DARJEELING INDUSTRIIES LIMITED

Trades agricultural products, with FY26 revenue of Rs. 445.92 lakhs rising from Rs. 91.01 lakhs in FY25 on the strength of this segment. The entity, formerly Darjeeling Ropeway Company Limited and classified under Financial Services / Other Financial Services, is listed on BSE (code 539770). Revenue is generated entirely from this trading activity, while a recently incorporated subsidiary, NOVVA Defence Iinds Limited (99.64% owned, acquired January 2026), is set up for industrial manufacturing and defence systems — defence equipment, arms, ammunition, military vehicles, aerospace systems and MRO services — but has not commenced operations. The subsidiary has signed an MOU to take a 51% stake in SJ Construction, a partnership firm. Operating scale is small: FY26 net profit was Rs. 169.87 lakhs, EBITDA margin 56.58%, and total assets Rs. 2,199.92 lakhs. Cost structure shows zero materials cost, employee cost at 6.3% of revenue, other opex at 12.9% and depreciation at 2.9%, with capex at 26.1% of revenue. Operating cash flow was sharply negative at -Rs. 529.17 lakhs as receivables and inventory were built up. Funding has come from preferential warrants — Rs. 606.31 lakhs raised at Rs. 16.80 per share — and the company carries no outstanding borrowings and no credit rating.