NSE: SHRIKRISH · BSE: 531080
SHRI KRISHNA DEVCON LTD.
Develops residential and commercial real estate projects, classified in the Realty sector and listed on NSE and BSE. Operates as a single-segment real estate company, with FY26 revenue of Rs 21.39 crore, down roughly 20% from the prior year, and net profit of Rs 4.56 crore. The financial results consolidate 4 associate partnership firms, pointing to a partnership-firm based operating structure alongside the listed entity. The cost shape is dominated by other operating expenses at 128.1% of revenue, with employee cost at 11.4% (Rs 2.45 crore) and depreciation at 1.0%; filings commentary identifies land and construction costs as the key cost driver behind swings in quarterly profitability. FY26 inventory built up by Rs 1,698.42 lakhs and short-term borrowings rose to Rs 3,284.66 lakhs from Rs 2,028.72 lakhs, leaving operating cash flow negative at Rs -455.80 lakhs versus a positive Rs 1,016.02 lakhs in FY25. The board has sought shareholder authority for an aggregate investment, loan, guarantee and security limit of Rs 500 crore, signalling potential balance-sheet expansion. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Real estate. Small, project-based real estate developer with single-segment operations and partnership-firm consolidation.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 20 | 31 | 25 | 27 | 21 |
| EBITDA (ex other income) | 5 | 9 | 9 | 9 | 9 |
| margin % | 26.6 | 28.3 | 37.0 | 33.4 | 39.8 |
| Owners' profit | 3 | 5 | 4 | 5 | 5 |
| EPS, as reported (₹) | 0.99 | 1.72 | 1.59 | 1.76 | 1.63 |
| ROE % · ROCE % | 3.8 · 6.5 | 6.1 · 9.4 | 5.4 · 9.3 | 5.7 · 8.8 | 5.0 · 8.4 |
| Debt / equity (x) | 0.74 | 0.71 | 0.63 | 0.45 | 0.50 |
| Cash from operations | (1) | 13 | (2) | 13 | (5) |
| Capex | (1) | (0) | (0) | (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 | 7 | 4 | 6 | 10 | 5 | 4 | 6 | 6 |
| Profit before tax | 2 | 0 | 1 | 3 | 2 | 1 | 2 | 2 |
| Net profit | 1 | 0 | 1 | 2 | 1 | 1 | 1 | 1 |
| EPS (₹) | 0.46 | 0.05 | 0.35 | 0.89 | 0.51 | 0.24 | 0.47 | 0.41 |
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) | 19.3 | 20.5 | 28 of 57 | 52% |
| P/B | 1.0 | 1.9 | 19 of 64 | 70% |
| ROCE | 5.7 | 6.4 | 36 of 66 | 46% |
| ROE | 5.0 | 8.0 | 41 of 64 | 37% |
| Debt / Equity | 0.5 | 0.4 | 41 of 64 | 37% |
| EBITDA margin | 38.6 | 29.6 | 20 of 66 | 71% |
| Revenue growth | (40.5) | 12.8 | 60 of 67 | 11% |
| Profit growth | (54.4) | 7.5 | 55 of 66 | 17% |
| Market cap | 88 | 1781 | 64 of 67 | 5% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Quarterly compliance certificate on share dematerialisation filed with BSE | compliance | minimal | — | — |
| 1 Oct 2026 · 32nd AGM results: all 6 resolutions passed with strong support | board shareholder meetings | low | — | — |
| 30 Sept 2026 · No undisclosed info behind recent price movement | compliance | minimal | — | — |
| 29 Sept 2026 · BSE seeks clarification from Shri Krishna Devcon on price movement | regulatory legal | high | — | — |
| 28 Sept 2026 · Trading window closure for Q2 and H1 FY27 results | compliance | minimal | — | — |
| 7 Sept 2026 · 32nd AGM notice via e-voting; book closure announced | compliance | minimal | — | — |
| 6 Sept 2026 · AGM notice Sept 29; KYC update and physical share demat window reminder | compliance | minimal | — | — |
| 5 Sept 2026 · 32nd AGM on Sep 29, 2026; director reappointments and related party deals | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Shri Krishna Devcon files FY25-26 annual report, AGM on Sep 29 | board shareholder meetings | medium | — | — |
| 4 Sept 2026 · 32nd AGM notice and special window for physical share demat | 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.