TCI Industries is a real-estate business built around a single, extraordinary asset: a waterfront property in Colaba, Mumbai, that it rents out for film shoots, TV serials, advertisements, and corporate events. The company was originally incorporated as Transport Corporation of India Limited in 1965 and, after a restructuring that transferred other properties away, was left with this one site and renamed itself in 1999. Everything the company does flows from the same recurring logic - owning a scarce location and charging for temporary access to it, while a multi-decade legal effort to develop the land further plays out in the background. # Business segments A single-engine business - one waterfront property in Mumbai, one revenue stream from renting it out for shoots and events, and one long-running legal battle over what it could become. ## 1. Colaba property services: a film-set and event venue on the Mumbai waterfront **The company owns a leasehold property in Colaba that it rents by the day to production houses and event organisers - its entire operating revenue comes from this one site.** - **A single location, many uses** - the property is provided for temporary use for film shooting, TV serials, advertisements, and corporate or social events, which together make up the company’s only business segment. - **Paid by the job, not the month** - revenue from these services is recognised based on how much of each shoot or event contract has been completed, measured by work done as a percentage of the total job. Rental income from longer-term operating leases also comes in, but the company treats it as non-operating “other income”. - **A 22,000 sq ft sea-abutting platform, rebuilt and earning again** - after Cyclone Tauktae in May 2021 severely damaged the sea-retaining wall on the south-east side, the Supreme Court permitted repairs at the company’s own cost; the company has since completed reconstruction and filled the washed-out area with a concrete surface finish over the entire 22,000 sq ft, and this space has started generating revenue. The restored sea-facing area is now attractive for events beyond just film and ad shoots. - **Competition from new studios is the daily pressure** - the business is affected by the growing availability of more locations and studios in different parts of Mumbai, which has led to fewer bookings for shoots and events at the Colaba site. - **Credit risk is kept on a tight leash** - trade receivables are generally on 30-to-90-day terms, but as a policy the company does not extend credit to customers specifically to keep that risk low. # Group structure and partners **A standalone public company with no subsidiaries, controlled by its promoter group and funded largely through preference shares issued to its own promoters.** - **No subsidiaries, no joint ventures** - as of March 2026, the company has no subsidiary, joint venture, or associate companies; it is a single-entity operation listed only on the Bombay Stock Exchange. - **Promoter-held and family-linked** - the promoter and promoter group held about 69.4% of the equity shares as of November 2024, and includes entities such as Bhoruka Aluminium Limited, ABC India Limited, and individuals from the Agarwal family who are also associated with Transport Corporation of India Limited and Gati Limited. - **Funded by zero-dividend preference shares from related parties** - the company has repeatedly issued 0% Non-Convertible Redeemable Preference Shares (NCRPS) on a private placement basis to promoters, promoter group entities, and related parties; these carry no dividend, are redeemable within 20 years at a premium of up to 18% simple per annum, and are classified as equity rather than debt based on a legal opinion. - **A single executive runs the day-to-day** - Whole-time Director Sunil K. Warerkar has controlled the whole of the company’s affairs since April 2012, with over 30 years of experience in project planning, finance, and legal matters, and was reappointed for a further three-year term through March 2028.