NSE: EMAMIREAL · BSE: 533218
EMAMI REALTY LIMITED
Operates a real estate business generating ₹93.16 crore in FY26 revenue, with activities spanning a material subsidiary (Sneha Ashiana Private Limited) in residential real estate, a 10% partnership in Lohitka Properties LLP, and a project acquisition of up to ₹50 crores from the related party Orbit Abasan Private Limited. The FY26 cost structure is dominated by other operating expenses at 494.5% of revenue, with employee cost at 25.9% of revenue, depreciation at 1.7%, and capex at 2.2% of revenue. The company reported a net loss of ₹189.47 crore for FY26 against ₹93.16 crore in revenue, with substantial loan loss provisions of ₹105 crore for the full year and ₹132.54 crore booked in Q4 weighing on profitability, and consolidated cash flow from operations at -₹195.58 crore. Total assets stood at ₹2,301.71 crore as of FY26, with reserves (other equity) at -₹26,759.30 lakhs. The capital structure includes 8,53,65,854 Unsecured Unlisted NCDs worth ₹700.28 crores, with the coupon rate raised from 7.50% to 10% per annum in March 2026. The promoter group holds about 67.75% of equity after a warrant conversion of 82,00,000 shares at ₹128.50 per share in April 2026, with the 60-day VWAP at approximately ₹83.90 per share referenced in promoter inter-se transfers. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Real estate operations, Project acquisitions, Partnership interest. Asset-heavy Indian real estate company with negative profitability and negative net worth at the standalone level
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 197 | 96 | 61 | 82 | 93 |
| EBITDA (ex other income) | 41 | (30) | (109) | (85) | (147) |
| margin % | 21.0 | (31.4) | (178.1) | (103.8) | (157.6) |
| Owners' profit | 15 | (39) | (123) | (126) | (189) |
| EPS, as reported (₹) | 3.97 | (10.21) | (32.48) | (33.36) | (43.47) |
| ROE % · ROCE % | 11.8 · 22.1 | (44.3) · 0.4 | 344.5 · (8.4) | 78.1 · (4.1) | 76.4 · (21.6) |
| Debt / equity (x) | 11.98 | 18.20 | (53.66) | (11.77) | (8.07) |
| Cash from operations | 117 | 73 | (36) | (75) | (196) |
| Capex | (0) | (1) | (1) | (1) | (2) |
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 | 6 | 57 | 14 | 6 | 9 | 5 | 73 | 6 |
| Profit before tax | (18) | (26) | (85) | (56) | (41) | (44) | (77) | (22) |
| Net profit | (13) | (19) | (80) | (51) | (36) | (37) | (66) | (17) |
| EPS (₹) | (3.51) | (5.14) | (21.05) | (11.86) | (8.11) | (8.50) | (15.02) | (3.27) |
Exhibit 3: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Resignation of Senior Management Personnel at Emami Realty | management changes | medium | — | — |
| 13 Oct 2026 · Emami Realty National Head Sales and Marketing resigns | management changes | medium | — | — |
| 13 Oct 2026 · National Head Sales and Marketing resigns, effective Jan 11 2027 | management changes | medium | — | — |
| 13 Oct 2026 · National Head Sales and Marketing resigns effective Jan 11 2027 | management changes | medium | — | — |
| 9 Oct 2026 · Whole-time Director Rajesh Bansal resigns | management changes | high | — | — |
| 9 Oct 2026 · Emami Realty: No demat requests in Q2 FY27 | compliance | minimal | — | — |
| 7 Oct 2026 · Emami Realty 18th AGM minutes filed, all 9 resolutions approved | board shareholder meetings | low | — | — |
| 30 Sept 2026 · All 9 resolutions passed at Emami Realty's 18th AGM on Sep 29, 2026 | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Emami Realty Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 29, 2026 | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading window closure from Oct 1, 2026 pending Q2 results | compliance | minimal | — | — |
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.