💰 Financial Performance

Revenue Growth by Segment

The Financing segment, the company's sole business line, generated total revenue of INR 135.34 Lakhs in FY 2023-24. However, for the half-year ended September 30, 2025, revenue plummeted to INR 15.09 Lakhs, representing a massive 88.8% decline compared to INR 134.72 Lakhs in the same period of the previous year.

Geographic Revenue Split

Not disclosed in available documents. The company operates primarily out of its Hyderabad headquarters.

Profitability Margins

Net Profit Margin is deeply negative. The company reported a net loss of INR 47.97 Lakhs in FY 2023-24, though this was an 80.9% improvement from the INR 251.03 Lakhs loss in FY 2022-23. For H1 FY26, the net loss stood at INR 79.54 Lakhs, worsening from a loss of INR 71.28 Lakhs in H1 FY25.

EBITDA Margin

Core profitability is negative due to non-recognition of interest income on non-performing loans. Operating margins have been severely impacted by the impairment of loans and advances to Amrit Jal Ventures Private Limited and Mahendra Investment and Advisors Private Limited.

Capital Expenditure

Not disclosed in available documents. As an NBFC, the company focuses on financial assets rather than physical infrastructure expansion.

Credit Rating & Borrowing

The company faces significant liquidity strain. Borrowing costs are elevated due to the NBFC sector's critical phase and the company's specific financial distress, including a negative net worth of INR 6,335.98 Lakhs as of March 31, 2024.

⚙️ Operational Drivers

Raw Materials

Capital and Debt (Cost of Funds) represent 100% of the primary input cost for this financing business.

Import Sources

Domestic Indian capital markets and banking channels.

Key Suppliers

Not disclosed in available documents; typically includes banks and financial institutions providing wholesale credit.

Capacity Expansion

Current operations are contracting; the company has been advised by the RBI to surrender its Certificate of Registration, effectively halting expansion plans.

Raw Material Costs

Cost of funds is impacted by systemic liquidity strains in the NBFC sector. Interest expenses are not fully disclosed but are pressured by the company's deteriorating credit profile.

Manufacturing Efficiency

Not applicable for a financial services company.

Logistics & Distribution

Not applicable.

📈 Strategic Growth

Expected Growth Rate

Not disclosed

Growth Strategy

The company is currently in a survival and recovery phase rather than a growth phase. Strategy involves monitoring capital market opportunities and attempting to manage mark-to-market effects on its securities portfolio, while dealing with a 'Material Uncertainty Related to Going Concern'.

Products & Services

Financing services, loans, advances, and investment in capital market securities.

Brand Portfolio

TCI Finance Limited.

New Products/Services

No new product launches disclosed; focus is on managing existing impaired assets.

Market Expansion

No expansion plans; the company is facing regulatory pressure to exit the NBFC business.

Market Share & Ranking

Small-sized NBFC with negligible market share in the broader Indian financial sector.

🌍 External Factors

Industry Trends

The NBFC sector is experiencing a critical phase with severe liquidity strains and increased regulatory scrutiny following failures of large players. Margins are under pressure due to elevated costs of funds and moderation in asset quality.

Competitive Landscape

Faces intense competition from both large organized NBFCs and unorganized regional players, which increases delinquency risks and affects asset quality.

Competitive Moat

The company currently lacks a sustainable moat, as evidenced by its negative net worth and the RBI's request to surrender its operating license.

Macro Economic Sensitivity

Highly sensitive to interest rate fluctuations and RBI monetary policy, which affect the cost of funds and the valuation of the company's investment portfolio.

Consumer Behavior

Shift toward more regulated and stable financial institutions, disadvantaging smaller, distressed NBFCs.

Geopolitical Risks

Minimal direct impact, though global economic conditions influence the Indian capital markets where the company seeks investment opportunities.

⚖️ Regulatory & Governance

Industry Regulations

The company is governed by the RBI Act, 1934. The RBI has issued a specific advisory for the company to surrender its Certificate of Registration (CoR), which is a critical regulatory threat to its existence.

Environmental Compliance

Not applicable for financial services.

Taxation Policy Impact

Subject to standard Indian corporate tax laws; however, current losses result in no immediate tax liability.

Legal Contingencies

The company has disclosed pending litigations in Note 24 and 25 of its financial statements. While specific INR values are not provided in the summary, auditors indicate these matters have a material adverse effect on the company's functioning.

⚠️ Risk Analysis

Key Uncertainties

There is a 'Material Uncertainty Related to Going Concern' due to the company's negative net worth of INR 6,335.98 Lakhs and the RBI's directive to surrender its license.

Geographic Concentration Risk

Concentrated in India, specifically the Hyderabad region for its registered office.

Third Party Dependencies

High dependency on the financial health of its borrowers, particularly Amrit Jal Ventures and Mahendra Investment.

Technology Obsolescence Risk

The company is required to maintain an audit trail in its accounting software, though this was not applicable for the FY ended March 31, 2024.

Credit & Counterparty Risk

Severe credit risk exposure; the company has incurred significant losses due to the impairment of loans and guarantees given to related parties and other entities.