BSE: 540402
Manas Properties Limited
Operates in a single segment covering construction, redevelopment and leasing of residential and commercial properties, with its registered office in Andheri West, Mumbai. For FY26, revenue from operations stood at Rs 4,413.29 lakhs, up 11.1% from Rs 3,972.63 lakhs in FY25, while profit after tax rose 15% to Rs 3,175.11 lakhs from Rs 2,761.74 lakhs. The business is debt-light, with long-term borrowings of only Rs 10 lakhs as of H1 FY26, and held cash and equivalents of Rs 10,541.43 lakhs at year-end FY26. Shareholders approved a material related party transaction with Dev Land & Housing Private Limited at an extraordinary general meeting in March 2026. The company is listed on the BSE SME platform and reports a single operating segment, with no other divisions disclosed in filings. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Construction, redevelopment and leasing of properties. Single-segment, debt-light real estate company focused on construction, redevelopment and property leasing
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 |
| EBITDA (ex other income) | — | — | — | (4) | — |
| margin % | — | — | — | — | — |
| Owners' profit | — | — | — | 28 | — |
| EPS, as reported (₹) | 1.28 | 60.14 | 57.99 | 66.39 | 76.32 |
| ROE % · ROCE % | — · 1.0 | — · 38.3 | — · 28.6 | 24.9 · 26.0 | — · 23.7 |
| Debt / equity (x) | — | — | — | 0.00 | — |
| Cash from operations | 1 | 26 | 28 | 28 | 23 |
| Capex | — | — | — | 0 | (2) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY22 | Q4 FY22 | Q2 FY23 | Q4 FY23 | Q4 FY24 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | (0) | 1 | 13 | 18 | 17 | 21 | 15 | 23 |
| Net profit | — | — | — | — | — | 17 | 13 | — |
| EPS (₹) | (0.85) | 2.15 | 23.88 | 36.27 | 32.05 | 39.99 | 30.31 | 46.01 |
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. % |
|---|---|---|---|---|---|---|---|---|
| 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 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 2.6 | 17.4 | 4 of 61 | 95% |
| ROCE | 23.7 | 1.9 | 6 of 88 | 94% |
| Market cap | 162 | 30 | 16 of 88 | 83% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Routine compliance filing: Regulation 74(5) certificate for Sep 2026 quarter | compliance | minimal | — | — |
| 28 Sept 2026 · Manas Properties 22nd AGM: 4 resolutions passed including RPT approval | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Voting Results and Scrutinizer Report of the 22nd Annual General Meeting of the Manas Properties Limited held on 28th September 2026. | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Appointment of Tushar R. Momaiyah as an Independent Director of the Company at the AGM. | management changes | medium | — | — |
| 28 Sept 2026 · Trading Window Closure for Designated Persons from October 1, 2026 | compliance | minimal | — | — |
| 28 Sept 2026 · Manas Properties 22nd AGM held; voting results awaited within 2 days | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Manas Properties 22nd AGM held; 4 resolutions voted on | board shareholder meetings | medium | — | — |
| 3 Sept 2026 · Book Closure for 22nd AGM from Sep 22 to Sep 28, 2026 | compliance | minimal | — | — |
| 3 Sept 2026 · 22nd AGM on Sept 28, 2026; seeks Rs 70 crore promoter deal and director changes | board shareholder meetings | low | — | — |
| 3 Sept 2026 · AGM Notice and Annual Report for FY 2025-26 filed with BSE | 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.