1. At a Glance – The “Khaali Plot, Bhara Balance Sheet” Story
Texmaco Infrastructure & Holdings Ltd (TIHL) is that old uncle in the family who owns prime land, earns rent, collects dividends, but still complains about cash flow at dinner. Founded in 1939, part of the Adventz Group (ex–K.K. Birla Group), and currently trading around ₹97, the company sits on a market cap of ~₹1,236 Cr while reporting FY25 sales of just ₹16.4 Cr. Yes, read that again slowly.
The stock trades at a P/E of ~108, Price-to-Book of 0.86, with ROE at -0.51% and ROCE at 0.53%—numbers that scream “asset rich, income confused.” Over the last 3 months, the stock is down ~2.9%, over 1 year down ~17%, yet over 3 years, it still managed a ~19.5% return. The secret sauce? Other income doing most of the heavy lifting.
Q3 FY26 (Dec 2025) showed ₹3.82 Cr revenue, ₹1.07 Cr PAT, and EPS of ₹0.08. Not bad… until you notice that operating profit was -₹1.95 Cr, saved only by ₹4.7 Cr of other income. This is not an operating business; this is a financial landlord with a side hobby of power generation.
So the big question:
👉 Is Texmaco a patient real estate monetisation play, or just a glorified mutual fund with buildings attached?
Let’s put on the auditor goggles and dig in.
2. Introduction – Welcome to the Museum of Hidden Value
Texmaco Infrastructure & Holdings Ltd is not trying to impress you with topline growth, margin expansion, or EBITDA fireworks. It is quietly sitting on land, investments, and patience. The company has already spun off its noisy manufacturing cousin (Texmaco Rail & Engineering), keeping only the boring but supposedly valuable assets—real estate, strategic investments, and a mini hydro power plant in the hills.
If you’re looking for growth stocks, this is not your Tinder date.
If you’re looking for hidden value, land monetisation, and slow-burn optionality—now we’re talking.
The company’s FY25 revenue mix tells the entire story:
- 47% from interest & dividends
- 36% from rental income
- 17% from hydropower & other operations
Meaning:
📌 Less “business”, more “balance sheet yoga.”
Texmaco doesn’t rush. It signs 9-year
leases, with 15% rent escalation every 3 years, 3-year lock-ins, and nearly 100% collection efficiency. Its Global Business Park (Gurugram & Delhi) hit 100% occupancy in May 2025, up from 75% just a year earlier. That’s real progress—but on a very small revenue base.
Meanwhile, the company is quietly unlocking value through Joint Development Agreements (JDAs) in Delhi and Kolkata, where Texmaco puts land on the table, developers do the hard work, and profits get shared. Zero capex stress, full optionality.
Sounds smart. But does it reflect in numbers yet? Let’s see.
3. Business Model – WTF Do They Even Do?
Explaining Texmaco’s business to a lazy investor is simple:
“They own land, earn rent, invest money, and wait.”
A. Real Estate – The Rent Machine
- Core rental income comes from Global Business Park, Gurugram & Delhi.
- 100% occupancy achieved in May 2025.
- Lease structure:
- 9-year leases
- 15% rent escalation every 3 years
- 3-year lock-in
- Collection efficiency ~100%
- Escrowed rental cover of 1.11× FY25 EMIs
This is not WeWork-style madness. This is conservative, boring, predictable landlord behaviour.
B. Mini Hydro Power – The Hill Station Side Hustle
- 3 MW mini hydro project in Kalimpong.
- Power supplied: 8.03 mU in FY25 vs 7.5 mU in FY24.
- 10-year PPA with WBSEDCL at ₹3.60/kWh, valid till April 2026.
- Offtake risk: low.
- Growth potential: limited unless expanded.
C. Investments & Lending – The Quiet Alpha Generator
As of March 31, 2025, Texmaco’s balance sheet looks like a
