💰 Financial Performance

Revenue Growth by Segment

Transport segment revenue grew by 98.05% YoY (INR 14.27 Cr vs INR 7.20 Cr), while Construction segment revenue declined by 33.55% YoY (INR 8.02 Cr vs INR 12.08 Cr) for the half-year ended September 30, 2025.

Geographic Revenue Split

Not disclosed in available documents, though the company is headquartered in Kolkata, West Bengal.

Profitability Margins

Operating Profit Margin improved to 7.68% in FY25 from 6.89% in FY24. Net Profit Margin for FY25 was 3.80%, up slightly from 3.67% in FY24.

EBITDA Margin

Operating Profit Margin was 7.68% in FY25, representing a YoY increase of 0.79% due to improved operational efficiency.

Capital Expenditure

The company spent INR 0.11 Cr on the acquisition of Property, Plant & Equipment during the half-year ended September 30, 2025.

Credit Rating & Borrowing

Not disclosed in available documents. Interest coverage ratio declined from 5.56 in FY24 to 3.50 in FY25, indicating higher relative interest costs.

⚙️ Operational Drivers

Raw Materials

Stock-in-trade purchases represent the primary cost of operations, accounting for 65.4% of total revenue (INR 14.58 Cr) in H1 FY26.

Raw Material Costs

Purchases of stock-in-trade were INR 14.58 Cr in H1 FY26, representing 65.4% of revenue. Inventory turnover ratio decreased from 24.63 to 18.49 in FY25.

Manufacturing Efficiency

Not applicable as the company provides logistics and construction services.

📈 Strategic Growth

Growth Strategy

Growth will be achieved by focusing on technologically advanced and more profitable market segments, expanding into new geographical areas, and enhancing functional efficiency through productivity and cost reduction.

Products & Services

Transportation services, logistics management, construction projects, and manpower supply for logistics related projects.

Brand Portfolio

Destiny Logistics & Infra Limited.

New Products/Services

The company is exploring value-added services in the logistics and infrastructure sectors.

Market Expansion

Plans include expanding into new geographical areas to diversify the project portfolio.

🌍 External Factors

Industry Trends

The logistics and infrastructure industry is expected to benefit from government thrust on economic growth, despite a recent decline in FDI inflows to $2.245 billion.

Competitive Landscape

The industry is highly competitive with no entry barriers, featuring significant competition from large established players.

Competitive Moat

Moat is based on established operations and an experienced management team, but sustainability is challenged by the lack of entry barriers and intense competition from larger players.

Macro Economic Sensitivity

Sensitive to Indian infrastructure sector growth; FDI equity inflow in the sector declined to approximately $2.245 billion in FY25.

Consumer Behavior

Increasing demand for technologically advanced and efficient logistics services in the Indian market.

⚖️ Regulatory & Governance

Industry Regulations

Adherence to local statutory requirements for conduct of business and labor-intensive operations.

Taxation Policy Impact

The effective tax rate for the half-year ended September 30, 2025, was approximately 15.7% (INR 0.56 Cr current tax on INR 3.58 Cr PBT).

⚠️ Risk Analysis

Key Uncertainties

Changes in government policies and rising labor wages are key risks that could impact project availability and margins by up to 10-15%.

Geographic Concentration Risk

Operations are primarily concentrated in West Bengal, with the registered office in Kolkata.

Third Party Dependencies

High dependency on project-based labor supply for transportation and logistics segments.

Technology Obsolescence Risk

Risk of falling behind if the company does not successfully transition to technologically advanced logistics segments.

Credit & Counterparty Risk

Debtors turnover ratio improved from 2.22 to 2.71 in FY25, indicating better receivables management.