Develops residential and commercial real estate, with the main ongoing activity being the Belmac Infinity project at New Panvel, Navi Mumbai, which was reconfigured from Ground plus 10 floors to Ground plus 13 floors following an Amended Commencement Certificate from CIDCO. The company also holds a Belmac Project land parcel for which it received height clearance of 159.10 meters from the Airports Authority of India, enabling fuller use of the site's permissible development potential. FY26 standalone revenue dropped sharply to Rs. 380.71 lakhs from Rs. 6,622.93 lakhs in FY25, and consolidated profit after tax fell to Rs. 39.21 lakhs. Operating cash flows were negative at Rs. -241.95 lakhs on a consolidated basis for FY26. Three subsidiaries operate under the company — Helmet Traderz Limited, Belmaac City Developers Private Limited, and Visana Infrastructure Private Limited. Materials account for the largest share of operating costs at 84.7% of revenue in FY26, with employee costs at 26.6% and other opex at 65.9%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Residential and commercial real estate development. Asset-heavy, project-based real estate developer with lumpy revenue tied to project milestones
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 76 | 73 | 72 | 66 | 4 |
| EBITDA (ex other income) | 15 | 11 | 6 | 11 | (3) |
| margin % | 19.0 | 15.3 | 8.5 | 16.1 | (77.2) |
| Owners' profit | 0 | 0 | 8 | 10 | 1 |
| EPS, as reported (₹) | 3.63 | 3.37 | 2.11 | 2.09 | 0.09 |
| ROE % · ROCE % | 12.6 · 15.2 | 2.2 · 2.7 | 1.4 · 2.2 | 1.8 · 2.4 | 0.1 · 0.1 |
| Debt / equity (x) | 0.06 | 0.01 | 0.01 | 0.01 | 0.01 |
| Cash from operations | 34 | 7 | (36) | (11) | (2) |
| Capex | (0) | (0) | (0) | (0) | (1) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 23 | 20 | 0 | 0 | 0 | 1 | 2 | 2 |
| Profit before tax | 5 | 5 | (2) | 0 | 0 | 0 | (0) | 1 |
| Net profit | 4 | 4 | (2) | 0 | 0 | 0 | (0) | 0 |
| EPS (₹) | 1.10 | 1.13 | (0.22) | 0.02 | 0.07 | 0.04 | (0.02) | 0.10 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DLF LIMITED | 1,59,533 | 35.9 | 3.51 | 48.1 | 9.7 | 6.0 | 8.6 | 37.1 |
| LODHA DEVELOPERS LIMITED | 1,11,589 | 27.0 | 4.76 | 22.1 | 14.6 | 15.7 | 25.1 | 40.5 |
| THE PHOENIX MILLS LTD | 67,594 | 52.8 | 4.73 | 26.2 | 10.9 | 9.9 | 32.7 | 63.4 |
| PRESTIGE ESTATE LTD | 64,519 | 56.6 | 3.85 | 18.5 | 7.8 | 6.8 | 11.8 | 38.1 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 4 Sept 2026 · Newspaper publication of 44th AGM Notice | compliance | minimal | — | — |
| 2 Sept 2026 · 44th Annual Report and AGM Notice submitted for FY 2025-26 | board shareholder meetings | medium | — | — |
| 2 Sept 2026 · 44th AGM Notice on Sep 28, 2026; New Independent Director Appointment | board shareholder meetings | low | — | — |
| 26 Aug 2026 · Newspaper publication of 44th AGM notice, September 28, 2026 via VC | compliance | minimal | — | — |
| 24 Aug 2026 · Registered office shifts within Pune | general | low | — | — |
| 24 Aug 2026 · Independent Director appointed; cousin of MD joins board | management changes | medium | — | — |
| 24 Aug 2026 · Board appoints Independent Director, fixes Sep 28 AGM date | management changes | medium | — | — |
| 11 Aug 2026 · Q1 FY26 results: Revenue jumps to Rs 221.6L, PAT up to Rs 40.5L | results | high | — | — |
| 11 Aug 2026 · Q1 FY27 results: revenue and profit jump sharply year on year | results | high | — | — |
| 6 Aug 2026 · Board meeting on Aug 11 to approve Q1 FY27 results | results | low | — | — |
| 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 |
| OBEROI REALTY LIMITED |
| 63,306 |
| 20.8 |
| 3.53 |
| 18.2 |
| 14.0 |
| 15.5 |
| 24.0 |
| 61.1 |
| GODREJ PROPERTIES LTD | 52,653 | 32.9 | 2.72 | 23.7 | 9.5 | 11.4 | 46.3 | 107.7 |
| ANANT RAJ LIMITED | 21,490 | 36.2 | 3.69 | 29.3 | 9.6 | 10.2 | 58.7 | 32.1 |
| BRIGADE ENTER. LTD | 20,941 | 24.4 | 2.78 | 15.7 | 9.6 | 6.8 | 23.9 | 41.9 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 181.6 | 21.8 | 55 of 57 | 4% |
| P/B | 0.2 | 2.1 | 2 of 64 | 98% |
| ROCE | 0.1 | 6.8 | 59 of 67 | 12% |
| ROE | 0.1 | 8.2 | 61 of 67 | 9% |
| Debt / Equity | 0.0 | 0.4 | 12 of 67 | 83% |
| EBITDA margin | 28.9 | 29.6 | 35 of 66 | 48% |
| Revenue growth | 1284.1 | 12.8 | 2 of 67 | 99% |
| Profit growth | 598.1 | 7.5 | 5 of 66 | 94% |
| Market cap | 133 | 2250 | 61 of 67 | 9% |
| 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.
