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Alpine Hsg Dev. Corp Overview

1. Business Overview

Alpine Housing Development Corporation Ltd. is an Indian real estate development company. Its core business involves the acquisition of land, planning, designing, construction, and marketing of various types of properties. The company primarily develops and sells residential projects, including apartments and villas, and may also engage in commercial property development. It generates revenue and profit through the sale of developed real estate units to individual buyers and investors.

2. Key Segments / Revenue Mix

Given its sector, Alpine Housing's primary revenue streams are likely derived from:

Residential Projects: Sales of apartments, villas, and plotted developments.

Commercial Projects: Sales or leasing of office spaces, retail outlets, or other commercial developments (if applicable).

Without specific financial disclosures, the exact contribution of each segment is not publicly available, but residential development typically forms the largest segment for such companies in India.

3. Industry & Positioning

The Indian real estate industry is large, diverse, and competitive, characterized by cyclical demand, high capital intensity, and significant regulatory influence (e.g., RERA). It includes numerous national, regional, and local players. Alpine Housing Development Corporation Ltd. likely operates as a regional developer, potentially focusing on specific cities or micro-markets within India. Its positioning would depend on its target demographic (e.g., affordable, mid-income, luxury) and geographical footprint, competing with both established large players and other local developers for land, customers, and market share.

4. Competitive Advantage (Moat)

Without specific detailed information, it's challenging to identify a strong, durable moat. Potential competitive advantages for Alpine could include:

Local Expertise: Deep understanding of specific regional markets, land acquisition, and regulatory processes.

Execution Capability: A track record of timely project completion and quality construction within its niche.

Brand Reputation: A positive local brand reputation built over years of delivering projects, leading to repeat customers or referrals.

However, these are often not as strong as moats like extensive proprietary land banks, significant economies of scale, or strong national brand recognition enjoyed by larger, diversified developers.

5. Growth Drivers

Urbanization & Demographic Trends: Continued migration to urban centers and a growing young population in India drive demand for housing.

Rising Disposable Incomes: Increased purchasing power supports affordability and demand for better quality housing.

Government Initiatives: Policy support for affordable housing, infrastructure development, and ease of doing business in real estate.

Favorable Interest Rate Regime: Lower home loan interest rates make property purchases more accessible.

Successful Project Launches: Timely execution and delivery of new, well-received projects in high-demand areas.

6. Risks

Cyclical Nature of Real Estate: The industry is highly sensitive to economic cycles, interest rate changes, and consumer sentiment.

Regulatory & Environmental Risks: Changes in government policies (e.g., RERA, zoning laws, environmental clearances), land acquisition challenges, and legal disputes.

Competition: Intense competition from numerous national and regional developers, impacting pricing power and market share.

Funding & Liquidity Risks: Real estate projects are capital-intensive, requiring significant financing. Delays in sales or project completion can lead to liquidity issues and increased debt burden.

Input Cost Volatility: Fluctuations in prices of raw materials (cement, steel) and labor costs can impact project profitability.

Project Delays: Construction delays due to various factors can result in cost overruns and reputational damage.

7. Management & Ownership

Alpine Housing Development Corporation Ltd. is likely promoter-led, a common structure among Indian companies, particularly in the real estate sector. The promoters typically hold a significant equity stake, indicating a strong vested interest in the company's long-term performance. Management quality is generally assessed by their experience in the real estate sector, track record of project execution, financial prudence, and corporate governance practices. Specific details on individual management performance or ownership breakdown are not provided here.

8. Outlook

The outlook for Alpine Housing Development Corporation Ltd. is intertwined with the broader Indian real estate market dynamics. The company stands to benefit from India's long-term urbanization trends, rising disposable incomes, and government support for housing, which collectively drive sustained demand. Successful execution of current and future projects, prudent financial management, and effective land acquisition strategies will be critical for capitalizing on these tailwinds. However, the business faces inherent risks including the cyclical nature of real estate, intense competition, regulatory changes, and interest rate sensitivity. Sustained growth will depend on the company's ability to navigate these challenges, maintain a healthy balance sheet, and deliver quality projects in target markets.

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Alpine Hsg Dev. Corp Key Financials

Market Cap ₹158 Cr.

Stock P/E 45.9

P/B 1.8

Current Price ₹91

Book Value ₹ 50.2

Face Value 10

52W High ₹181

Dividend Yield 0%

52W Low ₹ 74.1

Alpine Hsg Dev. Corp Share Price

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Volume
Price

Alpine Hsg Dev. Corp Quarterly Price

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Alpine Hsg Dev. Corp Peer Comparison

Alpine Hsg Dev. Corp Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 13 12 15 12 10 22 15 17 15 22
Other Income 0 0 0 0 0 0 0 0 0 0
Total Income 13 12 15 12 10 22 15 17 15 22
Total Expenditure 12 11 13 10 8 19 12 16 14 19
Operating Profit 2 2 2 1 1 3 4 1 2 3
Interest 1 0 1 0 1 1 1 0 0 0
Depreciation 0 0 0 0 0 0 0 0 0 0
Exceptional Income / Expenses 0 0 -0 -0 0 0 -0 0 0 0
Profit Before Tax 1 1 1 1 1 2 3 1 1 3
Provision for Tax 0 0 0 0 0 0 1 -0 0 0
Profit After Tax 1 1 1 0 1 2 2 1 1 2
Adjustments 0 0 0 0 0 -0 0 0 0 0
Profit After Adjustments 1 1 1 0 1 2 2 1 1 2
Adjusted Earnings Per Share 0.5 0.4 0.7 0.3 0.3 1 1.3 0.3 0.4 1.3

Alpine Hsg Dev. Corp Profit & Loss

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
Net Sales 39 16 24 28 30 31 41 42 45 48 55 69
Other Income 1 1 1 1 1 1 2 1 1 1 3 0
Total Income 41 18 25 29 32 32 42 43 45 49 58 69
Total Expenditure 37 15 19 23 25 25 35 36 40 43 50 61
Operating Profit 4 3 7 6 6 7 7 7 6 6 7 10
Interest 1 1 1 1 2 2 3 3 3 2 2 1
Depreciation 1 1 1 1 1 1 1 1 1 1 1 0
Exceptional Income / Expenses -0 -0 -0 -0 0 -0 -0 -0 -0 -0 -0 0
Profit Before Tax 2 2 5 4 4 4 4 3 3 3 4 8
Provision for Tax 0 0 1 1 1 1 1 1 0 0 1 1
Profit After Tax 1 1 4 3 3 3 3 3 2 2 3 6
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 1 1 4 3 3 3 3 3 2 2 3 6
Adjusted Earnings Per Share 0.9 0.8 2.3 1.8 1.8 1.7 1.9 1.6 1.2 1.4 2 3.3

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 15% 9% 12% 3%
Operating Profit CAGR 17% 0% 0% 6%
PAT CAGR 50% 0% 0% 12%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -20% -7% 46% 18%
ROE Average 4% 3% 4% 4%
ROCE Average 6% 5% 5% 5%

Alpine Hsg Dev. Corp Balance Sheet

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Shareholder's Funds 53 54 57 60 62 65 69 71 74 76 79
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 3 17 15 40 34 36 18 16 32 10 10
Other Non-Current Liabilities 1 1 2 2 1 1 1 1 2 2 1
Total Current Liabilities 63 62 87 72 92 88 97 77 50 58 50
Total Liabilities 120 135 161 174 190 191 185 166 158 146 140
Fixed Assets 15 14 15 14 13 12 12 11 6 5 10
Other Non-Current Assets 4 4 2 3 3 3 3 4 18 17 16
Total Current Assets 101 116 143 157 175 176 170 150 134 123 115
Total Assets 120 135 161 174 190 191 185 166 158 146 140

Alpine Hsg Dev. Corp Cash Flow

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Opening Cash & Cash Equivalents 1 1 1 4 1 3 4 2 2 2 1
Cash Flow from Operating Activities 37 -12 1 -14 -15 10 14 4 -2 21 10
Cash Flow from Investing Activities -7 -1 -0 -0 1 -0 -1 0 0 0 -4
Cash Flow from Financing Activities -30 13 3 12 15 -9 -15 -4 2 -22 -4
Net Cash Inflow / Outflow 0 -0 4 -3 1 1 -2 0 -0 -1 2
Closing Cash & Cash Equivalent 1 1 4 1 3 4 2 2 2 1 3

Alpine Hsg Dev. Corp Ratios

# Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Earnings Per Share (Rs) 0.86 0.83 2.34 1.75 1.81 1.71 1.9 1.64 1.2 1.37 1.98
CEPS(Rs) 1.49 1.46 2.81 2.25 2.21 2.16 2.35 2.05 1.53 1.81 2.54
DPS(Rs) 1 1 0.6 0.5 0 0 0 0 0 0 0.5
Book NAV/Share(Rs) 30.76 31.14 32.87 34.65 36.01 37.72 39.63 41.27 42.47 43.84 45.82
Core EBITDA Margin(%) 6.1 11.65 22.92 16.86 16.12 18.58 14.55 13.71 11.24 9.7 8.15
EBIT Margin(%) 6.05 12.66 24.4 17.51 18.51 20.03 16.23 14.35 11.31 10.39 11.25
Pre Tax Margin(%) 4.35 9.36 21.8 13.38 12.39 12.15 9.55 8.12 5.63 5.83 7.42
PAT Margin (%) 3.79 8.75 16.89 10.9 10.34 9.56 8.12 6.74 4.64 4.98 6.26
Cash Profit Margin (%) 6.6 15.44 20.31 14 12.65 12.09 10.04 8.41 5.89 6.56 8.01
ROA(%) 1.21 1.13 2.74 1.81 1.72 1.55 1.75 1.62 1.28 1.57 2.4
ROE(%) 2.81 2.68 7.31 5.19 5.11 4.63 4.92 4.06 2.87 3.18 4.42
ROCE(%) 2.53 2.41 6.13 4.61 4.6 4.86 5.54 5.36 4.4 4.6 6.37
Receivable days 201.69 395.89 256.65 176.11 174.58 164.4 149.18 201.45 238.05 258.41 204.74
Inventory Days 543.26 1351.1 1262.95 1352.83 1354.95 1392.6 1001.56 856.31 703.03 542.47 386.78
Payable days 94.02 328.63 120.96 593.99 296.3 342.41 116.76 89.85 34.9 35.29 43.58
PER(x) 11.58 11.85 7.77 11.67 11.73 9.74 4.6 8.22 31.29 85.91 75.46
Price/Book(x) 0.32 0.32 0.55 0.59 0.59 0.44 0.22 0.33 0.89 2.69 3.26
Dividend Yield(%) 3.77 3.82 2.47 1.83 0 0 0 0 0 0 0.33
EV/Net Sales(x) 1.09 3.36 2.85 3.13 3.37 2.73 1.41 1.48 2.39 4.72 4.98
EV/Core EBITDA(x) 11.5 17.31 10.06 15.16 16.23 12.1 7.72 9.18 18.96 39.13 38.16
Net Sales Growth(%) 27.57 -58.11 46.19 15.92 8.74 2.34 31.01 3.92 6.49 6.22 15.1
EBIT Growth(%) 4.78 -12.35 181.71 -16.82 15.02 10.67 6.2 -8.08 -16.16 -2.42 24.66
PAT Growth(%) 33.05 -3.4 182.2 -25.19 3.22 -5.46 11.33 -13.72 -26.79 14.12 44.52
EPS Growth(%) 33.05 -3.4 182.2 -25.19 3.22 -5.44 11.33 -13.72 -26.79 14.12 44.52
Debt/Equity(x) 0.49 0.72 0.72 0.88 1.09 0.91 0.65 0.58 0.6 0.28 0.21
Current Ratio(x) 1.61 1.87 1.65 2.17 1.89 2 1.75 1.95 2.67 2.13 2.29
Quick Ratio(x) 0.74 0.8 0.5 0.7 0.62 0.65 0.67 0.74 1.09 1.06 1.21
Interest Cover(x) 3.56 3.83 9.38 4.24 3.03 2.54 2.43 2.3 1.99 2.28 2.94
Total Debt/Mcap(x) 1.52 2.28 1.31 1.5 1.85 2.06 2.93 1.77 0.68 0.11 0.07

Alpine Hsg Dev. Corp Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 73.86 73.86 73.86 73.86 73.86 73.86 73.86 73.86 73.86 73.86
FII 0 0 0 0 0 0 0 0 0 0
DII 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21
Public 25.93 25.93 25.93 25.93 25.93 25.93 25.93 25.93 25.93 25.93
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Alpine Hsg Dev. Corp News

Alpine Hsg Dev. Corp Pros & Cons

Pros

  • Company is almost debt free.

Cons

  • Company has a low return on equity of 3% over the last 3 years.
  • Debtor days have increased from 35.29 to 43.58days.
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