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Understanding Cross Holdings and Group Company Valuation

A hands-on course on how Indian business groups are wired together and what that means for the price you pay for a share. Teaches experienced retail investors, active traders, and HNIs to trace ownership through subsidiaries, associates, and promoter vehicles, read standalone versus consolidated numbers under Ind AS 110 and Ind AS 28, separate core business value from the value of stakes held, and spot where cross holdings inflate market caps, leak value through related party deals, or hide an unlocking opportunity. Built on real NSE and BSE cases including the Tata group and Tata Sons, Bajaj Holdings and Maharashtra Scooters, Grasim and Aditya Birla Capital, Mahindra and Mahindra, and Reliance Industries, using BSE shareholding filings, annual reports, SEBI regulations, and Screener.in throughout.

Cross HoldingsGroup StructuresConsolidationEquity MethodLook-Through ValuationHoldco DiscountRelated Party TransactionsValue Unlocking

MODULES

5

DURATION

~3.2 hrs

TRACK

Value Investing

What You'll Master

Map any Indian business group from BSE shareholding pattern filings and annual report subsidiary lists

Read standalone and consolidated statements correctly and know where associate and JV profits appear

Split a company's value into core business value and the value of stakes it holds, without double counting

Apply look-through earnings and a defensible discount to listed and unlisted cross holdings

Spot circular and pyramidal promoter structures that control large capital with small ownership

Identify related party value leakage and the demerger, stake sale, and buyback events that unlock value

Access Level

LEARNER

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Everything included

Full Text Playbooks

Actionable Exercises

Mobile Reading Mode

Lifetime Updates

Curriculum Breakdown

Chapter 1: Why Group Structures Matter to Your Portfolio

3 Lessons

What Cross Holdings Are: Subsidiaries, Associates, JVs, and Promoter Vehicles in Indian Groups9 min read

Mapping a Group: Tata, Aditya Birla, Bajaj, Mahindra, and Reliance10 min read

How Cross Holdings Distort Market Cap, Free Float, and Index Weight10 min read

Chapter 2: Reading the Ownership Layers

4 Lessons

Standalone versus Consolidated: What Ind AS 110 Consolidation Actually Does11 min read

The Equity Method under Ind AS 28: Where Associate and JV Profits Show Up10 min read

Tracing Who Owns What: Shareholding Pattern Filings, Annual Reports, and MCA Records10 min read

Circular and Pyramidal Structures: Controlling Large Capital with Small Ownership11 min read

Chapter 3: Valuing a Company That Owns Other Companies

4 Lessons

Core Business Value plus Investment Value: The Basic Split and the Double Counting Trap11 min read

Listed Stakes: Market Value, Look-Through Earnings, and Adjusted P/E11 min read

Unlisted Stakes: Book Value, Transaction Multiples, and Last Funding Round10 min read

Tax Leakage, Liquidity, and Control: Sizing the Discount on Cross Holdings11 min read

Chapter 4: Case Studies from NSE and BSE

4 Lessons

Bajaj Holdings and Maharashtra Scooters: Two Layers of Holding the Same Businesses12 min read

Tata Sons and the Tata Group Web: Operating Companies That Own Their Parent12 min read

Grasim, UltraTech, and Aditya Birla Capital: Operating Company or Holdco?11 min read

Mahindra and Mahindra: Valuing an Operating Business with a Portfolio of Listed Subsidiaries11 min read

Chapter 5: Governance Red Flags and Value Unlocking

3 Lessons

Related Party Transactions: How Value Leaks Between Group Companies11 min read

Unlocking Events: Demergers, Stake Sales, Buybacks, and Group Simplification11 min read

Building a Cross Holding Watchlist on Screener.in and Sizing the Position10 min read