BSE: 505285
TULIVE DEVELOPERS LIMITED
The company is classified under Industrials/Capital Goods but, in practice, runs no operating business. It reported zero revenue from operations for FY26 (and FY25), with its only income being 'other income' of Rs 29.92 lakh, up from Rs 18.32 lakh the prior year. The filings describe its activities as project management consultancy and agricultural activities, and note that its partnership firm Tulive Builder has been dissolved and that Tulive Estate has no further development with the maximum amount already withdrawn. Total expenses were Rs 146.36 lakh, of which depreciation alone was Rs 98.62 lakh, more than three times the company's other income, producing a net loss of Rs 115.07 lakh for FY26. Cash flow from operations swung to negative Rs 54.34 lakh from a positive Rs 103.41 lakh in FY25. The company had no borrowings as of March 31, 2026, and its equity is being bought out and voluntarily delisted from BSE by promoters Altis Properties Pvt Ltd and GKS Technology Park Pvt Ltd through a reverse book-building process that discovered a price of Rs 750 per share. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Revenue from operations, Other income. Asset-heavy shell with no operating revenue; ongoing operations limited to project management consultancy and agricultural activities, with prior partnership firm Tulive Builder dissolved and Tulive Estate development wound down.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 |
| EBITDA (ex other income) | (0) | 1 | (0) | (0) | (0) |
| margin % | — | — | — | — | — |
| Owners' profit | (2) | 1 | (1) | (1) | (1) |
| EPS, as reported (₹) | (9.19) | 5.86 | (4.33) | (0.59) | (5.34) |
| ROE % · ROCE % | (4.1) · (4.1) | 2.6 · 2.4 | (1.9) · (1.8) | (2.7) · (2.7) | (2.5) · (2.5) |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 9 | 14 | (9) | 1 | (1) |
| Capex | (4) | (0) | (8) | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| 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 (₹) | (1.09) | (1.74) | (1.28) | (0.14) | (1.10) | (1.06) | (1.23) | (1.95) |
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. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 44,677 | 92.8 | 23.80 | 77.1 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 31,305 | 84.4 | 10.21 | 54.5 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 25,859 | 46.0 | 5.55 | — | 6.1 | 8.0 | — | 16.1 |
| KAYNES TECHNOLOGY IND LTD | 20,989 | 60.6 | 4.41 | 29.9 | 7.6 | 9.8 | — | 17.1 |
| JYOTI CNC AUTOMATION LTD | 20,775 | 64.6 | 10.38 | 36.7 | 16.8 | 19.2 | — | 22.2 |
| LMW LIMITED | 16,920 | 82.5 | 5.57 | 54.7 | 4.2 | 5.2 | 13.2 | 11.7 |
| TEGA INDUSTRIES LIMITED | 12,622 | 443.3 | 3.70 | 37.6 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,271 | 48.2 | 7.29 | 50.1 | 11.7 | 11.5 | — | 15.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| ROCE | (2.5) | 11.3 | 130 of 142 | 9% |
| ROE | (2.5) | 9.8 | 104 of 113 | 8% |
| Debt / Equity | 0.0 | 0.2 | 1 of 113 | 80% |
| Profit growth | (40.1) | 17.1 | 84 of 109 | 23% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Jun 2026 · Tulive Developers BSE delisting - Exit Offer for residual shareholders | capital market events | high | — | — |
| 30 May 2026 · The Board of Directors of the Company in their meeting held today, May 30, 3036, approved the audited standalone financial results of the Company for the quarter and year ended March 31, 2026 | results | high | — | — |
| 30 May 2026 · The Board of Directors of Tulive Developers Limited at their meeting held on May 30, 2026, approved the audited standalone financial results of the Company for the quarter and year ended .... | results | high | — | — |
| 27 May 2026 · The annual secretarial compliance report for the financial year ended March 31, 2026 issued pursuant to Regulation 24A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, .... | compliance | minimal | — | — |
| 25 May 2026 · Tulive Developers Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 30/05/2026 ,inter alia, to consider and approve the audited standalone financial .... | results | low | — | — |
| 27 Apr 2026 · <b>Format of Initial Disclosure to be made by an entity identified as a Large Corporate.</b><br/><br/> <table border=''1px''><tr> <td><b>Sr. No.</b></td> <td><b>Particulars</b></td> <td><b>Details</b></td> .... | compliance | minimal | — | — |
| 25 Apr 2026 · The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for GKS Technology Park Pvt Ltd & PACs | ownership changes | medium | — | — |
| 24 Apr 2026 · SAST Reg 29(1) disclosure received from Altis Properties & PACs | ownership changes | high | — | — |
| 23 Apr 2026 · Saffron Capital Advisors Pvt. Ltd. (Manager to the Delisting Offer") has submitted to BSE a copy of Post-Offer Public Announcement for the attention of the Equity Shareholders of Tulive .... | capital market events | high | — | — |
| 21 Apr 2026 · In accordance with Reg 30 SEBI (LODR), copy of communication dated April 21, 2026 received from Saffron Capital Advisors Private Limited, Manager to the Delisting Offer is attached | capital market events | high | — | — |
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.