💰 Financial Performance

Revenue Growth by Segment

Not disclosed in available documents. The company reported a loss for the financial year ended March 31, 2025, but specific segment-wise revenue figures were not provided.

Geographic Revenue Split

Not disclosed in available documents. Operations are primarily based in Chennai and Mumbai, India.

Profitability Margins

The company reported a net loss for the year ended March 31, 2025. Specific gross, operating, and net margin percentages were not disclosed in the provided audit summaries.

Capital Expenditure

Not disclosed in available documents. The company maintained records for property, plant, and equipment, but specific INR values for additions were not provided.

Credit Rating & Borrowing

The company has not been sanctioned working capital limits in excess of INR 5 Cr from banks or financial institutions on the basis of security of current assets.

⚙️ Operational Drivers

Raw Materials

Not disclosed in available documents. As a real estate developer, typical materials would include cement, steel, and bricks, but specific costs were not listed.

Capacity Expansion

Not disclosed in available documents. The company reported holding no inventory as of March 31, 2025.

Manufacturing Efficiency

Not applicable as the company is a real estate developer; however, it maintains a regular program of physical verification for its property, plant, and equipment.

📈 Strategic Growth

Expected Growth Rate

Not disclosed

Growth Strategy

The company is pursuing a voluntary delisting of its equity shares from the BSE Limited, which was approved by shareholders via special resolution on January 1, 2026. This strategy suggests a shift toward private ownership, potentially to reduce regulatory compliance costs and provide an exit for public shareholders.

Products & Services

Real estate development projects and immovable properties.

Brand Portfolio

Tulive Developers

🌍 External Factors

Industry Trends

The real estate industry is subject to regulatory oversight under the Companies Act and SEBI. The company's move to delist reflects a trend among smaller listed entities to go private to avoid the costs and complexities of public listing requirements.

Competitive Moat

The company holds immovable properties, with title deeds originally in the name of 'Kerry Jost Engineering Ltd' (name changed in 2008). Its competitive advantage is linked to its land bank and property holdings, though sustainability is challenged by current reported losses.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with the Companies Act 2013, Indian Accounting Standards (Ind AS), and SEBI (Delisting of Equity Shares) Regulations 2021. The company faced a compliance issue where the Management Discussion and Analysis report was missing from the FY24 annual report.

Legal Contingencies

The company has pending litigations disclosed in Note 27 of the financial statements. Evaluation of contingent liabilities is a Key Audit Matter, focusing on management's classification of legal claims as probable, possible, or remote. No proceedings are pending under the Prohibition of Benami Property Transactions Act.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the outcome of pending litigations and the impact of the voluntary delisting on minority shareholders. The auditor noted that while no material uncertainty exists regarding meeting liabilities within one year, this is not an assurance of future viability.

Geographic Concentration Risk

Operations and registered offices are concentrated in Chennai, Tamil Nadu, and Mumbai, Maharashtra.

Technology Obsolescence Risk

The company has implemented audit trail features in its accounting software to mitigate data integrity risks.

Credit & Counterparty Risk

The company represents that no funds have been advanced to intermediaries for the benefit of ultimate beneficiaries, reducing third-party credit risk exposure.