💰 Financial Performance

Revenue Growth by Segment

Total revenue for H1 FY26 reached INR 79.31 Cr, representing a 171.4% growth compared to INR 29.22 Cr in H1 FY25. The Infrastructure Trading segment grew by 202.7% YoY, contributing INR 79.21 Cr in H1 FY26 vs INR 26.17 Cr in H1 FY25. The Film Division recorded zero revenue in H1 FY26 compared to INR 78.74 Cr in the full FY25, while Dealing in Shares/Securities saw a net gain of INR 0.09 Cr in H1 FY26.

Geographic Revenue Split

The company operates primarily in India with its registered office in Delhi. While it has incorporated subsidiaries in Australia and the UK, equity subscription has not yet occurred, resulting in 100% of current revenue being domestic-based.

Profitability Margins

Net Profit Margin experienced a significant compression, dropping to 1.54% in H1 FY26 from 10.16% in H1 FY25. This decline is primarily due to the shift in business mix toward low-margin infrastructure trading and the absence of high-margin film production revenue during the current half-year.

EBITDA Margin

Operating Profit before working capital changes for H1 FY26 was INR 0.52 Cr, a 66.4% decrease from INR 1.56 Cr in H1 FY25. EBITDA margin is extremely thin at approximately 0.66%, reflecting the high-volume, low-margin nature of the infrastructure trading division.

Capital Expenditure

The company made minor additions to property, plant, and equipment of INR 0.0013 Cr in H1 FY26. However, it invested INR 0.91 Cr in intangible assets and holds INR 22.54 Cr in total non-current assets, including deferred tax assets of INR 0.26 Cr.

Credit Rating & Borrowing

The company reports zero non-current and current borrowings as of September 30, 2025. Finance costs were nil for the half-year, indicating a debt-free balance sheet, though liquidity is constrained by high receivables.

⚙️ Operational Drivers

Raw Materials

Stock-in-trade (Infrastructure materials) represents the primary cost, accounting for 98.6% of total revenue in H1 FY26.

Import Sources

Not specifically disclosed, but operations are managed from the Delhi corporate office, suggesting domestic sourcing for the infrastructure trading division.

Capacity Expansion

The company is expanding its global footprint by establishing Teamo Productions HQ (Australia) Pty Limited and Teamo Productions HQ (UK) Limited, though these are not yet operational or consolidated.

Raw Material Costs

Purchase of stock-in-trade amounted to INR 78.24 Cr in H1 FY26, a 202.8% increase from INR 25.83 Cr in H1 FY25, directly tracking the growth in the infrastructure trading segment.

Manufacturing Efficiency

As a trading and production entity, efficiency is measured by turnover; the company saw a massive increase in trade receivables to INR 88.85 Cr, indicating potential bottlenecks in cash conversion.

Logistics & Distribution

Other expenses, which include distribution and administrative costs, stood at INR 0.32 Cr for H1 FY26, representing 0.4% of revenue.

📈 Strategic Growth

Expected Growth Rate

171%

Growth Strategy

Growth is being driven by aggressive scaling of the Infrastructure Trading division and international expansion through new subsidiaries in the UK and Australia. The company is also pivoting its accounting to net-basis for share trading to improve financial transparency and focus on core operational gains.

Products & Services

Infrastructure materials trading, film and media production services, and securities trading.

Brand Portfolio

Teamo Productions HQ (TPHQ).

New Products/Services

The company is preparing to launch operations in the UK and Australia markets through its newly formed subsidiaries.

Market Expansion

Targeting international film and infrastructure markets in the UK and Australia with subsidiaries already incorporated.

Strategic Alliances

The company utilizes Memorandums of Understanding (MoUs) for business projects and investments in unquoted securities, currently held at a book value of INR 20.92 Cr.

🌍 External Factors

Industry Trends

The infrastructure trading industry is seeing high volume growth but remains competitive with low margins. The film industry is shifting toward global co-productions, which aligns with TPHQ's international expansion.

Competitive Landscape

Competes with other infrastructure material traders and independent film production houses.

Competitive Moat

The company lacks a strong traditional moat, operating in a highly competitive trading environment. Its advantage lies in its diversified business model (Films + Infra) and its debt-free status.

Macro Economic Sensitivity

Highly sensitive to Indian infrastructure policy and government spending, as the trading division is the primary revenue driver.

Consumer Behavior

Demand in the infra segment is driven by B2B project requirements rather than individual consumer trends.

Geopolitical Risks

Expansion into the UK and Australia makes the company subject to international trade regulations and bilateral relations.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to Ind AS accounting standards, specifically Ind AS 109 for financial instruments and Ind AS 1 for financial statement presentation.

Taxation Policy Impact

The effective tax rate for H1 FY26 was approximately 30%, with a total tax expense of INR 0.52 Cr on a PBT of INR 1.74 Cr.

Legal Contingencies

The company reported zero unresolved investor complaints at the end of the quarter.

⚠️ Risk Analysis

Key Uncertainties

The primary risk is the high level of trade receivables (INR 88.85 Cr), which exceeds the total half-year revenue, posing a significant liquidity and credit risk.

Geographic Concentration Risk

Currently 100% concentrated in India, though international subsidiaries are in the pipeline.

Third Party Dependencies

High dependency on five major customers in the infrastructure segment for over 77% of revenue.

Technology Obsolescence Risk

Low risk for infrastructure trading; moderate risk for the film division regarding digital distribution shifts.

Credit & Counterparty Risk

Significant credit exposure as trade receivables rose from INR 56.50 Cr in March 2025 to INR 88.85 Cr in September 2025, a 57.3% increase in six months.