Diversified · Founded 1992 · www.indrayani.com · BSE 526445 · · ISIN INE007C01021
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Business
Indrayani Biotech Ltd. is a diversified company primarily involved in real estate development, investment activities, and trading of various goods and commodities. Despite "Biotech" in its name, its current core operations are not significantly focused on the biotechnology sector. The company's business model involves acquiring, developing, and selling/leasing real estate properties, making strategic investments in other companies' securities, and engaging in general trading activities to generate revenue.
Revenue Mix
The company's revenue streams typically stem from:
Real Estate Operations: Development, sale, and potentially leasing of properties.
Investment Activities: Income from investments in shares, debentures, mutual funds, or other financial instruments, including capital gains and dividends.
Trading Activities: Buying and selling of various goods or commodities.
Specific revenue contribution breakdowns by segment are not regularly detailed in public filings in a granular manner for a company of this nature, often consolidated under "Revenue from Operations" and "Other Income."
Industry
Indrayani Biotech operates in highly fragmented and competitive industries:
Real Estate: Faces intense competition from numerous local and national developers. Its positioning is likely that of a niche or regional player, focusing on specific property types or geographies within India.
Investment: Operates within the broader financial markets, competing with other investment firms, high-net-worth individuals, and institutional investors. Its scale suggests a opportunistic approach rather than market-making.
Trading: Competes in various commodity or product markets, which are often characterized by thin margins and high volume.
Given its diversified and relatively small scale, the company typically occupies a minor position in each of the industries it operates in, without significant market share in any single segment.
MOAT
Indrayani Biotech Ltd. generally exhibits a limited competitive advantage or moat across its diversified operations:
Brand: Not a widely recognized or strong brand in any of its operating sectors.
Scale: Operates at a relatively small scale compared to larger, established players in real estate, investment, or trading.
Switching Costs: Low or non-existent in its primary business areas.
Proprietary Technology/IP: No apparent proprietary technology or intellectual property, especially given the current business focus away from biotech.
Any competitive edge would likely be derived from opportunistic deal-making in real estate, astute investment decisions, or efficient trading operations, which are difficult to sustain as durable advantages.
Growth Drivers
Key factors that could drive growth for Indrayani Biotech Ltd. over the next 3-5 years include:
Real Estate Market Recovery: Favorable conditions and demand growth in the specific real estate markets where the company operates.
Successful Investment Strategy: Profitable exits from investment portfolios or sustained capital appreciation.
Expansion of Trading Operations: Identifying new profitable trading avenues or expanding volumes in existing ones.
Asset Monetization: Successful development and sale of existing land banks or properties.
Strategic Partnerships: Collaborations in real estate projects or investment opportunities.
Risks
Real Estate Market Cyclicality: Exposure to fluctuations in property demand, prices, and regulatory changes in the real estate sector.
Investment Market Volatility: Risk of capital loss from adverse movements in equity, bond, or other financial markets where investments are made.
Lack of Strategic Focus: Diversified operations without a clear core competency can dilute management focus and resource allocation.
Competition: Intense competition across all its operating segments, which are generally low-barrier-to-entry.
Regulatory Risks: Changes in real estate laws, taxation, or capital market regulations can impact profitability.
Liquidity Risk: Depending on the nature of real estate assets and investments, there can be periods of illiquidity.
Promoter Dependency: Performance can be highly dependent on the strategic vision and execution of the promoter group.
Management & Ownership
The company is promoter-driven, typical for many small-to-mid cap Indian companies. The promoter group holds a significant stake, which aligns their interests with the company's long-term performance. Management quality is generally assessed through their track record of navigating the company through its various business transitions and financial performance. Publicly available information often details the promoter shareholding and key management personnel, but detailed independent assessments of management quality are less common for smaller, diversified entities.
Outlook
Indrayani Biotech Ltd. presents a mixed outlook. On one hand, its diversified operations offer multiple avenues for revenue generation, potentially allowing it to capitalize on opportunities in different market cycles. A strong performance in the real estate sector or successful, well-timed investment decisions could significantly boost profitability. However, the lack of a clear, dominant core business segment, intense competition across all its activities, and susceptibility to market volatility in real estate and investments pose significant challenges. The company's future performance will largely depend on its management's ability to identify profitable ventures, execute efficiently, and manage risks across its varied business interests.
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| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 39 | 44 | 32 | 31 | 17 | 51 | 29 | 36 | 35 | 73 |
| Other Income | 0 | 1 | 0 | 0 | 0 | 3 | 2 | 2 | 1 | 2 |
| Total Income | 39 | 45 | 32 | 31 | 17 | 53 | 31 | 38 | 36 | 74 |
| Total Expenditure | 36 | 34 | 26 | 26 | 14 | 56 | 26 | 34 | 32 | 68 |
| Operating Profit | 4 | 11 | 6 | 5 | 3 | -3 | 5 | 4 | 4 | 7 |
| Interest | 1 | 6 | 1 | 1 | 1 | 7 | 1 | 2 | 2 | 6 |
| Depreciation | 1 | 1 | 4 | 3 | 1 | -2 | 3 | 1 | 1 | 2 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 1 | 5 | 1 | 1 | 0 | -8 | 0 | 1 | 0 | -1 |
| Provision for Tax | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | -2 |
| Profit After Tax | 1 | 5 | 1 | 1 | 0 | -9 | 0 | 1 | 0 | 1 |
| Adjustments | -0 | 0 | 0 | -1 | -0 | -0 | 0 | -1 | -0 | 0 |
| Profit After Adjustments | 1 | 5 | 1 | 1 | 0 | -9 | 0 | 0 | 0 | 1 |
| Adjusted Earnings Per Share | 0.2 | 1 | 0.2 | 0.1 | 0.1 | -1.9 | 0 | 0.1 | 0 | 0.2 |
| #(Fig in Cr.) | Mar 2011 | Mar 2012 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 39 | 58 | 50 | 21 | 62 | 163 | 166 | 130 | 173 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 4 | 1 | 3 | 7 |
| Total Income | 39 | 58 | 50 | 21 | 62 | 167 | 167 | 133 | 179 |
| Total Expenditure | 39 | 57 | 47 | 26 | 55 | 146 | 143 | 124 | 160 |
| Operating Profit | 1 | 1 | 3 | -5 | 7 | 22 | 25 | 10 | 20 |
| Interest | 0 | 0 | 1 | 2 | 2 | 6 | 10 | 12 | 11 |
| Depreciation | 0 | 0 | 1 | 0 | 1 | 3 | 4 | 3 | 7 |
| Exceptional Income / Expenses | 0 | 0 | 0 | -4 | 0 | -1 | 0 | 0 | 0 |
| Profit Before Tax | 0 | 0 | 1 | -11 | 4 | 12 | 11 | -6 | 0 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | -2 |
| Profit After Tax | -0 | -0 | 1 | -11 | 4 | 12 | 10 | -6 | 2 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | -3 | -4 | 5 | -1 |
| Profit After Adjustments | -0 | -0 | 1 | -11 | 4 | 9 | 6 | -2 | 1 |
| Adjusted Earnings Per Share | -0.1 | -0.2 | 2.2 | -3.2 | 1.3 | 2.6 | 1.4 | -0.3 | 0.3 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -22% | 28% | 21% | 0% |
| Operating Profit CAGR | -60% | 13% | 27% | 0% |
| PAT CAGR | -160% | NAN% | NAN% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -20% | -43% | -18% | 4% |
| ROE Average | -9% | 15% | -9% | -1% |
| ROCE Average | 3% | 13% | 7% | 8% |
| #(Fig in Cr.) | Mar 2011 | Mar 2012 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 4 | 3 | 31 | 20 | 24 | 55 | 67 | 73 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | -7 | 9 | 27 |
| Borrowings | 2 | 0 | 7 | 8 | 7 | 29 | 67 | 65 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 1 | 6 | 4 | 0 |
| Total Current Liabilities | 4 | 9 | 14 | 12 | 19 | 72 | 87 | 102 |
| Total Liabilities | 10 | 12 | 51 | 40 | 51 | 156 | 234 | 268 |
| Fixed Assets | 6 | 6 | 17 | 15 | 17 | 57 | 62 | 58 |
| Other Non-Current Assets | 0 | 0 | 15 | 16 | 16 | 21 | 26 | 32 |
| Total Current Assets | 4 | 7 | 19 | 9 | 19 | 78 | 145 | 178 |
| Total Assets | 10 | 12 | 51 | 40 | 51 | 156 | 234 | 268 |
| #(Fig in Cr.) | Mar 2011 | Mar 2012 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 0 | 1 | 1 | 2 | 3 | 1 |
| Cash Flow from Operating Activities | 1 | 2 | 6 | 0 | 4 | 16 | -30 | -7 |
| Cash Flow from Investing Activities | -3 | -0 | -4 | -1 | -1 | -47 | -16 | 25 |
| Cash Flow from Financing Activities | 2 | -1 | -1 | -0 | -3 | 33 | 44 | -18 |
| Net Cash Inflow / Outflow | 0 | 1 | 1 | -1 | 1 | 2 | -2 | -0 |
| Closing Cash & Cash Equivalent | 0 | 1 | 1 | 1 | 2 | 3 | 1 | 0 |
| # | Mar 2011 | Mar 2012 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -0.13 | -0.18 | 2.22 | -3.25 | 1.3 | 2.55 | 1.4 | -0.34 |
| CEPS(Rs) | 0.64 | 0.6 | 5 | -3.14 | 1.49 | 4.46 | 3.12 | -0.6 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 9.67 | 9.51 | 0.7 | 5.76 | 7.06 | 12.94 | 13.86 | 15.16 |
| Core EBITDA Margin(%) | 1.89 | 0.88 | 5.56 | -23.44 | 11.01 | 10.62 | 14.23 | 4.9 |
| EBIT Margin(%) | 1.18 | 0.73 | 3.93 | -43.83 | 10.28 | 11.02 | 12.68 | 4.71 |
| Pre Tax Margin(%) | 0.26 | 0.04 | 1.62 | -53.18 | 7.21 | 7.55 | 6.6 | -4.41 |
| PAT Margin (%) | -0.12 | -0.11 | 1.62 | -53.18 | 7.21 | 7.32 | 6.27 | -4.69 |
| Cash Profit Margin (%) | 0.59 | 0.38 | 3.65 | -51.01 | 8.28 | 9.38 | 8.56 | -2.1 |
| ROA(%) | -0.87 | -0.59 | 2.53 | -24.5 | 9.71 | 11.51 | 5.35 | -2.44 |
| ROE(%) | -2.84 | -1.85 | 43.42 | -112.29 | 20.23 | 34.86 | 19.41 | -9.25 |
| ROCE(%) | 16.17 | 7.69 | 7.85 | -23.16 | 16.38 | 22.45 | 14.4 | 3.19 |
| Receivable days | 13.19 | 22.13 | 41.11 | 102.23 | 55.92 | 49.36 | 76.31 | 137.64 |
| Inventory Days | 0 | 0 | 37.1 | 53.33 | 7.77 | 15.4 | 59.91 | 117.29 |
| Payable days | 0 | 0 | 60.37 | 111 | 40.71 | 50.99 | 112.97 | 134.44 |
| PER(x) | 0 | 0 | 3.77 | 0 | 23.51 | 22.14 | 35.18 | 0 |
| Price/Book(x) | 0 | 0 | 12 | 1.1 | 4.32 | 4.37 | 3.55 | 0.94 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.14 | 0.07 | 0.31 | 1.74 | 1.96 | 1.61 | 1.99 | 1.55 |
| EV/Core EBITDA(x) | 7.55 | 6.08 | 5.17 | -7.82 | 17.25 | 12.04 | 13.31 | 21.23 |
| Net Sales Growth(%) | 0 | 47.68 | -13.94 | -57.74 | 191.97 | 164.61 | 2.02 | -21.66 |
| EBIT Growth(%) | 277.55 | -8.17 | 362.02 | -571.81 | 168.48 | 183.55 | 17.39 | -70.89 |
| PAT Growth(%) | 84.14 | -39.87 | 1346.41 | -1489.05 | 139.59 | 168.74 | -12.64 | -158.6 |
| EPS Growth(%) | 74.47 | -39.97 | 1346.41 | -246.65 | 139.92 | 96.79 | -45.24 | -124.45 |
| Debt/Equity(x) | 0.62 | 0.53 | 54.18 | 0.79 | 0.74 | 1.17 | 1.71 | 1.99 |
| Current Ratio(x) | 1.01 | 0.77 | 1.4 | 0.78 | 0.97 | 1.08 | 1.67 | 1.74 |
| Quick Ratio(x) | 1.01 | 0.78 | 1.03 | 0.68 | 0.89 | 0.91 | 1.18 | 1.33 |
| Interest Cover(x) | 1.29 | 1.07 | 1.7 | -4.69 | 3.35 | 3.18 | 2.09 | 0.52 |
| Total Debt/Mcap(x) | 0 | 0 | 4.52 | 0.71 | 0.17 | 0.32 | 0.48 | 2.11 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 33.57 | 33.48 | 33.4 | 33.28 | 33.28 | 33.28 | 33.26 | 33.26 | 33.26 | 32.92 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 6.75 | 4.07 | 2.53 | 2.19 | 0.55 | 0 | 0 | 0 | 0 | 0 |
| Public | 59.68 | 62.45 | 64.07 | 64.53 | 66.17 | 66.72 | 66.74 | 66.74 | 66.74 | 67.08 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.53 | 1.52 | 1.52 | 1.52 | 1.52 | 1.52 | 1.51 | 1.51 | 1.51 | 1.5 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.31 | 0.19 | 0.12 | 0.1 | 0.03 | 0 | 0 | 0 | 0 | 0 |
| Public | 2.72 | 2.84 | 2.92 | 2.94 | 3.01 | 3.04 | 3.04 | 3.04 | 3.04 | 3.05 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 4.55 | 4.55 | 4.55 | 4.55 | 4.55 | 4.55 | 4.55 | 4.55 | 4.55 | 4.55 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -22% | +28% | +21% | — |
| Operating Profit CAGR | -60% | +13% | +27% | — |
| PAT CAGR | -160% | 0% | 0% | — |
| Share Price CAGR | -20% | -43% | -18% | +4% |
| ROE Average | -9% | +15% | -9% | -1% |
| ROCE Average | +3% | +13% | +7% | +8% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 33.57 | 33.48 | 33.4 | 33.28 | 33.28 | 33.28 | 33.26 | 33.26 | 33.26 | 32.92 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 6.75 | 4.07 | 2.53 | 2.19 | 0.55 | 0 | 0 | 0 | 0 | 0 |
| Public | 59.68 | 62.45 | 64.07 | 64.53 | 66.17 | 66.72 | 66.74 | 66.74 | 66.74 | 67.08 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.53 | 1.52 | 1.52 | 1.52 | 1.52 | 1.52 | 1.51 | 1.51 | 1.51 | 1.5 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.31 | 0.19 | 0.12 | 0.1 | 0.03 | 0 | 0 | 0 | 0 | 0 |
| Public | 2.72 | 2.84 | 2.92 | 2.94 | 3.01 | 3.04 | 3.04 | 3.04 | 3.04 | 3.05 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 4.55 | 4.55 | 4.55 | 4.55 | 4.55 | 4.55 | 4.55 | 4.55 | 4.55 | 4.55 |
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