TIMESCAN - Timescan Logist.

📊 NSE: TIMESCAN 🏢 Miscellaneous 📅 Last Updated: 12/14/2025 14:24

💰 Financial Performance

Revenue Growth by Segment

The company operates in a single reportable segment (Logistics). Standalone Net Sales for H1 FY26 stood at INR 4.07 Cr. Consolidated Net Sales for H1 FY26 were INR 5.44 Cr. Full-year FY25 Consolidated Profit Before Tax was INR 7.83 Cr, while H1 FY26 PBT is INR 3.03 Cr, representing a projected annualized decline of approximately 22.6% if current trends persist.

Geographic Revenue Split

Primarily India-based operations. The company has an 80% stake in Timescan Logistics (Malaysia) Sdn. Bhd., which has total assets of 4.81 Lakhs MYR (approx. INR 92.68 Lakhs) and reported a loss of 0.43 Lakhs MYR for the period.

Profitability Margins

Standalone PBT margin for H1 FY26 is estimated at 43.58% based on a PBT of INR 2.55 Cr and Total Revenue of INR 5.86 Cr. Consolidated PBT for H1 FY26 was INR 3.03 Cr.

EBITDA Margin

Not explicitly disclosed as a percentage, but Consolidated PBT for H1 FY26 was INR 3.03 Cr against Total Revenue of INR 7.83 Cr, indicating a PBT margin of 38.7% for the half-year period.

Capital Expenditure

Standalone Tangible Property, Plant & Equipment was valued at INR 9.64 Cr as of September 30, 2025, a slight decrease from INR 9.71 Cr as of March 31, 2025, indicating minimal recent capital expenditure in fixed assets.

Credit Rating & Borrowing

Not disclosed in available documents; however, Standalone Interest Expenses and Finance Costs for H1 FY26 were INR 14.16 Lakhs, down from INR 85.42 Lakhs in FY25.

⚙️ Operational Drivers

Raw Materials

As a service-based logistics provider, primary costs are 'Operating Expenses' (Freight, Handling, and Port charges) which accounted for INR 1.36 Cr (Standalone) in H1 FY26, representing 23.2% of total revenue.

Import Sources

Not specifically disclosed, but operations involve international logistics through subsidiaries in Malaysia and a pending entity in the UAE (Timescan Logistics LLC).

Key Suppliers

Not disclosed in available documents; however, the company relies on shipping lines, port authorities, and third-party transport vendors.

Capacity Expansion

Executed a new lease agreement on October 28, 2025, for warehousing space at Door No. 130, R.S, to expand service offerings into warehousing and storage.

Raw Material Costs

Operating expenses for H1 FY26 were INR 1.36 Cr (Standalone). These costs are highly sensitive to global freight rates and fuel prices.

Manufacturing Efficiency

Not applicable as the company is in the service industry; however, the company utilizes a single-segment reporting structure to streamline logistics operations.

Logistics & Distribution

Distribution and operating expenses accounted for INR 1.36 Cr in H1 FY26, which is 23.2% of standalone total revenue.

📈 Strategic Growth

Expected Growth Rate

Not disclosed

Growth Strategy

Growth is targeted through the expansion of warehousing services (new lease in Oct 2025) and international footprint via subsidiaries in Malaysia and the UAE. The company is also focusing on clearing and forwarding services for related parties like Home Choice E-Commerce India Private Limited.

Products & Services

Clearing and Forwarding Services, Warehousing Services, and Integrated Logistics Solutions.

Brand Portfolio

Timescan Logistics

New Products/Services

Expansion into dedicated warehousing services following the October 2025 lease agreement, expected to contribute to future service revenue.

Market Expansion

International expansion through Timescan Logistics (Malaysia) Sdn. Bhd. and the incorporation of Timescan Logistics LLC in the UAE.

Strategic Alliances

The company has an 80% shareholding in its Malaysian subsidiary and is developing a 100% owned subsidiary in the UAE.

🌍 External Factors

Industry Trends

The logistics industry is shifting towards integrated 'one-stop' solutions, prompting the company's move into warehousing to complement its clearing and forwarding core.

Competitive Landscape

Competes with both domestic SME logistics firms and large international freight forwarders.

Competitive Moat

Moat is based on established regulatory licenses for clearing and forwarding and a growing international network, though it faces stiff competition from larger global players.

Macro Economic Sensitivity

Highly sensitive to global trade GDP and EXIM (Export-Import) volumes, which directly dictate the demand for clearing and forwarding services.

Consumer Behavior

Shift towards e-commerce (e.g., transaction with Home Choice E-Commerce) is driving demand for specialized clearing and warehousing services.

Geopolitical Risks

Trade barriers or geopolitical tensions affecting major shipping routes would adversely impact the company's international logistics operations.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Customs Act, shipping regulations, and SEBI (LODR) for SME-listed entities.

Taxation Policy Impact

The company follows standard Indian corporate tax rates; Consolidated Provision for Taxation was not explicitly detailed for the half-year but PBT was INR 3.03 Cr.

Legal Contingencies

The Secretarial Audit Report for FY 2024-25 contains a qualification remark, although the specific nature and financial value of the qualification were not detailed in the provided summary.

⚠️ Risk Analysis

Key Uncertainties

High Trade Receivables of INR 34.99 Cr (Standalone) as of Sept 2025, representing 63.6% of total assets, poses a significant liquidity and credit risk.