BSE: 539522
Grovy India Limited
Develops and sells premium luxury residential projects in South Delhi, including sites in Defence Colony and Gulmohar Park. For FY26 it reported revenue of ₹33.201 crore, against materials/construction costs running at 163.2% of revenue, with employee and other operating costs at 1.4% and 1.1% of revenue respectively. Revenue is recorded under a single segment in FY26, with the quarterly trend breaking the business into a Realty Division (Including Construction), a small Trading of Securities line and unallocated items; the Realty Division contributed ₹6.9878 crore of revenue in the period ended 31 March 2026 and ₹14.96 crore in the quarter ended 30 September 2025. A separate, unnamed segment of ₹26.2133 crore in FY26 makes up the bulk of reported revenue. The company also runs a collaboration called Golden Growth Fund, under which three projects are currently under construction, and management has indicated a target of 20–25 projects per year over three years. It is listed on BSE (scrip code 539522) and is planning an NSE listing, alongside a fundraise of about ₹40 crore (₹15 crore via a preferential issue at ₹36 per share). AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Realty Division (Including Construction), Trading of Securities, Unallocated, Other unnamed segments. Small, asset-light developer focused on premium luxury residential projects in Delhi
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 22 | 21 | 20 | 25 | 33 |
| EBITDA (ex other income) | 1 | 1 | 1 | 2 | 3 |
| margin % | 2.8 | 6.2 | 5.6 | 7.8 | 7.9 |
| Owners' profit | 1 | 1 | 1 | 2 | 3 |
| EPS, as reported (₹) | 4.28 | 2.72 | 3.00 | 1.35 | 2.17 |
| ROE % · ROCE % | 9.2 · 9.4 | 5.1 · 7.0 | 5.3 · 8.5 | 8.8 · 12.4 | 12.6 · 18.5 |
| Debt / equity (x) | 0.57 | 0.58 | 0.60 | 1.21 | 1.08 |
| Cash from operations | (0) | (8) | (0) | (13) | 0 |
| Capex | 0 | (0) | (0) | (0) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1 | 1 | 20 | 3 | 8 | 15 | 3 | 7 |
| Profit before tax | (0) | 0 | 2 | 0 | 1 | 1 | 1 | 1 |
| Net profit | (0) | 0 | 2 | 0 | 1 | 0 | 1 | 1 |
| EPS (₹) | (0.75) | 0.07 | 3.14 | 0.15 | 0.82 | 0.28 | 0.40 | 0.67 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Realty Division (Including Construction) | 33 | 93.9 |
| Trading of Securities | 0 | 0.7 |
| Unallocated | 2 | 5.4 |
| Total, before eliminations | 35 | 100.0 |
Exhibit 4: 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 | 3,117 | 82.8 | 12.51 | 67.7 | 12.0 | 15.2 | — | 26.9 |
| MEGHNA INFRACON INFRA L | 1,447 | 213.5 | 53.79 | 142.1 | 20.8 | 33.9 | — | 15.3 |
| India Homes Limited | 991 | — | 26.76 | — | (31.0) | (17.8) | — | — |
| B-RIGHT REALESTATE LIMITED | 954 | 26.6 | — | — | — | 19.2 | — | — |
| SHRADDHA PRIME PROJECTS L | 675 | 12.0 | 4.94 | 11.5 | 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 | 408 | 5.5 | 0.65 | 3.1 | 6.8 | 5.8 | — | 86.5 |
| RDB INFRASTRUCTURE AND POWER L | 315 | 16.0 | 1.18 | 20.1 | 4.7 | 5.7 | 16.3 | 23.7 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 29.0 | 17.4 | 41 of 61 | 33% |
| P/B | 3.6 | 1.1 | 54 of 70 | 23% |
| ROCE | 15.1 | 1.9 | 14 of 88 | 85% |
| ROE | 12.6 | 1.6 | 10 of 73 | 88% |
| Debt / Equity | 1.1 | 0.3 | 56 of 73 | 24% |
| EBITDA margin | 21.9 | 15.3 | 24 of 59 | 60% |
| Revenue growth | 105.8 | (11.0) | 10 of 64 | 86% |
| Profit growth | 346.8 | (48.8) | 5 of 79 | 95% |
| Market cap | 84 | 30 | 24 of 88 | 74% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Income Tax Tribunal partly allows Grovy India's appeal | regulatory legal | high | — | — |
| 27 Oct 2026 · Newspaper publication of September 2026 quarterly and half-year results | compliance | minimal | — | — |
| 26 Oct 2026 · Q2 FY27 revenue doubles as debt drops 90% and projects expand | investor communications | medium | — | — |
| 26 Oct 2026 · Strong revenue and profit growth in September 2026 results | results | high | — | — |
| 26 Oct 2026 · September-quarter revenue rises 75% and net profit jumps 436% | results | medium | — | — |
| 16 Oct 2026 · Board meeting on Oct 26 to consider Q2 and H1 FY24 unaudited financial results | results | low | — | — |
| 7 Oct 2026 · RTA Compliance Certificate under Reg 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 25 Sept 2026 · Trading Window Closed for Q2 Results Declaration | compliance | minimal | — | — |
| 5 Aug 2026 · Promoters acquire 16.66 lakh shares via preferential issue | ownership changes | high | — | — |
| 4 Aug 2026 · Grovy India allots 41.69 lakh shares at Rs 36 to promoters and public | fund raising | high | — | — |
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.