BSE: 538576
BHANDERI INFRACON LTD
Develops real estate projects and runs a diamond/jewellery export business through a holding structure based in Ahmedabad. The real estate arm works through project-specific subsidiaries named for Gujarat locations — Bhanderi Gandhinagar Projects, Bhanderi Pethapur, Bhanderi Talod and Bhanderi Kethwada — plus the partnership firm Dharnidhar Developers, while the diamond/jewellery business sits in subsidiary Hareram Jems & Exports. Group company Bhanderi Corporation Limited is approved as a related party for purchases of goods and services up to Rs 100 crore per financial year, a large flow relative to the company's revenue base. Short-term borrowings on a consolidated basis reached Rs 4,894.79 lakhs in FY26, and a fresh Rs 415 lakh overdraft was taken from Indian Bank at 9.80% secured against 8,676 sq. meters of residential land in Ahmedabad. Consolidated operating cash flow was negative at Rs 688.89 lakhs in FY26 even as net profit stayed positive. Materials are the largest cost line at 64.6% of revenue, followed by employees at 14.5% and other operating expenses at 10.4%. The company is listed on the BSE SME platform and has not adopted Ind AS. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Real estate development, Diamond and jewellery. Small, debt-leveraged real estate and diamond group on the BSE SME platform
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 6 | 6 | 4 | 5 | 4 |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | — | — | — | — | — |
| EPS, as reported (₹) | 1.20 | 2.18 | 2.36 | 4.99 | 0.79 |
| ROE % · ROCE % | — · 1.2 | — · 1.9 | — · 3.6 | — · 7.4 | — · 2.0 |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (0) | 3 | 5 | (7) | 4 |
| Capex | — | — | — | 0 | 0 |
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 | 1 | 6 | 1 | 3 | 1 | 5 | 1 | 3 |
| Profit before tax | (0) | 1 | 1 | 0 | 1 | 1 | 0 | 0 |
| Net profit | — | — | — | — | — | — | — | — |
| EPS (₹) | (1.37) | 3.55 | 2.17 | 0.19 | 1.56 | 3.42 | 0.96 | 0.18 |
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) | 20.4 | 17.4 | 34 of 61 | 45% |
| ROCE | 2.0 | 1.9 | 44 of 88 | 51% |
| Revenue growth | (5.7) | (11.0) | 31 of 64 | 52% |
| Market cap | 32 | 30 | 42 of 88 | 53% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 9 Oct 2026 · Quarterly dematerialisation certificate submitted to BSE | compliance | minimal | — | — |
| 1 Oct 2026 · 22nd AGM results: all 4 resolutions passed with 100% approval | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Bhanderi Infracon 22nd AGM held; related party deals up to Rs 150 Cr cleared | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Plenitude Enterprises acquires 51,600 shares, stake rises to 9.61% | ownership changes | medium | — | — |
| 26 Sept 2026 · Trading window closed ahead of H1 FY27 results | compliance | minimal | — | — |
| 21 Sept 2026 · Plenitude Enterprises revised SAST disclosure, holds 7.63% in Bhanderi Infracon | ownership changes | medium | — | — |
| 9 Sept 2026 · Plenitude Enterprises raises stake in Bhanderi Infracon to 7.26 percent | ownership changes | medium | — | — |
| 5 Sept 2026 · Book closure from 24 to 30 Sep 2026 for 22nd AGM | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Annual Report FY2025-26 and 22nd AGM notice filed | compliance | low | — | — |
| 5 Sept 2026 · AGM notice and FY26 annual report; seeks approval for Rs 150 crore related party deals | 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.