💰 Financial Performance

Revenue Growth by Segment

Total revenue grew by 63.04% YoY, reaching INR 26.06 Cr in FY25 compared to INR 15.99 Cr in FY24. Revenue from contracts with customers (Finance and Commodities Trading) increased by 77.22% to INR 21.18 Cr, while other income grew by 21.07% to INR 4.89 Cr.

Geographic Revenue Split

Not explicitly disclosed in available documents, though operations are primarily managed from Mumbai, Maharashtra.

Profitability Margins

Net Profit Margin compressed from 34.11% in FY24 to 24.06% in FY25. This decline is primarily due to a 150% surge in the purchase of stock-in-trade (INR 18.70 Cr vs INR 7.48 Cr), indicating a shift toward higher-volume, lower-margin commodity trading activities.

EBITDA Margin

Profit Before Tax (PBT) margin stood at 32.68% in FY25, down from 45.69% in FY24. Despite the margin percentage drop, absolute PBT grew by 16.64% YoY to INR 8.52 Cr, driven by the substantial increase in total revenue scale.

Capital Expenditure

The company maintains a light asset model with Property, Plant & Equipment valued at only INR 0.018 Cr (INR 1.84 Lakh) as of March 31, 2025. Most capital is deployed into financial assets rather than physical infrastructure.

Credit Rating & Borrowing

Current borrowings increased by 236.5% to INR 8.00 Cr in FY25 from INR 2.38 Cr in FY24. Finance costs decreased by 61.24% to INR 2.76 Lakh, suggesting the company is utilizing low-cost short-term credit or interest-free advances.

⚙️ Operational Drivers

Raw Materials

Stock-in-trade for commodities trading (specific commodities not named) represents the primary operational cost, accounting for 71.74% of total revenue in FY25.

Capacity Expansion

The company expanded its capital base significantly through a Rights Issue, allotting 89,13,93,612 equity shares in January 2026 to fund business growth and lending activities.

Raw Material Costs

Purchase of stock-in-trade rose by 149.99% YoY to INR 18.70 Cr. This reflects an aggressive expansion in the commodities trading segment, which now consumes a larger portion of the revenue compared to the previous year (46.78% in FY24).

Manufacturing Efficiency

Not applicable as the company operates in Finance and Commodities Trading.

Logistics & Distribution

Not disclosed as a separate percentage of revenue.

📈 Strategic Growth

Expected Growth Rate

63%

Growth Strategy

Growth is being pursued through a massive capital infusion via a Rights Issue (89.14 Cr shares) to scale lending structures and commodity trading volumes. The strategy focuses on identifying high-promise market segments and maintaining operational excellence to contain 'loss given defaults' in the finance division.

Products & Services

Financial lending services (loans and advances) and Commodities Trading (buying and selling of bulk goods).

Brand Portfolio

Tilak Ventures Limited.

New Products/Services

Not specifically disclosed, though the company is exploring 'new investment strategies' in response to global economic turmoil.

Market Expansion

The company is targeting the 'huge unfulfilled demand in finance spaces' driven by India's demographics and growth stage.

Market Share & Ranking

Not disclosed.

🌍 External Factors

Industry Trends

The industry is moving toward consolidation following GST implementation. There is a shift toward Indian equity outperforming international markets, prompting a need for new investment strategies in the financial sector.

Competitive Landscape

The company faces 'stiff competition' in the commodities trading space and a slowdown in the economy which pressures margins.

Competitive Moat

The company's moat is built on its 'choice of markets' and specialized lending structures. Sustainability depends on its ability to exhibit operational excellence and keep defaults within acceptable limits.

Macro Economic Sensitivity

Highly sensitive to inflation and geopolitical turbulence, which the management notes has caused volatility in asset prices and market cycles in 2025.

Consumer Behavior

Increasing demand for credit in unfulfilled finance spaces is driving the company's shift toward expanded lending.

Geopolitical Risks

Geopolitical turbulence and the Russia-Ukraine conflict's impact on petroleum products are cited as factors striking commodity prices further.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with SEBI Code of Corporate Governance, IND AS (Indian Accounting Standards), and the Companies Act 2013. The company is notably not required to be registered under Section 45-IA of the RBI Act (NBFC registration).

Environmental Compliance

Not disclosed.

Taxation Policy Impact

The effective tax rate for FY25 was approximately 26.39% (INR 2.25 Cr tax on INR 8.52 Cr PBT).

Legal Contingencies

The company faces a significant pending litigation with the Commissioner of Income Tax (Appeals) for AY 2013-14 involving INR 12.15 Cr (INR 1215.37 Lakh) regarding the disallowance of capital loss and addition of share premium.

⚠️ Risk Analysis

Key Uncertainties

A major uncertainty is the valuation of unlisted equity investments (INR 14.51 Cr), where INR 3.61 Cr is valued based on management-certified Net Book Value rather than independent valuation, creating potential for material misstatement.

Geographic Concentration Risk

Operations appear concentrated in the Mumbai region, though trading activities may have broader reach.

Third Party Dependencies

Dependency on registered valuers for the valuation of INR 10.13 Cr in unlisted investments.

Technology Obsolescence Risk

The company acknowledges risks from technical problems and the increased use of technology, mitigated by internal control mechanisms.

Credit & Counterparty Risk

Significant credit risk exists as the company granted loans where 'the schedule of repayment of principal and payment of interest has not been stipulated,' making it impossible to track regularity of payments.