Develops residential and commercial real estate projects concentrated in Ahmedabad, Gujarat. Reported revenue of ₹61.45 crore in FY26, down sharply from ₹213.47 crore in FY25 and ₹0.28 crore in FY24, reflecting the lumpy, project-based nature of property sales. Ongoing projects were reported at 40-43% completion in early 2026. Financing for project development comes largely from bank debt — the company carries a ₹151 crore long-term bank facility made up of three SBI term loans, rated IVR BBB- with a Stable outlook. The group has one wholly-owned subsidiary (Ratnabhumi Techno Engg) and three associate LLPs, and shareholders are being asked to approve aggregate related party transactions of up to ₹1,030 crore across 7 related parties, including a ₹400 crore construction contract and unsecured loans at 9% p.a. The FY26 cost base was dominated by other operating expenses at ₹11.13 crore (18.1% of revenue), with employee cost at ₹1.33 crore (2.2%) and depreciation at ₹0.84 crore (1.4%). AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Residential and commercial real estate development. Project-based, lumpy real estate developer with leveraged balance sheet
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 213 | 61 |
| EBITDA (ex other income) | 2 | 7 | 16 | 20 | 18 |
| margin % | 1439.2 | 3209.5 | 5491.8 | 9.3 | 29.4 |
| Owners' profit | 0 | 0 | 0 | 6 | 0 |
| EPS, as reported (₹) | 0.12 | 0.17 | 0.19 | 4.18 | 2.29 |
| ROE % · ROCE % | 0.5 · 3.0 | 0.7 · 4.7 | 0.8 · 7.0 | 14.0 · 12.9 | 7.1 · 11.7 |
| Debt / equity (x) | 1.20 | 3.12 | 5.43 | 2.87 | 2.68 |
| Cash from operations | (64) | (60) | (49) | 91 | 12 |
| Capex | (0) | (2) | (1) | (0) | 0 |
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 52 | 80 | 47 | 35 | 29 | 10 | 8 | 15 |
| Profit before tax | 1 | 1 | 1 | 3 | 3 | 0 | 1 | 0 |
| Net profit | 2 | 1 | 1 | 3 | 2 | 0 | 1 | 0 |
| EPS (₹) | 1.46 | 0.38 | 0.43 | 1.92 | 1.46 | 0.18 | 0.45 | 0.21 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| KESAR INDIA LIMITED | 3,371 | 89.5 | 13.53 | 73.2 | 12.0 | 15.2 | — | 26.9 |
| MEGHNA INFRACON INFRA L | 1,482 | 218.6 | 55.08 | 145.4 | 20.8 | 33.9 | — | 15.3 |
| India Homes Limited | 1,076 | — | 29.06 | — | (31.0) | (17.8) | — | — |
| B-RIGHT REALESTATE LIMITED | 950 | 26.5 | — | — | — | 19.2 | — | — |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 13 Aug 2026 · Q1 FY27 results: revenue drops over 50 percent, profit plunges YoY | results | high | — | — |
| 6 Aug 2026 · Board meeting on 13 Aug to consider Q1 FY27 unaudited results | results | low | — | — |
| 23 Jul 2026 · Newspaper ad for 20th AGM notice published in Financial Express | compliance | minimal | — | — |
| 22 Jul 2026 · Ratnabhumi Developers submits 20th Annual Report for FY2025-26 | compliance | low | — | — |
| 22 Jul 2026 · 20th AGM Notice on 14 Aug 2026 via VC; Related Party Deals, Director Re-appointments | board shareholder meetings | low | — | — |
| 18 Jul 2026 · Board approves 20th AGM on August 14, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 13 Jul 2026 · Board meeting on 18 July to discuss 20th AGM for FY26 | board shareholder meetings | low | — | — |
| 7 Jul 2026 · Compliance certificate filed for dematerialised shares for quarter ended June 2026 | compliance | minimal | — | — |
| 29 Jun 2026 · Ratnabhumi Developers appoints Mr. Darshan Gandhi as Internal Auditor for five years | management changes | low | — | — |
| 29 Jun 2026 · Internal Auditor appointed for 5 years; board approves related party transactions | management changes | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| YOGI LTD. |
| 678 |
| 32.6 |
| 4.77 |
| 26.2 |
| 14.9 |
| 15.6 |
| — |
| 5.1 |
| SHRADDHA PRIME PROJECTS L | 650 | 11.6 | 4.76 | 11.2 | 39.1 | 20.2 | — | 16.1 |
| HAZOOR MULTI PROJECTS LTD | 556 | 7.5 | 0.89 | 3.7 | 6.8 | 5.8 | — | 86.5 |
| RDB REAL ESTATE CONS L | 352 | 27.4 | 1.33 | 26.5 | (3.3) | (0.7) | — | 3.2 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 75.7 | 16.7 | 72 of 84 | 15% |
| P/B | 5.4 | 1.1 | 60 of 69 | 13% |
| ROCE | 2.6 | 2.0 | 43 of 93 | 54% |
| ROE | 7.1 | 2.9 | 23 of 85 | 74% |
| Debt / Equity | 2.7 | 0.1 | 78 of 85 | 8% |
| EBITDA margin | 25.3 | 15.3 | 22 of 59 | 64% |
| Revenue growth | (56.9) | (11.0) | 43 of 64 | 33% |
| Profit growth | (89.2) | (48.8) | 54 of 79 | 32% |
| Market cap | 238 | 33 | 11 of 86 | 88% |
| 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 |
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.
