IST Limited is a precision-engineering house that also happens to be a landlord to India’s IT industry - a dual identity forged when a 1976 auto-components maker used its balance sheet to build a tech park. The company manufactures high-tolerance parts for cars and consumer goods from a single plant in Dharuhera, Haryana, while its wholly owned subsidiary develops and leases office infrastructure inside a tax-friendly IT Special Economic Zone (SEZ). The recurring pattern is self-reliance: products are made with in-house know-how, and the real-estate play was built on the group’s own land and capital, not borrowed money. # Business segments Three engines, two balance sheets - a manufacturing workshop that supplies automakers, an IT-park subsidiary that collects rent from global tech tenants, and a small trading associate on the side - with the SEZ now contributing roughly as much activity as the original factory. ## 1. Precision manufacturing: the group’s original workshop **A single-plant operation that machines metal into high-tolerance components for carmakers and consumer-goods companies, using no outside technology.** - **One factory, many parts** - all production happens at the Dharuhera plant on the Delhi-Jaipur highway, which holds ISO/TS 16949 and ISO 14001 certifications, the quality benchmarks for automotive suppliers. - **In-house know-how only** - the company does not license any outside technology and spends nothing on formal R&D, relying instead on shop-floor process improvement to maintain quality. - **Steel, aluminium and copper in; finished assemblies out** - key raw materials are imported (about Rs. 167 lakhs CIF in FY21) and turned into components for the domestic market, with negligible exports. - **Tied to the car cycle** - growth depends on the automobile sector, where the company competes against both large domestic organised players and low-priced imports, including counterfeit parts. - **A recent solar top-up** - in FY25 the plant installed a 550-kilowatt rooftop solar system, cutting its grid-power draw without any other alternate-energy investment. ## 2. IT/ITES SEZ: a tech park that collects rent **Through its wholly owned subsidiary Gurgaon Infospace Limited, IST develops and operates a Special Economic Zone for IT and IT-enabled services - essentially an office park where tax breaks attract tenants and lease rentals generate the return.** - **Landlord to the IT sector** - the SEZ segment provides ready infrastructure to IT/ITES companies and earns revenue as services are rendered, with rental income recognised straight-line over the lease term. - **Tax holidays built into the model** - the Government of India extends tax exemptions to SEZ units, which makes the park stickier for tenants and supports occupancy. - **Concentrated tenant base** - in FY22, three external customers together accounted for roughly Rs. 67.7 crore of the segment’s revenue, meaning renewal risk is real. - **The property sits on the group’s books** - IST’s consolidated balance sheet carries investment properties (freehold land and buildings) at a net value of about Rs. 56 crore as of March 2020, alongside a commercial property in Noida that is leased to a long-term tenant. ## 3. Associate trading arm: a small side bet **A 30.8% stake in IST Steel and Power Limited, a raw-material and consumables trader, accounted for under the equity method - though the board moved to sell that stake in mid-2025.** - **Not consolidated, just a tag-along** - the investment is recorded under the equity method per Ind AS 28, so IST books its share of the associate’s profit or loss rather than its revenue. - **Exit signalled** - on 6 June 2025 the board announced it would meet to approve the sale of stake in IST Steel and Power Limited, indicating the associate is no longer core. # Group structure and partners **A tightly held promoter group with a single operating subsidiary and a financial portfolio of bonds, mutual funds and preference shares - no bank debt on the manufacturing parent.** - **One subsidiary, fully consolidated** - Gurgaon Infospace Limited is the only subsidiary, and inter-company balances are eliminated on consolidation. - **Promoters control three-quarters** - as of September 2025, the promoter and promoter group collectively held 74.98% of IST Limited, with the aggregate holding unchanged after an inter-se transfer among group entities. - **No borrowings at the parent** - IST Limited has not taken loans from banks or financial institutions, nor issued debentures, which keeps the manufacturing balance sheet unlevered. - **A treasury of financial assets** - the standalone company holds investments in government bonds, quoted and unquoted equities, and mutual funds, with FVTPL investments of about Rs. 95.4 crore as of March 2023, alongside fixed deposits that carry no interest-rate risk.