NSE: ELDEHSG · BSE: 523329
ELDECO HSG & IND LTD.
Develops and sells residential real estate projects, primarily in Lucknow. Revenue is earned by booking homes with buyers and then recognising it on construction progress under percentage-of-completion accounting: in FY26, booking value reached ₹744 crores (up 120% YoY) and collections were ₹352.1 crores, while total income recognised on the P&L was ₹164.93 crores. The standout performer was the Solano Gardens launch, where 343 of 433 units were sold for over ₹384 crores in bookings during the launch phase. The company also delivered 280 homes in FY26, with construction spend of ₹177.7 crores (up 14% YoY). The pipeline was expanded by ₹2,000 crores of gross development value (GDV) through three new Lucknow land parcels acquired via LDA auctions and on Shaheed Path, taking the total project pipeline to about ₹4,000 crores to be monetised over 5-7 years. The cost base is dominated by materials and construction at 119.8% of revenue, reflecting the land-plus-build economics of residential development, with employee costs at 8.9% and other operating expenses at 28.0% of revenue. Management has guided FY27 EBITDA margin to 30-35% and PAT margin to about 25%, driven mainly by ₹140-150 crores of revenue recognition from Imperia Phase 2. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Residential real estate development and sales (100%). Cyclical, asset-heavy residential real estate developer with project-based revenue recognition
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 127 | 129 | 113 | 134 | 165 |
| EBITDA (ex other income) | 60 | 51 | 39 | 26 | 31 |
| margin % | 47.0 | 39.6 | 35.0 | 19.3 | 18.6 |
| Owners' profit | 51 | 44 | 34 | 22 | 24 |
| EPS, as reported (₹) | 51.66 | 45.12 | 34.43 | 21.87 | 24.70 |
| ROE % · ROCE % | 16.5 · 21.8 | 12.9 · 17.8 | 9.1 · 10.6 | 5.6 · 7.1 | 6.1 · 7.8 |
| Debt / equity (x) | 0.00 | 0.00 | 0.22 | 0.30 | 0.38 |
| Cash from operations | 17 | (11) | (112) | (7) | 104 |
| Capex | 0 | 0 | 0 | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 33 | 35 | 37 | 29 | 33 | 43 | 60 | 49 |
| Profit before tax | 6 | 8 | 5 | 4 | 4 | 19 | 10 | 18 |
| Net profit | 5 | 6 | 3 | 3 | 3 | 14 | 5 | 15 |
| EPS (₹) | 4.59 | 5.87 | 3.29 | 3.19 | 2.68 | 13.90 | 4.93 | 15.36 |
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. % |
|---|---|---|---|---|---|---|---|---|
| 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 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 21.7 | 20.5 | 32 of 57 | 45% |
| P/B | 2.0 | 1.9 | 34 of 64 | 48% |
| ROCE | 7.2 | 6.4 | 31 of 66 | 54% |
| ROE | 6.1 | 8.0 | 38 of 64 | 41% |
| Debt / Equity | 0.4 | 0.4 | 33 of 64 | 49% |
| EBITDA margin | 38.1 | 29.6 | 22 of 66 | 68% |
| Revenue growth | 71.0 | 12.8 | 16 of 67 | 77% |
| Profit growth | 382.1 | 7.5 | 6 of 66 | 92% |
| Market cap | 786 | 1781 | 41 of 67 | 39% |
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 meeting set for November 5 results approval | results | low | — | — |
| 9 Oct 2026 · RTA compliance certificate for physical share demat Q2 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · Trading Window Closure for Q2 FY26 Results | compliance | minimal | — | — |
| 25 Sept 2026 · Analyst/investor meeting scheduled for September 30, 2026 | board shareholder meetings | low | — | — |
| 24 Sept 2026 · AGM results: all 4 resolutions passed, Rs. 9 dividend approved | compliance | minimal | — | — |
| 23 Sept 2026 · 41st AGM held; 450 percent final dividend declared for FY26 | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Annual Report web-link dispatched to shareholders for 41st AGM | board shareholder meetings | low | — | — |
| 1 Sept 2026 · 41st AGM on Sep 23 - Rs. 9 Final Dividend Recommended for FY26 | compliance | minimal | — | — |
| 31 Aug 2026 · Record date Sept 16, 2026 for Rs. 9 final dividend (450%) for FY26 | corporate actions | high | — | — |
| 31 Aug 2026 · 41st AGM on Sep 23, 2026 via VC; 450% Final Dividend Recommended | 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.