NSE: RVHL · BSE: 543251
RAVINDER HEIGHTS LIMITED
Develops residential and commercial real estate projects through the parent and six subsidiaries, including Radhika Heights Limited. Nearly all FY26 revenue was driven by a collaboration agreement with Bestech India Pvt. Ltd. for land development, routed through Radhika Heights and its units. Under the Second Addendum signed on September 14, 2025, the company recognized Rs. 7,500 lakh as revenue from non-refundable security deposits received from Bestech India under Ind AS 115, against consolidated revenue from operations of Rs. 7,516.22 lakh. An additional Rs. 45,000 lakh in non-refundable security deposits was received from a developer during the year, which will be recognized in future periods. Standalone operations remain loss-making (Rs. 59.22 lakh loss after tax), while consolidated profit after tax was Rs. 4,949.79 lakh for FY26. The cost shape shows 0% materials, 4.7% employee costs, 12.3% other operating expenses, and 3.1% depreciation as a share of revenue, with capex at 15.1% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Collaboration revenue from Bestech India, Standalone residential and commercial real estate. Asset-heavy, lumpy real estate developer whose period results hinge on collaboration milestones and Ind AS 115 revenue recognition rather than steady unit sales.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 12 | 1 | 1 | 75 |
| EBITDA (ex other income) | (3) | 2 | (9) | (8) | 62 |
| margin % | (8885.1) | 19.6 | (1436.6) | (1320.2) | 83.0 |
| Owners' profit | 0 | 0 | (2) | (3) | 0 |
| EPS, as reported (₹) | 0.00 | 1.01 | (0.35) | (0.41) | 7.97 |
| ROE % · ROCE % | (0.0) · (0.1) | 2.5 · 1.9 | (0.9) · (0.7) | (1.1) · (1.3) | 16.9 · 22.5 |
| Debt / equity (x) | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 0 | 7 | (9) | (8) | 36 |
| Capex | (10) | (3) | (1) | (0) | (11) |
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 | 55 | 20 | 0 | 0 |
| Profit before tax | (0) | (1) | (1) | (1) | 53 | 18 | (4) | (2) |
| Net profit | (0) | (1) | (1) | (1) | 40 | 12 | (3) | (2) |
| EPS (₹) | (0.01) | (0.38) | (0.15) | (0.08) | 6.50 | 2.03 | (0.48) | (0.28) |
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) | 4.8 | 20.5 | 2 of 57 | 98% |
| P/B | 0.8 | 1.9 | 10 of 64 | 84% |
| ROCE | 22.4 | 6.4 | 5 of 66 | 94% |
| ROE | 16.9 | 8.0 | 9 of 64 | 87% |
| Debt / Equity | 0.0 | 0.4 | 7 of 64 | 91% |
| EBITDA margin | (7247.0) | 29.6 | 66 of 66 | 0% |
| Revenue growth | (89.5) | 12.8 | 66 of 67 | 2% |
| Profit growth | (224.7) | 7.5 | 65 of 66 | 2% |
| Market cap | 229 | 1781 | 50 of 67 | 26% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Board designates key managers for materiality decisions and disclosures | compliance | minimal | — | — |
| 26 Oct 2026 · Board reconstitutes three key committees | management changes | medium | — | — |
| 26 Oct 2026 · Vineet Kumar Shrivastava appointed Additional Independent Director | management changes | medium | — | — |
| 26 Oct 2026 · Independent director appointed and board committees reconstituted | management changes | medium | — | — |
| 12 Oct 2026 · RTA compliance certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 5 Oct 2026 · Independent Director resigns citing age and health reasons | management changes | medium | — | — |
| 4 Oct 2026 · Independent Director Mr. Raghava Lakshmi Narasimhan resigns from Ravinder Heights | management changes | medium | — | — |
| 3 Oct 2026 · Independent Director Mr. Namdeo Narayan Khamitkar resigns | management changes | medium | — | — |
| 30 Sept 2026 · New Company Secretary appointed effective October 01, 2026 | management changes | medium | — | — |
| 30 Sept 2026 · Company Secretary and Compliance Officer resigns from Ravinder Heights | management changes | medium | — | — |
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.