💰 Financial Performance

Revenue Growth by Segment

Total revenue from operations grew 1.61% YoY to Rs. 21,443.15 lakhs (214.43 Cr) from Rs. 21,102.89 lakhs in the previous year. Segment-specific growth percentages were not disclosed.

Geographic Revenue Split

The company operates in both domestic and export markets. Exports are conducted strictly on a secured credit basis, while domestic sales are being pushed aggressively on credit to drive volume. Specific regional percentage splits were not disclosed.

Profitability Margins

Net profit ratio declined 12.78% YoY to 1.91% from 2.19% due to lower operational margins. Profit after tax (PAT) fell 11.5% to Rs. 409.91 lakhs (4.10 Cr) from Rs. 463.19 lakhs.

EBITDA Margin

Core profitability was significantly impacted by a rise in material and service costs, leading to an 80.86% drop in Return on Capital Employed (ROCE) to 0.02% from 0.08%.

Credit Rating & Borrowing

The company has sanctioned working capital limits exceeding Rs. 5 Cr. Debt-Equity ratio improved 44.87% to 0.99 from 1.80 due to a strategic reduction in borrowings.

⚙️ Operational Drivers

Raw Material Costs

Material and service costs increased significantly during the year, which was the primary driver for the 80.86% decline in ROCE.

Manufacturing Efficiency

Manufacturing efficiency was pressured by rising input costs; however, inventory turnover improved 26.97% to 2.38 due to higher sales volumes.

📈 Strategic Growth

Growth Strategy

Growth is targeted through aggressive domestic credit sales to capture market share and digital transformation to connect more effectively with distributors, retailers, and customers. Insider confidence is high, with Director Hardik Jain purchasing 15,059 shares and MD Sanjay Kumar Jain purchasing 1,942 shares in December 2025.

Brand Portfolio

TT (implied by company name and distribution network mentions).

Market Expansion

The company is focusing on aggressive domestic market penetration using credit as a tool and maintaining a presence in export markets with secured credit terms.

🌍 External Factors

Industry Trends

The industry is shifting toward digitalization; the company is responding by embracing technological changes to connect digitally with its supply chain to avoid obsolescence.

Competitive Moat

The company's moat is not explicitly defined, but it is leveraging its distribution network and digital transformation to maintain competitive positioning.

Macro Economic Sensitivity

The company is sensitive to economic developments, demand-supply conditions in the industry, and input price volatility, which impacted ROCE by 80.86% this year.

Consumer Behavior

Increasing digital usage among consumers is forcing a shift toward digital connectivity in the company's retail and distribution strategy.

⚖️ Regulatory & Governance

Industry Regulations

The company is subject to government notifications and policies regarding claims and subsidies, with Rs. 1,366 lakhs currently recognized as receivables against these claims.

Legal Contingencies

The company has pending litigations disclosed in Note 32 of the financial statements; however, specific case values were not provided in the summary.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the recoverability of Rs. 1,366 lakhs in claims/subsidies, which is subject to significant management judgment and policy conditions.

Third Party Dependencies

The company relies on a network of distributors and retailers, and is working to mitigate communication risks through digital integration.

Technology Obsolescence Risk

The company recognizes the risk of technological obsolescence and is actively working to embrace digital changes in its operations.

Credit & Counterparty Risk

Domestic credit exposure is increasing due to aggressive sales strategies, while export risk is mitigated by selling only on a secured credit basis.