CHL revalues Tajikistan asset by ₹529 cr, dwarfing its market cap.
The company’s consolidated accounts now include a massive asset revaluation that is nearly three times its current market value of ₹172 crore.
— 1 earlier story on CHL Ltd. →What's new
- CHL reported a standalone net profit of ₹16.16 cr on income of ₹109.42 cr for FY26.
- A building in Tajikistan saw its carrying value jump to ₹673.55 cr after a ₹529.07 cr revaluation.
- Auditors flagged a USD 34 million one-time settlement with EXIM Bank to resolve long-standing litigation.
Why this matters
The revaluation is an accounting event that creates a massive gap between the company's book value and its market capitalization of ₹172 crore. Investors must determine if this asset value is realizable or merely a paper adjustment. The EXIM Bank settlement is the more pressing reality, as it finally addresses a major historical liability.
What we're watching
- Whether the market adjusts the stock price to reflect the new book value.
- The timeline for the USD 34 million payment to EXIM Bank.
- Any further details on the Tajikistan subsidiary's operations.
The full read
CHL Ltd posted a standalone net profit of ₹16.16 crore for FY26, but the headline numbers are secondary to the accounting adjustments in its consolidated report. The company revalued a building held by its Tajikistan subsidiary, CJSC CHL International, by ₹529.07 crore. This move pushed the asset's carrying value to ₹673.55 crore. For a company with a market capitalization of just ₹172 crore, this revaluation is a massive outlier that bears little relation to the firm's current trading valuation. Auditors also noted a USD 34 million one-time settlement with EXIM Bank. This settlement is a step in resolving long-standing litigation that has clouded the company's balance sheet. While the revaluation inflates reserves on paper, the EXIM Bank deal represents a concrete, multi-million dollar liability that the company must now manage. The disconnect between these accounting figures and the company's market value is the primary risk for investors.
Questions answered
- How does the revaluation affect CHL's balance sheet?
- The revaluation of the Tajikistan property added ₹529.07 crore to the group's reserves, bringing the asset's carrying value to ₹673.55 crore.
- What is the status of the EXIM Bank litigation?
- The company is moving toward a one-time settlement of USD 34 million. Auditors included an emphasis of matter regarding this liability in the latest results.
- What were the standalone earnings for FY26?
- CHL reported a standalone net profit of ₹16.16 crore on total income of ₹109.42 crore.
- Why is this revaluation considered outsized?
- At ₹529.07 crore, the revaluation gain is nearly three times the company's total market capitalization of ₹172 crore.
Story so far
All notes on CHLLTD →- 27 May 2026 · 3:17 PM IST CHL revalues Tajikistan asset by ₹529 cr, dwarfing its market cap.
- today CHL Ltd reports ₹16.19 cr profit as Tajik asset revaluation looms