WEBSITE BSE:523007 NSE: ANSAL BUILD. Inc. Year: 1983 Industry: Construction - Real Estate My Bucket: Add Stock
Last updated: 11:31
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1. Business Overview
Ansal Buildwell Ltd. is an Indian real estate development company primarily engaged in the construction and development of residential, commercial, and integrated township projects. Its core business model involves acquiring land, developing properties (either independently or through joint ventures), and generating revenue through the sale of these developed properties (apartments, villas, plots, office spaces, retail units). The company also undertakes construction contracts. It makes money by selling properties at a margin above its land acquisition, construction, and associated development costs.
2. Key Segments / Revenue Mix
The company's revenue primarily stems from its real estate development activities. While a precise percentage breakdown of residential vs. commercial segments isn't consistently provided publicly, its portfolio generally includes:
Residential Projects: Apartments, independent floors, villas, and plotted developments.
Commercial Projects: Office spaces, retail outlets, and shopping complexes.
Integrated Townships: Large-scale developments combining residential, commercial, and often institutional or recreational facilities.
Historically, residential projects have likely formed a significant portion of its sales, especially in its focus regions.
3. Industry & Positioning
Ansal Buildwell operates within the highly competitive and fragmented Indian real estate sector. The industry is characterized by numerous national, regional, and local players, with intense competition for land parcels, project financing, and customer acquisition. Major players include DLF, Godrej Properties, Prestige Estates, and Sobha Ltd. Ansal Buildwell is an established, legacy player with a history spanning several decades, particularly active in North India (Delhi-NCR, Uttar Pradesh, Punjab, Haryana). While once a prominent developer, it now faces strong competition from larger, often better-capitalized and more agile developers who have gained market share through aggressive project launches and execution. The company's positioning is that of an experienced, regional player, but it contends with a crowded market.
4. Competitive Advantage (Moat)
Ansal Buildwell's primary historical competitive advantages have been:
Brand Recognition: A long-standing brand name in North India, which historically commanded trust.
Land Bank: Ownership or control over significant land parcels in strategic locations, accumulated over decades.
However, the strength of this moat has been challenged due to increased competition and past issues affecting project delivery and customer confidence. While the land bank remains an asset, its development potential is subject to market conditions, regulatory approvals, and financial capacity.
5. Growth Drivers
Key factors that can drive Ansal Buildwell's growth include:
Urbanization & Population Growth: Continued migration to urban centers fuels demand for housing and commercial spaces.
Government Initiatives: Policies promoting affordable housing, infrastructure development, and ease of doing business in real estate.
New Project Launches: Successful acquisition and development of new projects, especially in high-growth corridors.
Timely Project Completion: Improved execution capabilities leading to faster delivery and increased customer trust.
Debt Reduction & Financial Restructuring: Ability to manage its legacy debt and improve financial health for future expansion.
6. Risks
Real Estate Cyclicality: The sector is highly sensitive to economic cycles, interest rate changes, and consumer sentiment.
Regulatory & Policy Risks: Frequent changes in real estate regulations (e.g., RERA, land acquisition laws, environmental norms) can impact project timelines and costs.
Funding Challenges: Real estate is capital-intensive, and access to timely and cost-effective financing is crucial. High debt levels or difficulty securing funds can hinder growth.
Intense Competition: Fierce competition from other developers can lead to pricing pressures and margin erosion.
Project Delays & Execution Risk: Delays in obtaining approvals, construction, or litigation can lead to cost overruns, customer dissatisfaction, and reputational damage. The Ansal Group has historically faced challenges related to project delays.
Litigation & Compliance: Exposure to legal challenges from customers, regulatory bodies, or partners regarding project delivery, land titles, or environmental compliance.
7. Management & Ownership
Ansal Buildwell Ltd. is part of the Ansal Group and is largely controlled by the promoter family. Mr. Sushil Ansal is a key figure associated with the management. Ownership is primarily held by the promoter group, which is common among Indian companies. The quality of management is often assessed based on its ability to navigate industry challenges, ensure timely project completion, and maintain financial stability. Given some of the group's past challenges, management's strategic direction and execution capabilities in the current competitive environment are critical.
8. Outlook
Ansal Buildwell operates in a structurally growing Indian real estate market driven by urbanization and demand for modern living and working spaces. The company benefits from a recognized brand name in North India and a historical land bank. However, its future trajectory is contingent on addressing legacy challenges, primarily timely project execution, effective debt management, and regaining robust customer confidence in a highly competitive landscape. Success will depend on its ability to launch and deliver new projects efficiently, adapt to evolving market dynamics, and ensure financial discipline. The outlook is balanced, acknowledging both the underlying market potential and the specific operational and financial hurdles the company has faced and continues to navigate.
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Market Cap ₹73 Cr.
Stock P/E 13.4
P/B 0.6
Current Price ₹99
Book Value ₹ 178.6
Face Value 10
52W High ₹157.7
Dividend Yield 1.01%
52W Low ₹ 79
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 | 12 | 24 | 3 | 19 | 6 | 9 | 15 | 10 | 16 | 2 |
| Other Income | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 1 |
| Total Income | 12 | 25 | 4 | 20 | 7 | 10 | 17 | 11 | 17 | 2 |
| Total Expenditure | 6 | 7 | 5 | 11 | 7 | 6 | 10 | 7 | 9 | 6 |
| Operating Profit | 6 | 18 | -1 | 9 | -1 | 3 | 7 | 4 | 8 | -4 |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 1 | 1 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 5 | 16 | -3 | 7 | -2 | 2 | 5 | 2 | 6 | -5 |
| Provision for Tax | 1 | 0 | 5 | 2 | -0 | 0 | 4 | 0 | 2 | -1 |
| Profit After Tax | 4 | 16 | -8 | 5 | -2 | 1 | 0 | 1 | 4 | -4 |
| Adjustments | 3 | -0 | 3 | 2 | -3 | -1 | 4 | 0 | 0 | 0 |
| Profit After Adjustments | 7 | 16 | -5 | 8 | -5 | 0 | 5 | 1 | 5 | -4 |
| Adjusted Earnings Per Share | 9 | 21.8 | -6.8 | 10.5 | -6.3 | 0.4 | 6.1 | 1.7 | 6.3 | -4.9 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 123 | 96 | 51 | 72 | 44 | 63 | 73 | 188 | 33 | 41 | 49 | 43 |
| Other Income | 2 | 3 | 2 | 3 | 3 | 3 | 2 | 3 | 32 | 3 | 4 | 5 |
| Total Income | 124 | 99 | 53 | 75 | 47 | 67 | 75 | 191 | 65 | 44 | 53 | 47 |
| Total Expenditure | 99 | 73 | 38 | 55 | 33 | 49 | 58 | 164 | 59 | 21 | 34 | 32 |
| Operating Profit | 25 | 27 | 15 | 20 | 14 | 17 | 18 | 27 | 6 | 23 | 19 | 15 |
| Interest | 9 | 13 | 13 | 13 | 21 | 12 | 9 | 6 | 4 | 6 | 5 | 4 |
| Depreciation | 2 | 2 | 2 | 1 | 1 | 4 | 1 | 4 | 1 | 2 | 2 | 4 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 14 | 12 | 0 | 5 | -7 | 1 | 7 | 17 | 1 | 15 | 11 | 8 |
| Provision for Tax | 6 | 4 | 2 | 4 | 1 | 0 | 0 | 7 | 2 | 6 | 6 | 5 |
| Profit After Tax | 9 | 8 | -1 | 1 | -8 | 1 | 7 | 10 | -1 | 10 | 5 | 1 |
| Adjustments | 0 | 0 | 0 | -0 | -0 | -0 | -0 | 1 | -2 | 5 | 3 | 4 |
| Profit After Adjustments | 9 | 8 | -1 | 1 | -9 | 0 | 7 | 11 | -3 | 15 | 8 | 7 |
| Adjusted Earnings Per Share | 12.1 | 10.2 | -1.3 | 1.4 | -11.5 | 0.6 | 9 | 15.4 | -3.8 | 19.6 | 10.8 | 9.2 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 20% | -36% | -5% | -9% |
| Operating Profit CAGR | -17% | -11% | 2% | -3% |
| PAT CAGR | -50% | -21% | 38% | -6% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -20% | 11% | 18% | 2% |
| ROE Average | 4% | 4% | 6% | 4% |
| ROCE Average | 10% | 9% | 11% | 11% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 93 | 100 | 99 | 100 | 92 | 92 | 98 | 111 | 109 | 123 | 130 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 28 | 46 | 47 | 33 | 27 | 18 | 18 | 2 | 3 | 7 | 9 |
| Other Non-Current Liabilities | 8 | 9 | 9 | 9 | 9 | 10 | 12 | 13 | 23 | 23 | 26 |
| Total Current Liabilities | 218 | 218 | 166 | 177 | 199 | 221 | 225 | 342 | 339 | 364 | 368 |
| Total Liabilities | 348 | 373 | 321 | 320 | 327 | 341 | 354 | 468 | 473 | 517 | 533 |
| Fixed Assets | 13 | 13 | 4 | 4 | 3 | 4 | 3 | 5 | 5 | 3 | 7 |
| Other Non-Current Assets | 12 | 13 | 17 | 17 | 18 | 16 | 34 | 70 | 58 | 56 | 59 |
| Total Current Assets | 322 | 347 | 300 | 299 | 306 | 321 | 317 | 393 | 410 | 457 | 467 |
| Total Assets | 348 | 373 | 321 | 320 | 327 | 341 | 354 | 468 | 473 | 517 | 533 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 4 | 8 | 4 | 3 | -18 | -17 | -17 | -2 | -15 | -16 | 0 |
| Cash Flow from Operating Activities | -6 | -7 | 17 | 23 | 20 | 32 | 24 | 61 | 1 | 20 | -4 |
| Cash Flow from Investing Activities | 2 | -1 | 0 | -1 | 1 | -4 | 0 | -38 | -0 | -0 | -14 |
| Cash Flow from Financing Activities | 7 | 5 | -17 | -24 | -20 | -28 | -9 | -35 | -2 | -3 | 4 |
| Net Cash Inflow / Outflow | 4 | -3 | -1 | -2 | 1 | 0 | 15 | -12 | -1 | 16 | -14 |
| Closing Cash & Cash Equivalent | 8 | 5 | 3 | 1 | -17 | -17 | -2 | -15 | -16 | 0 | -13 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 12.15 | 10.18 | -1.33 | 1.42 | -11.52 | 0.62 | 9.05 | 15.37 | -3.82 | 19.65 | 10.78 |
| CEPS(Rs) | 15.47 | 12.68 | 0.43 | 3.42 | -10.11 | 6.09 | 11.53 | 18.7 | -0.42 | 16.14 | 10.52 |
| DPS(Rs) | 1 | 0.8 | 0 | 0.5 | 0 | 0 | 0.5 | 0 | 0 | 1 | 1 |
| Book NAV/Share(Rs) | 126.23 | 135.44 | 134.06 | 135.92 | 124.02 | 124.41 | 133.34 | 150.92 | 147.48 | 166.11 | 175.62 |
| Core EBITDA Margin(%) | 19.48 | 24.52 | 25.15 | 23.56 | 25.34 | 22.21 | 21.01 | 12.72 | -79.45 | 49.12 | 29.48 |
| EBIT Margin(%) | 18.78 | 25.89 | 27.02 | 25.97 | 30.2 | 21.38 | 22.01 | 12.49 | 16.46 | 50.35 | 33.47 |
| Pre Tax Margin(%) | 11.82 | 12.49 | 0.7 | 7.44 | -17.03 | 1.85 | 9.94 | 9.14 | 3.74 | 36.92 | 23.51 |
| PAT Margin (%) | 7.31 | 7.82 | -2.34 | 1.96 | -19.1 | 1.33 | 9.64 | 5.34 | -3.57 | 23.28 | 11.12 |
| Cash Profit Margin (%) | 9.32 | 9.74 | 0.63 | 3.51 | -16.98 | 7.09 | 11.66 | 7.36 | -0.95 | 28.81 | 15.89 |
| ROA(%) | 2.6 | 2.08 | -0.34 | 0.44 | -2.6 | 0.25 | 2.02 | 2.44 | -0.25 | 1.95 | 1.04 |
| ROE(%) | 10.06 | 7.78 | -1.19 | 1.42 | -8.75 | 0.92 | 7.39 | 9.54 | -1.06 | 8.32 | 4.31 |
| ROCE(%) | 15.1 | 13.98 | 7.31 | 10.36 | 7.78 | 8.57 | 10.62 | 16.21 | 3.89 | 14.19 | 10.16 |
| Receivable days | 31.49 | 55 | 93.66 | 33.42 | 48.4 | 44.12 | 30.33 | 2.71 | 6.17 | 0.82 | 0.97 |
| Inventory Days | 764.2 | 1017.05 | 1881.98 | 1252.86 | 2055.23 | 1420.86 | 1190.55 | 544.62 | 3703.77 | 3120.33 | 2811.89 |
| Payable days | 0 | -667.69 | -303.42 | 423.54 | 3771.1 | 119.44 | 40.3 | 48.42 | 105.7 | -118.71 | -1739.88 |
| PER(x) | 5.35 | 6.81 | 0 | 54.66 | 0 | 33.32 | 4.66 | 6.15 | 0 | 7.38 | 9.5 |
| Price/Book(x) | 0.51 | 0.51 | 0.4 | 0.57 | 0.38 | 0.17 | 0.32 | 0.63 | 0.49 | 0.87 | 0.58 |
| Dividend Yield(%) | 1.54 | 1.15 | 0 | 0.64 | 0 | 0 | 1.18 | 0 | 0 | 0.69 | 0.98 |
| EV/Net Sales(x) | 0.89 | 1.38 | 2.32 | 1.75 | 2.31 | 1.05 | 0.92 | 0.45 | 2.23 | 2.73 | 1.88 |
| EV/Core EBITDA(x) | 4.3 | 4.95 | 7.73 | 6.35 | 7.13 | 3.86 | 3.81 | 3.1 | 11.66 | 4.88 | 4.92 |
| Net Sales Growth(%) | -15.41 | -21.56 | -47.16 | 41.47 | -38.86 | 44.3 | 15.05 | 157.21 | -82.59 | 26.62 | 18.16 |
| EBIT Growth(%) | -12.92 | 8.1 | -44.85 | 35.93 | -28.88 | 2.13 | 18.45 | 45.91 | -77.06 | 287.37 | -21.44 |
| PAT Growth(%) | -16.45 | -16.19 | -115.82 | 218.71 | -694.83 | 110.04 | 734.73 | 42.45 | -111.66 | 924.67 | -43.54 |
| EPS Growth(%) | 0 | -16.19 | -113.1 | 206.65 | -909.87 | 105.38 | 1360.08 | 69.88 | -124.85 | 614.46 | -45.13 |
| Debt/Equity(x) | 0.77 | 0.91 | 0.87 | 0.75 | 0.81 | 0.64 | 0.54 | 0.23 | 0.28 | 0.26 | 0.29 |
| Current Ratio(x) | 1.48 | 1.59 | 1.81 | 1.69 | 1.54 | 1.45 | 1.41 | 1.15 | 1.21 | 1.26 | 1.27 |
| Quick Ratio(x) | 0.28 | 0.33 | 0.31 | 0.31 | 0.28 | 0.35 | 0.37 | 0.19 | 0.22 | 0.23 | 0.23 |
| Interest Cover(x) | 2.7 | 1.93 | 1.03 | 1.4 | 0.64 | 1.09 | 1.82 | 3.73 | 1.29 | 3.75 | 3.36 |
| Total Debt/Mcap(x) | 1.5 | 1.78 | 2.17 | 1.31 | 2.14 | 3.86 | 1.71 | 0.37 | 0.58 | 0.3 | 0.5 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 54.82 | 54.82 | 54.82 | 54.82 | 54.82 | 54.82 | 54.82 | 54.82 | 54.82 | 54.82 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| Public | 45.15 | 45.15 | 45.15 | 45.15 | 45.15 | 45.15 | 45.15 | 45.15 | 45.16 | 45.16 |
| 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 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.33 | 0.33 | 0.33 | 0.33 | 0.33 | 0.33 | 0.33 | 0.33 | 0.33 | 0.33 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 |
* The pros and cons are machine generated.
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