BSE: 540796
Ratnabhumi Developers Limited
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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
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) | 73.9 | 17.4 | 52 of 61 | 15% |
| P/B | 5.3 | 1.1 | 59 of 70 | 16% |
| ROCE | 2.6 | 1.9 | 40 of 88 | 55% |
| ROE | 7.1 | 1.6 | 17 of 73 | 78% |
| Debt / Equity | 2.7 | 0.3 | 66 of 73 | 10% |
| 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 | 233 | 30 | 12 of 88 | 87% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 6 Oct 2026 · Compliance Certificate Under SEBI Reg 74(5) For Sep Quarter | compliance | minimal | — | — |
| 17 Sept 2026 · Trading window closed ahead of Q2 FY27 results declaration | compliance | minimal | — | — |
| 13 Aug 2026 · Unaudited Standalone and Consolidated Financial Results for the Quarter ended 30th June 2026 | results | high | — | — |
| 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 | — | — |
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.