BSE: 511176
PARSHWANATH CORPORATION LTD.
Develops and builds small-scale residential and commercial real estate projects from a base in Ahmedabad. The FY26 total income was ₹151.75 lakh versus ₹118.83 lakh in FY25, an increase of roughly 28% year-on-year. Quarterly revenue from operations has been erratic — ₹42.04 lakh in Q2 FY26, ₹22.94 lakh in Q3 FY26 — reflecting the lumpy, project-based nature of real estate sales. FY26 profit after tax swung to ₹55.48 lakh from a loss of ₹3.20 lakh the year before, helped by a profit before tax of ₹66.66 lakh. Employee cost is the dominant line item at 76.6% of revenue, and other operating expenses add another 76.8%, leaving thin operating margins. The company carries no borrowings, but operating cash flow was severely negative at -₹1,196.07 lakh for FY26 because trade receivables surged from ₹0.67 lakh to ₹1,132.99 lakh, and cash and equivalents dropped from ₹1,133 lakhs to ₹9.18 lakhs over the half-year to September 2025. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Residential and commercial real estate development. Small, project-lumpy, debt-free real estate developer.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 1 | 1 | 1 | 1 |
| EBITDA (ex other income) | (0) | (0) | (0) | (0) | (1) |
| margin % | (28.1) | (32.2) | (20.9) | (20.6) | (84.8) |
| Owners' profit | 0 | 0 | 1 | 1 | (0) |
| EPS, as reported (₹) | 0.95 | 0.92 | 1.64 | 1.77 | 0.10 |
| ROE % · ROCE % | 2.8 · 3.3 | 2.6 · 3.1 | 4.5 · 4.7 | 4.6 · 5.5 | (0.3) · 0.3 |
| Debt / equity (x) | 0.02 | 0.03 | 0.04 | 0.01 | 0.01 |
| Cash from operations | (0) | (0) | (0) | (0) | (12) |
| Capex | 0 | (0) | (0) | 0 | 0 |
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 | 0 | 0 | 0 | 0 | 0 | (0) | 0 | 0 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 0 | (0) | (0) |
| Net profit | 0 | 0 | 0 | 0 | 0 | (0) | (0) | (0) |
| EPS (₹) | 0.52 | 0.24 | 0.03 | 0.50 | 0.79 | 0.25 | 1.14 | (0.06) |
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 | 3,254 | 86.4 | 13.06 | 70.6 | 12.0 | 15.2 | — | 26.9 |
| MEGHNA INFRACON INFRA L | 1,463 | 215.8 | 54.37 | 143.6 | 20.8 | 33.9 | — | 15.3 |
| India Homes Limited | 995 | — | 26.87 | — | (31.0) | (17.8) | — | — |
| B-RIGHT REALESTATE LIMITED | 947 | 26.4 | — | — | — | 19.2 | — | — |
| SHRADDHA PRIME PROJECTS L | 681 | 12.2 | 4.99 | 11.5 | 39.1 | 20.2 | — | 16.1 |
| YOGI LTD. | 680 | 32.7 | 4.78 | 26.3 | 14.9 | 15.6 | — | 5.1 |
| HAZOOR MULTI PROJECTS LTD | 426 | 5.7 | 0.68 | 3.2 | 6.8 | 5.8 | — | 86.5 |
| RDB INFRASTRUCTURE AND POWER L | 332 | 16.9 | 1.25 | 21.0 | 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) | 40.3 | 17.4 | 45 of 61 | 27% |
| P/B | 2.2 | 1.1 | 49 of 70 | 30% |
| ROCE | 0.3 | 1.9 | 61 of 88 | 31% |
| ROE | (0.3) | 1.6 | 49 of 73 | 33% |
| Debt / Equity | 0.0 | 0.3 | 22 of 73 | 71% |
| EBITDA margin | (10.2) | 15.3 | 46 of 59 | 22% |
| Revenue growth | 11.4 | (11.0) | 20 of 64 | 70% |
| Profit growth | (112.1) | (48.8) | 63 of 79 | 21% |
| Market cap | 27 | 30 | 48 of 88 | 46% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · Promoter receives 3.78 percent stake as gift | ownership changes | low | — | — |
| 1 Oct 2026 · Trading window closed till Q2 results are published | compliance | minimal | — | — |
| 25 Sept 2026 · Promoter Raj Rushabh Patel acquires 3.78% stake via gift transfer within promoter group | ownership changes | medium | — | — |
| 22 Sept 2026 · Promoter Indiraben Patel sells 3.78% stake via off-market gift to relative | ownership changes | medium | — | — |
| 22 Sept 2026 · Promoter raises stake to 40.63% via off-market gift transfer | ownership changes | high | — | — |
| 21 Sept 2026 · Promoter gifts 3.78 percent stake within family, key holder stake rises to 40.63 percent | ownership changes | medium | — | — |
| 11 Sept 2026 · Inter-se transfer of 1.18 lakh shares by gift among promoter group | ownership changes | medium | — | — |
| 11 Sept 2026 · Promoter Raj Rushabh Patel to acquire 3.78% by gift from Indiraben Patel | ownership changes | low | — | — |
| 29 Aug 2026 · Promoter family member Raj Patel regularised as Director | management changes | medium | — | — |
| 29 Aug 2026 · Parshwanath Corporation adopts new MOA and AOA aligned with Companies Act 2013 | general | 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.