💰 Financial Performance

Revenue Growth by Segment

Revenue from operations for both the Pipe and Textile segments was INR 0.00 for the half-year ended September 30, 2025, representing a 0% growth rate as operations have effectively ceased. This follows a 98.9% decline in total operating income from INR 13.85 Cr in FY2023 to INR 0.15 Cr in FY2024.

Geographic Revenue Split

100% of the company's historical revenue and manufacturing footprint is concentrated in Jaipur, Rajasthan, India, making it entirely dependent on the domestic market and local industrial conditions.

Profitability Margins

The company reported a Net Loss of INR 66.22 Lacs for the half-year ended September 30, 2025, compared to a loss of INR 154.68 Lacs in the previous year. The PAT margin in FY2024 was a staggering -1963.9% due to the near-total absence of revenue against fixed costs.

EBITDA Margin

The Operating Profit (OPBDITA/OI) margin was -206.2% in FY2024, worsening from -30.9% in FY2023. This negative margin reflects the company's inability to cover even basic operating expenses without revenue.

Capital Expenditure

Property, Plant, and Equipment (PPE) decreased to INR 16.73 Cr as of September 30, 2025, from INR 17.11 Cr in March 2025. No new capital expenditure is planned as the company is in default; the decrease is primarily due to depreciation charges of INR 38.19 Lacs.

Credit Rating & Borrowing

The company is rated [ICRA]D (Default) as of October 2024. Total borrowings stood at INR 72.40 Cr (INR 53.46 Cr non-current and INR 18.94 Cr current) as of September 30, 2025. Interest on borrowings for HY FY26 was INR 20.06 Lacs, though the company has stopped making interest provisions on NPA accounts since July 1, 2022.

⚙️ Operational Drivers

Raw Materials

The primary raw materials required for production are HDPE (High-Density Polyethylene), PVC (Polyvinyl Chloride), MDPE, and LDPE resins, which typically constitute the bulk of manufacturing costs for plastic pipes.

Import Sources

Not disclosed in available documents, though typically sourced from domestic petrochemical majors or imported from the Middle East.

Capacity Expansion

Current monthly installed capacity is 13,000 MT for HDPE pipes, 6,500 MT for PVC pipes, 1,000 tonnes for yarn, and 3,000 MT for blankets. No expansion is planned given the current NPA status and zero utilization.

Raw Material Costs

Raw material costs are currently negligible as production has halted. In FY2024, the company was unable to procure materials due to seized bank accounts.

Manufacturing Efficiency

Capacity utilization is effectively 0% as of September 30, 2025, as the company reported zero revenue from operations.

Logistics & Distribution

Distribution costs are currently 0% of revenue as no products are being shipped to customers.

📈 Strategic Growth

Expected Growth Rate

0%

Growth Strategy

The company has no viable growth strategy in its current state. Management mentions 'cost cutting and capacity rationalization' in the MDA, but the primary focus is on addressing the NPA status and the seizure of bank accounts by Bank of India.

Products & Services

High-grade HDPE pipes, PVC pipes, MDPE pipes, LDPE plastic pipes, sprinkler systems, and mink blankets.

Brand Portfolio

Tijaria, Vikas.

New Products/Services

No new product launches are planned; the company is currently unable to sustain existing product lines.

Market Expansion

Market expansion is currently impossible due to the lack of working capital and default status.

Market Share & Ranking

Not disclosed; however, the company claims a leadership position for its 'Vikas' and 'Tijaria' brands in the HDPE/PVC pipe industry despite current operational halts.

Strategic Alliances

None disclosed.

🌍 External Factors

Industry Trends

The pipe and textile industries are expected to grow due to government initiatives like GST and 'ease of doing business,' but Tijaria is currently unable to capitalize on these trends due to its NPA status.

Competitive Landscape

Key competitors include other domestic HDPE/PVC pipe manufacturers and overseas suppliers, though the company is currently not competing due to zero production.

Competitive Moat

The company's moat consists of its established brand names 'Tijaria' and 'Vikas' and its national award-winner status. However, this moat is rapidly eroding as the company remains out of the market.

Macro Economic Sensitivity

The company is highly sensitive to interest rates and credit availability. The 100% lack of access to credit has resulted in a total operational shutdown.

Consumer Behavior

Demand in the irrigation and infrastructure sectors remains a driver for the industry, but the company cannot fulfill this demand.

Geopolitical Risks

The company notes that competition from overseas suppliers may affect growth prospects, though domestic operational issues are currently the primary threat.

⚖️ Regulatory & Governance

Industry Regulations

The company is in violation of Section 269SS of the Income Tax Act, 1961, as directors have been making payments and receipts from their personal bank accounts because the company's accounts are seized.

Environmental Compliance

Not disclosed.

Taxation Policy Impact

The company is dealing with complex deferred tax asset valuations resulting from net operating losses. It is also facing scrutiny for potential violations of Section 269SS of the Income Tax Act.

Legal Contingencies

The company's bank accounts were declared NPA on July 1, 2022. Bank of India has been recovering dues by selling forfeited shares, including 71,69,116 shares in FY2023-24 for INR 4.65 Cr and 14,17,858 shares in FY2022-23 for INR 0.76 Cr.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the company's ability to continue as a 'Going Concern.' The auditors have highlighted material uncertainty regarding this due to the NPA status and seized accounts.

Geographic Concentration Risk

100% of manufacturing is located in Jaipur, Rajasthan, creating high regional risk.

Third Party Dependencies

The company is 100% dependent on its lenders (primarily Bank of India) for any potential restart of operations.

Technology Obsolescence Risk

There is a high risk of technology and machinery obsolescence as the plant remains idle and R&D spend is zero.

Credit & Counterparty Risk

The company has outstanding receivables and advances to suppliers totaling INR 3.33 Lacs, which may be difficult to recover given the operational halt.