BSE: 512062
TANDHAN INDUSTRIES LIMITED
A holding company whose operating business sits in its 100% subsidiary, Tandhan Polyplast, acquired in full during FY26 via a share swap. The subsidiary runs a manufacturing facility — it occupies an industrial shed and leases factory premises from Jalan Sarces, and buys resin from related party Tandhan Power Technologies as raw material. During FY26, Rs 20 crore was deployed at the subsidiary for capex, Rs 20 crore for debt repayment and Rs 21.54 crore for working capital. Consolidated revenue for FY26 was Rs 96.85 crore with a profit after tax of Rs 10.84 crore and an EBITDA margin of 19.8%. Materials account for 50% of revenue, employee costs 4.8% and other operating expenses 12.1%, consistent with a manufacturing setup. Standalone operations are small and posted a loss in FY26. Total consolidated assets stood at Rs 295.26 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Subsidiary manufacturing operations (Tandhan Polyplast). Holding company with a recently acquired plastics-processing subsidiary
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 97 |
| EBITDA (ex other income) | 16 |
| margin % | 16.4 |
| Owners' profit | 11 |
| EPS, as reported (₹) | 4.67 |
| ROE % · ROCE % | 6.2 · 8.6 |
| Debt / equity (x) | 0.52 |
| Cash from operations | — |
| Capex | — |
Exhibit 2: Quarterly performance, last 3 quarters
| ₹ crore | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|
| Revenue | 51 | 46 | 64 |
| Profit before tax | 6 | 7 | 8 |
| Net profit | 4 | 6 | 6 |
| EPS (₹) | 0.83 | 1.30 | 1.21 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INTL GEMOLOGICAL INST LTD | 17,600 | 26.4 | 10.05 | 18.0 | 20.1 | 24.0 | — | 61.4 |
| WEWORK INDIA MANAGEMENT L | 9,382 | 92.8 | 27.43 | 6.1 | 4.8 | 0.3 | — | 63.8 |
| NESCO LTD. | 7,327 | 18.2 | 2.32 | 14.9 | 6.5 | 7.6 | 26.2 | 56.0 |
| SMARTWORKS COWORKING SP L | 5,902 | 104.2 | 10.34 | 5.2 | 6.8 | 0.9 | — | 63.8 |
| NIRLON LTD | 5,722 | 16.5 | 12.21 | — | 73.8 | 18.1 | — | 77.4 |
| INOX GREEN ENERGY SER LTD | 4,846 | 38.8 | 2.83 | 209.8 | 6.0 | 9.0 | — | (2.2) |
| QUESS CORP LIMITED | 4,810 | 17.4 | 4.06 | 14.8 | 13.2 | 7.9 | 7.1 | 1.9 |
| INDIQUBE SPACES LIMITED | 3,985 | — | 8.18 | — | (6.1) | (0.6) | — | 62.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 44.2 | 14.6 | 63 of 76 | 17% |
| P/B | 4.2 | 1.5 | 76 of 94 | 19% |
| ROCE | 6.3 | 1.3 | 29 of 99 | 71% |
| ROE | 6.2 | 1.4 | 29 of 112 | 75% |
| Debt / Equity | 0.5 | 0.1 | 71 of 90 | 21% |
| EBITDA margin | 15.8 | 12.7 | 44 of 99 | 56% |
| Market cap | 735 | 48 | 22 of 108 | 80% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Quarterly Compliance Certificate for Q2 FY26 - No Dematerialisation Activity | compliance | minimal | — | — |
| 1 Oct 2026 · Subsidiary TPL AGM outcome: auditor re-appointed, RPTs approved | board shareholder meetings | low | — | — |
| 1 Oct 2026 · Subsidiary TPL AGM outcome: auditor and director re-appointments, related party deals cleared | board shareholder meetings | low | — | — |
| 1 Oct 2026 · 42nd AGM: all 6 resolutions passed with 100% approval | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Tandhan Industries approves Rs 0.01 per share dividend for FY26 | corporate actions | high | — | — |
| 30 Sept 2026 · 42nd AGM held, dividend declared, warrants to promoters approved | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 42nd AGM concluded; warrants, share capital and key resolutions passed | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Corrigendum to 42nd AGM notice on preferential issue of about 51.84 crore | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closure from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 9 Sept 2026 · Newspaper advertisement confirming dispatch of 42nd AGM Notice and Annual Report | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.