💰 Financial Performance

Revenue Growth by Segment

Revenue from operations remained at INR 0.00 for both FY25 and FY24, indicating the company is in a pre-revenue or development stage. Total income, primarily from interest and other sources, grew 80.9% from INR 32.85 lakhs to INR 59.44 lakhs.

Geographic Revenue Split

Not disclosed in available documents; however, the company and its subsidiary are incorporated in India with operations based in Mumbai.

Profitability Margins

Profitability is currently negative as the company is in a development phase. Net loss widened by 301.9% from INR 183.98 lakhs in FY24 to INR 739.43 lakhs in FY25 due to increased operational and development expenses.

EBITDA Margin

EBITDA is negative due to zero operating revenue and total expenses of INR 811.06 lakhs in FY25, which increased 285.4% YoY from INR 210.45 lakhs.

Capital Expenditure

The company undertook significant capital expenditure of INR 1,691.70 lakhs for Property, Plant and Equipment and Capital Work in Progress (CWIP) in FY25. Additionally, Intangible Assets under Development reached INR 2,024.05 lakhs.

Credit Rating & Borrowing

Credit rating is not disclosed. Current borrowings stood at INR 1,259.65 lakhs as of March 31, 2025, with finance costs increasing from INR 12.98 lakhs to INR 41.04 lakhs YoY.

⚙️ Operational Drivers

Raw Materials

Not disclosed as the company is currently in a pre-revenue development stage with zero cost of materials consumed reported for FY25.

Capacity Expansion

The company has significant Capital Work in Progress (CWIP) of INR 1,631.82 lakhs as of March 31, 2025, compared to just INR 7.93 lakhs in FY24, indicating massive infrastructure setup for future operations.

Raw Material Costs

Raw material costs were INR 0.00 in FY25, representing 0% of revenue, as the company has not yet commenced commercial production.

Manufacturing Efficiency

Not applicable as the company is in the development phase with zero revenue from operations.

📈 Strategic Growth

Expected Growth Rate

Not disclosed in available documents

Growth Strategy

The company is pivoting its business model (formerly Supremex Shine Steels Limited) toward aerospace and technology. Growth is being pursued through a massive rights issue of INR 4,254.30 lakhs to fund the development of internally generated intangible assets (INR 2,024.05 lakhs) and infrastructure (CWIP INR 1,631.82 lakhs).

Products & Services

Aerospace technology solutions and internally generated intangible assets currently under development.

Brand Portfolio

Aerpace

New Products/Services

New aerospace-related technology projects are currently in the development phase, with capitalization based on technical feasibility and future economic benefit criteria.

🌍 External Factors

Industry Trends

The industry is shifting toward advanced aerospace technology and internally developed intellectual property. The company is positioning itself by investing heavily in R&D and infrastructure setup.

Competitive Landscape

Key competitors are not named, but the company operates in the high-tech aerospace development sector.

Competitive Moat

The company's potential moat lies in its internally generated intangible assets and technical feasibility of aerospace projects, though these are currently in the development stage and subject to impairment risks.

Consumer Behavior

Not applicable as the company is in a B2B/technology development phase.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by Ind AS 38 for intangible assets and the Companies Act, 2013. The company maintains an audit trail (edit log) facility in its accounting software as per regulatory requirements.

Taxation Policy Impact

The company recorded a deferred tax credit of INR 12.11 lakhs in FY25, aiding in reducing the net loss for the year.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the successful completion and commercialization of intangible assets under development (INR 2,024.05 lakhs). Any failure in technical feasibility could result in a 100% impairment of these assets.

Geographic Concentration Risk

Operations and assets are concentrated in India, specifically Mumbai.

Technology Obsolescence Risk

High risk due to the nature of aerospace technology development; the company must ensure its R&D remains competitive during the long development cycle.

Credit & Counterparty Risk

Trade receivables decreased from INR 75.76 lakhs to INR 0.00, indicating minimal current credit exposure to customers.