Aditya Birla Real Estate
Aditya Birla Real Estate
Forest MaterialsKey Fundamentals
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Key Insights
Strengths
1- Company has been maintaining a healthy dividend payout of 23.2%
Weaknesses
5- Stock is trading at 3.87 times its book value
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -31.1% over past five years.
- Company has a low return on equity of -1.25% over last 3 years.
- Company might be capitalizing the interest cost
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoAditya Birla Real Estate Ltd has a market cap of ₹14,396 Cr but is currently loss-making with a negative PE of -122.1 and negative ROE of -3% in the last year. TTM sales have declined 55% while the stock has delivered a 10-year CAGR of 14%, reflecting a sharp divergence between historical stock performance and recent operational deterioration.
- Market cap of ₹14,396 Cr indicates significant scale and institutional presence in the real estate and forest materials space
- 10-year stock CAGR of 14% demonstrates meaningful long-term wealth creation for patient shareholders
- 10-year ROE averaged 21%, suggesting the business had strong return-generating capacity in earlier periods
- Company has maintained a healthy dividend payout ratio of 23.2%, providing some income to shareholders despite recent losses
- Dividend yield of 0.19% indicates the company continues to return capital to shareholders even during a downturn
- 5-year stock CAGR of 9% shows the stock has still compounded positively over a medium-term horizon despite operational headwinds
- Negative PE ratio of -122.1 confirms the company is currently unprofitable at the net income level
- TTM sales have collapsed by 55%, indicating a severe and accelerating revenue decline
- 5-year compounded sales growth is -31%, reflecting a prolonged structural erosion in topline rather than a one-off event
- 3-year ROE stands at -1%, and last year ROE worsened to -3%, showing the company is destroying shareholder value
- Stock is trading at 4.03x book value despite negative earnings, which represents a steep premium for a loss-making entity
- Low interest coverage ratio signals potential difficulty in servicing debt obligations from operating profits
- Company might be capitalizing interest costs, which could be masking true operating losses and inflating reported asset values
- Stock has declined 25% over the past 1 year, reflecting deteriorating market sentiment and weakening fundamentals
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Net loss persists in Q1 Aug 17
ABREL reported a net loss of ~₹39 crore for Q1 FY27, and booking value declined 22.1% YoY to ₹329 crore amid fewer new project launches.
- Pre-sales upside delayed to FY28 Aug 25
Emkay Global notes that improvement in pre-sales is likely to be visible only from FY28E, suggesting a near-term lag despite strong pipeline buildup.
- Jefferies initiates Buy at ₹1,880 Aug 17
Jefferies initiated coverage with a Buy rating and ₹1,880 target (34% upside), citing pre-sales quadrupling to ₹81 billion in FY25 from FY23, a ~₹500 billion project pipeline, and net gearing falling to nearly zero.
- Emkay Buy with ₹1,750 target Aug 25
Emkay Global issued a Buy at ₹1,750 based on 6x EV/embedded EBITDA, highlighting ₹33 billion cash from the paper business sale, a ₹26 billion GDV project closed this year, and collections up 31% YoY.
- ₹9,500-crore housing rollout Aug 25
ABREL is rolling out ₹9,500-crore housing projects including a ₹2,600 crore revenue-potential project in Vashi, Navi Mumbai through subsidiary Birla Estates.
- Revenue up 29.7% YoY Aug 17
Q1 revenue rose 29.7% YoY to ₹188.85 crore with total income up 30.7% to ₹205.72 crore, and collections grew 31% YoY to ₹713 crore at ~98% collection efficiency.
- Geographic diversification working Aug 17
78% of FY26 sales came from outside MMR, demonstrating successful pan-India expansion, with Central Mumbai land still accounting for ~60% of NAV and ~₹330 billion inventory to be monetised.
- Investor meets in September Sep 4
ABREL will host an analyst/investor meeting on Sep 10 and participate in the Jefferies Conference on Sep 16 in Gurugram; no unpublished price-sensitive information will be shared.
- ESG score of 67 assigned Sep 3
NSE Sustainability Ratings assigned ABREL an ESG score of 67 in the Aspiring category for FY26, based on FY25-26 data and public information.
- ₹200 crore CP fully redeemed Aug 18
ABREL fully redeemed its ₹200 crore commercial paper on Aug 18, 2026, as confirmed in a BSE filing.
TL;DR: ABREL is in a strong transformation phase from textiles to pan-India real estate, backed by two major broker Buy ratings (Jefferies at ₹1,880, Emkay at ₹1,750), a ~₹500 billion pipeline, and 30%+ revenue and collection growth. Key risks include a persisting net loss, a 22% YoY drop in booking value, and pre-sales improvement not expected until FY28. The balance sheet is materially strengthened by ₹33 billion in paper business sale proceeds and near-zero gearing, so the trend is improving, though near-term earnings visibility remains limited until new project launches ramp up.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 894 | 863 | 1,070 | 814 | 353 | 266 | 204 | 395 | 146 | 98 | 81 | 83 | 189 |
| Expenses | 759 | 814 | 879 | 615 | 316 | 239 | 222 | 425 | 188 | 172 | 172 | 248 | 246 |
| Operating Profit | 136 | 49 | 191 | 199 | 38 | 27 | -18 | -31 | -42 | -74 | -91 | -166 | -57 |
| OPM % | 15% | 6% | 18% | 24% | 11% | 10% | -9% | -8% | -29% | -75% | -112% | -200% | -30% |
| Other Income | -54 | -12 | 3 | -114 | 19 | 14 | -8 | -119 | 32 | 71 | 19 | 129 | 49 |
| Interest | 6 | 10 | 8 | 10 | 11 | 15 | 8 | 12 | 7 | 18 | 19 | 21 | 26 |
| Depreciation | 50 | 51 | 53 | 15 | 16 | 16 | 16 | 16 | 16 | 16 | 18 | 18 | 17 |
| PBT | 26 | -24 | 133 | 60 | 30 | 9 | -50 | -177 | -33 | -37 | -108 | -76 | -51 |
| Tax % | 128% | 36% | 40% | 66% | 42% | 69% | -15% | -24% | -18% | -51% | -31% | -107% | -32% |
| Net Profit | -7 | -33 | 80 | 21 | 17 | 3 | -42 | -135 | -27 | -18 | -75 | 5 | -35 |
| EPS in Rs | -0.53 | -2.73 | 7.46 | 0.34 | 0.7 | 0.23 | -3.63 | -11.73 | -2.28 | -1.41 | -6.52 | 0.97 | -3.45 |
Profit & Loss
| Particulars | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 7,645 | 3,898 | 3,944 | 3,423 | 2,617 | 4,131 | 3,832 | 1,101 | 1,219 | 407 | 450 |
| Expenses | 6,721 | 3,092 | 2,992 | 2,855 | 2,393 | 3,687 | 3,265 | 879 | 1,203 | 775 | 837 |
| Operating Profit | 924 | 805 | 951 | 568 | 224 | 444 | 567 | 221 | 16 | -368 | -387 |
| OPM % | 12% | 21% | 24% | 17% | 9% | 11% | 15% | 20% | 1.3% | -90% | -86% |
| Other Income | 62 | 138 | 5,673 | 14 | 43 | 51 | 101 | -21 | -94 | 246 | 268 |
| Interest | 551 | 212 | 102 | 87 | 71 | 52 | 34 | 30 | 46 | 64 | 83 |
| Depreciation | 313 | 199 | 193 | 229 | 231 | 231 | 196 | 59 | 64 | 68 | 69 |
| PBT | 122 | 532 | 6,330 | 267 | -35 | 212 | 437 | 112 | -188 | -254 | -272 |
| Tax % | 14% | 30% | 4% | -35% | -4% | 24% | 40% | 46% | -16% | -55% | — |
| Net Profit | 105 | 372 | 6,063 | 360 | -34 | 162 | 265 | 60 | -157 | -115 | -122 |
| EPS in Rs | 9.4 | 33.27 | 543 | 32.7 | -2.73 | 14.91 | 24.34 | 4.52 | -14.44 | -9.24 | -10.41 |
| Div. Payout % | 59% | 20% | 1% | 9% | -37% | 27% | 21% | 111% | -14% | -27% | — |
Balance Sheet
| Particulars | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 112 | 112 | 112 | 112 | 112 | 112 | 112 | 112 | 112 | 112 |
| Reserves | 2,370 | 2,636 | 3,182 | 3,368 | 3,393 | 3,607 | 3,775 | 3,867 | 3,729 | 3,589 |
| Borrowings | 5,700 | 4,369 | 1,020 | 1,400 | 1,049 | 1,336 | 1,059 | 2,502 | 4,997 | 5,636 |
| Other Liabilities | 2,154 | 3,214 | 1,861 | 1,868 | 2,141 | 2,684 | 3,465 | 4,018 | 7,646 | 10,895 |
| Total Liabilities | 10,336 | 10,331 | 6,175 | 6,747 | 6,693 | 7,739 | 8,411 | 10,499 | 16,483 | 20,233 |
| Fixed Assets | 7,309 | 7,256 | 4,430 | 4,293 | 4,139 | 4,059 | 3,952 | 3,734 | 1,437 | 1,366 |
| CWIP | 34 | 35 | 275 | 176 | 210 | 211 | 190 | 58 | 26 | 19 |
| Investments | 258 | 223 | 183 | 107 | 238 | 409 | 228 | 692 | 1,085 | 1,512 |
| Other Assets | 2,734 | 2,817 | 1,287 | 2,171 | 2,106 | 3,060 | 4,041 | 6,015 | 13,935 | 17,336 |
| Total Assets | 10,336 | 10,331 | 6,175 | 6,747 | 6,693 | 7,739 | 8,411 | 10,499 | 16,483 | 20,233 |
Cash Flow
| Particulars | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 940 | 2,209 | 548 | -23 | 566 | -51 | 271 | -315 | -1,293 | 747 |
| Investing | -247 | -195 | -123 | -241 | -92 | -176 | 138 | -524 | -438 | -588 |
| Financing | -175 | -1,795 | -677 | 392 | -471 | 207 | -553 | 1,272 | 2,218 | 299 |
| Net Cash Flow | 518 | 219 | -253 | 128 | 4 | -21 | -144 | 433 | 487 | 458 |
| Free Cash Flow | 794 | 2,056 | 472 | -225 | 481 | -177 | 283 | -490 | -1,413 | 661 |
| CFO/OP | 105 | 289 | 78 | 18 | 180 | 3 | 61 | -81 | -7,452 | -236 |
Ratios
| Particulars | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 24 | 39 | 19 | 19 | 22 | 19 | 15 | 55 | 31 | 15 |
| Inventory Days | 232 | 328 | 174 | 362 | 486 | 429 | 716 | — | — | — |
| Days Payable | 129 | 190 | 130 | 133 | 200 | 158 | 173 | — | — | — |
| Cash Conversion Cycle | 126 | 178 | 64 | 248 | 308 | 290 | 558 | 55 | 31 | 15 |
| Working Capital Days | -109 | -182 | -19 | -16 | 54 | -4 | 37 | 592 | 517 | 310 |
| ROCE % | — | 10% | 112% | 8% | 1% | 5% | 8% | 4% | 0% | -4% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY10–FY26.
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Company Information
Century Textiles and Industries Ltd has transformed from a single-unit textile entity in 1987 into a commercial powerhouse with interests in diverse industries. Currently, the business house is a trendsetter in cotton textiles and also has a remarkable presence in the Pulp and Paper and Real Estate sectors. [1]
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