- Dynavision Ltd began life in 1973 making televisions under the brand name “DYANORA” and later assembling electronics for Thomson, but when that work vanished in 2004 it made a decision that still defines the company today: it leased its entire Chennai factory to Apollo Hospitals, turning an idle plant into a 29-year rental income stream that commenced in 2011. More recently, it has used the cash from that lease to build a solar-energy business - first as a contractor, then as a part-owner of a power generator that sells electricity back to the same hospital group that rents its building. The recurring pattern is a small, promoter-led company that repurposes a single physical asset and a single deep customer relationship into whatever the next opportunity demands.
Business segments
Three businesses, one relationship - a property lease that funds everything, a contracting arm that builds solar plants, and a subsidiary that owns and runs them, all anchored to the same hospital group.
1. Investment property leasing: the steady income that underwrites everything else
A single 2.63-acre factory site in Chennai, rented in its entirety to Apollo Hospitals under a decades-long lease, generates predictable cash with almost no operating cost.
- One tenant, one building - the company’s former television factory premises were leased to Apollo Hospitals Enterprises Ltd in 2011 for a world-class multi-speciality hospital, and that lease still provides the bulk of the group’s income.
- Locked in for decades - the original lease runs for 29 years, and the tenant has the option to renew for a further 31 years, so the income stream is visible far into the future.
- The tenant gets first refusal - if Dynavision ever decides to sell the land, Apollo Hospitals holds a contractual right of first refusal to buy it, which ties the two parties even more tightly together.
- A sale was considered - in April 2024 the board approved exploring a sale of the land to raise money for new ventures including medical-device manufacturing and solar expansion, though no transaction has been completed.
2. Solar EPC contracting: the builder that gets plants on the ground
Dynavision acts as the engineering and construction contractor for its own solar subsidiary, earning a fee when each project is finished - a captive customer that keeps the work in-house.
- Built the first plant for itself - the company’s debut solar project was a 6 MW plant at Aruppukottai, Tamil Nadu, built for its subsidiary Dynavision Green Solutions Ltd under an EPC contract worth about Rs. 31.8 crores.
- Sub-contracted on matching terms - it handed the actual construction to vendors like M/s S J Engineers on back-to-back sub-contracts, so its own cost never exceeded what the subsidiary had agreed to pay.
- Paid on completion - revenue from EPC contracts is recognised only when the project is finished, which means income arrives in lumps rather than steadily.
- A second, smaller phase followed - in FY25 it completed a 477 kW expansion for the same subsidiary, and it also lent Rs. 1.8 crores to DGSL at 9% interest over ten years to help fund that work.
3. Solar power generation: the subsidiary that sells clean electricity
Dynavision Green Solutions Ltd owns the solar plant and sells the power it generates to Apollo Hospitals under a captive-consumption agreement - the same hospital group that rents the company’s building.
- A subsidiary built for generation - DGSL was incorporated in September 2022 to generate, supply and trade electricity from solar and other sources, and Dynavision still owns just under three-quarters of it.
- The customer is also a shareholder - Apollo Hospitals Enterprise Limited holds at least 26% of DGSL, the minimum required under Tamil Nadu captive-power rules, and has signed both a power-purchase agreement and a performance-incentive agreement with the subsidiary.
- Power started flowing in late 2023 - the 6 MW Aruppukottai plant began generating electricity in November 2023, and a further 450 kW “Phase 3” capacity addition was approved in May 2026, again selling to Apollo Hospitals.
- Dynavision backs the loans - the parent has provided a corporate guarantee to HDFC Bank for borrowings taken by DGSL, so the subsidiary’s debt is supported by the holding company’s balance sheet even though Dynavision itself carries no bank borrowings.
Group structure and partners
A tightly held promoter group with a single material subsidiary and a web of agreements that bind the same hospital chain - Apollo Hospitals - into every part of the business.
- Promoters hold just over half - the promoter and promoter group owned 55.38% of Dynavision as of FY21, and inter-se transfers within the group (such as the December 2025 move of shares to Aapex Power and Industries Private Limited) keep that aggregate stake intact.
- One subsidiary that matters - Dynavision Green Solutions Ltd is the company’s only subsidiary and is classified as a material one; Dynavision holds 73.75%, with the rest held by Apollo Hospitals and other investors.
- Apollo Hospitals appears everywhere - it is the sole tenant of the Chennai property, the captive buyer of DGSL’s solar power, a shareholder in DGSL, and the holder of a right of first refusal on the land, making it far more than an arm’s-length customer.
- Lean and debt-free at the centre - the standalone company has no borrowings from banks or financial institutions and a nil debt-equity ratio, with just eight employees and a five-person board led by Managing Director Suleelal V.