T.T. Ltd pockets ₹2.44 cr from warrant lapse, 8x last year's profit
8 lakh convertible warrants issued in Dec 2024 lapsed unexercised; upfront payment forfeited, providing a cash windfall equal to 1.39% of market cap for the nano-cap textile firm.
— 2 earlier stories on T.T. Ltd. →What's new
- 8,00,000 convertible warrants issued at ₹122 each have lapsed unexercised.
- Warrant holders paid 25% upfront but skipped the 75% balance due June 15, 2026.
- T.T. Ltd retains ₹2.44 cr as per SEBI rules; no equity dilution.
Why this matters
For a nano-cap that earned just ₹0.29 cr in net profit last year, ₹2.44 cr in forfeited cash is a windfall of over 8 times FY26 earnings. The money drops straight to the bottom line with no offsetting dilution, giving TTL a rare balance-sheet cushion.
What we're watching
- How TTL deploys the extra cash (debt reduction, capex, or investment subsidiary).
- Whether management brings forward any strategic plans given the improved liquidity.
- Any follow-through on the investment subsidiary formed earlier this year.
The full read
T.T. Ltd has pulled ₹2.44 crore from warrant holders who walked away. 8 lakh convertible warrants issued in December 2024 at ₹122 each lapsed unexercised after the allottees failed to pay the balance 75% by the June 15 deadline. The upfront 25% stays with the company. For a nano-cap with a market cap of just ₹176 crore and a trailing net profit of ₹0.29 crore, this is a windfall over 8 times last year's earnings. No dilution, no strings attached. The cash landfall happens against a backdrop of falling revenue (down 8.7% trailing) and a 93% profit plunge in FY26 from exceptional-year comparisons. It is a lifeline, but one that needs to be deployed wisely. The open question is how management puts this ₹2.44 crore to work.
Questions answered
- Why did the warrant holders not exercise?
- The filing does not give a reason. VASM Consultants Private Limited and Subhash Phootarmal Rathod chose not to pay the remaining 75%, so the warrants lapsed and the upfront payment was forfeited.
- How much has T.T. Ltd gained exactly?
- ₹2.44 crore, which is over 8 times the company's FY26 net profit of ₹0.29 crore and about 1.39% of its current market cap of ₹176 crore.
- Does this affect the company's equity?
- No. No equity shares were issued, so paid-up capital remains unchanged. The forfeited amount is retained by the company.
- What was T.T. Ltd's financial performance recently?
- In the latest reported quarter (Mar 2026), sales were ₹57 crore and net profit ₹1 crore. For the full year FY26, net profit was just ₹0.29 crore, down 93% from a year earlier which had exceptional gains.
T.T. Ltd.
Latest quarter · Mar 2026
Strength & growth
Story so far
All notes on TTL →- 16 Jun 2026 · 11:07 AM IST T.T. Ltd pockets ₹2.44 cr from warrant lapse, 8x last year's profit
- 26d ago T.T. Ltd posts ₹0.29 cr net profit for FY26; no surprises
- 26d ago T.T. Ltd posts 93% profit drop; forms investment subsidiary