Synopsis: NDL Ventures Ltd (NSE: NDLVENTURE) shares hit a 20% upper circuit on February 18, 2026, after the Competition Commission of India (CCI) approved its merger with Hinduja Leyland Finance. The “Zero-Minute” fact is that this regulatory green light clears the path for the 25:10 share swap deal, transforming NDL into a major non-banking financial company (NBFC).
On Wednesday, February 18, 2026, NDL Ventures Limited (formerly NXTDIGITAL Ltd) witnessed a dramatic surge on the bourses, with its share price locked at the 20% upper circuit of ₹117.60. This massive buying interest followed the Competition Commission of India (CCI) press release issued late Tuesday, which officially cleared the proposed merger of Hinduja Leyland Finance (HLF) with and into NDL Ventures.
The merger is a pivotal part of the Hinduja Group’s internal restructuring to consolidate its financial services under a single listed entity. While NDL Ventures has recently operated primarily in real estate and investments, this merger shifts its core focus to high-growth asset financing, creating a “New-Age NBFC” with a massive retail footprint.
Why did NDL Ventures stock hit the upper circuit today?
The primary driver of the rally is the CCI’s Regulatory Clearance, which was the last major hurdle for the transaction. With the RBI’s No Objection Certificate (NOC) already secured in August 2025 and board approval finalized in November, the CCI’s nod effectively signals that the merger is entering its final execution phase.
Furthermore, the “1-2-1” rule of market optimism was evident: one massive regulatory breakthrough (CCI), two strategic advantages (diversified loan portfolio and group synergy), and one lucrative Share Swap Ratio. Under the approved scheme, for every 10 equity shares held in Hinduja Leyland Finance, eligible shareholders will receive 25 equity shares of NDL Ventures. This favorable ratio has sparked significant accumulation by investors looking to gain exposure to HLF’s ₹27,000+ Crore AUM (Assets Under Management).
NDL Ventures & Hinduja Leyland Finance: Merger Snapshot
| Metric | Details of the Combined Entity | Strategic Impact |
| Share Swap Ratio | 25 Shares of NDL for every 10 of HLF | Value Accretive for HLF Holders |
| Primary Business | Asset Finance (CV, PV, Two-Wheelers) | Entry into High-Yield NBFC Space |
| Appointed Date | April 1, 2026 (Expected) | Clear Listing Roadmap |
| Current Market Cap | ₹390 Crore (Pre-Merger) | Massive Scaling Potential |
Strategic Shift into Financial Services
The merger transforms NDL Ventures from a legacy media/real estate firm into a pure-play financial services powerhouse.
- Asset Quality & Reach: Hinduja Leyland Finance specializes in small ticket-size loans for urban and semi-urban retail customers, focusing on the mobility segment (Commercial Vehicles, Tractors, and Multi-Utility Vehicles).
- Valuation Dissonance: Analysts note that while the stock trades at a high P/E ratio of 435x compared to the industry average of 31.4x, this is largely because the current financials reflect NDL’s small legacy base rather than the incoming massive revenue from HLF.
- Technical Outlook: Today’s 20% surge has pushed the stock to a fresh 52-week high. Chartists identify immediate support at ₹102, with the next psychological resistance level placed at ₹135 once the “Trade-for-Trade” circuit filters are relaxed.
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The Bottom Line
The 20% upper circuit in NDL Ventures confirms that Dalal Street is rewarding the Hinduja Group’s move to unlock value through consolidation. For the Aam Aadmi investor, the focus now shifts to the NCLT’s final sanction and the announcement of the Record Date for the share swap, which will officially mark NDL’s debut as a major NBFC player.
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