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Ansal Buildwell Overview

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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Ansal Buildwell Key Financials

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

Ansal Buildwell Share Price

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Volume
Price

Ansal Buildwell Quarterly Price

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Ansal Buildwell Peer Comparison

Ansal Buildwell 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 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

Ansal Buildwell Profit & Loss

#(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

Growth Rates

# 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%

Ansal Buildwell Balance Sheet

#(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

Ansal Buildwell Cash Flow

#(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

Ansal Buildwell Ratios

# 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

Ansal Buildwell Shareholding Pattern

# 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

Ansal Buildwell News

Ansal Buildwell Pros & Cons

Pros

  • Stock is trading at 0.6 times its book value
  • Company has delivered good profit growth of 37% CAGR over last 5 years
  • Debtor days have improved from -118.71 to -1739.88days.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 4% over the last 3 years.
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