosion if investment portfolio underperforms
Regulatory changes affecting CIC structure and operations
Illiquidity risk for investors in the unlisted market
Last AGM in September 2021 and balance sheet filed only for FY2021 — no recent MCA filings, raising governance concerns
Source: Media Reports / Public Records
Limited trading on MSEI (low-volume exchange) means listed status provides minimal liquidity benefit
Source: Media Reports / Public Records
Business activities in real estate and entertainment are highly competitive with limited public disclosure of performance
Source: Media Reports / Public Records
No credit rating from any major agency
Source: AlphaHub Research
CICs are subject to RBI regulations including registration requirements, leverage limits, and investment concentration norms that can constrain business flexibility
Traditional leasing business faces structural competition from banks and NBFCs with lower cost of funds offering asset financing products
Very limited public disclosures make it impossible to assess the quality and current value of the investment portfolio
Low share price at ₹9.2 despite 40+ years of operations suggests poor long-term value creation; risk of capital erosion
TATAINVEST · ~30000 Cr
PE: ~50xx
26 May 1984: Incorporated under the Companies Act, 1956
27 June 1984: Obtained Certificate of Commencement of Business
15 December 2014: Listed on Metropolitan Stock Exchange of India (MSEI); ISIN INE465E01019
Registered as Core Investment Company (CIC) — exempt from RBI registration under CIC Directions 2016
Operates as a holding/investment vehicle with leasing and trading as subsidiary activities

SMILE Microfinance
Financial Services
₹274
+0.00%

Care Health Insurance
Financial Services
₹119
+0.00%

Shriram Life Insurance
Financial Services
₹261
+0.00%

ICL Fincorp Limited
Financial Services
₹26
+0.00%

Reliance Capital
Financial Services
₹1.05
+0.00%

Equentis Wealth Advisory (Research & Ranking)
Financial Services
₹400
+0.00%