Landsmill Green Limited is a listed Indian company in the middle of a deliberate reinvention - it was built on infrastructure, IT services and real estate, but is now pivoting hard into green energy, agro-based foods and energy distribution. Incorporated in 2003 and listed since 2009, it has changed its name twice, most recently to Landsmill Green, and has repeatedly expanded its legal objects to open new lines of business. The recurring pattern is a small core team - just six permanent employees as of March 2025 - using its listed-company status, its promoter relationships and its ability to add new business lines to its charter to move into whatever sector it believes will generate the next wave of revenue. # Business segments Three engines at different stages - a trading operation that now generates half the group’s revenue, a legacy infrastructure business that sells to a related party, and a cluster of newly authorised green-energy and consumer ambitions that are still being assembled. ## 1. General trading: the revenue engine that appeared overnight **A merchant business that buys and sells goods - increasingly food grains and agro-commodities - and went from zero to roughly half the company’s revenue in a single year.** - **Bought and resold, not manufactured** - the segment earns revenue by purchasing goods and selling them onward, recognising the sale when ownership and its risks pass to the buyer under the contract terms, net of discounts and taxes. - **Food is the new focus** - the company’s legal objects now explicitly cover dealing as agents, merchants and distributors in food grains such as rice, wheat, maize and ragi, and repacking and trading cereals, cashews, dates and almonds. This is a deliberate shift into agro-commodity trading. - **Export exposure brings currency risk** - export sales are mainly in US dollars, so the company uses forward contracts to hedge against exchange-rate swings, which means currency movements can affect what it ultimately earns. - **Working-capital hungry** - the business ties up significant cash in inventory and receivables, so its ability to grow depends on having enough working capital to fund the next purchase cycle. ## 2. Infrastructure: a legacy business that sells to a connected party **The company develops infrastructure facilities, and in its most recent year every rupee of revenue came from a single related-party customer.** - **Dormant, then revived through a related party** - the segment generated no revenue at all during the two pandemic years, FY21 and FY22, and remained quiet until FY24, when it recorded revenue of about Rs. 25.8 million, followed by about Rs. 11.6 million in FY25 - all of it from sales to Ranjana Construction Private Limited, an entity in which the company’s directors have an interest. - **A balance-sheet anchor** - the company’s investment in properties consists of advances paid to acquire immovable property, which ties up capital in land or development rights rather than in operating assets that generate recurring cash. - **Competition makes profit hard** - the company has acknowledged that its real estate and infrastructure-facing activities face acute competition, making it difficult to earn sufficient profit from them. ## 3. IT and BPO services: a dormant capability with an overseas subsidiary **A customer-care and back-office business that once handled inbound and outbound calls for clients but has generated no revenue for two years.** - **Ran the phones for other companies** - the segment provided customer care by managing clients’ relationships with their own consumers, assisting with workflow and updating records, across both inbound and outbound services. - **People left, and so did the revenue** - the business historically faced high employee attrition, and with no revenue in its IT/BPO segment in FY24 or FY25, it appears to have wound down operationally even though the legal structure remains. - **An offshore shell remains** - the company still owns a wholly owned subsidiary in the UAE, Excel Info FZE, which is associated with this segment and could be reactivated if the business returns. ## 4. Green energy and new ventures: a collection of authorised ambitions **Shareholders have approved entry into solar power, biofuels, FMCG and energy distribution - but these are legal permissions, not yet operating businesses.** - **Permission, not production** - in October 2025 the company added FMCG and Power & Energy to its Memorandum of Association, and its objects now span everything from dairy and processed foods to ethanol, biodiesel, green hydrogen and electricity distribution networks. These are authorisations to act, not evidence of activity. - **A solar joint venture announced, then quiet** - in October 2022 the company said it would enter the solar industry through a joint venture with Seven Greens Solar Systems Pvt Ltd, covering rooftop systems, solar farms, floating solar and EPC (engineering, procurement and construction) work. The dossiers do not describe any subsequent revenue from this venture. - **Biofuels from farm waste** - the objects include making ethanol and bio-CNG from agricultural or waste feedstocks, setting up distilleries and bio-refineries, and collaborating with government agencies and oil marketing companies on ethanol-blending programmes. Again, these are stated intentions, not built plants. - **FMCG: from field to packaged food** - the authorised objects cover manufacturing and trading of agro-based foods, dairy, poultry, processed meats, beverages, baby food and frozen foods, plus operating cold storage, packing units and research labs. The breadth suggests an ambition to build an integrated food business, but no operating assets are yet described. # Group structure and partners **A tightly held promoter group runs the company through a web of related entities, with a large loan sitting inside a subsidiary.** - **Promoter family at the centre** - the three promoters are Mr. Lakhmendra Khurana, his wife Mrs. Ranjana Khurana and their son Mr. Arpit Khurana. Mr. Khurana was Chairman and Managing Director until November 2025, when he stepped back to a director role and Mr. Ankit Mehra became Managing Director. - **A subsidiary that holds a large receivable** - the company has a wholly owned subsidiary, Excel Infra N Realty Private Limited, to which it had extended a loan of roughly Rs. 247 million as of March 2025. That is a significant deployment of company funds into a private entity. - **Related-party transactions are not material** - beyond the infrastructure sale to Ranjana Construction, the company’s related-party circle includes Abiana Skincare, Health Holistic Services and Tista Impex - all entities where directors or their relatives are involved. - **Capital base expanded for the pivot** - in October 2025 the authorised share capital was more than tripled, from Rs. 150 crore to Rs. 500 crore, creating room to issue new shares if the green-energy and FMCG ambitions require funding.