The business plan, by segment and year.
The company model as plan targets: revenue by segment, margins, cash and the P&L, each panel linked to the data behind it. Not results, not audited, not contracted.
The financial plan targets profitability in FY28, but cash bottoms at ₹10.10 Cr in FY29, and 83 % of FY32 revenue is Systems.
Revenue grows from ₹1.70 Cr in FY27 to ₹1,128.45 Cr in FY32. Systems carries most of it; Semiconductors is 9 % of FY32 revenue. The raise has to carry the company through the FY29 cash low before revenue catches up.
Plan targets, not results. Deepgrid Semi financial model, corrected v3 (September), FY27–FY32, base scenario, ₹ Cr. Nothing here is audited or contracted. 12 accounting identities are re-checked on every build; they show the model adds up, not that its assumptions hold.
Revenue, profit and cash findings
- ₹1,128 CrRevenue in FY32
From ₹1.70 Cr in FY27 and ₹115.38 Cr in FY29: most of the growth comes in the last three years.
Deepgrid Semi financial model, corrected v3 (September) · plan target · units × price, summed over business lines - 83 %Systems is most of it
Systems is ₹941 Cr of FY32 revenue; Semiconductors is ₹104 Cr (9 %).
Deepgrid Semi financial model, corrected v3 (September) · plan target · segment ÷ total revenue, same year - FY28First profitable year
Net income ₹1.38 Cr; EBITDA ₹2.25 Cr. Gross margin reaches 87.4 % by FY32.
Deepgrid Semi financial model, corrected v3 (September) · plan target · tax at 25 % after loss carry-forward - ₹10.10 CrCash is tightest in FY29
Lowest year-end cash, down from ₹45.03 Cr at the start of FY27, before revenue catches up.
Deepgrid Semi financial model, corrected v3 (September) · plan target · year-end balances only
The 12 accounting identities checked on every build
- Revenue − COGS = gross profit
- Run-rate R&D + SoC4 programme = R&D
- R&D + sales and marketing + G&A = operating expense
- Gross profit − operating expense = EBITDA
- EBITDA − D&A = EBIT
- EBIT − tax = net income
- Segments sum to revenue
- Operating cash flow = net income + D&A
- Opening cash + net cash flow = closing cash
- Revenue walks to net income
- Opening cash walks to closing cash
- Uses of funds = sources
Where revenue and cash go, by year
In FY29, ₹115.38 Cr of revenue leaves ₹14.48 Cr of net income; R&D is the largest cost at ₹41.54 Cr.
Subtotals equal the running sum at full precision (checked at build); printed figures are rounded to ₹0.01 Cr. The model's P&L has no interest line, so net income is before the fleet-debt interest the cash walk deducts. Source: pl.csv.
Cash falls from ₹11.35 Cr to ₹10.10 Cr in FY29; change in working capital is the largest outflow at ₹13.13 Cr.
Subtotals equal the running sum at full precision (checked at build); printed figures are rounded to ₹0.01 Cr. Fleet capex (about ₹60 Cr) is financed by debt against the trucks in the model, so it is not in this balance. Source: cash.csv.
Revenue grows from ₹1.70 Cr in FY27 to ₹1,128.45 Cr in FY32; net income turns positive in FY28 and reaches ₹273.98 Cr.
| ₹ Cr | FY27 | FY28 | FY29 | FY30 | FY31 | FY32 |
|---|---|---|---|---|---|---|
| Revenue | 1.70 | 27.82 | 115.38 | 284.66 | 594.30 | 1128.45 |
| Cost of goods sold | 1.02 | 8.60 | 25.70 | 53.53 | 93.30 | 142.49 |
| Gross profit | 0.68 | 19.22 | 89.68 | 231.12 | 500.99 | 985.96 |
| R&D, run rate | 0.51 | 7.23 | 25.38 | 54.08 | 106.97 | 203.12 |
| R&D, SoC4 5 nm tape-out programme | 0.14 | 3.06 | 16.15 | 45.54 | 95.09 | 169.27 |
| R&D, total | 0.65 | 10.29 | 41.54 | 99.63 | 202.06 | 372.39 |
| Sales and marketing | 0.26 | 4.03 | 16.15 | 38.43 | 77.26 | 141.06 |
| General and administrative | 0.17 | 2.64 | 10.38 | 24.20 | 47.54 | 84.63 |
| Total operating expense | 1.07 | 16.97 | 68.07 | 162.25 | 326.86 | 598.08 |
| EBITDA | −0.40 | 2.25 | 21.61 | 68.87 | 174.13 | 387.88 |
| Depreciation and amortisation | 0.03 | 0.56 | 2.31 | 5.69 | 11.89 | 22.57 |
| EBIT | −0.43 | 1.69 | 19.30 | 63.18 | 162.25 | 365.31 |
| Tax at 25 %, after loss carry-forward | 0.00 | 0.32 | 4.83 | 15.79 | 40.56 | 91.33 |
| Net income | −0.43 | 1.38 | 14.48 | 47.38 | 121.68 | 273.98 |
P&L sheet of the corrected model. Source: pl.csv.
Revenue mix and business segments
Systems carries 83 % of FY32 revenue; Semiconductors follows with 9 %.
- Systems
- Semiconductors
- Robotics
- Sensors
| Segment | FY27 | FY28 | FY29 | FY30 | FY31 | FY32 | FY32 share |
|---|---|---|---|---|---|---|---|
| Systems | 0.13 | 23.06 | 99.15 | 243.61 | 501.95 | 940.95 | 83.4 % |
| Semiconductors | 0.00 | 0.05 | 5.15 | 16.80 | 45.00 | 104.00 | 9.2 % |
| Robotics | 1.20 | 3.25 | 7.10 | 15.25 | 28.85 | 50.00 | 4.4 % |
| Sensors | 0.38 | 1.45 | 3.98 | 9.00 | 18.50 | 33.50 | 3.0 % |
| Total | 1.70 | 27.82 | 115.38 | 284.66 | 594.30 | 1128.45 | 100.0 % |
Segment share = segment revenue ÷ total revenue, same year. Segments sum to P&L revenue (checked at build). Source: revenue-by-segment.csv.
Gross and net profitability targets, and operating expense
Gross margin rises from 39.7 % to 87.4 %; net margin turns positive in FY28 and reaches 24.3 %.
- Gross margin
- EBITDA margin
- Net margin
Gross, EBITDA and net margin = gross profit, EBITDA and net income ÷ revenue, same year. Source: pl.csv.
Operating expense grows from ₹1.07 Cr in FY27 to ₹598.08 Cr in FY32; R&D is 62 % of it.
- R&D, run rate
- R&D, SoC4 5 nm tape-out programme
- Sales and marketing
- General and administrative
Operating expense = run-rate R&D + tape-out programme + sales and marketing + G&A (checked at build). Source: pl.csv.
Liquidity requirements and capital expenditure
Cash falls from ₹45.03 Cr to ₹10.10 Cr by the end of FY29, with ₹30 Cr of tape-out capex in FY27–FY29, then rebuilds to ₹313.58 Cr by FY32.
- Closing cash
- Opening cash, FY27 (₹45.03 Cr)
| ₹ Cr | FY27 | FY28 | FY29 | FY30 | FY31 | FY32 |
|---|---|---|---|---|---|---|
| Opening cash | 45.03 | 25.28 | 11.35 | 10.10 | 32.53 | 111.16 |
| Operating cash flow (net income + D&A) | −0.40 | 1.93 | 16.78 | 53.07 | 133.57 | 296.55 |
| Tape-out capex | −18.00 | −10.00 | −2.00 | 0.00 | 0.00 | 0.00 |
| Other capex (equipment, lab) | −1.00 | −1.50 | −2.00 | −3.00 | −4.00 | −5.00 |
| Fleet-debt interest | −0.09 | −0.45 | −0.90 | −2.25 | −4.50 | −9.00 |
| Change in working capital | −0.26 | −3.92 | −13.13 | −25.39 | −46.45 | −80.12 |
| Net cash flow | −19.74 | −13.93 | −1.25 | 22.43 | 78.62 | 202.43 |
| Closing cash | 25.28 | 11.35 | 10.10 | 32.53 | 111.16 | 313.58 |
Closing cash = opening cash + net cash flow. Fleet capex (about ₹60 Cr) is financed by debt against the trucks in the model, so it is not in this balance. Source: cash.csv.
Funding sources and capital allocation
The plan raises ₹55 Cr; the largest use takes 54 % of it.
Sources: Pre-Series A equity round (₹45 Cr) and CGTMSE-backed term loan (₹10 Cr).
| Use | ₹ Cr | Share |
|---|---|---|
| SoC2 tapeout NRE + IP (phased: MPW blocks -> full die -> dedicated mask) | 29.80 | 54.2 % |
| Working capital / BD / inventory | 11.66 | 21.2 % |
| Engineering (chip + firmware + defence) | 9.02 | 16.4 % |
| AIS-162/188 certification + FPGA pilot | 4.51 | 8.2 % |
| Total | 54.99 | 100.0 % |
Use-of-funds share = allocation ÷ total uses; uses equal sources within ₹0.02 Cr (checked at build). Source: use-of-funds.csv.
Reconcile company revenue with the chip portfolio plan
This model and the plan on the Portfolio strategy page are different plans, and their revenue does not reconcile.
The Portfolio strategy page carries the silicon portfolio plan from the mature-node whitepaper. This model covers the whole company: Systems, Semiconductors, Robotics and Sensors. The table sets them side by side; neither is adjusted.
| Year | Portfolio strategy page (silicon plan) | This model, total | This model, Semiconductors |
|---|---|---|---|
| FY27 | 4 | 1.70 | 0.00 |
| FY28 | 28 | 27.82 | 0.05 |
| FY29 | 140 | 115.38 | 5.15 |
| FY30 | 410 | 284.66 | 16.80 |
| FY31 | 1,000 | 594.30 | 45.00 |
Portfolio strategy figures: the mature-node whitepaper, as published on the Portfolio strategy page. Model figures: pl.csv and revenue-by-segment.csv.