Tulive Developers Q4 FY25: ₹0.05 Cr income, PAT -₹0.30 Cr

Key takeaway from the latest quarterly numbers

Tulive Developers Ltd reported a small total income of ₹0.05 crore for the Mar 2025 quarter, while staying in the red at the profit level. The quarterly statement shows no net sales turnover, meaning the reported income was driven by other income. Expenses and depreciation continued to weigh on profitability, resulting in a reported PAT loss for the quarter. The numbers also reflect a pattern seen across the latest reported quarters, where operating profit has remained negative.

For investors tracking smaller real estate and development-linked companies, the data points matter because they highlight how quickly profitability can swing when core revenue is absent. In Tulive Developers’ case, even small changes in other income or expenses can significantly impact quarterly reported profits.

Q4 FY25 profit and loss snapshot (Mar 2025 quarter)

For the Mar 2025 quarter, Tulive Developers reported total income of ₹0.05 crore and total expenses of ₹0.10 crore. Operating profit stood at -₹0.10 crore and EBITDA at -₹0.05 crore. Depreciation was ₹0.25 crore, which took EBIT down to -₹0.30 crore. With interest shown as ₹0.00 crore and taxes at ₹0.00 crore, the reported PAT for the quarter was -₹0.30 crore.

The quarterly table also shows that net sales turnover was ₹0.00 crore in Mar 2025. This implies the company’s income line in the quarter came from other income rather than business revenue from operations.

How the last five quarters compare

Across the five reported quarters from Mar 2024 to Mar 2025, total income fluctuated but remained small in absolute terms. Mar 2024 stood out with total income of ₹0.47 crore, while Jun 2024 and Sep 2024 each showed total income of ₹0.04 crore. Dec 2024 reported ₹0.11 crore, followed by ₹0.05 crore in Mar 2025.

Profitability moved with the expense and depreciation profile. Sep 2024 had higher expenses of ₹0.20 crore and a deeper operating loss of -₹0.20 crore. Mar 2024, despite showing negative operating profit (-₹0.12 crore), reported EBIT of ₹0.11 crore and a PAT of ₹0.11 crore. That quarter also recorded EBITDA of ₹0.36 crore, which is meaningfully higher than the rest of the period shown.

Quarterly financials table (₹ crore)

Annual profit trend cited for FY23 to FY25

The provided financial commentary states that profit is decreasing. It cites the profit of Tulive Developers as -₹1.27 crore for Mar 2025, -₹0.93 crore for Mar 2024 and ₹1.26 crore for Mar 2023. This indicates a swing from a positive figure in FY23 to losses in FY24 and FY25.

Another long-term P&L line shared for operating profit (Mar 2014 to Mar 2025) shows operating profit at -₹0.34 crore in Mar 2024 and -₹0.44 crore in Mar 2025, with a TTM operating profit of -₹0.47 crore. While the table contains many historical years, the key point from the latest two financial years is that operating profit remained negative.

Balance sheet snapshot: equity capital and net worth

On the balance sheet side, the results table (year-ended March) shows equity capital at ₹2.15 crore for Mar 2025, Mar 2024, Mar 2023 and Mar 2022. Reserves were ₹44.71 crore in Mar 2025, compared with ₹45.98 crore in Mar 2024 and ₹46.92 crore in Mar 2023. Net worth was ₹46.86 crore in Mar 2025, versus ₹48.13 crore in Mar 2024 and ₹49.07 crore in Mar 2023.

This trend suggests net worth has reduced over the last three reported years in the table, consistent with the cited movement into losses.

Capital and net worth table (₹ crore)

What the FY25 annual report notes about business activity

The company’s annual report text states that the directors presented the 63rd annual report for the financial year ended 31 March 2025. It also notes there was no change in share capital during FY2024-2025. Paid-up share capital at the end of 31 March 2025 stood at ₹2.154375 crore (₹2,15,43,750), consisting of 21,54,375 equity shares of ₹10 each.

The annual report also states that the company withdrew its investment in partnership firms engaged in housing project development: (i) M/s Tulive Estate and (ii) M/s Tulive Builders. It further states there has been no change in business activity during the year under review. It also says the company did not transfer any amount to general reserve during FY25.

Finally, the annual report notes that the company had no subsidiary companies, joint ventures or associate companies as of the financial year ended 31 March 2025.

Ratios and per-share indicators mentioned

Two indicators were explicitly listed: ROCE at -2.65 and EPS at -1.23. Separately, adjusted earnings per share values were provided for multiple quarters (from Sep 2023 to Dec 2025), including -0.7 (Sep 2023), -2.4 (Dec 2023), 0.5 (Mar 2024), and values around -1.1 to -1.4 through 2024-2025 quarters.

Given the absence of net sales in the quarterly table and recurring negative operating profit, the EPS and ROCE readings presented are consistent with the reported loss-making profile.

Recent update referenced for Q1 FY26

A dated note in the text states that on 14 Aug, Tulive Developers reported a ₹0.2361 crore loss (₹23.61 lakh) for Q1 FY2026, with unaudited results approved on Aug 14, 2025. This extends the pattern of losses into FY26 based on the information provided.

Market impact: what these numbers mean for investors

With net sales turnover shown at ₹0.00 crore across the latest five quarters listed, the company’s quarterly income is effectively dependent on other income. In such a structure, profitability can be volatile because expense lines and fixed charges like depreciation can dominate results even when income is modest. For Mar 2025, depreciation of ₹0.25 crore was materially higher than total income of ₹0.05 crore, contributing to negative EBIT and PAT.

The steady equity capital and the net worth decline shown in the balance sheet table provide a second perspective. Losses, when sustained, can reduce reserves over time, and the reserves line in the table has moved down from ₹46.92 crore in Mar 2023 to ₹44.71 crore in Mar 2025.

Why the FY25 update matters

The FY25 disclosures matter because they combine three signals: no reported change in business activity, withdrawal of investments in two partnership firms linked to housing development, and continuing quarterly losses in the latest data. Together, they help readers understand why the company’s financial performance remains weak without making assumptions about future strategy.

For tracking purposes, the next meaningful checkpoints would typically be subsequent quarterly filings and any formal updates on operating activity, but this article sticks to the numbers and statements provided.

Conclusion

Tulive Developers’ Mar 2025 quarter showed ₹0.05 crore in total income and a PAT loss of ₹0.30 crore, with net sales turnover at zero. FY25 disclosures also confirm unchanged share capital, withdrawal from two partnership firm investments, and no change in business activity during the year. The note on Q1 FY26 points to another loss, indicating the loss-making trend continued into the next financial year based on the information shared.