NSE: PANSARI
PANSARI DEVELOPERS LTD
Operates in real estate development across residential and commercial projects. FY26 total income was Rs 96.10 cr, with net profit of Rs 19.89 cr and total assets of Rs 283.18 cr. The auditor flagged an 'Emphasis of Matter' noting that other income included Rs 1,115.59 lakhs from the sale of an investment property and a Rs 210 lakhs inventory write-off was taken for abandoned projects, both items that materially shaped the reported results. The cost structure shows no separate materials line, with 99.9% of revenue booked as other operating expenses (where land, construction, and professional fees are likely captured), 2.6% as employee costs, and 2.5% as depreciation. Specific operating data such as project count, locations, or unsold inventory is not disclosed in the available filings. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Residential projects, Commercial projects, Sale of investment property. Asset-heavy, project-based residential and commercial real estate development
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 60 | 23 | 56 | 40 | 96 |
| EBITDA (ex other income) | 8 | 5 | 7 | 13 | 15 |
| margin % | 12.8 | 19.6 | 12.9 | 31.5 | 15.4 |
| Owners' profit | 0 | 2 | 0 | 8 | 20 |
| EPS, as reported (₹) | 4.18 | 2.09 | 2.98 | 4.30 | 11.40 |
| ROE % · ROCE % | — · — | 1.7 · 2.4 | 4.1 · 7.5 | 5.6 · 9.7 | 12.9 · 19.4 |
| Debt / equity (x) | — | 0.68 | 0.68 | 0.75 | 0.43 |
| Cash from operations | 10 | (27) | (19) | (16) | (9) |
| Capex | (0) | 0 | (12) | (2) | (7) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9 | 4 | 19 | 18 | 28 | 37 | 14 | 15 |
| Profit before tax | 1 | 0 | 7 | 5 | 6 | 6 | 10 | 5 |
| Net profit | 1 | 0 | 5 | 4 | 4 | 4 | 8 | 4 |
| EPS (₹) | 0.52 | 0.15 | 3.09 | 2.37 | 3.82 | 2.43 | 4.73 | 2.28 |
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) | 19.0 | 20.5 | 26 of 57 | 55% |
| P/B | 2.9 | 1.9 | 46 of 64 | 27% |
| ROCE | 16.5 | 6.4 | 10 of 66 | 86% |
| ROE | 12.9 | 8.0 | 16 of 64 | 76% |
| Debt / Equity | 0.4 | 0.4 | 36 of 64 | 44% |
| EBITDA margin | 42.9 | 29.6 | 14 of 66 | 80% |
| Revenue growth | (17.4) | 12.8 | 55 of 67 | 18% |
| Profit growth | (3.9) | 7.5 | 40 of 66 | 40% |
| Market cap | 440 | 1781 | 45 of 67 | 33% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · Routine compliance filing: R&T certificate for Q2 FY2026 | compliance | minimal | — | — |
| 1 Oct 2026 · AGM results: all 8 resolutions passed with 100 percent approval | compliance | minimal | — | — |
| 30 Sept 2026 · Summary of proceedings of Pansari Developers 30th AGM held on 30 Sept 2026 | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Trading window closed for insiders ahead of Q2 results | compliance | minimal | — | — |
| 9 Sept 2026 · Dispatch of Annual Report and AGM notice for FY2025-26 | board shareholder meetings | low | — | — |
| 9 Sept 2026 · Newspaper publication confirms 30th AGM notice and Annual Report dispatch | compliance | minimal | — | — |
| 8 Sept 2026 · AGM notice on Sept 30, 2026; director re-appointments and appointments | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Pansari Developers notifies 30th AGM via newspaper publication | compliance | minimal | — | — |
| 24 Aug 2026 · Board approves AGM, 3 new independent directors, new statutory auditors | board shareholder meetings | low | — | — |
| 14 Aug 2026 · Newspaper publication of Q1 FY27 financial results filed with NSE | 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.