TCM Limited signed a binding Memorandum of Understanding on September 18, 2026, to form a joint venture for developing a premium residential villa project in Kalamassery, Ernakulam.

The agreement involves TCM Limited as the landowning partner, M/s Asset Homes Private Limited as the developer, and Mr. Suhas Nandan as the investor.

Deal Structure and Terms

The parties will incorporate a Special Purpose Vehicle (SPV) named "Asset TCM Estates Pvt Ltd" to execute the project. TCM Limited will contribute the land, comprising 250 cents in Thrikkakara North Village, through a joint development agreement.

Mr. Suhas Nandan will provide working capital of at least ₹25 crore to the SPV via a loan or debt instrument. The loan carries a return rate of 20% per annum, compounded annually, for a period of three to four years from disbursement.

In consideration for the investment, Mr. Nandan will subscribe to 1% of the paid-up capital of the SPV. Upon repayment of the loan amount, he will transfer these shares to the other shareholders at face value.

Project Development Roles

Asset Homes Private Limited will manage the end-to-end development process. Its responsibilities include conceptualization, design, obtaining statutory approvals, construction, branding, marketing, and handing over completed units to purchasers.

The parties will execute a definitive Shareholders' Agreement (SHA) later to detail shareholding patterns, board composition, reserved matters, exit rights, and deadlock resolution mechanisms.

Regulatory Disclosure

The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that the parties are not related entities and the transaction does not fall under related-party transactions.

The MoU records broad commercial terms and will be superseded by definitive agreements once executed.

TCM Limited has scheduled its 82nd Annual General Meeting (AGM) for Friday, September 25, 2026, at Bharat Hotel in Ernakulam. The company confirmed the dispatch of the AGM notice and financial statements for the year ended March 31, 2026, to members on September 1, 2026.

The meeting aims to approve the financial results showing a consolidated net loss of ₹599.6 million for FY26, a reversal from the net profit of ₹151.4 million recorded in the previous year. Consolidated total income fell to ₹2,070.0 million from ₹3,047.5 million in FY25.

E-Voting and Book Closure Details

Shareholders holding shares as on the cut-off date of September 18, 2026, are eligible to vote. The register of members and share transfers will remain closed from September 19, 2026, to September 25, 2026 (both dates inclusive).

Remote e-voting through Central Depository Services (India) Ltd (CDSL) will be open from September 22, 2026, at 9:00 am to September 24, 2026, at 5:00 pm. Members who have not cast their votes remotely may exercise their right via ballot form at the AGM venue.

Financial Performance Recap

The standalone entity reported a net loss of ₹363.4 million, compared to a profit of ₹326.4 million in FY25. Standalone total income was ₹1,853.3 million against total expenses of ₹2,219.6 million.

What the Numbers Show

The financial results reveal a sharp divergence between operating performance and non-operating income. In the previous year, the company benefited from a substantial write-back of liabilities amounting to ₹423.0 million, which significantly boosted other income. For the current year, this write-back dropped to ₹59.5 million, removing a key support for the bottom line. Additionally, finance costs surged to ₹192.4 million on a consolidated basis, up from ₹59.1 million in the prior year, indicating increased leverage or borrowing activity that weighed heavily on profitability despite relatively stable operating expenses.

Business Operations and Strategy

The company continues operations across solar power, medical diagnostics, cattle feed, and real estate. The chemical manufacturing unit at Mettur remains suspended due to financial constraints and raw material shortages. In real estate, the company has entered into a memorandum of understanding with Asset Homes TCM Townships Pvt. Ltd. for the joint development of an 11-acre land parcel in Kalamassery. Construction is expected to commence in FY27 subject to statutory approvals.

Corporate Governance and Dividend

The Board of Directors did not recommend any dividend for FY26 due to the losses incurred during the year. The AGM agenda includes the reappointment of Mrs. Rani Jose as a director retiring by rotation. Additionally, shareholders are sought to approve the reappointment of independent directors Mr. Gopalakrishnan Mahesh and Mr. Jose Jacob for a second term of five years each.