1. At a Glance
TCI Industries Ltd is the kind of company that makes you pause, re-read the numbers, and ask: “Yeh sach mein listed hai?”
Founded in 1965, it sits on prime Mumbai land, rents out space for film shoots, TV serials, ads, does a bit of textile trading, and still manages to lose money with Olympic-level consistency.
As of early Feb 2026, the stock trades around ₹1,340, giving it a market cap of ~₹121 Cr. Sounds fancy until you notice TTM revenue of just ₹4.40 Cr and PAT of –₹0.68 Cr. That’s not a typo.
The latest quarter (Q3 FY26, Dec 2025) finally showed a PAT of ₹0.38 Cr on ₹1.55 Cr revenue, triggering flashy YoY profit growth of 159%. But before celebrating, remember: when your base is negative, even a sneeze looks like a growth spurt.
ROE sits at –54.7%, ROCE at –14.6%, and the stock trades at 8.55× book value. This is less “valuation comfort” and more “real-estate optionality premium with courtroom drama”.
Curious already? Or confused? Good. Let’s go deeper.
2. Introduction
TCI Industries is not a business story. It’s a Mumbai land story disguised as a company.
If companies were Bollywood characters, this one would be the ageing actor with a sea-facing bungalow, endless legal disputes, and just enough cash flow to keep the lights on.
For decades, operations have remained small, inconsistent, and loss-making. Yet the stock price refuses to die, mainly because investors aren’t buying earnings — they’re buying hope, land, and a possible legal jackpot.
Revenue has bounced between ₹1–3 Cr annually for most of the last decade, before suddenly jumping to ₹4.40 Cr TTM, helped by improved service income and a one-off insurance claim earlier. Profits, however, remain elusive.
The real plot twist lies in:
- Colaba land
- Municipal Corporation of Greater Mumbai (MCGM)
- Indian Navy objections
- Supreme Court litigation
- Sea retaining wall damage
This is less a balance sheet and more a courtroom script.
So the big question:
Is TCI Industries a turnaround story… or just a very expensive parking lot with a stock ticker?
3. Business Model – WTF Do They Even Do?
Let’s simplify it like explaining to a lazy but smart investor at a chai tapri.
What TCI actually does:
- Provides space for film shootings, TV serials, advertisements
Think: cameras, generators, vanity vans, and producers yelling “Action!” - Real estate activity on owned land
Mostly passive. No mega development yet. - Textile trading
Minor, non-glamorous, and frankly irrelevant today.
That’s it. No scalable platform. No SaaS. No manufacturing leverage. Just land + rentals + shoots.
In FY23, revenue breakup looked like this:
- Rendering of services: ~86%
- Insurance claim proceeds: ~8%
- Rental income: ~5%
- Others: ~1%
Translation: operations alone don’t pay the bills. External events help reduce losses.
So why does the market care?
Because Colaba land in Mumbai is like a lottery ticket — everyone knows it’s valuable, but nobody knows when it will pay.
4. Financials Overview
📊 Quarterly Comparison (Figures in ₹ Crores)
| Metric | Latest Quarter (Q3 FY26) | Same Qtr LY | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 1.55 | 0.95 | 1.26 | 63.2% | 23.0% |
| EBITDA | 0.49 | -0.55 | 0.29 | NA | 69.0% |
| PAT | 0.38 | -0.64 | 0.18 | 159% | 111% |
| EPS (₹) | 4.24 | -7.14 | 2.01 | 159% | 111% |
