BSE: 543543
B-RIGHT REALESTATE LIMITED
Develops residential and commercial real estate in Mumbai, primarily through redevelopment of existing housing societies and Slum Rehabilitation Authority (SRA) projects on behalf of its subsidiaries and step-down entities. Revenue is earned by acquiring redevelopment rights, constructing new buildings, and selling the resulting saleable area to homebuyers; in FY26 it recognised consolidated revenue of Rs 167.79 crore. Operating scale is significant relative to its size: over 10 million sq ft of area is under development across Mumbai through 11 ongoing projects, with a disclosed pipeline of 19 projects carrying a combined Gross Development Value of Rs 7,546 crore. Pre-sales (value of units booked) reached Rs 286.4 crore in FY26 and surged to Rs 180.94 crore in Q1 FY27 on the sale of 1,29,726 sq ft of carpet area during the year. Collections from customers totalled Rs 124.2 crore in FY26 and Rs 43.13 crore in Q1 FY27. The cost base is dominated by materials (60% of revenue), reflecting land and construction inputs, with employee costs at 2.5% of revenue. The group executes projects through 26 subsidiaries and step-down entities. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Real estate development and sales. Asset-heavy, project-cycle-driven Mumbai redevelopment developer
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 17 | 41 | 103 | 168 |
| EBITDA (ex other income) | — | — | — | — |
| margin % | — | — | — | — |
| Owners' profit | — | — | — | — |
| EPS, as reported (₹) | 2.00 | 2.35 | 1.64 | 34.02 |
| ROE % · ROCE % | — · 3.6 | — · 5.3 | — · 5.8 | — · 21.4 |
| Debt / equity (x) | — | — | — | — |
| Cash from operations | 35 | (44) | (21) | 10 |
| Capex | — | — | (4) | (13) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10 | 7 | 19 | 22 | 41 | 63 | 55 | 113 |
| Profit before tax | 3 | 1 | 4 | 5 | 3 | 6 | 19 | 40 |
| Net profit | — | — | — | — | — | — | — | — |
| EPS (₹) | 1.53 | 0.61 | 1.14 | 1.22 | 0.55 | 0.11 | 3.45 | 30.63 |
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/E (TTM) | 26.6 | 17.4 | 40 of 61 | 35% |
| ROCE | 19.1 | 1.9 | 9 of 88 | 91% |
| Revenue growth | 412.5 | (11.0) | 7 of 64 | 91% |
| Market cap | 954 | 30 | 4 of 88 | 97% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board to approve half-year financial results on October 31, 2026 | results | low | — | — |
| 22 Oct 2026 · Credit rating outlook upgraded to Stable, removed from negative watch | credit debt | medium | — | — |
| 19 Oct 2026 · Step-down subsidiary incorporated for real estate development | strategic transactions | low | — | — |
| 16 Oct 2026 · B-Right Realestate Q2 FY27 pre-sales up 994%, collections up 747% YoY | compliance | low | — | — |
| 5 Oct 2026 · Certificate under Regulation 74(5) of SEBI Depositories Regulations for Q2 FY27 | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1, 2026 ahead of H2 FY26 results | compliance | minimal | — | — |
| 15 Sept 2026 · B-Right RealEstate wins Urban Renewal award, posts strong Q1 FY27 | business updates | medium | — | — |
| 2 Sept 2026 · Acquired additional 31% stake in step-down subsidiary, raising holding to 80% | strategic transactions | medium | — | — |
| 25 Aug 2026 · B-Right Realestate changes its company logo | general | low | — | — |
| 17 Aug 2026 · 19th AGM results - all 8 resolutions passed including ESOP 2026 and PSU 2026 | board shareholder meetings | medium | — | — |
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.