NSE: HBESD · BSE: 532334
H B ESTATE DEVELOPERS L
Operates only in the hospitality segment per company filings, generating revenue from operations of Rs. 11,692.63 Lakhs in FY26. The company has one associate entity, Parsvnath HB Projects Private Limited, and is classified under the Realty sector for stock-exchange purposes. Q3 FY26 (quarter ended December 31, 2025) revenue from operations was Rs. 33.46 crore against Rs. 31.41 crore in Q3 FY25, while Q3 FY26 profit after tax rose to Rs. 6.50 crore from Rs. 4.82 crore. FY26 profit after tax stood at Rs. 1,170.38 Lakhs against Rs. 1,079.45 Lakhs in FY25. Other operating expenses are the largest cost line at 35.5% of revenue, followed by employee costs at 20.2% and materials at 9.6%. Consolidated total borrowings stood at Rs. 22,325.70 Lakhs at year-end, with cash and cash equivalents at Rs. 1,325.97 Lakhs. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Hospitality (100%). Single-segment hospitality operations
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 50 | 96 | 109 | 118 | 117 |
| EBITDA (ex other income) | 8 | 32 | 39 | 43 | 41 |
| margin % | 15.5 | 33.1 | 35.5 | 36.6 | 34.8 |
| Owners' profit | (16) | (12) | 4 | 11 | 0 |
| EPS, as reported (₹) | (8.05) | (5.98) | 2.00 | 5.31 | 5.19 |
| ROE % · ROCE % | (9.9) · 0.4 | (8.0) · 6.1 | 2.6 · 8.8 | 6.2 · 8.8 | 6.0 · 8.0 |
| Debt / equity (x) | 2.20 | 2.28 | 2.09 | 1.63 | 1.33 |
| Cash from operations | 3 | 42 | 49 | 35 | 45 |
| Capex | (1) | (3) | (3) | (6) | (2) |
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 | 26 | 27 | 31 | 33 | 24 | 27 | 33 | 33 |
| Profit before tax | 2 | 1 | 6 | 7 | 1 | 2 | 9 | 6 |
| Net profit | 1 | 0 | 5 | 5 | 0 | 1 | 7 | 4 |
| EPS (₹) | 0.46 | 0.25 | 2.42 | 2.25 | 0.18 | 0.59 | 2.98 | 1.54 |
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) | 14.2 | 20.5 | 19 of 57 | 68% |
| P/B | 0.9 | 1.9 | 15 of 64 | 78% |
| ROCE | 4.2 | 6.4 | 44 of 66 | 34% |
| ROE | 6.0 | 8.0 | 39 of 64 | 40% |
| Debt / Equity | 1.3 | 0.4 | 57 of 64 | 11% |
| EBITDA margin | 34.4 | 29.6 | 26 of 66 | 62% |
| Revenue growth | (0.8) | 12.8 | 47 of 67 | 30% |
| Profit growth | (22.6) | 7.5 | 46 of 66 | 31% |
| Market cap | 175 | 1781 | 55 of 67 | 18% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · Submission of Regulation 74(5) certificate by registrar for July-September 2026 quarter | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closed ahead of Q2 results | compliance | minimal | — | — |
| 15 Sept 2026 · Newspaper notice on SEBI special window for physical share transfers | compliance | minimal | — | — |
| 9 Sept 2026 · 32nd AGM concluded; all 2 resolutions passed with overwhelming majority | board shareholder meetings | low | — | — |
| 9 Sept 2026 · AGM 2026: all 3 resolutions passed with near-unanimous approval | board shareholder meetings | low | — | — |
| 9 Sept 2026 · HB Estate 32nd AGM: All 2 Resolutions Passed With 99.99% Majority | board shareholder meetings | medium | — | — |
| 24 Aug 2026 · Manager and KMP Ms. Banmala Jha passes away aged 70 | management changes | high | — | — |
| 24 Aug 2026 · Manager and KMP Ms. Banmala Jha passes away at age 70 | management changes | high | — | — |
| 18 Aug 2026 · HB Estate Developers 32nd AGM notice and KYC update reminder for FY26 | compliance | low | — | — |
| 13 Aug 2026 · Newspaper publication of 32nd AGM Notice for FY 2025-26 | 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.