TICL - Twamev Constr.

📊 NSE: TICL 🏢 Construction 📅 Last Updated: 12/14/2025 14:36

💰 Financial Performance

Revenue Growth by Segment

Revenue from operations grew 60% YoY to INR 84.86 Cr in FY25 from INR 53.05 Cr in FY24. Total consolidated revenue grew 202% YoY to INR 163.98 Cr, heavily supported by other income.

Geographic Revenue Split

The company operates nationally with a presence in high-growth states; specific regional % splits are not disclosed, though a Ready Mix Concrete (RMC) plant is noted in Guwahati.

Profitability Margins

PAT margin rose to 65.97% in FY25 from -41.89% in FY24. This sharp increase was largely due to exceptional income and does not reflect regular business profitability.

EBITDA Margin

EBITDA margin expanded to 126.27% in FY25 from -8.75% in FY24. This unusual jump was driven by a massive increase in other income (INR 79.03 Cr), including INR 77.95 Cr from interest on an arbitration award.

Credit Rating & Borrowing

Total borrowings stood at INR 338.76 Cr as of March 31, 2025. Interest costs were INR 2.11 Cr, reflecting a low effective rate likely due to promoter unsecured loans and NCLT restructuring.

⚙️ Operational Drivers

Raw Materials

Steel, cement, bitumen, and aggregates are the primary raw materials for infrastructure projects; specific cost percentages are not disclosed.

Import Sources

Sourced domestically within India to support projects across various states.

Capacity Expansion

The company has an unexecuted order book of INR 325-330 Cr to be executed over 24-36 months, with a target to add INR 250-300 Cr in new orders during the year.

Raw Material Costs

Not disclosed as a specific percentage of revenue, but commodity price volatility is cited as a key threat to project economics.

Manufacturing Efficiency

The company has completed more than 600 legacy projects, demonstrating a long-term track record of execution expertise.

📈 Strategic Growth

Expected Growth Rate

60%

Growth Strategy

Growth will be achieved through disciplined project execution, selective bidding in high-margin segments, geographic diversification, and the adoption of advanced project management technologies to reduce cycle times.

Products & Services

Infrastructure construction services for roads, railways, bridges, urban infrastructure, and ropeways.

Brand Portfolio

Twamev (formerly Tantia Constructions Limited).

New Products/Services

Emerging segments include ropeways, which are being targeted as a high-growth infrastructure vertical.

Market Expansion

Deepening presence in high-growth Indian states and selectively exploring new infrastructure segments.

Strategic Alliances

The company was revived by a new investor consortium following NCLT resolution plan approval in 2020.

🌍 External Factors

Industry Trends

The industry is seeing rising infrastructure spending under government programs, with a shift toward technology adoption for operational efficiency.

Competitive Landscape

Intensifying competition in the infrastructure sector and regulatory changes in taxation or environmental norms.

Competitive Moat

Moat is based on a legacy of excellence with credentials from 600+ completed projects, providing a strong brand and execution track record that is difficult for new entrants to replicate.

Macro Economic Sensitivity

Highly sensitive to government infrastructure spending and domestic economic policies.

Consumer Behavior

Not applicable (B2B/B2G model).

⚖️ Regulatory & Governance

Industry Regulations

Subject to environmental regulations, pollution norms, and labor laws governing construction sites.

Taxation Policy Impact

The company benefits from a significant tax shield due to legacy losses, resulting in a low effective tax rate of approximately 5% in FY25.

Legal Contingencies

Associate company Tantia Sanjauliparkings Private Limited (TSPL) was admitted to CIRP in March 2023; legacy arbitration claims are ongoing, with one recently resulting in a INR 77.95 Cr interest award.