WEBSITE BSE:526519 NSE: ALPINE HSG. Inc. Year: 1992 Industry: Construction - Real Estate My Bucket: Add Stock
Last updated: 10:19
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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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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
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(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 |
| #(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 |
| # | 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% |
| #(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 |
| #(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 |
| # | 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 |
| # | 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 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.28 | 1.28 | 1.28 | 1.28 | 1.28 | 1.28 | 1.28 | 1.28 | 1.28 | 1.28 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.73 | 1.73 | 1.73 | 1.73 | 1.73 | 1.73 | 1.73 | 1.73 | 1.73 | 1.73 |
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