BSE: 539099
Athena Constructions Limited
Classified by the exchange under residential and commercial realty projects, the company reported nil revenue from operations in FY26, with total income of Rs 0.47 lakh coming from other income. Total income had already collapsed from Rs 75.35 lakh in FY24 to Rs 0.47 lakh in FY25. In H1 FY26 (six months ended September 30, 2025), revenue from operations was again nil against total expenditure of Rs 20.86 lakh. Finance costs are the dominant expense at Rs 31.24 lakh in FY26 (Rs 36.53 lakh in FY25) and Rs 15.62 lakh in H1 FY26. The company posted a net loss of Rs 67.38 lakh in FY26, narrower than Rs 74.28 lakh in FY25. Operating cash flow was negative Rs 72.73 lakh in FY26, and reserves were negative Rs 164.85 lakh against share capital of Rs 750 lakh as of March 31, 2026. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Revenue from operations. Realty classification (residential and commercial projects) with no current operating revenue.
Exhibit 1: Financial summary, FY25–FY25 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 |
|---|---|
| Revenue | 0 |
| EBITDA (ex other income) | (0) |
| margin % | — |
| Owners' profit | (1) |
| EPS, as reported (₹) | (0.99) |
| ROE % · ROCE % | (11.4) · (1.8) |
| Debt / equity (x) | 0.51 |
| Cash from operations | 0 |
| Capex | 0 |
Exhibit 2: Quarterly performance, last 1 quarters
| ₹ crore | Q4 FY25 |
|---|---|
| Revenue | 0 |
| Profit before tax | (0) |
| Net profit | (0) |
| EPS (₹) | (0.53) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| KESAR INDIA LIMITED | 3,089 | 82.0 | 12.40 | 67.0 | 12.0 | 15.2 | — | 26.9 |
| MEGHNA INFRACON INFRA L | 1,460 | 215.4 | 54.28 | 143.3 | 20.8 | 33.9 | — | 15.3 |
| India Homes Limited | 1,015 | — | 27.41 | — | (31.0) | (17.8) | — | — |
| B-RIGHT REALESTATE LIMITED | 954 | 26.6 | — | — | — | 19.2 | — | — |
| SHRADDHA PRIME PROJECTS L | 666 | 11.9 | 4.88 | 11.3 | 39.1 | 20.2 | — | 16.1 |
| YOGI LTD. | 656 | 31.5 | 4.61 | 25.6 | 14.9 | 15.6 | — | 5.1 |
| HAZOOR MULTI PROJECTS LTD | 409 | 5.5 | 0.66 | 3.1 | 6.8 | 5.8 | — | 86.5 |
| RDB INFRASTRUCTURE AND POWER L | 340 | 17.3 | 1.28 | 21.5 | 4.7 | 5.7 | 16.3 | 23.7 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.6 | 1.1 | 21 of 70 | 71% |
| ROCE | (3.6) | 1.9 | 74 of 88 | 16% |
| ROE | (11.4) | 1.6 | 67 of 73 | 8% |
| Debt / Equity | 0.5 | 0.3 | 50 of 73 | 32% |
| Market cap | 4 | 30 | 84 of 88 | 5% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · Non-applicability of Related Party Transaction disclosure for H1 FY27 | compliance | minimal | — | — |
| 6 Oct 2026 · Book Closure for AGM from October 23 to 29, 2026 | compliance | minimal | — | — |
| 6 Oct 2026 · Annual Report FY26 and 15th AGM Notice | board shareholder meetings | medium | — | — |
| 6 Oct 2026 · Athena Constructions files FY26 annual report and 15th AGM notice | board shareholder meetings | medium | — | — |
| 6 Oct 2026 · Board approves AGM notice, sets book closure Oct 23-29 | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1 ahead of H2 FY26 results | compliance | minimal | — | — |
| 26 Sept 2026 · AGM extended by 2 months for FY26, new deadline November 30, 2026 | board shareholder meetings | low | — | — |
| 20 Jun 2026 · Athena Constructions confirms not a Large Corporate for FY27 | compliance | minimal | — | — |
| 28 May 2026 · Audited Financial Result for the Financial Year ended 31st March 2026 | results | high | — | — |
| 21 May 2026 · Athena Constructions Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 28/05/2026 ,inter alia, to consider and approve 1. The audited Standalone .... | results | 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.