TCC Concept Ltd Research Reports

TCC Concept began life in 1984 as a cotton-fabric trader in Ahmedabad with two employees and, by its own account, total revenue of Rs. 12.24 Lacs in FY22 - then a group of real-estate operators led by the founder of EFC Ltd effectively re-founded the company around a digital-first commercial-property platform, and within three years it had swapped shares to acquire India’s largest omnichannel furniture marketplace, a data-centre operator, and an AI real-estate platform. The recurring approach is a “balanced portfolio” built by acquisition: the company buys or merges with operating businesses through share swaps, layers technology on top, and connects them into a single ecosystem that spans property search, office fit-out, data-centre colocation, and furniture delivery.

Business segments

Four engines at different stages - a commercial-real-estate platform that generates the bulk of revenue, an AI tool for property professionals, a newly acquired furniture marketplace with its own logistics arm, and a data-centre business that has just leased out its first full facility - each added through a share-swap acquisition.

1. Brantford India: the commercial-real-estate engine

A zero-brokerage platform that finds, fits out and manages office space for corporate tenants, earning its fees entirely from property owners - not from the companies moving in.

Paid by the landlord, not the tenant - Brantford charges no brokerage to companies searching for office space; its revenue comes from B2B fees and commissions paid by developers and property owners, which means the platform sits on the supply side of every transaction.
Five ways to earn from an office move - the business runs five verticals under one roof: managed enterprise offices (project-management fees and brokerage), turnkey fit-out projects (margin on furnishing and development costs), independent project execution (margin per square foot), co-working retail (brokerage from owners on short-term flexi-space), and conventional tech-enabled broking (commission on transaction value), so it captures revenue whether the client wants a bare shell or a fully furnished floor.
AI does the matching - the platform uses machine-learning algorithms to guide clients on cost, location and amenities, while an Automated Property Listing module sources vacant commercial space without human intervention and forecasts rental levels, generating over 100 leads per day.
Single-point office setup - through partnerships with furniture, white-goods and office-equipment manufacturers, Brantford supplies everything a company needs to operate on day one, which turns a brokerage into a full-stack office solution and deepens the relationship with each corporate client.
Built by the founder’s prior playbook - the Chairman previously co-founded EFC Ltd, a managed-office-space operator that developed over two million square feet across seven cities and served more than 500 customers, giving Brantford a tested model and industry relationships from its first day.

2. TryThat.ai: the data layer for property professionals

An AI platform that gives real-estate developers, brokers and investors a structured way to find buyers, score leads and run campaigns - sold as a per-project subscription.

Full-cycle toolset for property sellers - the platform covers the entire customer lifecycle from discovery to post-sales service, with modules for lead generation, lead scoring, a smart CRM, workflow automation and a social-style networking interface called Try Connect, so a developer can manage everything from the first enquiry to the handover on one system.
Data foundation that competitors lack - TryThat.ai draws on structured real-estate datasets from government and public sources, proprietary data and builder data, combined with a privacy-first architecture that enables AI-driven interaction without forcing users to share their leads, which makes it a research tool as much as a sales tool.
B2C free, B2B paid - consumers can use the platform for property search with usage limits at no cost, while developers and brokers pay ₹50,000 to ₹2,00,000 per project for subscriptions, with add-on charges for WhatsApp messaging and AI calling, creating a funnel that converts free users into paying enterprise accounts.
Acquired from the same promoters - the company was bought in January 2024 through a share swap at an enterprise valuation of ₹75.50 crore, and its promoters are the same as those of TCC Concept and Brantford, meaning the AI layer was built by the same team that runs the commercial-real-estate platform it serves.

3. Pepperfry: the consumer marketplace

India’s largest omnichannel furniture and home-goods marketplace, acquired in a share swap, where customers browse online and touch the sofas in 150-plus physical studios before buying.

Online discovery, in-store trial, any-channel purchase - the “One Funnel” model lets a customer start on the website, visit a studio to test a mattress, and complete the order on a phone, with 73 million annual visits and 150,000 daily unique visitors feeding into a network of over 150 experience studios across more than 100 cities.
House brands drive stickiness - Pepperfry’s own labels - Amberville, Mintwud, Mudramark, Woodsworth, CasaCraft and Bohemiana - accounted for nearly 40% of orders in FY26, with house-brand average order values of roughly ₹43,000, more than double the marketplace-wide average, which builds margin and repeat purchasing.
Marketplace plus turnkey B2B - beyond selling to consumers, “Pepperfry for Business” supplies furniture in bulk to institutional buyers and executes turnkey projects, so the same supply chain serves both a family buying one bookshelf and a hotel furnishing 200 rooms.
Supply chain that closes the loop - an in-house logistics network with three mega-fulfilment centres, 25-plus distribution hubs and a fleet of over 200 padded vehicles handles delivery, assembly and after-sales support, keeping transit damage below 1.5% and producing a net promoter score of 66.
Acquired and already turning profitable - TCC built a 98.98% stake through a share swap valued at roughly ₹661 crore between October and December 2025, and by the quarter ending March 2026 Pepperfry reported its first profitable quarter in its 14-year history.

4. NES DATA: the digital-infrastructure bet

A data-centre operator with one fully leased 4 MW facility in Pune, a 10 MW facility under development, and plans for a 100 MW hyperscale campus - monetised through colocation and hosting fees.

First facility already fully rented - the commissioned 4 MW Tier-III data centre in Hinjewadi, Pune, with 304 racks including 15 high-density racks, was leased in its entirety in December 2024 to a leading data-centre infrastructure and services company, providing an immediate anchor tenant and proof of demand.
Modular build-out from 2 MW to 100 MW - the company has started work on a 7 MW Tier-III facility in the same Pune IT park, signed a letter of intent with the Assam government for a modular 2 MW site expandable to 10 MW, and holds an advanced blueprint for a 100 MW hyperscale campus, so the pipeline scales from edge computing to cloud-scale workloads.
Recurring infrastructure revenue - the model is straightforward colocation and hosting: enterprises pay to place their servers in a secure, energy-efficient facility with Tier-III or Tier-IV specifications, generating recurring fees that are not tied to any single tenant’s business performance.
Acquired through a share swap - TCC issued roughly 1.29 crore equity shares at ₹352 apiece in August 2024 to take a 98.78% stake in what was then a company with a net worth of ₹170.95 crore and no revenue, valuing the acquisition at approximately ₹455-461 crore - a bet on future capacity rather than current cash flows.

Pepcart: the logistics backbone

A large-box supply-chain network that delivers, assembles and supports furniture across 500-plus Indian cities - originally built for Pepperfry, now opened to third parties.

Infrastructure purpose-built for bulky goods - three fulfilment centres, three large warehouses, and 25 distribution centres, a fleet of 200-plus custom-built vehicles, and 500-plus supply chain staff handle everything from warehousing to white-glove assembly, keeping transit damage under 1.5% across more than 10 million historical deliveries.
Spun out and opened up - originally a Pepperfry subsidiary, Pepcart was bought directly by TCC for ₹7.5 crore in cash in December 2025, and in July 2026 it signed a B2B partnership with Shiprocket to provide first-mile pickup, last-mile delivery and assembly for large-format products flowing through Shiprocket’s network, turning a captive logistics unit into a third-party revenue stream.

Group structure and partners

Every major business was acquired through share swaps from overlapping promoter groups, creating a listed holding company with six operating subsidiaries - none outside India.

Listed parent with a Pune headquarters - TCC Concept Limited (BSE: 512038) operates from a single corporate office in Pune and has no international operations; all subsidiaries are Indian entities.
Brantford Limited - 100% subsidiary acquired in June 2023 via share swap; houses the Brantford India commercial-real-estate platform.
AltRr Software Services Limited - 100% subsidiary acquired in January 2024 via share swap; creator of the TryThat.ai platform, with promoters common to TCC and Brantford.
Pepperfry Limited - 98.98% subsidiary acquired between October and December 2025 via share swap; India’s largest omnichannel furniture marketplace, itself the holding company of Pepperfry Modular, Clouddio Sleep and Pepcart Logistics.
Pepcart Logistics Private Limited - 100% direct subsidiary of TCC, acquired from Pepperfry on 31 December 2025 for ₹7.5 crore in cash; provides large-box logistics and supply-chain services.
Synthar Data Storage Private Limited - 100% subsidiary acquired alongside Brantford in June 2023; no separate business description disclosed in filings.

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	28	29	13	12	17	22	32	22	27	46	84	128
Growth YoY Revenue Growth YoY%		14,505.0	1,177.0	206.0	-39.5	-23.4	152.2	87.2	60.0	107.7	160.4	480.2
Expenses ExpensesCr	22	14	7	4	3	9	7	4	6	16	56	82
Operating Profit Operating ProfitCr	6	15	6	8	14	13	25	18	21	30	28	46
OPM OPM%	19.9	51.5	46.9	70.0	81.0	60.2	77.4	81.1	78.6	65.3	33.3	36.1
Other Income Other IncomeCr	0	0	4	1	1	3	2	1	2	2	22	3
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	1	1	1	2	18	11
Depreciation DepreciationCr	3	2	2	2	1	2	5	5	7	11	26	26
PBT PBTCr	2	13	8	7	13	14	21	13	15	20	6	12
Tax TaxCr	1	3	3	2	4	4	4	4	5	6	-25	-1
PAT PATCr	2	11	5	5	9	10	17	9	10	14	31	13
Growth YoY PAT Growth YoY%	8,600.0	8,775.0	587.1	105.7	445.3	-2.8	254.9	73.5	12.4	35.4	81.5	34.3
NPM NPM%	6.1	36.5	37.7	46.0	55.1	46.3	53.0	42.6	38.7	30.1	36.9	9.9
EPS EPS₹	0.2	2.2	1.1	0.5	0.7	0.6	1.0	0.5	0.6	0.6	1.2	0.5

Quarter

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Revenue

RevenueCr

128

Growth YoY

Revenue Growth YoY%

14,505.0

1,177.0

206.0

-39.5

-23.4

152.2

87.2

60.0

107.7

160.4

480.2

Expenses

ExpensesCr

Operating Profit

Operating ProfitCr

OPM

OPM%

19.9

51.5

46.9

70.0

81.0

60.2

77.4

81.1

78.6

65.3

33.3

36.1

Other Income

Other IncomeCr

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

PBT

PBTCr

Tax

TaxCr

-25

-1

PAT

PATCr

Growth YoY

PAT Growth YoY%

8,600.0

8,775.0

587.1

105.7

445.3

-2.8

254.9

73.5

12.4

35.4

81.5

34.3

NPM

NPM%

6.1

36.5

37.7

46.0

55.1

46.3

53.0

42.6

38.7

30.1

36.9

9.9

EPS

EPS₹

0.2

2.2

1.1

0.5

0.7

0.6

1.0

0.5

0.6

1.2

0.5

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	28	29	13	12	17	22	32	22	27	46	84	128
Growth YoY Revenue Growth YoY%		14,505.0	1,177.0	206.0	-39.5	-23.4	152.2	87.2	60.0	107.7	160.4	480.2
Expenses ExpensesCr	22	14	7	4	3	9	7	4	6	16	56	82
Operating Profit Operating ProfitCr	6	15	6	8	14	13	25	18	21	30	28	46
OPM OPM%	19.9	51.5	46.9	70.0	81.0	60.2	77.4	81.1	78.6	65.3	33.3	36.1
Other Income Other IncomeCr	0	0	4	1	1	3	2	1	2	2	22	3
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	1	1	1	2	18	11
Depreciation DepreciationCr	3	2	2	2	1	2	5	5	7	11	26	26
PBT PBTCr	2	13	8	7	13	14	21	13	15	20	6	12
Tax TaxCr	1	3	3	2	4	4	4	4	5	6	-25	-1
PAT PATCr	2	11	5	5	9	10	17	9	10	14	31	13
Growth YoY PAT Growth YoY%	8,600.0	8,775.0	587.1	105.7	445.3	-2.8	254.9	73.5	12.4	35.4	81.5	34.3
NPM NPM%	6.1	36.5	37.7	46.0	55.1	46.3	53.0	42.6	38.7	30.1	36.9	9.9
EPS EPS₹	0.2	2.2	1.1	0.5	0.7	0.6	1.0	0.5	0.6	0.6	1.2	0.5

Quarter

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Revenue

RevenueCr

128

Growth YoY

Revenue Growth YoY%

14,505.0

1,177.0

206.0

-39.5

-23.4

152.2

87.2

60.0

107.7

160.4

480.2

Expenses

ExpensesCr

Operating Profit

Operating ProfitCr

OPM

OPM%

19.9

51.5

46.9

70.0

81.0

60.2

77.4

81.1

78.6

65.3

33.3

36.1

Other Income

Other IncomeCr

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

PBT

PBTCr

Tax

TaxCr

-25

-1

PAT

PATCr

Growth YoY

PAT Growth YoY%

8,600.0

8,775.0

587.1

105.7

445.3

-2.8

254.9

73.5

12.4

35.4

81.5

34.3

NPM

NPM%

6.1

36.5

37.7

46.0

55.1

46.3

53.0

42.6

38.7

30.1

36.9

9.9

EPS

EPS₹

0.2

2.2

1.1

0.5

0.7

0.6

1.0

0.5

0.6

1.2

0.5

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1	77	83	179	286
Growth Revenue Growth%		6,329.4	7.9	115.6	205.3
Expenses ExpensesCr	0	44	23	82	160
Operating Profit Operating ProfitCr	1	34	60	97	126
OPM OPM%	87.5	43.5	72.5	54.3	44.0
Other Income Other IncomeCr	0	1	6	27	29
Interest Expense Interest ExpenseCr	0	0	2	22	32
Depreciation DepreciationCr	0	7	10	48	70
PBT PBTCr	1	27	55	54	53
Tax TaxCr	0	7	13	-10	-15
PAT PATCr	1	20	42	65	68
Growth PAT Growth%		2,384.0	107.7	53.9	47.6
NPM NPM%	68.0	26.3	50.6	36.1	23.8
EPS EPS₹	11.3	4.3	2.8	3.3	2.9

Financial Year

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Revenue

RevenueCr

179

286

Growth

Revenue Growth%

6,329.4

7.9

115.6

205.3

Expenses

ExpensesCr

160

Operating Profit

Operating ProfitCr

126

OPM

OPM%

87.5

43.5

72.5

54.3

44.0

Other Income

Other IncomeCr

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

PBT

PBTCr

Tax

TaxCr

-10

-15

PAT

PATCr

Growth

PAT Growth%

2,384.0

107.7

53.9

47.6

NPM

NPM%

68.0

26.3

50.6

36.1

23.8

EPS

EPS₹

11.3

4.3

2.8

3.3

2.9

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1	77	83	179	286
Growth Revenue Growth%		6,329.4	7.9	115.6	205.3
Expenses ExpensesCr	0	44	23	82	160
Operating Profit Operating ProfitCr	1	34	60	97	126
OPM OPM%	87.5	43.5	72.5	54.3	44.0
Other Income Other IncomeCr	0	1	6	27	29
Interest Expense Interest ExpenseCr	0	0	2	22	32
Depreciation DepreciationCr	0	7	10	48	70
PBT PBTCr	1	27	55	54	53
Tax TaxCr	0	7	13	-10	-15
PAT PATCr	1	20	42	65	68
Growth PAT Growth%		2,384.0	107.7	53.9	47.6
NPM NPM%	68.0	26.3	50.6	36.1	23.8
EPS EPS₹	11.3	4.3	2.8	3.3	2.9

Financial Year

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Revenue

RevenueCr

179

286

Growth

Revenue Growth%

6,329.4

7.9

115.6

205.3

Expenses

ExpensesCr

160

Operating Profit

Operating ProfitCr

126

OPM

OPM%

87.5

43.5

72.5

54.3

44.0

Other Income

Other IncomeCr

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

PBT

PBTCr

Tax

TaxCr

-10

-15

PAT

PATCr

Growth

PAT Growth%

2,384.0

107.7

53.9

47.6

NPM

NPM%

68.0

26.3

50.6

36.1

23.8

EPS

EPS₹

11.3

4.3

2.8

3.3

2.9

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	1	21	36	48
Reserves ReservesCr	2	170	680	1,595
Current Liabilities Current LiabilitiesCr	0	27	31	194
Non Current Liabilities Non Current LiabilitiesCr	0	7	38	267
Total Liabilities Total LiabilitiesCr	3	225	785	2,106
Current Assets Current AssetsCr	3	60	113	214
Non Current Assets Non Current AssetsCr	0	165	672	1,892
Total Assets Total AssetsCr	3	225	785	2,106

Financial Year

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Equity CapitalCr

Reserves

ReservesCr

170

680

1,595

Current Liabilities

Current LiabilitiesCr

194

Non Current Liabilities

Non Current LiabilitiesCr

267

Total Liabilities

Total LiabilitiesCr

225

785

2,106

Current Assets

Current AssetsCr

113

214

Non Current Assets

Non Current AssetsCr

165

672

1,892

Total Assets

Total AssetsCr

225

785

2,106

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	1	21	36	48
Reserves ReservesCr	2	170	680	1,595
Current Liabilities Current LiabilitiesCr	0	27	31	194
Non Current Liabilities Non Current LiabilitiesCr	0	7	38	267
Total Liabilities Total LiabilitiesCr	3	225	785	2,106
Current Assets Current AssetsCr	3	60	113	214
Non Current Assets Non Current AssetsCr	0	165	672	1,892
Total Assets Total AssetsCr	3	225	785	2,106

Financial Year

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Equity CapitalCr

Reserves

ReservesCr

170

680

1,595

Current Liabilities

Current LiabilitiesCr

194

Non Current Liabilities

Non Current LiabilitiesCr

267

Total Liabilities

Total LiabilitiesCr

225

785

2,106

Current Assets

Current AssetsCr

113

214

Non Current Assets

Non Current AssetsCr

165

672

1,892

Total Assets

Total AssetsCr

225

785

2,106

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-2	8	23	113
Investing Cash Flow Investing Cash FlowCr	2	12	-54	-155
Financing Cash Flow Financing Cash FlowCr	0	-8	30	46
Net Cash Flow Net Cash FlowCr	0	13	0	3
Free Cash Flow Free Cash FlowCr	-2	4	-109	-35
CFO To PAT CFO To PAT%	-211.7	40.0	55.0	174.1
CFO To EBITDA CFO To EBITDA%	-164.5	24.2	38.5	115.9

Financial Year

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Operating Cash Flow

Operating Cash FlowCr

-2

113

Investing Cash Flow

Investing Cash FlowCr

-54

-155

Financing Cash Flow

Financing Cash FlowCr

-8

Net Cash Flow

Net Cash FlowCr

Free Cash Flow

Free Cash FlowCr

-2

-109

-35

CFO To PAT

CFO To PAT%

-211.7

40.0

55.0

174.1

CFO To EBITDA

CFO To EBITDA%

-164.5

24.2

38.5

115.9

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-2	8	23	113
Investing Cash Flow Investing Cash FlowCr	2	12	-54	-155
Financing Cash Flow Financing Cash FlowCr	0	-8	30	46
Net Cash Flow Net Cash FlowCr	0	13	0	3
Free Cash Flow Free Cash FlowCr	-2	4	-109	-35
CFO To PAT CFO To PAT%	-211.7	40.0	55.0	174.1
CFO To EBITDA CFO To EBITDA%	-164.5	24.2	38.5	115.9

Financial Year

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Operating Cash Flow

Operating Cash FlowCr

-2

113

Investing Cash Flow

Investing Cash FlowCr

-54

-155

Financing Cash Flow

Financing Cash FlowCr

-8

Net Cash Flow

Net Cash FlowCr

Free Cash Flow

Free Cash FlowCr

-2

-109

-35

CFO To PAT

CFO To PAT%

-211.7

40.0

55.0

174.1

CFO To EBITDA

CFO To EBITDA%

-164.5

24.2

38.5

115.9

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr		942	1,623	1,508	916
Price To Earnings Price To Earnings		46.5	38.5	23.3	13.2
Price To Sales Price To Sales		12.2	19.5	8.4	3.2
Price To Book Price To Book		4.9	2.3	0.9	0.6
EV To EBITDA EV To EBITDA		27.8	26.6	17.6	9.2
Profitability Ratios Profitability Ratios
GPM GPM%	100.0	58.5	88.8	80.6	80.6
OPM OPM%	87.5	43.5	72.5	54.3	44.0
NPM NPM%	68.0	26.3	50.6	36.1	23.8
ROCE ROCE%	42.7	13.8	7.5	3.9	3.9
ROE ROE%	32.2	10.6	5.9	4.0	4.0
ROA ROA%	27.2	9.0	5.4	3.1	3.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Current

Valuation Ratios

Market Cap

Market CapitalizationCr

942

1,623

1,508

916

Price To Earnings

46.5

38.5

23.3

13.2

Price To Sales

12.2

19.5

8.4

3.2

Price To Book

4.9

2.3

0.9

0.6

EV To EBITDA

27.8

26.6

17.6

9.2

Profitability Ratios

GPM

GPM%

100.0

58.5

88.8

80.6

OPM

OPM%

87.5

43.5

72.5

54.3

44.0

NPM

NPM%

68.0

26.3

50.6

36.1

23.8

ROCE

ROCE%

42.7

13.8

7.5

3.9

ROE

ROE%

32.2

10.6

5.9

4.0

ROA

ROA%

27.2

9.0

5.4

3.1

Operational Ratios

Solvency Ratios

Liquidity Ratios

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr		942	1,623	1,508	916
Price To Earnings Price To Earnings		46.5	38.5	23.3	13.2
Price To Sales Price To Sales		12.2	19.5	8.4	3.2
Price To Book Price To Book		4.9	2.3	0.9	0.6
EV To EBITDA EV To EBITDA		27.8	26.6	17.6	9.2
Profitability Ratios Profitability Ratios
GPM GPM%	100.0	58.5	88.8	80.6	80.6
OPM OPM%	87.5	43.5	72.5	54.3	44.0
NPM NPM%	68.0	26.3	50.6	36.1	23.8
ROCE ROCE%	42.7	13.8	7.5	3.9	3.9
ROE ROE%	32.2	10.6	5.9	4.0	4.0
ROA ROA%	27.2	9.0	5.4	3.1	3.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Current

Valuation Ratios

Market Cap

Market CapitalizationCr

942

1,623

1,508

916

Price To Earnings

46.5

38.5

23.3

13.2

Price To Sales

12.2

19.5

8.4

3.2

Price To Book

4.9

2.3

0.9

0.6

EV To EBITDA

27.8

26.6

17.6

9.2

Profitability Ratios

GPM

GPM%

100.0

58.5

88.8

80.6

OPM

OPM%

87.5

43.5

72.5

54.3

44.0

NPM

NPM%

68.0

26.3

50.6

36.1

23.8

ROCE

ROCE%

42.7

13.8

7.5

3.9

ROE

ROE%

32.2

10.6

5.9

4.0

ROA

ROA%

27.2

9.0

5.4

3.1

Operational Ratios

Solvency Ratios

Liquidity Ratios

	GULPOLY	UNITECH	SVLL	TCC	GKWLIMITED	IIRM	EXHICON
Market CapitalizationMkt CapCr	1,013	1,013	931	916	910	867	836
Close PriceClose₹	162.45	3.87	810.00	38.53	1,525.00	124.40	510.00
IndustryIndustry	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous
Price To EarningsPE	6.87		130.02	13.20		34.56	18.90
Price To SalesPS	0.43	1.97	3.90	3.21	28.07	3.36	4.13
RevenueRevenueCr	2,359	513	239	286	32	258	203
Revenue Growth TTMRev Gr TTM%	9.3%	45.6%		205.3%	-13.9%	16.2%	41.2%
PAT Growth TTMPAT Gr TTM%	421.9%	-10.0%		47.6%	22.8%	21.6%	49.5%

Market CapitalizationMkt CapCr

1,013

931

916

910

867

836

Close PriceClose₹

162.45

3.87

810.00

38.53

1,525.00

124.40

510.00

IndustryIndustry

Miscellaneous

Price To EarningsPE

6.87

130.02

13.20

34.56

18.90

Price To SalesPS

0.43

1.97

3.90

3.21

28.07

3.36

4.13

RevenueRevenueCr

2,359

513

239

286

258

203

Revenue Growth TTMRev Gr TTM%

9.3%

45.6%

205.3%

-13.9%

16.2%

41.2%

PAT Growth TTMPAT Gr TTM%

421.9%

-10.0%

47.6%

22.8%

21.6%

49.5%

	GULPOLY	UNITECH	SVLL	TCC	GKWLIMITED	IIRM	EXHICON
Market CapitalizationMkt CapCr	1,013	1,013	931	916	910	867	836
Close PriceClose₹	162.45	3.87	810.00	38.53	1,525.00	124.40	510.00
IndustryIndustry	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous
Price To EarningsPE	6.87		130.02	13.20		34.56	18.90
Price To SalesPS	0.43	1.97	3.90	3.21	28.07	3.36	4.13
RevenueRevenueCr	2,359	513	239	286	32	258	203
Revenue Growth TTMRev Gr TTM%	9.3%	45.6%		205.3%	-13.9%	16.2%	41.2%
PAT Growth TTMPAT Gr TTM%	421.9%	-10.0%		47.6%	22.8%	21.6%	49.5%

Market CapitalizationMkt CapCr

1,013

931

916

910

867

836

Close PriceClose₹

162.45

3.87

810.00

38.53

1,525.00

124.40

510.00

IndustryIndustry

Miscellaneous

Price To EarningsPE

6.87

130.02

13.20

34.56

18.90

Price To SalesPS

0.43

1.97

3.90

3.21

28.07

3.36

4.13

RevenueRevenueCr

2,359

513

239

286

258

203

Revenue Growth TTMRev Gr TTM%

9.3%

45.6%

205.3%

-13.9%

16.2%

41.2%

PAT Growth TTMPAT Gr TTM%

421.9%

-10.0%

47.6%

22.8%

21.6%

49.5%

TCC Concept Ltd

TCC Concept Ltd

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison