💰 Financial Performance

Revenue Growth by Segment

Total revenue for FY 2024-25 was INR 83 Cr, a 15% decrease from INR 97 Cr in FY 2023-24. However, the core Logistics Park and commercial properties segment grew by 13% YoY to INR 77 Cr. The Equipment Hiring (Non-crane) segment saw a significant decline, contributing to the overall revenue drop as the company exits this business.

Geographic Revenue Split

Not disclosed in available documents, though the company maintains a strong presence across major Indian cities with 5.5 million sq. ft. of developed Grade A real estate.

Profitability Margins

Net Profit After Tax (PAT) for FY 2024-25 was INR 53 Cr, a 79% decrease from INR 250 Cr in FY 2023-24, which was inflated by one-time gains from asset exits. Profit before tax from continuing operations stood at INR 54.18 Cr for the year.

EBITDA Margin

The consolidated EBITDA margin was 44% for FY 2024-25, down from 56% in FY 2023-24. The Logistics Park segment specifically operates at an EBITDA margin of approximately 53% (INR 40 Cr EBITDA on INR 77 Cr revenue), which is lower than the industry standard of 70-80% due to current S&GA and manpower costs being grouped before stabilization.

Capital Expenditure

The company significantly increased its investment activity, with INR 116.49 Cr paid toward the acquisition of rights, interest in target companies, and capital advances in FY 2024-25, compared to INR 52.33 Cr in the previous year.

Credit Rating & Borrowing

Finance costs for FY 2024-25 were INR 2.24 Cr, a decrease from INR 2.87 Cr in FY 2023-24. Specific credit ratings and interest rate percentages were not disclosed.

⚙️ Operational Drivers

Raw Materials

Not applicable as a real estate and logistics infrastructure provider; primary inputs are land and construction materials for Grade A warehousing.

Capacity Expansion

TREL has developed 5.5 million sq. ft. of Grade A real estate and successfully exited 4.95 million sq. ft. The company is currently deploying capital advances for new assets that are yet to start generating revenue.

Raw Material Costs

Not applicable; however, the company focuses on green building practices and international standards which may influence initial development costs.

Manufacturing Efficiency

The company focuses on 'Grade A' standards to maintain high occupancy and premium rentals. Current assets under management include Container Freight Stations and Inland Container Depots.

📈 Strategic Growth

Expected Growth Rate

13%

Growth Strategy

TREL is focusing on the development of new logistics parks and commercial assets while exiting non-core businesses like equipment hiring. Growth is driven by transitioning to higher-rental clients and deploying INR 116.49 Cr in capital advances for new revenue-generating assets.

Products & Services

Grade A Logistics Parks, Container Freight Stations (CFS), Inland Container Depots (ICD), and advanced engineering facilities.

Brand Portfolio

Transindia Real Estate Limited (TREL).

New Products/Services

Development of new Grade A facilities and expansion of the logistics park portfolio are expected to contribute to future revenue as capital advances convert into operational assets.

Market Expansion

The company maintains a strong presence across major Indian cities and is actively seeking new real estate opportunities to build customer-centric infrastructure.

Market Share & Ranking

Ranked among the top 10 'Logistics Champion Companies' in the industrial space category at the ICSM Indian Logistics Strategy Summit.

Strategic Alliances

The company has signed a closure agreement with the buyer of its equipment business to finalize the exit from that segment.

🌍 External Factors

Industry Trends

The industry is shifting toward Grade A warehousing and green building practices. TREL is positioning itself by adopting international standards and sustainable development to attract global logistics players.

Competitive Landscape

Operates in a dynamic and competitive landscape against other industrial real estate developers and logistics park operators.

Competitive Moat

The moat is built on strategic site selection (locational benefits) and the high barrier to entry for Grade A infrastructure. This is sustainable because these assets are critical for supply chain efficiency.

Macro Economic Sensitivity

Highly sensitive to the growth of global and domestic supply chains, as its assets serve as critical enablers for logistics.

Consumer Behavior

Increased demand for efficient, tech-enabled logistics spaces driven by the growth of e-commerce and organized retail.

Geopolitical Risks

Exposure to global supply chain fluctuations which impact the demand for Container Freight Stations and Inland Container Depots.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to real estate development norms and international standards for logistics infrastructure.

Environmental Compliance

The company consistently adopts green building practices and sustainability standards, though specific ESG compliance costs are not disclosed.

Taxation Policy Impact

The company incurred a total tax expense of INR 15.88 Cr in FY 2024-25 on a profit before tax of INR 51.84 Cr, representing an effective tax rate of approximately 30.6%.

Legal Contingencies

The company reported an exceptional item loss of INR 2.35 Cr in FY 2024-25. It also manages contractual obligations related to the sale of its equipment business, which resulted in an expense of INR 2.77 Cr.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the timing of revenue generation from new capital expenditures (INR 116.49 Cr), which currently drags down EBITDA margins until assets stabilize.

Geographic Concentration Risk

Concentrated in major Indian cities; specific percentage split per city is not disclosed.

Third Party Dependencies

Dependent on high-quality tenants for rental income; the loss of a major tenant can lead to immediate 10% revenue fluctuations.

Technology Obsolescence Risk

Mitigated by the use of digital tools and advanced technology in facility management to ensure 'future-ready' infrastructure.

Credit & Counterparty Risk

The company recognized an impairment loss under the expected credit loss model of INR 2.79 Cr in FY 2024-25, indicating some exposure to receivable risks.