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Techindia Nirman Ltd. (IN:TECHIN)
:TECHIN
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Techindia Nirman Ltd.
(TECHIN)
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Rating:42Neutral
Price Target:
₹14.50
▼(-4.42% Downside)
The score is driven primarily by weak financial performance—minimal/irregular revenue, widening losses, and very high leverage with declining equity. A strong but volatile 2025 cash-flow rebound offers some support, while technicals show limited momentum and the stock remains below its 200-day average. Negative earnings (negative P/E) and no stated dividend yield further limit valuation support.
Techindia Nirman Ltd. (TECHIN) vs. iShares MSCI India ETF (INDA)
Market Cap
₹217.33M
Dividend YieldN/A
Average Volume (3M)0.00
Price to Earnings (P/E)―
Beta (1Y)0.24
Revenue GrowthN/A
EPS GrowthN/A
CountryIN
Employees2
SectorTechnology
Sector Strength88
IndustryReal Estate - Development
Share Statistics
EPS (TTM)N/A
Shares Outstanding14,326,000
10 Day Avg. Volume0
30 Day Avg. Volume0
Financial Highlights & Ratios
PEG Ratio-0.38
Price to Book (P/B)2.76
Price to Sales (P/S)0.00
P/FCF Ratio2.16
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Techindia Nirman Ltd. Business Overview & Revenue Model
Company DescriptionTechindia Nirman Limited engages in the real estate and infrastructure development businesses in India. The company was formerly known as Nath Seeds Limited. Techindia Nirman Limited was incorporated in 1980 and is based in Mumbai, India.
How the Company Makes Money
Techindia Nirman Ltd. Financial Statement Overview
Summary
Financial performance is weak: revenue is effectively absent in multiple years and losses have deepened (net income to -8.3M in 2025). Leverage is very high (debt-to-equity ~6.4x) with declining equity, raising balance-sheet risk. Cash flow improved sharply in 2025 (operating/FCF +139.8M) but has been highly volatile, suggesting timing-driven rather than durable cash generation.Income Statement
Operating performance is weak and volatile. Revenue is effectively absent in most years (including 2024 and 2025), and the company has posted consistent losses, with net income worsening from -3.5M (2023) to -8.3M (2025). Negative gross profit and negative EBITDA/EBIT indicate the cost structure is not being covered by recurring sales, leaving profitability highly dependent on non-recurring items or timing of project recognition.12
Very Negative
Balance Sheet
Leverage is elevated and rising risk remains the key issue. Total debt is high relative to equity (debt-to-equity ~6.4x in 2025; ~5.9–6.9x across recent years), while equity has drifted down from ~137.7M (2020) to ~109.2M (2025), reflecting accumulated losses. Total assets are sizable (~854.6M in 2025), but persistently negative returns on equity underscore that the balance sheet is not generating shareholder value and is more vulnerable to refinancing or asset-value swings.18
Very Negative
Cash Flow
Cash flow is the relative bright spot but remains inconsistent. Operating cash flow swung from negative in 2021–2024 (including -122.2M in 2024) to strongly positive in 2025 (+139.8M), with free cash flow matching operating cash flow in each year provided. However, given continued net losses and the sharp year-to-year reversals, cash generation appears timing-driven (common in development businesses) and may not yet be durable enough to offset leverage risk.37
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 112.41M | 0.00 | 0.00 |
| Gross Profit | -202.00K | -433.00K | -267.00K | 112.41M | -262.00K | -262.00K |
| EBITDA | -6.09M | -5.67M | -3.43M | -3.24M | -4.96M | -4.43M |
| Net Income | -6.61M | -8.27M | -3.97M | -3.51M | -5.26M | -4.72M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 854.65M | 923.48M | 845.74M | 709.59M | 699.41M |
| Cash, Cash Equivalents and Short-Term Investments | 1.86M | 40.17M | 1.92M | 1.64M | 914.00K | 644.00K |
| Total Debt | 0.00 | 701.05M | 805.26M | 722.60M | 576.47M | 560.98M |
| Total Liabilities | -112.85M | 745.44M | 806.00M | 724.27M | 584.99M | 569.54M |
| Stockholders Equity | 112.85M | 109.20M | 117.48M | 121.47M | 124.60M | 129.87M |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 139.81M | -122.22M | -145.37M | -5.46M | -12.25M |
| Operating Cash Flow | 0.00 | 139.81M | -122.22M | -145.37M | -5.45M | -12.22M |
| Investing Cash Flow | 0.00 | 601.00K | 39.84M | 7.76M | -9.77M | -12.73M |
| Financing Cash Flow | 0.00 | -102.18M | 82.66M | 138.33M | 15.48M | 25.50M |
Techindia Nirman Ltd. Peers Comparison
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.