💰 Financial Performance

Revenue Growth by Segment

Consolidated Net Profit for Q2 FY26 grew 2.3% YoY to INR 1.33 Cr from INR 1.30 Cr. For the half-year ended September 30, 2025, Net Profit grew 2.45% YoY to INR 2.09 Cr from INR 2.04 Cr. The company primarily operates as a holding entity with income derived from investments and associate company interests.

Geographic Revenue Split

100% of operations and revenue are concentrated in India, specifically within the state of Maharashtra, with the registered office in Pune and corporate office in Mumbai.

Profitability Margins

Operating profit before working capital changes was INR 1.85 Cr for Q2 FY26, compared to INR 1.80 Cr in Q2 FY25, representing a 2.78% increase. Net profit margin remains high as the company functions as an investment holding entity with minimal direct operating costs.

EBITDA Margin

Core operating profit before working capital changes stood at INR 1.85 Cr for Q2 FY26. EBITDA margin is not traditionally calculated for holding companies, but operating profit grew 2.78% YoY.

Capital Expenditure

Capital expenditure for the quarter ended September 30, 2025, included a payment of INR 0.03 Cr for additions to investment property, a significant decrease from the INR 0.61 Cr spent in the same quarter of the previous year.

Credit Rating & Borrowing

Not Applicable. The company has not obtained credit ratings as of the financial year ended March 31, 2025.

⚙️ Operational Drivers

Raw Materials

Not applicable for an investment holding and land holding company.

Import Sources

Not applicable.

Key Suppliers

Not applicable.

Capacity Expansion

Not applicable as the company does not have manufacturing facilities. Operations are focused on managing an investment portfolio of INR 162.74 Cr and investment properties of INR 1.51 Cr.

Raw Material Costs

Not applicable.

Manufacturing Efficiency

Not applicable.

Logistics & Distribution

Not applicable.

📈 Strategic Growth

Expected Growth Rate

Not disclosed

Growth Strategy

Growth is driven by the appreciation of its INR 162.74 Cr investment portfolio and the performance of its associate, Biodegradable Products India Limited. The company also manages a loan book of INR 21.18 Cr to generate interest income.

Products & Services

Real estate investment holdings, financial loans, and equity interests in associate companies specializing in biodegradable products.

Brand Portfolio

3P Land Holdings Limited.

Market Expansion

Not disclosed.

Market Share & Ranking

Not disclosed.

Strategic Alliances

Maintains a strategic equity interest in associate company Biodegradable Products India Limited and its associate firm Prime Mall Developers.

🌍 External Factors

Industry Trends

The industry is shifting toward ESG-compliant investments, which aligns with the company's interest in Biodegradable Products India Limited. Future growth depends on the recovery of the real estate sector and equity market performance.

Competitive Landscape

Operates among other investment holding firms and real estate developers in the Maharashtra region.

Competitive Moat

The company's moat is based on its established land holdings and long-term investment positions in niche associates, though these are subject to market volatility.

Macro Economic Sensitivity

Highly sensitive to interest rate fluctuations affecting the INR 21.18 Cr loan book and real estate market cycles impacting the valuation of its INR 1.51 Cr investment property.

Consumer Behavior

Increasing demand for sustainable and biodegradable products may enhance the valuation of its associate company.

Geopolitical Risks

Low, as the company's assets and operations are entirely domestic.

⚖️ Regulatory & Governance

Industry Regulations

Complies with SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, specifically Regulations 17 to 27, and Indian Accounting Standards (Ind AS).

Environmental Compliance

Indirectly involved through its associate, Biodegradable Products India Limited, which focuses on environmentally friendly products.

Taxation Policy Impact

The company incurred a current tax expense of INR 0.46 Cr for Q2 FY26. It maintains a net deferred tax liability of INR 17.79 Cr as of September 30, 2025.

Legal Contingencies

The company reported no instances of non-compliance or penalties imposed by SEBI or stock exchanges during the last three years.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the valuation of non-current investments (INR 162.74 Cr) and the financial health of associate entities for which current data is sometimes unavailable (e.g., Prime Mall Developers).

Geographic Concentration Risk

100% of assets and management are concentrated in Maharashtra, India.

Third Party Dependencies

Significant dependency on the operational performance and financial reporting of associate company Biodegradable Products India Limited.

Technology Obsolescence Risk

Low risk for land holdings; moderate risk for the associate's biodegradable technology if newer sustainable materials emerge.

Credit & Counterparty Risk

Credit risk is associated with the INR 21.18 Cr loan book provided to third parties or associates.