Sam Industries Limited is an Indian public limited company headquartered in **Indore, Madhya Pradesh**. Historically a diversified entity, the company has undergone a strategic pivot to become a specialized player in **industrial real estate development** and **strategic asset management**. By phasing out legacy operations and focusing on high-growth logistics and commercial corridors in Central India, the company has established a stable revenue model anchored by long-term leases with national blue-chip tenants. --- ### **Strategic Pivot: Real Estate & Logistics Infrastructure** The company’s primary growth engine is its **Real Estate Division**, which focuses on the development, leasing, and sale of industrial and commercial properties. A significant strategic shift occurred in **FY 2022-23**, when the company merged its stagnating **Welding Division** into the Real Estate segment to streamline operations and consolidate resources. #### **The "Shivaay" Brand Portfolio** The company develops its premium projects under the **Shivaay** brand, targeting two high-demand verticals: | Project Name | Location | Asset Class | Status & Scale | |:---|:---|:---|:---| | **Shivaay LogiSpace** | Dakachiya, Indore | **Logistics & Warehousing** | Approx. **20-acre** logistics park; focused on Grade-A warehouse construction. | | **Shivaay One** | Yeshwant Niwas Road, Indore | **Mixed-Use Commercial** | High-street commercial development; targeted for completion by **FY 2023-24**. | #### **Key Lease Portfolio & Anchor Tenants** Sam Industries has successfully secured long-term commitments from major e-commerce and retail players, ensuring predictable cash flows: * **Delhivery Limited:** Executed a Letter of Intent (LOI) in **September 2025** for a **60,000 sq. ft.** warehouse for a **9-year** term. * **Instakart Services (Flipkart Group):** Lease agreement for warehouse facilities at the Dakachiya site. * **Retail Tenants (Shivaay One):** Secured high-end fashion retailers including **N. M. Fashion Designs Pvt. Ltd.** and **Gabbana Fashions Pvt. Ltd.**, each occupying approximately **5,700 sq. ft.** --- ### **Investment Management & Capital Allocation** The **Investment Division** manages a portfolio of financial assets and securities. While this segment provides liquidity and "Other Income," it is subject to market volatility and **Ind AS** fair value adjustments. * **Revenue Drivers:** Interest income, dividends, and profits from the sale of securities. * **Fair Value Accounting:** For the nine months ended **December 31, 2025**, the company reported a notional gain of **₹1.15 Crore** due to investments valued at **FVTPL** (Fair Value Through Profit and Loss). * **Divestment Strategy:** The company actively optimizes its portfolio. In **2025-26**, it planned the sale of unquoted shares of **D&H Secheron Infrastructure Private Limited** to related entities for up to **₹3.00 Crores**. --- ### **Financial Performance & Segment Analysis** The company’s financial health is increasingly defined by the transition of warehouse assets from Capital Work-in-Progress (**CWIP**) to **Property, Plant, and Equipment (PPE)**, triggering steady lease rental income. #### **Comparative Financial Summary** | Metric (INR Crore) | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :---: | :---: | :---: | | **Total Income** | **15.70** | **20.70** | **26.45** | | **Real Estate Revenue** | **14.13** | **10.24** | **25.59** | | **Real Estate Profit** | **8.22** | **4.97** | **10.90** | | **Investment Revenue** | **1.56** | **10.46** | **0.86** | | **Investment Profit/(Loss)** | **(2.19)** | **9.28** | **(0.52)** | * **Growth Trends:** Real Estate revenue grew by **38%** in **FY 2024-25**. * **Asset Realization:** The company realized **₹5.40 Crore** from the sale of long-term investments in **FY 2023-24** and **₹2.68 Crore** in the first nine months of **FY 2025-26**. --- ### **Capital Structure & Governance Framework** Sam Industries maintains a concentrated shareholding structure and a conservative approach to debt. * **Equity Structure:** The **Promoter Group** holds a dominant **74.83%** stake. The lead promoter entity, **Sam Exim Ltd**, holds **48.00%** (**53,22,398 shares**). * **Debt Profile:** * **Inter-corporate Loan:** Sourced from **D&H Secheron Electrodes Pvt. Ltd.** at **12% p.a.**, repayable on demand. * **Auto Loan:** Secured from **Axis Bank** at **8.01% p.a.**, maturing **June 1, 2025**. * **Borrowing Limits:** The Board has authorized borrowing up to **₹30 Crores** to fund ongoing expansions. * **Leadership:** The management team was recently bolstered by the re-appointment of **Mrs. Gitanjali A. Maheshwari** as Whole-time Director (until **August 2029**) at a remuneration of **₹10.00 Lacs per month**, and **Mr. Rajendra Kumar Pasari** as Whole-time Director effective **May 2025**. --- ### **Risk Matrix & Mitigation Strategies** The company operates a formal **Risk Assessment and Minimization Procedure** to navigate its exposure to capital markets and the cyclical real estate sector. | Risk Category | Description & Mitigation | | :--- | :--- | | **Market & Sectoral** | Exposure to volatility in **Power, Auto Tyres, Carbon Black, and Pharma** sectors where funds are invested. Mitigated by diversifying the investment portfolio. | | **Regulatory** | Changes in **Tax Regimes** or **Labour Codes**. The company estimated a **₹0.50 Lakh** impact from new national Labour Codes in **Nov 2025**. | | **Operational** | Risks in project execution and land acquisition. Mitigated by a structured **Internal Audit System** and Board oversight of all related-party land transactions (e.g., the **₹12.00 Crore** land purchase from Dwekam Weld-Tech). | | **Liquidity** | Managed through a mix of internal accruals and a **₹30 Crore** board-approved borrowing limit. | --- ### **Future Outlook & Operational Commitments** Sam Industries is positioned to capitalize on the industrialization of the **Indore-Dewas** corridor. By converting land banks into yielding assets (warehouses and commercial hubs), the company aims to reduce its reliance on volatile investment income. As of **August 2025**, the company reported no material adverse changes to its financial position, maintaining a stable outlook for its long-term leasing strategy. No dividends were recommended for **FY 2023-24** or **FY 2024-25**, indicating a focus on **reinvesting profits** into project completion and debt management.