💰 Financial Performance

Revenue Growth by Segment

The company reported a total revenue of INR 3.526 Cr for H1 FY26, representing a 349.9% growth compared to INR 0.7837 Cr in H1 FY25. Revenue is currently 100% driven by the 'Agriculture' segment as of September 2025, a significant shift from its historical interior design focus which generated INR 66.98 Cr in FY19.

Geographic Revenue Split

Not disclosed in available documents, though the company is headquartered in Mumbai and listed on the NSE SME exchange.

Profitability Margins

The PAT margin for H1 FY26 was reported at 33.2% (INR 1.17 Cr profit on INR 3.52 Cr revenue), a sharp increase from the 5.9% PAT margin reported in FY19. However, auditors have issued a disclaimer of opinion, stating they cannot verify the genuineness of these transactions.

EBITDA Margin

EBITDA margin for H1 FY26 stood at 33.5% (INR 1.18 Cr), compared to historical interest coverage of 5.18x in FY19. The current high margin is unverified due to a lack of supporting documentation for sales and purchases.

Capital Expenditure

Not disclosed. Auditors noted the absence of a Fixed Assets register, making it impossible to ascertain the genuineness of depreciation or historical asset investments.

Credit Rating & Borrowing

The company's credit rating was downgraded to 'CRISIL D' (Default) in April 2020 due to overutilization of cash credit limits for more than 30 days and delays in interest payments. Ratings were later migrated to 'Issuer Not Cooperating' and eventually withdrawn.

⚙️ Operational Drivers

Raw Materials

Not specifically named, but categorized as 'Cost of Materials Consumed' which amounted to INR 2.34 Cr in H1 FY26, representing 66.4% of total revenue.

Key Suppliers

Not disclosed. Auditors highlighted a lack of third-party balance confirmations for trade payables as of September 30, 2025.

Capacity Expansion

Not applicable as the company currently claims to operate a trading model where goods are moved directly from suppliers to customers without being held in company possession.

Raw Material Costs

Raw material costs were INR 2.34 Cr in H1 FY26 (66.4% of revenue). Historically, inventory was maintained at 60 days, but current auditors cannot verify inventory valuation due to missing Goods Inward Reports.

Manufacturing Efficiency

Not applicable; the company operates in interior design services and agricultural trading.

📈 Strategic Growth

Expected Growth Rate

Not disclosed

Growth Strategy

The company appears to be pivoting from its core interior and exterior designing business (commercial offices and malls) toward agricultural trading, which accounted for 100% of H1 FY26 revenue. However, the strategy is obscured by a lack of financial transparency and a disclaimer of opinion from auditors.

Products & Services

Interior and exterior designing services for commercial offices, malls, and factories; agricultural commodity trading.

Brand Portfolio

Salasar Exteriors and Contour Limited (SECL).

New Products/Services

Agricultural trading is the primary new revenue stream, contributing 100% of the INR 3.52 Cr revenue in H1 FY26.

Market Share & Ranking

Not disclosed; the company faces intense competition from both organized and unorganized players in the interior design industry.

🌍 External Factors

Industry Trends

The interior design industry is seeing a shift toward organized players, but SECL's pivot to agriculture suggests a move into a high-volume, low-margin trading environment currently growing at 288% YoY (unverified).

Competitive Landscape

Intense competition from numerous organized and unorganized players in the interior and exterior designing sector.

Competitive Moat

The primary moat is the promoter Mr. Shreekrishna Joshi's 30+ years of experience. However, this moat is currently undermined by the company's default status and severe audit qualifications.

Macro Economic Sensitivity

Highly sensitive to commercial real estate cycles for its design business and commodity price fluctuations for its agricultural trading segment.

⚖️ Regulatory & Governance

Industry Regulations

The company is in non-compliance with the MSMED Act, 2006, as it failed to provide the required bifurcation of Micro, Small, and Medium Enterprise creditors in its financial statements.

Taxation Policy Impact

Not disclosed. Auditors noted they could not ascertain the genuineness of deferred tax liabilities/assets due to missing documents.

Legal Contingencies

Not disclosed, but the company is under scrutiny for 'Issuer Not Cooperating' status with credit agencies and has received a disclaimer of opinion from its statutory auditors.

⚠️ Risk Analysis

Key Uncertainties

The most critical uncertainty is the 'Disclaimer of Opinion' from auditors regarding the completeness and genuineness of all transactions (sales, purchases, inventory) for H1 FY26, posing a 100% risk to the reliability of reported financials.

Geographic Concentration Risk

Primarily concentrated in Mumbai, Maharashtra.

Third Party Dependencies

High dependency on third-party suppliers for direct-to-customer delivery, which auditors have been unable to verify.

Credit & Counterparty Risk

Extremely high risk; receivables are stretched to 172 days, and the company has been unable to provide third-party confirmations for these balances to its auditors.