BSE: 511096
TIVOLI CONSTRUCTION LTD.
Classified in the realty segment as a builder of residential and commercial projects, but currently reports nil revenue from operations on a standalone basis across recent quarters. The standalone entity is essentially dormant, with FY26 standalone total income of about Rs 6.97 lakh, largely non-operating in nature. Consolidated results are driven by its subsidiary, Victoria Investment Company Limited, which appears to earn interest income on advances extended to other parties. The company is very small (FY26 standalone revenue of Rs 0.0695 crore), loss-making, and faces concerns over an Rs 83 lakh advance to a counterparty described as in a 'serious financial crisis' and Rs 119.12 lakh of accumulated interest receivable whose recoverability is under review. Cost shape shows materials at 103.7% of revenue and other operating expenses at 137.4% of revenue, reflecting the negligible revenue base. No active construction, development, or project pipeline is described in the filings reviewed. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Standalone realty/construction operations, Subsidiary interest income (Victoria Investment Company Limited). Dormant, very small-cap realty/construction shell with an investment subsidiary
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 |
| EBITDA (ex other income) | (0) | (0) | (0) | (0) | (0) |
| margin % | — | — | (174.9) | (210.7) | (168.8) |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | (0.26) | (0.57) | (0.89) | 0.87 | 1.20 |
| ROE % · ROCE % | (0.5) · 0.5 | (1.1) · (0.1) | (1.7) · (0.5) | (1.7) · (0.7) | (2.4) · (2.2) |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | (0) | (0) | (0) | (0) | (0) |
| Capex | 0 | (0) | 0 | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 0 | 0 | (0) | (0) | 0 | (0) | (0) | (0) |
| Net profit | (0) | 0 | (0) | (0) | 0 | (0) | (0) | (0) |
| EPS (₹) | (0.27) | 0.18 | 0.51 | 0.55 | 0.12 | 0.18 | 0.85 | 0.89 |
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. % |
|---|---|---|---|---|---|---|---|---|
| KESAR INDIA LIMITED | 3,089 | 82.0 | 12.40 | 67.0 | 12.0 | 15.2 | — | 26.9 |
| MEGHNA INFRACON INFRA L | 1,460 | 215.4 | 54.28 | 143.3 | 20.8 | 33.9 | — | 15.3 |
| India Homes Limited | 1,015 | — | 27.41 | — | (31.0) | (17.8) | — | — |
| B-RIGHT REALESTATE LIMITED | 954 | 26.6 | — | — | — | 19.2 | — | — |
| SHRADDHA PRIME PROJECTS L | 666 | 11.9 | 4.88 | 11.3 | 39.1 | 20.2 | — | 16.1 |
| YOGI LTD. | 656 | 31.5 | 4.61 | 25.6 | 14.9 | 15.6 | — | 5.1 |
| HAZOOR MULTI PROJECTS LTD | 409 | 5.5 | 0.66 | 3.1 | 6.8 | 5.8 | — | 86.5 |
| RDB INFRASTRUCTURE AND POWER L | 340 | 17.3 | 1.28 | 21.5 | 4.7 | 5.7 | 16.3 | 23.7 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| ROCE | (2.2) | 1.9 | 69 of 88 | 22% |
| ROE | (2.4) | 1.6 | 53 of 73 | 28% |
| Debt / Equity | 0.0 | 0.3 | 1 of 73 | 76% |
| Profit growth | (63.7) | (48.8) | 51 of 79 | 36% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · RTA certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · 40th AGM: all 5 resolutions pass, sale of subsidiary approved | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Tivoli Construction 40th AGM: new auditor and subsidiary sale approved | management changes | medium | — | — |
| 30 Sept 2026 · Tivoli Construction 40th AGM held; sale of subsidiary approved | board shareholder meetings | low | — | — |
| 30 Sept 2026 · AGM proposes sale of wholly owned subsidiary Victoria Investments | strategic transactions | high | — | — |
| 30 Sept 2026 · Tivoli Construction 40th AGM held; subsidiary sale resolution tabled | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Trading window closed ahead of Q2 FY26 results | compliance | minimal | — | — |
| 9 Sept 2026 · Tivoli Construction 40th AGM Notice Published in Newspapers | compliance | minimal | — | — |
| 7 Sept 2026 · Annual Report FY2025-26 and 40th AGM notice filed; subsidiary sale proposed | results | high | — | — |
| 4 Sept 2026 · Board approves auditor change, subsidiary sale, ID re-appointment | management changes | medium | — | — |
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.