Small Real Estate
Market Cap
₹5,355 ₹5,355 Cr.
P/E
45.92
PEG
0.90
PEG = P/E ÷ 5yr forward EPS CAGR
5yr forward EPS CAGR thesis · Base case

Revenue growth is driven primarily by area sold, with average realization a secondary contributor; the residual recognition bridge converts operating sales into reported revenue under PCM/POCM.

The thesis hinges on timely occupation-certificate conversion and project-completion revenue recognition; any slippage shifts the path toward the bear case.

The bull case requires higher area sold concurrent with stronger realization, while the bear case is triggered by OC conversion failure combined with a realization decline.

Get your Reports on Demand
Get detailed, analyst-grade reports with actionable insights to make informed investment decisions.
  Flat 20% OFF
 for Tijori Premium Users
  Flat 20% OFF  for Tijori Premium Users
5Y Revenue & EBITDA Estimates
KEY TRIGGERS TO WATCH
  • Revenue growth is driven primarily by area sold, with average realization a secondary contributor; the residual recognition bridge converts operating sales into reported revenue under PCM/POCM.
  • The thesis hinges on timely occupation-certificate conversion and project-completion revenue recognition; any slippage shifts the path toward the bear case.
  • The bull case requires higher area sold concurrent with stronger realization, while the bear case is triggered by OC conversion failure combined with a realization decline.
Bear : 0.4% CAGR • ₹186 Cr
Base: 5.4% CAGR • ₹236 Cr
Bull: 9.5% CAGR • ₹286 Cr
Buy Report $5
Management Credibility Report
TRACK RECORD
  • Management is credible on visible project execution: completions and individual tower launches hit targets, giving physical milestones more reliability than financial forecasts.
  • Financial guidance is consistently optimistic—sales, collections, debt and interest targets all ran ahead of actuals, including a financing burden understated by capitalized interest.
  • Approval-dependent launches and broad annual launch plans are the weakest area; use project-level milestones and actual approvals as the operating evidence.
Met : 2
Progress: 1
Missed : 8
Buy Report $5
WORST-CASE SCENARIO
  • Overall risk profile is leveraged and inventory-heavy: cash of ₹959 Cr is far below ₹9,189 Cr gross debt, net debt/equity is ~2.0x, and the P&L is propped up by other income and capitalized interest.
  • The most severe exposure is the 'Triple Squeeze' scenario—MMR demand slowing, occupation certificates slipping and refinancing closing—rated existential given current borrowings and thin liquidity.
  • Large inventory concentration (~77% of total assets), execution-dependent deleveraging, and a complex 34-subsidiary group perimeter add to the fragility.
High Risk : 4
Medium Risk : 10
Low Risk : 3
Buy Report $5
Powered By
Ideas Dashboard
Results
Timeline
Watchlist
Portfolio
Alerts
Stock Screener
Market
Raw Material