💰 Financial Performance

Revenue Growth by Segment

The company operates in a single segment of providing space for film shooting, TV serials, advertisements, and events, which saw revenue grow 103.35% YoY from INR 139.18 lakhs in FY24 to INR 283.02 lakhs in FY25.

Geographic Revenue Split

100% of revenue is generated in India, specifically from its registered office and facilities located in Colaba, Mumbai, Maharashtra.

Profitability Margins

Net loss margin worsened from -74.63% in FY24 to -79.16% in FY25 as total expenses (INR 520.20 lakhs) significantly outpaced total income (INR 296.17 lakhs).

EBITDA Margin

EBITDA was negative at INR -184.89 lakhs for FY25, representing an EBITDA margin of -65.33%, compared to an EBITDA of INR -76.21 lakhs in FY24.

Capital Expenditure

Property, Plant and Equipment (PPE) increased by INR 399.77 lakhs (70.89%) to INR 963.67 lakhs in FY25, while Capital Work-in-Progress (CWIP) stood at INR 582.90 lakhs following reconstruction and repair activities on a sea retaining wall and platform.

Credit Rating & Borrowing

Credit rating is not disclosed; however, total borrowings increased 176.92% YoY to INR 205.53 lakhs in FY25 from INR 74.22 lakhs in FY24, with finance costs rising 116.92% to INR 15.90 lakhs.

⚙️ Operational Drivers

Raw Materials

As a service-based company, it does not consume traditional raw materials; its primary costs are Employee Benefits (35.6% of total expenses) and Other Expenses (56.9% of total expenses).

Import Sources

Not applicable for service-based shooting location operations.

Capacity Expansion

The company recently completed reconstruction and repair of its sea retaining wall, platform, and a structure to maintain and potentially expand its service offerings for film and event hosting.

Raw Material Costs

Not applicable; however, 'Other Expenses' which include maintenance and operational costs for the property, surged 108.16% YoY to INR 295.88 lakhs.

Manufacturing Efficiency

Not applicable; efficiency is measured by the occupancy and utilization of the Mumbai property for shooting and events.

Logistics & Distribution

Not applicable; customers (production houses/corporates) come to the company's Mumbai location.

📈 Strategic Growth

Growth Strategy

The company is focusing on infrastructure upgrades, such as the reconstruction of the sea retaining wall and platform, to attract high-value film and advertisement contracts and corporate events in the premium Colaba area.

Products & Services

Space for film shooting, TV serials, advertisements, and corporate/social events.

Brand Portfolio

TCI Industries Limited.

Market Expansion

The company is currently focused on maximizing the utility of its existing Mumbai land bank and infrastructure.

🌍 External Factors

Industry Trends

The industry is seeing a shift toward high-quality location shoots for OTT platforms and digital advertisements, which increases demand for unique, well-maintained spaces like TCI's Mumbai property.

Competitive Landscape

Competes with other specialized shooting studios and outdoor locations in Mumbai, as well as film cities.

Competitive Moat

The company's moat is its strategic, high-value real estate in Colaba, Mumbai, which is a hub for the film industry. This geographic advantage is highly sustainable due to the scarcity of large, sea-facing open spaces in the city.

Macro Economic Sensitivity

Highly sensitive to the health of the Indian media and entertainment industry and corporate marketing budgets for events.

Consumer Behavior

Increased consumption of digital content is driving higher production volumes, which benefits location providers.

Geopolitical Risks

Low direct impact as operations are localized in Mumbai, though general economic stability affects media spending.

⚖️ Regulatory & Governance

Industry Regulations

Compliant with the Companies Act, 2013 and Ind AS; the company is not required to spend on CSR under Section 135 due to its financial position.

Environmental Compliance

Not disclosed, though coastal property maintenance (sea wall) suggests adherence to local coastal regulation zone (CRZ) norms.

Taxation Policy Impact

The company is currently in a loss position (INR 224.03 lakhs loss for FY25), affecting its immediate tax liability.

Legal Contingencies

The company has disclosed the impact of pending litigations on its financial position in Note 30, though specific INR values for these contingencies are not provided in the summary.

⚠️ Risk Analysis

Key Uncertainties

Management judgment regarding the capitalization and depreciation of PPE (INR 963.67 lakhs) is a key audit matter that could impact financial reporting accuracy.

Geographic Concentration Risk

100% of revenue and assets are concentrated in a single location in Mumbai, making the company vulnerable to regional economic or regulatory shifts.

Third Party Dependencies

Dependent on production houses and event organizers for revenue generation.

Technology Obsolescence Risk

Low risk for physical space, though the company has implemented accounting software with audit trails to mitigate financial data risks.

Credit & Counterparty Risk

Trade receivables are low at INR 3.38 lakhs, suggesting limited credit risk exposure from customers.