Texmaco Infrastructure & Holdings Ltd Q1 FY26 – ₹16 Cr Sales, ₹-4 Cr Loss, P/B 0.92x: Landlord Dreams, Hydro Streams & Dividend Screams

1. At a Glance

Texmaco Infrastructure & Holdings Ltd (TIHL) is that quirky smallcap landlord who collects rent, sells hydro power in Kalimpong, and moonlights as an investment holding co. At ₹95.9 per share (market cap ₹1,219 Cr), the stock trades at a Price-to-Book of 0.92x—basically, you’re paying less than the “real estate book” but more than the actual earnings, because profits are red. Q1 FY26 sales were ₹4 Cr, net profit ₹3.4 Cr (helped by other income). FY25 sales: ₹16 Cr. PAT: negative ₹4.2 Cr. ROE? -0.5%. ROCE? 0.5%. This is the kind of report card even parents wouldn’t sign. Dividend yield is 0.16%—a ladoo for shareholders, not a thali. Still, promoter holding is strong at 65.8%, debt is minimal at ₹30 Cr, and land banks + investments valued at ₹1,480 Cr make it a hidden-value play for patient vultures.

2. Introduction

Imagine a company founded in 1939, once part of the iconic K.K. Birla Group, now reduced to three hobbies: collecting rent from Global Business Park, running a 3 MW mini-hydro project in Kalimpong, and watching its investments like an old uncle watching Sensex tickers. That’s Texmaco Infra.

This company isn’t exactly an FMCG hero or a tech unicorn. It’s more like your neighborhood landlord who brags about property value but refuses to fix the leaking tap. Occupancy in Global Business Park? Recently jumped to 100% (congrats). Hydro power? Selling 8 million units annually under a PPA till April 2026. Revenue mix? 47% interest/dividend, 36% rental, 17% hydro. Basically, a mutual fund with a side hustle in property.

And yet—TIHL is sitting on prime Delhi/Kolkata land, has signed Joint Development Agreements with Hines + Conscient (Kamla Nagar, Delhi) and PS Group (Entally, Kolkata). If these fructify, the company’s fortune could change faster than a Delhi plot price after a metro station announcement.

3. Business Model – WTF Do They Even Do?

Three verticals keep the lights on (literally and figuratively):

• Rental Income (Landlord Mode): Global Business Park in Gurugram & Delhi. 9-year leases, 15% rent escalation every 3 years, 3-year lock-in. Occupancy hit 100% in FY25. Rent collections escrowed. If nothing else, this is their bread-and-butter.
• Mini Hydro Power (Mountain Mode): 3 MW Kalimpong project with WBSEDCL. Supplies ~8 mU/yr at ₹3.60/kWh. Not exactly NTPC, but enough to claim “green energy.”
• Strategic Investments (Holding Co Mode): ₹1,171 Cr in equity investments (mainly group companies), ₹230 Cr in mutual funds, ₹25 Cr in loans, and ₹79 Cr in land/properties. Market value of quoted investments ₹1,482 Cr.

So TIHL is basically: 1 part landlord, 1 part mini-hydro, 2 parts investment holding. Recipe: stir and wait.

4. Financials Overview

Commentary: Operating losses are regular, but “Other Income” saves the day. Without dividends and interest, this company is