💰 Financial Performance

Revenue Growth by Segment

The company reported 0% revenue growth as sales remained at INR 0.00 Lacs for both FY 2023-24 and FY 2022-23. The real estate segment, which is the company's sole focus, has not yet commenced revenue-generating operations.

Geographic Revenue Split

Not disclosed in available documents as the company has zero operational revenue across all regions.

Profitability Margins

Profitability is negative; Net Loss increased by 13.08% from INR 35.10 Lacs in FY 2022-23 to INR 39.69 Lacs in FY 2023-24. For the half-year ended September 30, 2025, the company reported a total comprehensive loss of INR 82.78 Lacs.

EBITDA Margin

EBITDA margin is not applicable due to zero revenue; however, Operating Profit before working capital changes was a loss of INR 11.97 Lacs for the half-year ended September 2025, compared to a loss of INR 72.21 Lacs in the previous year period.

Capital Expenditure

Capital expenditure is minimal; Property, Plant & Equipment stood at INR 2,201.60 Lacs as of September 30, 2025, a slight decrease from INR 2,202.10 Lacs in March 2025 due to depreciation of INR 0.50 Lacs.

Credit Rating & Borrowing

The company has significant current borrowings of INR 7,034.54 Lacs as of September 30, 2025. Interest payable has not been accounted for in the books since the commencement of the Corporate Insolvency Resolution Process (CIRP) on January 2, 2025.

⚙️ Operational Drivers

Raw Materials

Construction materials including cement, steel, and bricks represent the primary cost drivers for the planned real estate projects, though specific percentage breakdowns are not disclosed due to lack of active construction revenue.

Import Sources

Not disclosed in available documents; however, operations are centered in Maharashtra, specifically Thane and Andheri.

Capacity Expansion

The company has entered into agreements for the development and construction of residential and commercial properties. Current inventory of work-in-progress/finished goods is valued at INR 589.31 Lacs as of September 2025.

Raw Material Costs

Raw material costs are currently 0% of revenue as no sales have occurred. The company identifies high construction costs as a primary industry risk that could impact future margins.

Manufacturing Efficiency

Not applicable as the company is a real estate developer with no active manufacturing units; it currently operates with only 2 permanent employees.

Logistics & Distribution

Selling and distribution expenses were INR 0.00 for the periods reported, reflecting the lack of active sales operations.

📈 Strategic Growth

Expected Growth Rate

Not disclosed in available documents

Growth Strategy

The company plans to achieve growth by transitioning into the real estate sector through joint ventures and development agreements. It has already entered into agreements for residential and commercial projects in Thane and Andheri to generate future revenue streams.

Products & Services

Residential apartments, commercial office spaces, and retail shops.

Brand Portfolio

Techindia Nirman.

New Products/Services

Development of a shop in Andheri and a joint venture project in Thane with Cosmos Builders.

Market Expansion

Focus is currently restricted to the Maharashtra real estate market, specifically the Thane and Mumbai regions.

Market Share & Ranking

Not disclosed in available documents; the company is a small-cap player currently in insolvency proceedings.

Strategic Alliances

Joint Venture Agreement with Cosmos Builders (signed January 30, 2018) for property development in Thane and an allotment agreement with Cosmos Prime Projects Limited for a shop in Andheri.

🌍 External Factors

Industry Trends

The real estate industry is currently viewed as 'dull' but with 'tremendous scope of growth.' The industry is shifting toward strategic asset placement to catch the upside of future demand cycles.

Competitive Landscape

The company operates in a highly fragmented real estate market prone to variable demand and high construction costs.

Competitive Moat

The company lacks a significant moat as it is currently under insolvency (CIRP) and has no operational revenue. Its primary 'asset base' is its only cited advantage for future upside.

Macro Economic Sensitivity

High sensitivity to real estate market cycles and interest rates. A global slowdown or dull domestic market directly impacts the company's ability to find 'takers' for its planned assets.

Consumer Behavior

Demand for residential and commercial properties is variable; the company noted that during Covid, there were 'no takers' for real estate work.

Geopolitical Risks

Minimal direct impact as operations are local, but global economic slowdowns are cited as a factor that previously brought the real estate market down.

⚖️ Regulatory & Governance

Industry Regulations

The company is subject to the Insolvency and Bankruptcy Code, 2016 (IBC). It is currently undergoing Corporate Insolvency Resolution Process (CIRP) following an NCLT order dated January 2, 2025.

Taxation Policy Impact

The company reported a tax provision of INR 0.00 for FY 2023-24 due to losses.

Legal Contingencies

The company is involved in CIRP proceedings under the NCLT. There is a significant contingency regarding the recoverability of INR 11.74 Cr in advances paid to Nath Biotechnologies Limited, which is currently under assessment by the Resolution Professional.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the outcome of the CIRP process and the company's ability to continue as a 'going concern.' Failure to recover advances or complete joint venture projects could lead to a 100% loss of projected revenue.

Geographic Concentration Risk

100% of assets and planned projects are concentrated in Maharashtra, making the company highly vulnerable to regional regulatory changes or economic shifts in that state.

Third Party Dependencies

High dependency on Cosmos Builders for the Thane project and Nath Biotechnologies for R&D station advances (representing a significant portion of non-current assets).

Technology Obsolescence Risk

Low risk for real estate, but the company has not yet implemented significant digital transformation beyond standard accounting and reporting.

Credit & Counterparty Risk

High risk regarding the recoverability of advances and deposits paid for land development and research stations, which are currently being audited for enforceability under IBC.