SPICE ISLANDS INDUSTRIES LIMIT

Operates in hospitality, food and beverages, and electric vehicle rental. In FY26, total revenue was Rs 17.891 crore, with food and beverages the largest disclosed segment at Rs 7.48 crore of segment revenue, followed by hospitality at Rs 2.97 crore and EV rental at Rs 0.46 crore (period ending 2026-03-31). The hospitality segment runs a 26-room hotel, The Ocean Prime in Dwarka, Gujarat, leased at Rs 3 lakh per month with a 10% annual rise and a Rs 50 lakh refundable deposit. New businesses are being added: a 60:40 JV with The Peace Mission for "Peace Rogers" wellness beverages (initial 210 ml fortified drink with Vitamin C, D3, B12, Spirulina and ORS), a JV with Globalone Enterprises for the HYMAX Green Energy Project (10-system POC at an estimated Rs 3 crore, 75% funded by the company), and a Business Operation and Management Agreement with The Cloud Water to run a packaged drinking water plant, where the company bears all costs and retains 100% of net profits. Operating costs are dominated by "other opex" at 30.2% of revenue, while materials cost just 5% of revenue, and capex was 23.6% of FY26 revenue. The company raised Rs 8.70 crore via a preferential issue in December 2025 and proposed a 1:5 stock split at the 38th AGM.