💰 Financial Performance

Revenue Growth by Segment

Total revenue from operations grew by 14.69% YoY, reaching INR 7,056.86 Lacs in FY25 compared to INR 6,153.15 Lacs in FY24. The revenue is derived from Project Management and Engineering Services, Project supplies, and industrial job execution, though specific percentage splits per segment were not disclosed.

Geographic Revenue Split

The company operates from its registered office in Mumbai, Maharashtra, and maintains a significant manufacturing and works facility in Mathura, Uttar Pradesh (Delhi-Agra Bypass). Regional revenue contribution percentages are not explicitly detailed.

Profitability Margins

Net Profit Margin stood at 10.49% for FY25 (INR 740.12 Lacs profit on INR 7,056.86 Lacs revenue). Profit before tax increased by 14.92% YoY from INR 640.41 Lacs to INR 735.97 Lacs.

EBITDA Margin

Estimated EBITDA margin for FY25 is approximately 11.95% (calculated as Profit Before Tax of INR 735.97 Lacs + Depreciation of INR 106.90 Lacs + Finance Costs of INR 0.65 Lacs over Revenue). This represents a slight improvement from the previous year's core profitability levels.

Capital Expenditure

Property, Plant and Equipment (PPE) stood at INR 21,346.21 Lacs as of March 31, 2025, a slight decrease from INR 21,405.06 Lacs in FY24, indicating minimal new capital expenditure and a focus on maintaining existing assets.

Credit Rating & Borrowing

Non-current borrowings decreased by 15.66% to INR 4,267.42 Lacs from INR 5,059.69 Lacs. Finance costs dropped sharply by 99.4% to INR 0.65 Lacs because the company has stopped providing for interest on certain unsecured loans and Sales Tax deferments currently under litigation.

⚙️ Operational Drivers

Raw Materials

Cost of materials consumed represents the primary operational cost at INR 3,751.78 Lacs, accounting for 53.16% of total revenue from operations.

Capacity Expansion

The TPE (Thermoplastic Elastomer) Plant is currently not operational, and no depreciation is being charged on its building. No specific expansion plans were detailed in the provided documents.

Raw Material Costs

Raw material costs increased marginally by 1.25% YoY to INR 3,751.78 Lacs. As a percentage of revenue, material costs improved from 60.22% in FY24 to 53.16% in FY25, suggesting better procurement efficiency or higher value-added services.

Manufacturing Efficiency

Inventory levels were reduced by 37.73% from INR 3,366.76 Lacs to INR 2,096.45 Lacs, indicating a significant push toward leaner operations and faster project execution cycles.

📈 Strategic Growth

Expected Growth Rate

14.7%

Growth Strategy

Growth is being driven by the execution of engineering and project management contracts for various industries. The company is also focusing on financial restructuring, evidenced by the repayment of INR 759.48 Lacs to strategic investor Seftech Phosphate Private Limited against unsecured loans taken for One Time Settlement (OTS) purposes.

Products & Services

Project Management Services, Engineering Services, Project Supplies, and industrial job execution services.

Brand Portfolio

ATV Projects India Limited.

Strategic Alliances

The company has a strategic relationship with Seftech Phosphate Private Limited, which provided unsecured loans of INR 3,988.04 Lacs (as of FY25) to facilitate debt settlements.

🌍 External Factors

Industry Trends

The engineering and project management industry is evolving toward integrated service delivery. ATV's positioning is currently focused on debt resolution and stabilizing core engineering operations to return to a growth trajectory.

Competitive Landscape

The company competes with other mid-sized Indian engineering and project supply firms.

Competitive Moat

The company's moat is based on its long-standing presence in the engineering services sector and its ISO 9001:2015 certified manufacturing capabilities in Mathura. However, sustainability is currently challenged by high debt levels and non-operational assets.

Macro Economic Sensitivity

The business is sensitive to industrial CAPEX cycles in India, as it provides engineering and project supplies to various industries.

Consumer Behavior

Not applicable as the company is B2B focused.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to the Companies Act 2013 and SEBI (LODR) Regulations. The Mathura works must comply with industrial safety and environmental norms.

Environmental Compliance

The company spent INR 9.12 Lacs on Corporate Social Responsibility (CSR) in FY25, exceeding the statutory requirement of INR 8.51 Lacs by INR 0.61 Lacs.

Taxation Policy Impact

The company recognized a deferred tax credit of INR 4.15 Lacs in FY25. It maintains a net deferred tax liability of INR 5.20 Lacs.

Legal Contingencies

The company faces a pending litigation regarding a Sales Tax Deferment of INR 182.10 Lacs for the Mathura Workshop, currently subject to assessment by the Trade Tax Tribunal, Allahabad, and the Allahabad High Court. No interest provision has been made for this or for certain unsecured loans due to ongoing litigation.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the outcome of litigations regarding debt and tax deferments, which could result in significant interest liabilities if decided against the company. The non-operational TPE plant also represents a risk of asset impairment.

Geographic Concentration Risk

Operations are concentrated in Mumbai (Corporate) and Mathura (Works), making it susceptible to regional regulatory or economic shifts in Maharashtra and Uttar Pradesh.

Third Party Dependencies

High dependency on strategic investors (Seftech Phosphate Private Limited) for debt restructuring and OTS payments.

Technology Obsolescence Risk

The non-operational TPE plant suggests a risk of technological obsolescence or market misalignment for that specific product line.

Credit & Counterparty Risk

Trade receivables stood at INR 96.33 Lacs in FY25, up from INR 84.55 Lacs in FY24, representing a relatively low 1.36% of revenue, suggesting tight credit control.