BSE: 544542
Justo Realfintech Limited
Operates as a B2B tech-enabled mandate platform for residential real estate developers, taking soft underwriting of developer inventory and selling it through a channel partner network using its own tech stack (Justo Verse, Justo Works, Justo Pulse). The core focus is mid-segment residential in the Rs 50 lakh to Rs 3.5 crore band, where it charges developers a net take rate of 2.7-2.8% of project value (down from a 5.5-6% direct commission). Cumulative project sales reached about Rs 9,687 crore across 12,800+ units by December 2025, with active mandates of Rs 7,243 crore across 48 projects as of January 2026. The company has set up Chestertons India Private Limited as a wholly-owned subsidiary in March 2026 under a brand usage deal with the UK-based Chestertons Global Network to operate a premium real estate vertical covering high-end residential, commercial leasing, capital markets, JV/JDA advisory and hospitality. FY26 revenue was Rs 91.78 crore with EBITDA margin around 25-31% and PAT near Rs 20 crore. The biggest cost is people - employee costs were 41.4% of revenue in FY26, with other operating expenses at 28.6%. The business runs on an asset-light model but carries working capital drag - receivable days run at 180+ with negative operating cash flow. Planned geographic expansion from Mumbai/Pune into Bangalore (Q1 FY27), Ahmedabad (Q2 FY27) and Hyderabad (Q4 FY27). AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Real estate mandate sales services, Premium real estate advisory (Chestertons India subsidiary). Asset-light, people-intensive B2B real estate services with high working capital intensity
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 92 |
| EBITDA (ex other income) | — |
| margin % | — |
| Owners' profit | — |
| EPS, as reported (₹) | 0.00 |
| ROE % · ROCE % | — · 22.2 |
| Debt / equity (x) | — |
| Cash from operations | (9) |
| Capex | (9) |
Exhibit 2: Quarterly performance, last 2 quarters
| ₹ crore | Q2 FY26 | Q4 FY26 |
|---|---|---|
| Revenue | 37 | 55 |
| Profit before tax | 8 | 18 |
| Net profit | — | — |
| EPS (₹) | 4.32 | 0.00 |
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. % |
|---|---|---|---|---|---|---|---|---|
| PROZONE REALTY LIMITED | 778 | 68.0 | 1.59 | 14.5 | 3.7 | 2.3 | 34.2 | (32.2) |
| MADALA HOLDINGS LIMITED | 212 | 6.9 | 1.21 | 11.2 | 6.2 | 7.6 | — | 50.1 |
| Justo Realfintech Limited ◆ | 147 | 18.1 | — | — | — | 20.4 | — | — |
| RUDRABHISHEK ENTERP LTD | 115 | — | 0.83 | — | (8.1) | (8.5) | 2.5 | 17.1 |
| LANDMARK PR.DEV.CO.LTD | 80 | 9.3 | 1.93 | — | 3.6 | 4.8 | — | 654.5 |
| RAP CORP LIMITED | 19 | 0.4 | 0.35 | 0.4 | 80.2 | 80.0 | — | — |
| SHRICON INDUSTRIES LTD. | 12 | 7.2 | 2.12 | — | 34.4 | 40.1 | — | 28.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 18.1 | 19.0 | 60 of 124 | 52% |
| ROCE | 20.4 | 4.2 | 15 of 161 | 91% |
| Market cap | 147 | 123 | 77 of 162 | 53% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 5 Oct 2026 · Compliance Certificate for Q2 FY27 Dematerialisation Under Reg 74(5) | compliance | minimal | — | — |
| 26 Sept 2026 · Justo Realfintech to participate in Bharat Connect Conference on Sept 29 | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1 for Sept half-yearly results | compliance | minimal | — | — |
| 16 Sept 2026 · Justo Realfintech wins new business worth about Rs 166 crore in Maharashtra | compliance | low | — | — |
| 1 Sept 2026 · Notice of 7th AGM and Annual Report for FY 2025-26 | board shareholder meetings | medium | — | — |
| 1 Sept 2026 · Notice of 7th AGM on September 24, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 26 Aug 2026 · Justo Realfintech hosts diaspora real estate event in Nairobi | compliance | low | — | — |
| 24 Aug 2026 · Justo Realfintech launches Sourcing Mandates vertical with ₹300 Cr Paranjape win | compliance | low | — | — |
| 12 Aug 2026 · JUSTO adds 4 Pune real estate mandates worth ₹689 crore | business updates | medium | — | — |
| 3 Aug 2026 · Monitoring Agency Report for Q1 FY27 filed; IPO funds on track | 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.