1. At a Glance – Yeh Company Hai Ya Art Film?
TCI Industries Ltd is that rare BSE-listed creature where the stock price is ₹1,456, the market cap is ₹131 crore, and the quarterly sales are just ₹1.26 crore — yes, you read that right, three digits versus two decimals. Incorporated in 1965, this company has survived wars, recessions, Harshad Mehta, dotcom busts, and crypto bros — but profits? Woh abhi trailer mein bhi nahi aaye. Return on Equity is a proud -54.7%, ROCE is -14.6%, and yet the price-to-book value sits at 9.29x, like a luxury penthouse built on accounting losses.
In the last quarter, profits magically appeared at ₹0.18 crore, after years of red ink, making investors behave like film critics who clap during the interval itself. Sales jumped 200% QoQ, profit grew 142%, and suddenly WhatsApp groups woke up from hibernation. But zoom out and the annual PAT is still -₹1.70 crore, EPS -₹18.96, and interest coverage a terrifying -6.08.
TCI is not a boring company — it rents land, hosts film shootings, fights the Indian Navy in court, repairs sea walls after cyclones, and raises preference capital from promoters at zero percent interest. If this sounds chaotic, congratulations, you’re hooked. Shall we roll camera and see what’s really going on behind the scenes?
2. Introduction – A Company Older Than Bollywood Color Films
TCI Industries was incorporated in 1965, when Bollywood movies were still figuring out color and India was figuring out socialism. Fast forward to 2025, and the company’s core business is… providing space for film shooting, TV serials, and advertisements. Yes, a listed company whose business model sounds like a location scout’s side hustle.
The irony? This isn’t even their biggest revenue source historically. The company dabbles in textile trading, real estate activities within its land, and rental income. It’s basically that uncle who says “beta main sab karta hoon” but income tax return says otherwise.
For years, TCI Industries has reported losses — consistent, loyal, never-cheating losses. FY23 was slightly better only because they received an insurance claim of ₹18.05 lakh for damage caused by Cyclone Tauktae. Nature literally contributed more to profits than operations.
Yet, the stock trades at four digits, promoters hold nearly 69.5%, and the company owns land in Colaba, Mumbai — a phrase that alone can inflate valuations without touching Excel. But land value alone doesn’t pay interest, salaries, or auditors. So the real question is: is this a hidden asset play or just a very expensive nostalgia stock?
Before jumping to conclusions, let’s understand what this company actually does on a day-to-day basis — assuming there is a day-to-day basis.
3.
Business Model – WTF Do They Even Do?
Explaining TCI Industries’ business is like explaining Christopher Nolan movies to someone who came for popcorn. Let’s simplify.
First, providing space for film shooting, TV serials, and advertisements. This is the headline act. The company owns land and properties which are rented out to production houses. Think of it as a landlord to Bollywood, except Bollywood pays when it feels like it.
Second, real estate activities within its land. Not large-scale township development, not fancy REITs — just internal development and rental monetisation. Unfortunately, most of this land sits in litigation or regulatory limbo, especially due to objections from the Indian Navy and the Municipal Corporation of Greater Mumbai (MCGM).
Third, textile trading. This exists more like a footnote than a growth engine. No segment reporting fireworks here.
In FY23, revenue breakup tells the real story:
- Rendering of services: ~86%
- Insurance claim proceeds: ~8%
- Rental income: ~5%
- Others: ~1%
So yes, insurance payouts are a meaningful contributor. That’s not diversification — that’s survival mode.
The company’s future plans involve repairing infrastructure, improving facilities, and hoping customers come back once the sea wall stops collapsing. It’s less “scale-up startup” and more “renovation contractor energy.”
Now that we know what they do, let’s look at the numbers — because feelings don’t pay dividends (not that this company pays any).
4. Financials Overview – Numbers That Need Therapy
Result Type Lock: Latest announcement clearly states Quarterly Results for September 30, 2025. This is treated as QUARTERLY RESULTS. EPS will be annualised accordingly.
Quarterly Financial Comparison (₹ Crore)
| Metric | Latest Qtr (Sep 2025) | YoY Qtr (Sep 2024) | Prev Qtr (Jun 2025) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 1.26 | 0.42 | 0.49 | 200% | 157% |
| EBITDA | 0.29 | -0.38 | -0.26 | NA | NA |
| PAT | 0.18 | -0.43 | -0.38 | NA | NA |
| EPS (₹) | 2.01 | -4.79 | -4.24 | NA | NA |
Annualised EPS: ₹2.01 × 4 = ₹8.04
At a price of ₹1,456, this implies
