NSE: ATALREAL · BSE: 543911
ATAL REALTECH LIMITED
Earns nearly all of its revenue from works contracts and government contracting, executing civil and electrical construction projects for government bodies in Maharashtra — primarily the Public Works Department. The Works Contract/Government Contracting segment accounted for 94.3% of FY26 segment revenue at ₹113.39 crore, with an EBIT margin of 9.3%. The active project portfolio stood at ₹515.04 crore, covering court buildings, hospitals, schools and hostels; top projects include a court complex in Moshi (₹91 crore), a tribal administrative complex in Nashik (₹62.41 crore) and a district court in Palghar (₹59.17 crore). A ₹24.92 crore contract for a PWD Rest House at Pratapgad was awarded in May 2026, with the firm also flagging plans to diversify into road and electrical infrastructure. A small Real Estate Business segment contributed 5.5% of segment revenue (₹6.66 crore) but ran at a -4.9% EBIT margin in FY26. Cost structure is dominated by other operating expenses at 58.6% of revenue, with employee cost at 2.7% and depreciation at 0.9%, indicating an asset-light contracting model with no materials cost booked separately. A wholly owned subsidiary, Atal Realty Limited, was acquired during FY26. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Works Contract/Government Contracting (94%), Real Estate Business (6%), Other Revenue (0%). Asset-light, government-contract-dependent civil construction with a small loss-making real estate sideline
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 120 |
| EBITDA (ex other income) | 11 |
| margin % | 9.3 |
| Owners' profit | 6 |
| EPS, as reported (₹) | 1.01 |
| ROE % · ROCE % | 6.8 · 10.2 |
| Debt / equity (x) | 0.14 |
| Cash from operations | (19) |
| Capex | (3) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|
| Revenue | 11 | 20 | 30 | 60 | 11 |
| Profit before tax | 1 | 2 | 2 | 4 | 1 |
| Net profit | 1 | 1 | 2 | 3 | 1 |
| EPS (₹) | 0.06 | 0.09 | 0.21 | 0.48 | 0.08 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Works Contract/Government Contracting | 96 | 80.0 |
| Real Estate Business | 7 | 5.5 |
| Other | 0 | 0.1 |
| Works Contract/ Government Contracting | 17 | 14.3 |
| Other revenue | 0 | 0.4 |
| Total, before eliminations | 121 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DLF LIMITED | 1,64,917 | 37.1 | 3.63 | 49.7 | 9.7 | 6.0 | 8.6 | 37.1 |
| LODHA DEVELOPERS LIMITED | 1,01,079 | 24.5 | 4.31 | 20.2 | 14.6 | 15.7 | 25.1 | 40.5 |
| THE PHOENIX MILLS LTD | 67,952 | 53.1 | 4.75 | 26.3 | 10.9 | 9.9 | 32.7 | 63.4 |
| PRESTIGE ESTATE LTD | 59,932 | 52.6 | 3.58 | 17.4 | 7.8 | 6.8 | 11.8 | 38.1 |
| OBEROI REALTY LIMITED | 58,212 | 19.1 | 3.25 | 16.8 | 14.0 | 15.5 | 24.0 | 61.1 |
| GODREJ PROPERTIES LTD | 47,804 | 29.9 | 2.47 | 22.0 | 9.5 | 11.4 | 46.3 | 107.7 |
| BRIGADE ENTER. LTD | 17,613 | 20.5 | 2.34 | 13.7 | 9.6 | 6.8 | 23.9 | 41.9 |
| ANANT RAJ LIMITED | 16,622 | 28.0 | 2.86 | 22.6 | 9.6 | 10.2 | 58.7 | 32.1 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 15.2 | 20.5 | 22 of 57 | 63% |
| P/B | 1.7 | 1.9 | 28 of 64 | 57% |
| ROCE | 8.7 | 6.4 | 29 of 66 | 57% |
| ROE | 6.8 | 8.0 | 36 of 64 | 44% |
| Debt / Equity | 0.1 | 0.4 | 20 of 64 | 70% |
| EBITDA margin | 18.9 | 29.6 | 44 of 66 | 34% |
| Revenue growth | 3.5 | 12.8 | 42 of 67 | 38% |
| Profit growth | 51.6 | 7.5 | 17 of 66 | 75% |
| Market cap | 162 | 1781 | 56 of 67 | 17% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · RTA confirms Reg 74(5) not applicable for Q2 FY27 | compliance | minimal | — | — |
| 6 Oct 2026 · Withdrawal of Rights Issue proposal citing unfavourable market conditions | corporate actions | medium | — | — |
| 6 Oct 2026 · Atal Realtech withdraws proposed rights issue worth Rs 1,600 lakhs | corporate actions | medium | — | — |
| 30 Sept 2026 · Atal Realtech AGM: All 3 resolutions passed with over 99.99% approval | board shareholder meetings | low | — | — |
| 28 Sept 2026 · 14th AGM of Atal Realtech held on Sep 28, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Trading Window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 21 Sept 2026 · Subsidiary Atal Realty joins Arika Lifespaces LLP with 30 percent stake | strategic transactions | medium | — | — |
| 5 Sept 2026 · Company clarifies recent share price movement, says no undisclosed info | regulatory legal | medium | — | — |
| 4 Sept 2026 · AGM notice and Annual Report 2025-26 sent to shareholders | compliance | minimal | — | — |
| 4 Sept 2026 · Book closure from Sep 22-28, 2026 for 14th AGM | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.