| Experienced management and long track record of operations
The operations of the company are managed by Mr. Arun Kumar Maity, Ms. Tapushi Maity, Ms. Laboni Datta Maity, and Ms. Indrani Maity, who have decades of experience in the business. The extensive industry experience of the promoters has enabled the company to establish a healthy relationship with its suppliers and customers. Acuite believes that the company derives benefit from the promoter experience and healthy relationship with customers and suppliers.
Improvement in Revenue albeit decline in Profitability and low revenue visibility
TDIPL witnessed an increase in its operating income Rs. 21.67 crore in FY26 (Prov.) from Rs. 11.21 crore in FY25. The increase was primarily driven by the execution of a toll plaza contract work. Moreover, the company has registered revenue of Rs.6.60 Cr. till Q1FY27. Acuite notes that the revenue visibility is low since the company is in process of tendering for new toll plaza contracts and has low order book of Rs. 4.4 Cr. to be executed in next 1-1.5 years. Also, successful securing of new order book and roll over contracts for products of existing facilities is to be a key monitorable. Furthermore, the company is setting up a new facility at Madhyamgram, Kolkata which is expected to be completed by March 27. Acuite expects that the top line visibility is restricted in the near term and successful order conversions from tendering process as well as stabilization of new plant will remain a key monitorable for operating performance. .
Moderate Financial Risk Profile
TDIPL's financial risk profile remained comfortable as on March 31, 2026 (Prov.), marked by a low net worth, low gearing, and healthy debt protection metrics. The company's tangible net worth stood at Rs. 11.81 crore as on March 31, 2026 (Prov.) from Rs. 11.56 crore as on March 31, 2025, supported by accretion of profits to reserves. The gearing has remained low at 0.18 times as on March 31, 2026 (Prov.), as compared to 0.01 times in FY 25 owing to increase in unsecured loans. The company continues to remain a debt-free company. Debt protection metrics remained healthy, with ICR and DSCR improving to 10.58 times and 9.45 times, respectively, in FY2026 (Prov.) from 7.54 times and 6.53 times in FY2025. The TOL/TNW ratio stood at 0.90 times as on March 31, 2026 (Prov.) against 0.67 times in FY 25. Acuité believes the company's financial risk profile will continue to remain moderate over the medium term, supported by its low reliance on external debt albeit low net worth and absence of any significant debt-funded capex plans.
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| Decline in Profitability
The company's operating margin declined sharply to 1.66% in FY2026 (Prov.) from 7.45% in FY2025, primarily due to high toll remittance expenses and lower contribution from core business of transmission lines and telecom products. Acuite expects movement of operating profitability will be dependent on the segmental mix in which the company plans to generate revenues over the medium term.
Intensive Working Capital Cycle
The working capital cycle of the company is intensive, marked by Gross Current Asset (GCA) days of 129 days as on March 31, 2026 (Prov.) from 160 days in FY25, The inventory days stood at 7 days in FY 26 (Prov.) as compared to 27 days in FY 25 due to lower orders executed in core business. Further, debtor days improved to 57 days in FY2026 (Prov.) from 94 days in FY2025 due to better payment cycle from toll business. The creditor days improved and stood at 73 days in FY26 (Prov.) as against 219 days in FY25. Acuite believes that the working capital cycle of the company is expected to remain intensive in the medium term owing to the diverse nature of business.
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