NSE: UNITECH · BSE: 507878
UNITECH LTD
Develops residential and commercial real estate projects, manages properties, and runs a small hospitality operation. Real Estate & Related Activities was the largest segment at 64.3% of segment revenue (Rs 364.29 crore), followed by Property Management at 29.3% (Rs 166.23 crore), Hospitality at 6.2% (Rs 35.24 crore), and Investment & Other Activities at 0.2% (Rs 1.04 crore). The business is centred on completing about 74 stalled residential and commercial projects spanning roughly 17,700 homebuyers, with construction activities that have been stalled for 6-7 years now being restarted under Supreme Court direction. Property Management earns from managing completed assets, and the Hospitality segment earns from hotel operations. Materials and construction inputs are the biggest cost at 51.3% of revenue, with other operating expenses at 43.5% and employee costs at 6.3%. FY26 revenue was Rs 512.23 crore against a net loss of Rs 1,790 crore; net worth is fully eroded at negative Rs 5,696 crore against liabilities of Rs 22,148 crore, and statutory auditors issued a Disclaimer of Opinion citing 15 material uncertainties. A Resolution Framework is pending Supreme Court approval. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Real Estate & Related Activities (64%), Property Management (29%), Hospitality (6%), Investment & Other Activities (0%). Asset-heavy, distressed real estate developer under a government-appointed Board, with a Resolution Framework pending Supreme Court approval
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 533 | 406 | 477 | 322 | 512 |
| EBITDA (ex other income) | (32) | (31) | (767) | (428) | (324) |
| margin % | (6.0) | (7.6) | (160.7) | (133.2) | (63.2) |
| Owners' profit | 0 | (3,103) | (3,807) | (2,593) | (2,456) |
| EPS, as reported (₹) | (3.91) | (10.65) | (12.72) | (9.91) | (9.39) |
| ROE % · ROCE % | (50.5) · 1.1 | 272.2 · (5.6) | 76.7 · 15.5 | 38.9 · 4.7 | 26.8 · 2.5 |
| Debt / equity (x) | 3.44 | (6.29) | (1.46) | (0.90) | (0.67) |
| Cash from operations | (14) | 251 | 15 | (73) | (116) |
| Capex | (5) | (4) | (2) | (4) | (5) |
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 | 73 | 74 | 101 | 105 | 136 | 141 | 130 | 106 |
| Profit before tax | (768) | (720) | (334) | (738) | (739) | (974) | (567) | (703) |
| Net profit | (767) | (717) | (489) | (739) | (739) | (975) | (566) | (703) |
| EPS (₹) | (2.41) | (2.21) | (1.18) | (2.26) | (2.19) | (3.25) | (1.69) | (2.18) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Real Estate & Related Activities | 253 | 44.7 |
| Property Management | 166 | 29.3 |
| Hospitality | 35 | 6.2 |
| Investment & Other Activities | 1 | 0.2 |
| Real Estate & Related Activiites | 111 | 19.6 |
| Investment & Other Activiites | 0 | 0.0 |
| Investment and Other Activiites | 0 | 0.0 |
| Total, before eliminations | 567 | 100.0 |
Exhibit 4: 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 | 1,66,093 | 37.4 | 3.65 | 50.1 | 9.7 | 6.0 | 8.6 | 37.1 |
| LODHA DEVELOPERS LIMITED | 1,00,949 | 24.5 | 4.31 | 20.2 | 14.6 | 15.7 | 25.1 | 40.5 |
| THE PHOENIX MILLS LTD | 68,130 | 53.2 | 4.76 | 26.4 | 10.9 | 9.9 | 32.7 | 63.4 |
| PRESTIGE ESTATE LTD | 61,258 | 53.8 | 3.66 | 17.7 | 7.8 | 6.8 | 11.8 | 38.1 |
| OBEROI REALTY LIMITED | 58,867 | 19.3 | 3.28 | 16.9 | 14.0 | 15.5 | 24.0 | 61.1 |
| GODREJ PROPERTIES LTD | 47,761 | 29.8 | 2.47 | 21.9 | 9.5 | 11.4 | 46.3 | 107.7 |
| BRIGADE ENTER. LTD | 18,001 | 20.9 | 2.39 | 13.9 | 9.6 | 6.8 | 23.9 | 41.9 |
| ANANT RAJ LIMITED | 16,878 | 28.4 | 2.90 | 22.9 | 9.6 | 10.2 | 58.7 | 32.1 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| EBITDA margin | 19.7 | 29.6 | 42 of 66 | 37% |
| Revenue growth | 1.0 | 12.8 | 44 of 67 | 35% |
| Profit growth | 4.8 | 7.5 | 36 of 66 | 46% |
| Market cap | 971 | 1893 | 38 of 67 | 44% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Unitech updates authorized persons for stock exchange disclosures | compliance | minimal | — | — |
| 22 Oct 2026 · Unitech extends CEO Ashok Kumar Yadav's tenure by 2 years | management changes | high | — | — |
| 12 Oct 2026 · Unitech files routine dematerialisation compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Unitech 55th AGM: All 3 resolutions passed with above 99% approval | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Unitech 55th AGM held on Sep 24, 2026 via VC; key items include auditor appointment | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Trading window closure ahead of Q2 and H1 FY27 results announcement | compliance | minimal | — | — |
| 17 Sept 2026 · Unitech clarifies Q1 FY27 results signing to NSE query | compliance | low | — | — |
| 8 Sept 2026 · NSE seeks clarification from Unitech on June 2026 quarter results | regulatory legal | medium | — | — |
| 1 Sept 2026 · Unitech submits newspaper publication of 55th AGM notice | compliance | minimal | — | — |
| 1 Sept 2026 · Unitech files newspaper notice for 55th AGM and e-voting details | 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.