TCL
Thaai financials
- Market cap
- ₹276 Cr
- Calls analysed
- 3
Thaai Q4 FY26
What went well
- H2 FY26 Total Income of ₹83.88 crore, reflecting a growth of 21.97% YoY.
- FY26 Net Profit increased to ₹12.75 crore, reflecting a growth of 15.32% YoY.
- Company secured domestic orders worth approximately ₹126.53 crore to be executed over the next 60 months.
What to watch
- A numerical contradiction was noted in the total asset base, stated as 'expanded by approximately 42% YoY from ₹282 crore to 203 crores', which implies a decrease despite the stated growth percentage.
- Technical snags during the call affected management's ability to answer questions regarding strategic initiatives like AS9100D certification and defense orders.
Guidance record · Q4 FY26
what the last two calls moved 9 tracked 0 delivered 4 missed 5 open- FY26 Revenue missed said Q4 FY25 Promised: ₹170-180 crores (already revised down from ₹195 cr) Q4 FY26: Achieved FY26 total income of ₹146.36 cr, slightly missing the revised target of ₹150 cr.
- FY27 Revenue at risk said Q4 FY25 Promised: ₹230-240 crores (revised down from ₹270-280 cr) Q4 FY26: No update on the overall FY27 revenue target. Progress on new projects like the Brazil export order is pending customer volume commitments, maintaining risk to the target.
- FY27 EBITDA Margin on track said Q4 FY25 Promised: 23-25% (revised down from 34%) Q4 FY26: FY26 EBITDA margin was 24.93%, which is within the target range for FY27. High-margin gas nitriding business supports this outlook.
All 9 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue up 72.9%, net profit down 12.5% against the same quarter last year.
| Line item | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|
| Revenue | 48 | 48 | 53 | 69 | 62 +29% | 83 +73% |
| EBITDA | 15 | 15 | 14 | 16 | 16 +7% | 20 +33% |
| Net profit | 8 | 8 | 6 | 6 | 6 −25% | 7 −12% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −12.1% 1Y
1Y: ₹128.65 on 10 Sept 2025 → ₹113.05. High ₹142.9 (20 Aug 2026), low ₹75.55 (30 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- +7.3%
- 29 May
- Q2 FY26
- −2.5%
- 13 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Equity capital | ₹23 Cr | ₹24 Cr | ₹24 Cr |
| Reserves | ₹49 Cr | ₹81 Cr | ₹87 Cr |
| Borrowings | ₹46 Cr | ₹117 Cr | ₹123 Cr |
| Other liabilities | ₹19 Cr | ₹27 Cr | ₹54 Cr |
| Total liabilities | ₹137 Cr | ₹250 Cr | ₹288 Cr |
| Fixed assets | ₹61 Cr | ₹95 Cr | ₹106 Cr |
| Capital work in progress | ₹4 Cr | ₹34 Cr | ₹72 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹71 Cr | ₹120 Cr | ₹109 Cr |
| Total assets | ₹137 Cr | ₹250 Cr | ₹288 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Mar 2026
Since Mar 2025, promoters trimmed −3.17 pp while DIIs added +2.25 pp. The shareholder count shrank 18% to 1,982.
- Promoters
- 60.4%
- FIIs
- 1.3%
- DIIs
- 2.3%
- Public
- 36.1%
Since Mar 2025
- Promoters −3.17 pp
- DIIs +2.25 pp
- FIIs +1.17 pp
How it drifted, 5 quarters
Over this window the public went from 29.8% to 36.1% — +6.3 pp.
Ownership split by quarter, oldest first. Mar '24: Promoters 63.6%, FIIs 6.6%, DIIs 0.1%, Public 29.8%.Sep '24: Promoters 63.6%, FIIs 0.1%, DIIs 0.1%, Public 36.3%.Mar '25: Promoters 63.6%, FIIs 0.1%, Public 36.3%.Sep '25: Promoters 60.4%, FIIs 1.3%, DIIs 0.0%, Public 38.3%.Mar '26: Promoters 60.4%, FIIs 1.3%, DIIs 2.3%, Public 36.1%.
Who bought this quarter
since Sep 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Solidarity Microcap Emerging Leader AIF AIF newly disclosed 1.77% held
The same filing shows 2 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Thaai above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Anandan S | 52.14% | unchanged |
| C Venkatesan | 5.55% | unchanged |
| Aparna Samir Thakker | 2.86% | unchanged |
| Solidarity Microcap Emerging Leader AIF AIF | 1.77% | newly disclosed |
| Apt Real Estates Private Limited | 1.65% | −0.17 pp |
| Amit Mehra | 1.63% | unchanged |
| Sonam Aditya Dharia | 1.27% | unchanged |
| Samir Arvind Thakker | 1.23% | −0.05 pp |
| Samundeswari | 1.20% | unchanged |
| Ramakrishnan S R | 0.40% | unchanged |
| Shevaani S A | 0.40% | unchanged |
| R Kavitha | 0.36% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
- Growth the price implies
- 1.4% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
All earnings calls (3)
Read the Q4 FY26 call →Learn to analyse Thaai
Guides on how to read this kind of business and the numbers that matter.