TCI Industries Limited

Real Estate — Real Estate Services · BSE

₹1,114.70+₹24.20 (+2.22%)

DalalBaazaar Score

49 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

Driven by short-term liabilities exceed short-term assets, negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: The business is earning a fairly low return on the money invested in it, with modest growth. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:59 pm

Understanding the Business

Company site ↗

The 60-second version of TCI Industries Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

TCI Industries Limited provides space for film shooting, TV serials, advertisements, and corporate and social events in India. The company was formerly known as Transport Corporation of India Ltd. and changed its name to TCI Industries Limited in January 1999.

IndustryReal Estate Services

SectorReal Estate

Employees4

Annual revenue₹5 Cr

How does it make money?

Turns over ₹5 Cr a year. Of every ₹100 of sales, about ₹10 reaches shareholders as profit, with ₹21 left at the operating level before interest, tax and depreciation. Each of its 4 employees supports ₹1.27 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.27 Cr

Who are its competitors?

The closest listed comparisons in its industry are DLF LIMITED, GODREJ PROPERTIES LTD, OBEROI REALTY LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 4.2% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE10.3%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +163% while net margin moved -128% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+163%

Margin effect-128%

DalalBaazaar Score

49/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ P/E of 284.4x is demanding — it needs sustained high growth to justify
✗ P/B of 17.02x is a steep premium to book

Quality vs. Valuation

Company Quality

56/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

24/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

284.4x

Sector Median

30.2x

median of 3 sector peers

⚠️Against its sector it trades 842% above the peer median of 30.2x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Expensive

30.2x median of 3 peers · +842%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

93.7x

PEG

—

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from -29.9% to 21.3% over 3 years.
Return on equity is rising
ROE has improved from -6.1% to 3.2%.
Return on capital is rising
ROCE has improved from -5.0% to 4.2%.
Very low debt
Debt/Equity of 0.12x leaves the balance sheet with plenty of headroom.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

3 items require attention · 2 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 172% over 3 years, from ₹1 Cr to ₹2 Cr.
🔴Free cash flow negative for 4 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.89 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from -29.9% to 21.3%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.

🔴 Bear CaseWhat could go wrong?

A premium to the sector to defend
It trades 842% above the peer median. That premium needs a reason that persists, or it closes.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 29% a year✓ 38.1% CAGR
Latest reported year was 8.4%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 19%✓ 21.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹1 Cr
Profit that never becomes cash eventually stops being profit.
4Interest cover stays above 3x✓ 3.3x
How much operating profit can fall before interest stops being comfortably covered.
5Debt / EBITDA stays below 2x✓ 1.8x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.

Investment Checklist

4 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✗ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

3 good · 3 neutral · 5 weak

Market Cap

₹100 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

284.4x

Expensive

Expensive — verify against sector peers

P/B Ratio

17.02x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹3.92

Profitable

Profitable on a per-share basis

ROE

3.2%

Weak

Weak capital efficiency

ROCE

4.2%

Weak

Low return on total capital employed

Debt/Equity

0.12x

Low

Conservative leverage

Revenue Growth (YoY)

8.4%

Modest

Modest growth

Profit Growth (YoY)

121.7%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹1 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

-87.1%

Weak

Thin margins leave little room for error

Net Margin

6.9%

Average

Average bottom-line conversion

Current Ratio

0.89

Adequate

Adequate, but no real cushion

Beta (vs Nifty)

0.04

Defensive

Steadier than the market

52W Range Position

13%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

1160.5 / 1207.9

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

41.7

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹2 Cr	₹1 Cr	₹3 Cr	₹5 Cr	+38.1%
EBITDA	-₹1 Cr	-₹1 Cr	-₹2 Cr	₹1 Cr	—
EBITDA Margin	-29.9%	-54.8%	-65.1%	21.3%	—
PAT (Net Profit)	-₹1 Cr	-₹1 Cr	-₹2 Cr	₹0 Cr	—
EPS	₹-7.4	₹-11.58	₹-24.98	₹5.43	—
ROE	-6.1%	-8.3%	-17.2%	3.2%	—
ROCE	-5.0%	-7.2%	-14.7%	4.2%	—
Total Debt	₹1 Cr	₹1 Cr	₹2 Cr	₹2 Cr	+39.6%
Free Cash Flow	-₹1 Cr	-₹3 Cr	-₹4 Cr	-₹1 Cr	—

🟢 Revenue has grown at 38.1% a year over 3 years.

🟢 EBITDA has turned positive, from -₹1 Cr to ₹1 Cr.

🟢 EBITDA Margin has risen from -29.9% to 21.3% over 3 years (+51.2 pts).

🟢 PAT (Net Profit) has turned positive, from -₹1 Cr to ₹0 Cr.

🟢 EPS has turned positive, from ₹-7.4 to ₹5.43.

🟢 ROE has risen from -6.1% to 3.2% over 3 years (+9.3 pts).

🟢 ROCE has risen from -5.0% to 4.2% over 3 years (+9.2 pts).

🔴 Total Debt has grown at 39.6% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹19 Cr

Total Liabilities

₹4 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

₹0 Cr

Capex

-₹1 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

80.7%

Peer Comparison

Company	P/E	ROE
DLF LIMITED	36.6x	10.3%
GODREJ PROPERTIES LTD	30.2x	8.4%
OBEROI REALTY LIMITED	23.5x	14.7%

Recent News

6 general

52 Week Low Shares BSE | 52 Week Low Today | Shares Trading 52 Week Low BSE

Livemint, 16 Oct

TCI Industries Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 31 Aug

Transport Corporation Of India Share Price Update today

Univest, 25 Sept

TCI Industries Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 31 Aug

TCI FINANCE Share Price

Upstox, 05 May

TCI Express AGM scheduled on Aug 06, 2026

scanx.trade, 08 Jul

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongGrowth

MiddlingBusiness Quality · Financial Health · Profitability

WeakValuation · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 2 high-severity red flags sit above this conclusion and should be read first.

1 of 5 tripwires tripped — Free cash flow remains positive · see Key things to watch ↑