1. At a Glance – The Plot Thickens
Small cap. Big drama.
La Tim Metal & Industries Ltd is sitting at a market cap of ₹139 crore, trading at ₹10.6, with a 3-month return of -11.5% and a 6-month bounce of 36.2%.
Latest quarterly numbers?
- Sales: ₹85.92 crore (up 79% YoY)
- PAT: ₹1.89 crore (up 191% YoY)
- ROCE: 3%
- ROE: -1.44%
- Debt: ₹46.2 crore
- Price to Book: 1.88x
- EV/EBITDA: 19x
Steel trading, real estate land bank of 1000+ acres, hospitality projects, new roofing verticals, and preferential warrants flying around like wedding invitations.
Is this a metals trader?
Is this a land aggregator?
Is this a family office with a BSE listing?
Grab your chai. We’re going in.
2. Introduction – Steel Sheets & Sheet Drama
Incorporated in 1974, La Tim Metal & Industries Ltd began life as a steel trading and manufacturing company. Colour-coated steel sheets. Galvanized coils. Roofing materials. The kind of stuff that quietly holds up warehouses while no one notices.
But over time, the company added spice.
Now it also does:
- Real estate land trading
- Resorts and hospitality
- Pre-fab homes
- Community farming
- Designer steel panels
- And is exploring exports to Europe
This isn’t diversification. This is entrepreneurial buffet.
In FY23, 97% of revenue came from sale of goods, and only 3% from land. But the land bank? 1000+ acres at Khopoli Pali Road between Mumbai and Pune. That’s not small.
Then came:
- Merger with La Tim Sourcing (India) Pvt Ltd
- Acquisition of 100% of Latim Lifestyle & Resorts
- Preferential allotments
- 3.5 crore warrants
- Development agreements
At this point, the steel business feels like the responsible elder sibling paying bills while real estate dreams big.
But what does the data say?
Let’s go to the numbers.
3. Business Model – WTF Do They Even Do?
Let me simplify.
1️ Steel Manufacturing & Trading (97% revenue engine)
They import colour-coated steel sheets and also manufacture from Umergaon, Gujarat.
Products:
- Colour Coated Steel Coils
- PPCR Colour Coated Coils
- PPGI Coils
Used in:
- Roofing
- Warehousing
- Industrial infrastructure
- Retail spaces
- Furniture
- White goods
Basically, if there’s a metal sheet above your head, they might have supplied it.
They sell imported goods and factory goods through coastal routes.
2️ Real Estate Division – The Land Bank Game
Under La Tim Lifestyle & Resorts:
- 1000+ acres land bank
- Samruddhi Farms
- Vasudha Estate
- Vasudha Orchard
- Pre-fab homes
Revenue split in FY23? Just 3%.
But announcements show:
- 49.42-acre development agreement
- ₹70 crore expected revenue
- 75:25 revenue split
- 150 acres MOU
- Land purchase up to ₹16 crore
This side of the business is more “future promise” than “current profit.”
3️ Hospitality
Saj Resorts:
- Mahabaleshwar
- Malshej Ghat
- Upcoming Pench Tiger Reserve hotel
- Restaurants in Goa
Steel sheet to safari suite. Quite the journey.
Now tell me — are you buying steel margins or land optionality?
4. Financials Overview
