WEBSITE BSE:539099 NSE: ATHCON Inc. Year: 2011 Industry: Construction - Real Estate My Bucket: Add Stock
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1. Business Overview
Athena Constructions Ltd. operates in the Construction - Real Estate sector in India. Its core business involves undertaking various construction projects and potentially engaging in real estate development. This typically includes building residential complexes, commercial properties, and possibly infrastructure projects (roads, bridges, etc.) for clients or for self-development and sale. The company primarily generates revenue through project completion payments, sales of developed properties, and potentially rental income from commercial assets.
2. Key Segments / Revenue Mix
Without specific company data, the exact revenue mix is not available. However, based on the industry, Athena Constructions Ltd. likely operates across segments such as:
Residential Construction/Development: Building and selling apartments, villas, and housing societies.
Commercial Construction/Development: Developing office spaces, retail outlets, shopping malls.
Contracting Services: Undertaking construction projects for government bodies or private developers.
The contribution from each segment would depend on its project portfolio and strategic focus.
3. Industry & Positioning
The Construction - Real Estate industry in India is highly fragmented, capital-intensive, and cyclical. It is significantly influenced by economic growth, interest rates, government policies, and urbanization trends. Competition is intense, with a mix of large national players, regional developers, and local contractors. Without specific market share or operational details, Athena Constructions Ltd. likely competes on factors such as project quality, timely delivery, pricing, local market understanding, and relationships with regulatory bodies and suppliers. Its positioning could range from a niche regional player to a broader developer, depending on its project scale and geographical reach.
4. Competitive Advantage (Moat)
Without specific information, it is challenging to identify a strong, durable competitive advantage for Athena Constructions Ltd. Potential sources of a moat in the construction and real estate sector could include:
Execution Capability: A proven track record of timely and quality project delivery.
Strong Brand Reputation: For reliability and quality in specific markets.
Land Bank (if a developer): Strategic acquisition of prime land parcels at favorable costs.
Local Relationships: Strong ties with local authorities, suppliers, and skilled labor.
Cost Efficiency: Ability to execute projects at a lower cost structure than competitors.
However, these are generally difficult to maintain in a highly competitive market without significant scale or unique assets.
5. Growth Drivers
Key factors that can drive growth for Athena Constructions Ltd. over the next 3-5 years include:
Urbanization and Population Growth: Increasing demand for housing and commercial spaces in urban and peri-urban areas.
Government Infrastructure Spending: Public investment in roads, railways, airports, and other infrastructure projects.
Rising Disposable Incomes: Leading to increased affordability and demand for quality real estate.
Favorable Regulatory Environment: Policy support for housing, smart cities, and infrastructure development.
Industrial and Commercial Expansion: Demand for new manufacturing units, warehouses, and office spaces.
6. Risks
Athena Constructions Ltd. faces several inherent risks associated with the Construction - Real Estate sector:
Cyclicality: The real estate market is highly sensitive to economic downturns, interest rate changes, and consumer sentiment.
Regulatory & Permitting Risks: Delays in obtaining approvals, changes in environmental regulations, and land acquisition issues.
Financing Risks: High capital intensity requiring significant debt, exposure to rising interest rates, and funding availability challenges.
Input Cost Volatility: Fluctuations in prices of raw materials (cement, steel), labor costs, and fuel can impact project profitability.
Project Execution Risks: Delays, cost overruns, quality issues, and unforeseen technical challenges.
Competition: Intense competition from established players and new entrants leading to pricing pressures.
7. Management & Ownership
In India, many companies, especially in this sector, are promoted by founding families or individuals. "Promoters" typically hold a significant stake and exert considerable influence over strategic decisions and operations. Without specific information, it is not possible to comment on the specific quality, experience, or track record of Athena Constructions Ltd.'s management team or the detailed ownership structure beyond the general understanding of a promoter-led company in India.
8. Outlook
Athena Constructions Ltd., as a player in the Indian Construction - Real Estate sector, stands to benefit from long-term tailwinds such as urbanization, growing population, and government impetus on infrastructure and affordable housing. These macro factors provide a strong demand base for construction and real estate development. However, the company operates in a highly cyclical and competitive environment, exposed to significant risks including fluctuating input costs, regulatory hurdles, financing challenges, and sensitivity to economic cycles. Success will largely depend on its ability to manage project execution efficiently, secure timely approvals, maintain healthy financial leverage, and adapt to evolving market conditions and consumer preferences.
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Market Cap ₹4 Cr.
Stock P/E -4.8
P/B 0.6
Current Price ₹4.8
Book Value ₹ 8.7
Face Value 10
52W High ₹9.8
Dividend Yield 0%
52W Low ₹ 3.5
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
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| Net Sales |
| Other Income |
| Total Income |
| Total Expenditure |
| Operating Profit |
| Interest |
| Depreciation |
| Exceptional Income / Expenses |
| Profit Before Tax |
| Provision for Tax |
| Profit After Tax |
| Adjustments |
| Profit After Adjustments |
| Adjusted Earnings Per Share |
| #(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 | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 1 | 1 | 1 | 0 | |
| Other Income | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Total Income | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 1 | 1 | 1 | 0 | |
| Total Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Operating Profit | 0 | 0 | 0 | 0 | 0 | -0 | -0 | 1 | 0 | 0 | -0 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit Before Tax | 0 | 0 | 0 | 0 | -0 | -0 | -0 | 1 | 0 | -0 | -1 | |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | -0 | |
| Profit After Tax | 0 | 0 | 0 | 0 | -0 | -0 | -0 | 1 | 0 | -0 | -1 | |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit After Adjustments | 0 | 0 | 0 | 0 | -0 | -0 | -0 | 1 | 0 | -0 | -1 | |
| Adjusted Earnings Per Share | 0 | 0 | 0 | 0.1 | -0.2 | -0.4 | -0.4 | 0.7 | 0 | -0.2 | -1 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -100% | -100% | 0% | -100% |
| Operating Profit CAGR | 0% | -100% | 0% | 0% |
| PAT CAGR | 0% | NAN% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -43% | -32% | -4% | -18% |
| ROE Average | -11% | -4% | -2% | -1% |
| ROCE Average | -4% | 0% | 2% | 2% |
| #(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 | 7 | 8 | 8 | 8 | 8 | 7 | 7 | 7 | 7 | 7 | 7 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 4 | 3 | 3 | 4 | 3 | 3 | 5 | 9 | 9 | 3 | 3 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 9 | 9 | 7 | 5 | 5 | 6 | 5 | 5 | 4 | 1 | 11 |
| Total Liabilities | 20 | 19 | 18 | 17 | 16 | 16 | 16 | 22 | 20 | 12 | 21 |
| Fixed Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 16 | 10 | 9 | 7 | 7 | 7 | 7 | 14 | 17 | 9 | 6 |
| Total Current Assets | 5 | 9 | 9 | 9 | 9 | 9 | 9 | 8 | 3 | 3 | 15 |
| Total Assets | 20 | 19 | 18 | 17 | 16 | 16 | 16 | 22 | 20 | 12 | 21 |
| #(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 | 0 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | 6 | 0 | -1 | -1 | 0 | 0 | -1 | 3 | 4 | -3 | 0 |
| Cash Flow from Investing Activities | -0 | 1 | 1 | 1 | 0 | 0 | 0 | -7 | -3 | 9 | -0 |
| Cash Flow from Financing Activities | -4 | -4 | 0 | 0 | -0 | -0 | -0 | 4 | -1 | -6 | -0 |
| Net Cash Inflow / Outflow | 2 | -2 | -0 | 0 | -0 | 0 | -1 | 0 | -0 | 0 | -0 |
| Closing Cash & Cash Equivalent | 2 | 0 | 0 | 0 | 0 | 0 | -1 | 0 | 0 | 0 | 0 |
| # | 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) | 0 | 0.03 | 0.02 | 0.06 | -0.18 | -0.41 | -0.44 | 0.67 | 0.03 | -0.2 | -0.99 |
| CEPS(Rs) | 0.05 | 0.03 | 0.02 | 0.06 | -0.18 | -0.4 | -0.44 | 0.67 | 0.03 | -0.2 | -0.99 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 0 | 10.14 | 10.16 | 10.22 | 10.04 | 9.64 | 9.2 | 9.87 | 9.89 | 9.69 | 8.7 |
| Core EBITDA Margin(%) | 29.7 | 0 | 40.23 | 53.52 | 53.06 | 0 | 0 | 90.32 | 80.05 | 37.92 | 0 |
| EBIT Margin(%) | 45.38 | 0 | 61.27 | 53.4 | 57.63 | 0 | 0 | 90.32 | 81.83 | 37.85 | 0 |
| Pre Tax Margin(%) | 5.03 | 0 | 11 | 8.85 | -41.61 | 0 | 0 | 46.26 | 3.88 | -22.08 | 0 |
| PAT Margin (%) | 3.47 | 0 | 3.51 | 6.57 | -41.61 | 0 | 0 | 46.26 | 3.88 | -20.2 | 0 |
| Cash Profit Margin (%) | 3.71 | 0 | 3.75 | 6.69 | -41.5 | 0 | 0 | 46.26 | 3.95 | -20.13 | 0 |
| ROA(%) | 0.11 | 0.12 | 0.09 | 0.27 | -0.81 | -1.85 | -2.02 | 2.65 | 0.1 | -0.93 | -4.55 |
| ROE(%) | 0.76 | 0.37 | 0.22 | 0.61 | -1.75 | -4.12 | -4.68 | 7.03 | 0.29 | -2.07 | -10.77 |
| ROCE(%) | 3.17 | 2.56 | 2.76 | 3.45 | 1.66 | -0.18 | -0.35 | 6.94 | 2.69 | 2.12 | -3.67 |
| Receivable days | 134.79 | 0 | 353.01 | 231.51 | 647.36 | 0 | 0 | 182.66 | 0 | 0 | 0 |
| Inventory Days | 0 | 0 | 5582.95 | 3702.27 | 8199.95 | 0 | 0 | 2382.58 | 3402.33 | 1477.01 | 0 |
| Payable days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PER(x) | 0 | 1226.11 | 1547.1 | 263.38 | 0 | 0 | 0 | 17.32 | 853.9 | 0 | 0 |
| Price/Book(x) | 0 | 3.8 | 3.35 | 1.6 | 1.54 | 0 | 0.87 | 1.18 | 2.43 | 1.27 | 0.98 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 10.69 | 0 | 60.88 | 22.27 | 47.01 | 0 | 0 | 16.66 | 49.4 | 16.76 | 0 |
| EV/Core EBITDA(x) | 23.44 | 113.81 | 98.98 | 41.62 | 81.42 | -574.37 | -276.58 | 18.44 | 60.33 | 44.2 | -26.02 |
| Net Sales Growth(%) | -51.5 | -100 | 0 | 50.8 | -54.85 | -100 | 0 | 0 | -49.93 | 38.56 | -100 |
| EBIT Growth(%) | -12.57 | -2.02 | 4.76 | 31.43 | -51.27 | -110.38 | -99.21 | 2672.1 | -54.63 | -35.92 | -232.36 |
| PAT Growth(%) | -90.28 | 9.56 | -29.95 | 182.47 | -386.03 | -128.2 | -8.79 | 251.97 | -95.8 | -820.87 | -387.87 |
| EPS Growth(%) | 0 | 0 | -30.01 | 182.47 | -386.03 | -128.21 | -8.79 | 251.97 | -95.79 | -819.86 | -387.83 |
| Debt/Equity(x) | 0.78 | 0.33 | 0.41 | 0.46 | 0.46 | 0.47 | 0.66 | 1.27 | 1.19 | 0.47 | 0.51 |
| Current Ratio(x) | 0.52 | 1.06 | 1.3 | 1.73 | 1.74 | 1.63 | 1.91 | 1.61 | 0.76 | 2.34 | 1.39 |
| Quick Ratio(x) | 0.52 | 0.22 | 0.27 | 0.38 | 0.41 | 0.4 | 0.47 | 0.11 | 0.04 | 0.21 | 1.1 |
| Interest Cover(x) | 1.12 | 1.14 | 1.22 | 1.2 | 0.58 | -0.07 | -0.13 | 2.05 | 1.05 | 0.63 | -1.03 |
| Total Debt/Mcap(x) | 0 | 0.09 | 0.12 | 0.29 | 0.3 | 0 | 0.76 | 1.08 | 0.49 | 0.37 | 0.53 |
| # | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 37.65 | 37.65 | 37.65 | 37.92 | 37.92 | 37.92 | 37.92 | 37.92 | 37.92 | 37.92 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 62.35 | 62.35 | 62.35 | 62.08 | 62.08 | 62.08 | 62.08 | 62.08 | 62.08 | 62.08 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.47 | 0.47 | 0.47 | 0.47 | 0.47 | 0.47 | 0.47 | 0.47 | 0.47 | 0.47 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 |
* The pros and cons are machine generated.
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