BSE: 503127
RAJA BAHADUR INTERNATIONAL LTD
Operates in real estate, focused on residential and commercial projects. The business is in a heavy investment phase — ₹112.75 crore of capital expenditure in FY26 against revenue from operations of just ₹28.65 crore — pointing to projects under active construction rather than steady sales. Capital work-in-progress stood at ₹18,508 lakhs in FY26, and shareholders recently approved a tripling of the borrowing limit from ₹500 crore to ₹1,500 crore to fund growth. The consolidated entity includes subsidiaries Raja Bahadur Realty Ltd and Samvurdhana Realty Pvt Ltd. The standalone cost base is dominated by other operating expenses at 44.2% of revenue and employee cost at 9.8%, with no separate materials line disclosed. The company carries substantial leverage, with a debt-to-equity ratio of 23.87x and long-term borrowings of ₹28,722.60 lakhs at FY26 year-end. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Residential projects, Commercial projects. Asset-heavy, highly leveraged real estate developer in project-execution phase
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 31 | 19 | 21 | 28 | 29 |
| EBITDA (ex other income) | 2 | 4 | 12 | 17 | 13 |
| margin % | 6.9 | 23.4 | 54.2 | 62.8 | 45.6 |
| Owners' profit | 0 | 0 | 0 | 0 | 1 |
| EPS, as reported (₹) | (199.56) | (177.42) | 46.37 | 37.84 | 51.03 |
| ROE % · ROCE % | (31.4) · 2.4 | (38.4) · 3.4 | 9.7 · 7.7 | (8.2) · 8.6 | 9.5 · 6.2 |
| Debt / equity (x) | 4.91 | 10.94 | 11.98 | 18.05 | 23.87 |
| Cash from operations | 15 | 9 | 5 | 13 | 38 |
| Capex | (14) | (37) | (29) | (55) | (113) |
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 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 8 |
| Profit before tax | (1) | 0 | 2 | 1 | 1 | 1 | 1 | 1 |
| Net profit | (1) | 1 | 1 | (1) | 1 | 1 | 1 | (2) |
| EPS (₹) | (41.27) | 21.75 | 48.10 | 48.81 | 30.90 | 36.61 | 32.32 | 94.13 |
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) | 25.4 | 17.4 | 39 of 61 | 37% |
| P/B | 9.4 | 1.1 | 62 of 70 | 12% |
| ROCE | 1.4 | 1.9 | 51 of 88 | 43% |
| ROE | 9.5 | 1.6 | 14 of 73 | 82% |
| Debt / Equity | 23.9 | 0.3 | 73 of 73 | 0% |
| EBITDA margin | 67.8 | 15.3 | 10 of 59 | 85% |
| Revenue growth | 8.5 | (11.0) | 22 of 64 | 67% |
| Profit growth | (92.6) | (48.8) | 55 of 79 | 31% |
| Market cap | 123 | 30 | 19 of 88 | 79% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board to approve Q2 and half-year results on November 3, 2026 | compliance | minimal | — | — |
| 9 Oct 2026 · Newspaper ad on special window for physical shares dematerialization | compliance | minimal | — | — |
| 8 Oct 2026 · Quarterly RTA compliance certificate filed, no physical shares dematted | compliance | minimal | — | — |
| 30 Sept 2026 · Raja Bahadur updates on false info dispute with ScanX platform | regulatory legal | high | — | — |
| 23 Sept 2026 · Trading Window Closed for Q2 FY27 Results | compliance | minimal | — | — |
| 17 Sept 2026 · Raja Bahadur 100th AGM: All 6 resolutions passed unanimously | compliance | minimal | — | — |
| 17 Sept 2026 · 100th AGM: All 6 resolutions passed, RB-101 Wing A completed | board shareholder meetings | low | — | — |
| 9 Sept 2026 · Raja Bahadur denies false insolvency and Q1FY27 claims on scanx.trade | regulatory legal | high | — | — |
| 25 Aug 2026 · Letter to non-registered email shareholders on FY26 Annual Report access | compliance | minimal | — | — |
| 25 Aug 2026 · 100th AGM notice published in newspapers with e-voting details | 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.