Year 1 Revenue
₹11.27 Cr
Across 11 business lines
Year 1 EBITDA
₹4.14 Cr
37% EBITDA margin
Own Capital ROI
92%
On ₹4.5 Cr own contribution
Year 3 Revenue
₹19.5 Cr
+73% vs Y1
Payback Period
< 15 Months
On promoter's own capital
10 Business Lines — Year 1 P&L
All figures in ₹ Lakhs | Year 1 (FY 2026–27) annualised projections
01
OEM Warranty Servicing
Revenue
₹72 L
EBITDA
₹22 L
Parts & consumables(30)
Gross Profit42
Technician salaries (4)(14)
Tools & overheads(6)
EBITDA₹22 L
02
B2B Parts Supply
Revenue
₹180 L
EBITDA
₹36 L
Cost of goods (65%)(117)
Gross Profit63
Staff & logistics(19)
Admin & ops(8)
EBITDA₹36 L
03
EV Fleet Rental Profit
Revenue
₹180 L
EBITDA
₹90 L
500 vehicles × ₹3,000/month × 12180
Electricity & battery swap ops(35)
Vehicle maintenance(20)
Gross Profit125
Fleet staff & ops(15)
Insurance (group fleet policy)(20)
EBITDA₹90 L
04
Vehicle Washing
Revenue
₹37 L
EBITDA
₹20 L
Water & consumables(9)
Gross Profit28
Staff (2 operators)(5)
Utilities & overheads(3)
EBITDA₹20 L
05
AMC Contracts
Revenue
₹90 L
EBITDA
₹54 L
Parts & service cost(25)
Gross Profit65
Service staff(8)
Admin & scheduling(3)
EBITDA₹54 L
06
Insurance POSP
Revenue
₹42 L
EBITDA
₹35 L
Commission income (100%)42
No direct cost of sale—
Gross Profit42
POSP staff & marketing(7)
EBITDA₹35 L
07
Tyre Recycling
Revenue
₹240 L
EBITDA
₹52 L
Raw material (MSRTC/STU)(110)
Processing & utilities(50)
Gross Profit80
Plant staff & admin(28)
EBITDA₹52 L
08
Training Centre
Revenue
₹36 L
EBITDA
₹12 L
Course materials & tools(8)
Gross Profit28
Instructor & admin staff(12)
Facility overheads(4)
EBITDA₹12 L
09
RVSF — Registered Vehicle Scrapping Facility
Revenue
₹180 L
EBITDA
₹72 L
Collection & transport(40)
Processing & dismantling(25)
Gross Profit115
Staff & plant ops(30)
Compliance & admin(13)
EBITDA₹72 L
Assumptions & Notes — Business Line P&L
- EV Fleet revenue = ₹3,000/vehicle/month rental × 500 vehicles × 12 months = ₹180 L
- OEM Warranty — ramp-up year; ~200 vehicle-jobs/month at ₹3,000 avg bill
- B2B Parts — 50+ mechanic partners; 35% gross margin on wholesale supply
- AMC = 300 vehicles × ₹3,000/year annual maintenance contract
- Insurance POSP — 15% commission; own fleet + 2,000+ city policies
- Tyre Recycling — MSRTC/STU tender + city 2-wheeler collection as raw material
- RVSF — 10 vehicles/day × ₹5,000 net recovery × 312 days under VSP 2021
- Training Centre — 10 batches/year × 15 students × ₹20,000 + corporate
- All figures Year 1 (FY 2026–27) annualised; includes ramp-up discount
- Depreciation excluded from EBITDA; shown separately in Consolidated P&L
Consolidated Profit & Loss — 3 Year Projection
All figures in ₹ Lakhs | FY 2026–27 to FY 2028–29
| Business Line | Revenue (₹ L) | EBITDA (₹ L) | Y3 Margin | ||||
|---|---|---|---|---|---|---|---|
| — | Year 1 | Year 2 | Year 3 | Year 1 | Year 2 | Year 3 | — |
| 🔧 OEM Warranty Servicing | 72 | 96 | 120 | 22 | 32 | 42 | 35% |
| 📦 B2B Parts Supply | 180 | 240 | 300 | 36 | 52 | 68 | 23% |
| ⚡ EV Fleet Rental Profit | 180 | 210 | 240 | 90 | 115 | 135 | 56% |
| 🚿 Vehicle Washing | 37 | 52 | 68 | 20 | 29 | 38 | 56% |
| 📋 AMC Contracts | 90 | 135 | 180 | 54 | 82 | 110 | 61% |
| 🛡️ Insurance POSP | 42 | 64 | 90 | 35 | 54 | 76 | 84% |
| ♻️ Tyre Recycling | 240 | 320 | 420 | 52 | 76 | 108 | 26% |
| 🎓 Training Centre | 36 | 54 | 72 | 12 | 20 | 30 | 42% |
| 🏭 RVSF | 180 | 244 | 338 | 72 | 100 | 146 | 43% |
| TOTAL REVENUE | 1,057 | 1,415 | 1,828 | 393 | 560 | 753 | 41% |
Complete P&L Waterfall
From EBITDA to Profit After Tax
| Line Item | Year 1 (₹ L) | Year 2 (₹ L) | Year 3 (₹ L) |
|---|---|---|---|
| Total Revenue | 1,096 | 1,470 | 1,900 |
| Less: Cost of Goods / Direct Costs | (467) | (620) | (798) |
| Gross Profit | 629 | 850 | 1,102 |
| Gross Margin | 57% | 58% | 58% |
| Less: Staff Costs | (146) | (164) | (187) |
| Less: Operating Expenses | (78) | (107) | (135) |
| EBITDA | 405 | 579 | 780 |
| EBITDA Margin | 37% | 39% | 41% |
| Less: Depreciation & Amortisation | (275) | (250) | (230) |
| EBIT (Operating Profit) | 130 | 329 | 550 |
| Finance Costs (zero-debt model) | — | — | — |
| Profit Before Tax (PBT) | 130 | 329 | 550 |
| Income Tax @25% | (33) | (82) | (138) |
| Profit After Tax (PAT) | 97 | 247 | 412 |
| Net Margin | 9% | 17% | 22% |
Y1 EBITDA on Own Capital
90%
₹405 L EBITDA ÷ ₹450 L own capital
3-Year Cumulative PAT
₹7.56 Cr
Y1 + Y2 + Y3 combined
Payback on Own Capital
< 15 Months
₹4.5 Cr from EBITDA by Month 14
Project IRR
> 45%
On total project investment
Key Assumptions — 3-Year P&L
- Depreciation: Vehicles @20%, Equipment @15%, Solar @5%, Building @5% per year
- Zero-debt capital structure — subsidy covers 85%, no term loans required
- Revenue growth: Year 2 +28%, Year 3 +26% as fleet utilisation improves
- Tax computed at flat 25% new domestic company rate under Section 115BAA
- Staff costs grow at 15% CAGR for promotions and headcount additions
- No government grant income recognised in P&L (grant treated as capital reserve)
- EV fleet revenue assumes 80% vehicle utilisation; conservative estimate
- RVSF and Tyre Recycling revenue ramps steeply in Y2-Y3 with MSRTC tender wins
Balance Sheet — Year 1 End
As at 31 March 2027 | All figures in ₹ Lakhs
ASSETS
Non-Current Assets — Fixed Assets (Net)
EV Fleet — 500 vehicles (Gross ₹500 L, Dep ₹100 L)400
Authorised Service Station machinery & brand450
Battery Swap Infrastructure (Gross ₹300 L)270
Tyre Recycling Plant (Gross ₹200 L)180
RVSF Equipment (Gross ₹250 L)225
Solar Power Plant (Gross ₹200 L)190
Land (₹200 L) + Building (₹100 L, Dep ₹5 L)295
Battery Recycling Plant — 3rd-Party EOL & MSRTC Scrap (Gross ₹200 L, Dep ₹10 L)190
Other Tools & Equipment225
Total Fixed Assets (Net)
2,425
Current Assets
Cash & Bank Balances203
Trade Receivables (45-day cycle)139
Inventory (parts, crumb rubber, scrap)165
Advance Payments & Deposits42
GST Input Credit Receivable35
Total Current Assets
584
TOTAL ASSETS
₹3,009 L
EQUITY & LIABILITIES
Equity
Share Capital (Promoter own contribution 15%)450
Retained Earnings — Year 1 (PAT)97
Total Equity
547
Capital Reserve
MSE CDP Government Grant received (85%)2,550
Less: Grant amortised to P&L in Year 1(275)
Deferred Government Grant
2,275
Current Liabilities
Trade Payables (suppliers, MSRTC)128
GST & Tax Payable35
Employee Dues & Accruals18
Other Current Liabilities6
Total Current Liabilities
187
TOTAL EQUITY & LIABILITIES
₹3,009 L
Key Financial Ratios — Year 1
Derived from Balance Sheet and P&L
Current Ratio
3.12×
584 ÷ 187 (healthy >2×)
Debt-Equity Ratio
0.00
Zero debt — fully grant-funded
Return on Equity
18%
PAT ₹97 L ÷ Equity ₹547 L
Asset Turnover
0.36×
Revenue ÷ Total Assets
Working Capital
₹397 L
Current Assets − Current Liabilities
Balance Sheet Trend — 3 Years
Projected Net Worth and Asset Base Growth
| Item | Year 1 (₹ L) | Year 2 (₹ L) | Year 3 (₹ L) |
|---|---|---|---|
| Total Assets | 3,009 | 3,334 | 3,720 |
| Net Fixed Assets | 2,425 | 2,180 | 1,970 |
| Cash & Bank | 203 | 444 | 820 |
| Promoter Equity (Shareholder Funds) | 547 | 794 | 1,206 |
| Deferred Govt Grant (remaining) | 2,275 | 2,194 | 1,968 |
| Total Debt | — | — | — |
| Net Worth (Equity + Reserves) | 2,822 | 2,988 | 3,174 |
Balance Sheet Notes
- Government grant treated as Deferred Income per AS 12 / Ind AS 20
- Grant amortised over useful life of subsidised assets (matching depreciation)
- Zero external debt — MSE CDP subsidy removes need for bank financing
- Net Worth grows from ₹760 L (Y1) to ₹2,035 L (Y3) — 2.67× on own capital
- Cash position strengthens year-on-year — no dividend planned until Y3
- Vehicles depreciated at 20% WDV as per Income Tax Act Schedule II
- Land not depreciated; building at 5% SLM over 20-year useful life
- Trade receivables based on 45-day credit cycle with institutional customers
- RVSF and Tyre Recycling are asset-heavy — depreciation fully factored in
- Battery Recycling Plant (₹200 L) carved out of Land & Building capex — processes third-party end-of-life and MSRTC scrap batteries
- Working capital adequacy ratio maintained above 3× throughout all 3 years