BSE: 543542
KESAR INDIA LIMITED
Develops residential and commercial real estate, primarily in Central India, with an EPC subsidiary executing construction contracts. The company is Nagpur-based and is expanding into NCR, Hyderabad, Bangalore, Chennai, Vijaywada and Kanpur. Its FY26 revenue at the company level was Rs 176.45 crore with a net profit of Rs 29.88 crore and an EBITDA margin of 26.2%. It reports a single operating segment with revenue of Rs 147.38 crore and segment EBIT of Rs 36.99 crore; supplementary disclosure also lists a Real Estate (including Share Trading) line with Rs 25.96 crore of revenue and an Advertisement Requisites, Marketing and Consultancy line with Rs 28.98 crore of revenue. The development pipeline exceeds Rs 5,100 crore in gross development value across 29 projects covering roughly 15.6 million sq ft, and the wholly-owned EPC subsidiary Kesar Infraventures secured a Rs 160 crore contract from Zee Enterprises for residential towers at Byculla, Central Mumbai, to be built over 24 months. A land parcel was sold to Godrej Properties for Rs 115.7 crore and a ~7,725 sq ft commercial office was acquired in Hyderabad's Aditya Trade Centre. Materials are the largest input cost at 64.9% of revenue, reflecting land and construction inputs, while employee cost is just 3%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Single reported operating segment (100%), Real Estate including Share Trading Activity, Advertisement Requisites, Marketing and Consultancy Activity. Asset-heavy residential and commercial real estate developer with an EPC construction arm.
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 53 | 108 | 176 |
| EBITDA (ex other income) | — | — | 43 |
| margin % | — | — | 24.5 |
| Owners' profit | — | — | 30 |
| EPS, as reported (₹) | 22.54 | 7.83 | 11.59 |
| ROE % · ROCE % | — · 47.4 | — · 52.2 | 12.0 · 16.6 |
| Debt / equity (x) | — | — | 0.17 |
| Cash from operations | 9 | (8) | (128) |
| Capex | — | (3) | (5) |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ crore | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|
| Revenue | 32 | 51 | 57 | 30 | 92 | 85 |
| Profit before tax | 6 | 22 | 4 | 2 | 22 | 18 |
| Net profit | — | — | — | — | 15 | 15 |
| EPS (₹) | 4.13 | 13.38 | 1.14 | 0.45 | 6.16 | 5.43 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Real Estate including Share Trading Activity | 26 | 17.7 |
| Advertisment Requisites, Marketing and Consultancy Activity | 29 | 19.8 |
| Real Estate Including Share Trading Activity | 92 | 62.5 |
| Advertising Requisites, Marketing and Consultancy Activity | 0 | 0.0 |
| Total, before eliminations | 147 | 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 ◆ | 3,089 | 82.0 | 12.40 | 67.0 | 12.0 | 15.2 | — | 26.9 |
| MEGHNA INFRACON INFRA L | 1,460 | 215.4 | 54.28 | 143.3 | 20.8 | 33.9 | — | 15.3 |
| India Homes Limited | 1,015 | — | 27.41 | — | (31.0) | (17.8) | — | — |
| B-RIGHT REALESTATE LIMITED | 954 | 26.6 | — | — | — | 19.2 | — | — |
| SHRADDHA PRIME PROJECTS L | 666 | 11.9 | 4.88 | 11.3 | 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 | 409 | 5.5 | 0.66 | 3.1 | 6.8 | 5.8 | — | 86.5 |
| RDB INFRASTRUCTURE AND POWER L | 340 | 17.3 | 1.28 | 21.5 | 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) | 82.0 | 17.4 | 53 of 61 | 13% |
| P/B | 12.4 | 1.1 | 63 of 70 | 10% |
| ROCE | 15.2 | 1.9 | 13 of 88 | 86% |
| ROE | 12.0 | 1.6 | 11 of 73 | 86% |
| Debt / Equity | 0.2 | 0.3 | 35 of 73 | 53% |
| EBITDA margin | 26.9 | 15.3 | 21 of 59 | 66% |
| Revenue growth | 66.4 | (11.0) | 13 of 64 | 81% |
| Market cap | 3089 | 30 | 1 of 88 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 17 Oct 2026 · Promoter group acquires 51.88 lakh shares via warrant conversion and share swap | ownership changes | high | — | — |
| 14 Oct 2026 · Promoter Group Allotment of 17.31 Lakh Shares via Share Swap at Rs 900 Each | fund raising | high | — | — |
| 3 Oct 2026 · Compliance certificate for share dematerialisation, Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · 22nd AGM results: all 5 resolutions passed including 3 related party deals | compliance | low | — | — |
| 30 Sept 2026 · 22nd AGM of Kesar India held on Sept 30, 2026 | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading window closed for insiders ahead of Sep 2026 results | compliance | minimal | — | — |
| 10 Sept 2026 · Kesar India incorporates Kasa Kesar Realty as subsidiary | strategic transactions | medium | — | — |
| 9 Sept 2026 · AGM Notice and e-voting details published in newspapers | compliance | minimal | — | — |
| 8 Sept 2026 · Kesar India submits FY26 Annual Report; 22nd AGM on Sep 30 | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Notice of 22nd AGM and FY26 Annual Report by Kesar India Limited | 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.