Develops a commercial real estate project in Surat called the Surat Textile Bourse. The bulk of revenue in FY26 (period ended March 31, 2026) came from real estate, with FY26 revenue at Rs 61.77 crore and a net profit of Rs 22.21 crore. The Textiles segment has been non-operational since August 2008 and contributes negligible revenue. The company's main cost line is materials/construction at 98.3% of revenue, with employees at 1.9% and other opex at 4.0%. Per filings, total revenue declined to Rs 6,334 lakhs in FY26 from Rs 10,273 lakhs in FY25, and net profit fell to Rs 2,220.62 lakhs from Rs 4,035.03 lakhs. The company carries outstanding borrowings of Rs 175.86 crore (provisional) and a sub-investment grade rating of IVR BB-/Stable; it took a Rs 80 crore secured term loan from Aditya Birla Capital in June 2026 to refinance existing lenders and add fresh debt. Cash flow from operations turned negative at -Rs 397.13 lakhs in FY26 versus +Rs 4,234.41 lakhs in FY25, and cash balances fell to Rs 9.01 lakhs from Rs 86.13 lakhs. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Real Estate, Textiles. Asset-heavy, geographically concentrated (Surat) real estate developer with a non-operational legacy textiles business; cyclical exposure to commercial real estate.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 58 | 77 | 100 | 62 |
| EBITDA (ex other income) | 340 | 254 | 28 | 38 | 21 |
| margin % | — | 435.2 | 36.5 | 38.5 | 34.4 |
| Owners' profit | 375 | 273 | 34 | 40 | 22 |
| EPS, as reported (₹) | 163.49 | 119.04 | 14.94 | 17.61 | 9.69 |
| ROE % · ROCE % | 1498.9 · 152.2 | 91.6 · 58.5 | 10.3 · 7.2 | 10.8 · 8.1 | 5.6 · 4.2 |
| Debt / equity (x) | 11.81 | 0.82 | 0.64 | 0.47 | 0.45 |
| Cash from operations | (85) | 39 | (3) | 42 | (4) |
| Capex | 0 | (0) | (0) | (17) | (0) |
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10 | 17 | 15 | 57 | 22 | 13 | 13 | 14 |
| Profit before tax | 6 | 5 | 4 | 24 | 7 | 6 | 4 | 5 |
| Net profit | 6 | 5 | 4 | 24 | 7 | 6 | 4 | 5 |
| EPS (₹) | 2.75 | 2.37 | 1.86 | 10.63 | 3.10 | 1.98 | 1.67 | 2.11 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Real Estate | 62 | 98.3 |
| Textiles | 1 | 1.7 |
| Total, before eliminations | 63 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| KESAR INDIA LIMITED | 3,371 | 89.5 | 13.53 | 73.2 | 12.0 | 15.2 | — | 26.9 |
| MEGHNA INFRACON INFRA L | 1,482 | 218.6 | 55.08 | 145.4 | 20.8 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 4 Sept 2026 · 66th AGM notice, book closure Sep 23-29 and e-voting schedule | compliance | minimal | — | — |
| 3 Sept 2026 · Baroda Rayon fixes 66th AGM on Sept 29, 2026; sends notice to shareholders | compliance | minimal | — | — |
| 3 Sept 2026 · Baroda Rayon 66th AGM notice, meeting on Sept 29, 2026 | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Annual Report FY26 and 66th AGM Notice filed with BSE | board shareholder meetings | medium | — | — |
| 27 Aug 2026 · Board approves Directors' Report, sets 66th AGM on September 29, 2026 | board shareholder meetings | low | — | — |
| 18 Aug 2026 · Nil report on physical share transfer requests for July 2026 | compliance | minimal | — | — |
| 6 Aug 2026 · Board Meeting on Aug 14 to consider Q1 FY27 results | results | low | — | — |
| 23 Jul 2026 · No physical share transfer requests in June 2026 under SEBI special window | compliance | minimal | — | — |
| 16 Jul 2026 · Newspaper ad for special window to dematerialize physical shares | compliance | minimal | — | — |
| 9 Jul 2026 · RTA files Reg 74(5) compliance certificate for quarter ended June 2026 | compliance | minimal | — | — |
| 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 |
| 33.9 |
| — |
| 15.3 |
| India Homes Limited | 1,076 | — | 29.06 | — | (31.0) | (17.8) | — | — |
| B-RIGHT REALESTATE LIMITED | 950 | 26.5 | — | — | — | 19.2 | — | — |
| YOGI LTD. | 678 | 32.6 | 4.77 | 26.2 | 14.9 | 15.6 | — | 5.1 |
| SHRADDHA PRIME PROJECTS L | 650 | 11.6 | 4.76 | 11.2 | 39.1 | 20.2 | — | 16.1 |
| HAZOOR MULTI PROJECTS LTD | 556 | 7.5 | 0.89 | 3.7 | 6.8 | 5.8 | — | 86.5 |
| RDB REAL ESTATE CONS L | 352 | 27.4 | 1.33 | 26.5 | (3.3) | (0.7) | — | 3.2 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.0 | 16.7 | 38 of 84 | 55% |
| P/B | 0.7 | 1.1 | 24 of 69 | 66% |
| ROCE | 4.2 | 2.0 | 36 of 93 | 62% |
| ROE | 5.6 | 2.9 | 28 of 85 | 68% |
| Debt / Equity | 0.5 | 0.1 | 60 of 85 | 30% |
| EBITDA margin | 27.4 | 15.3 | 20 of 59 | 67% |
| Revenue growth | (75.8) | (11.0) | 49 of 64 | 24% |
| Profit growth | (80.2) | (48.8) | 52 of 79 | 35% |
| Market cap | 285 | 33 | 10 of 86 | 89% |
| 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 |
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.
