Construction - Real Estate · Founded 1987 · www.countrycondos.co.in · BSE 531624 · NSE COUNTRY COND · ISIN INE695B01025
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Business
Country Condo's Ltd. operates in the Construction and Real Estate sector in India. Its core business involves the development, construction, and sale of various real estate properties. While specific project types are not detailed, the company name "Condo's" suggests a focus on apartment or condominium complexes, potentially catering to a specific market segment (e.g., resort-style living, second homes, or properties in non-metro areas given "Country"). The company primarily generates revenue through the sale of developed residential and potentially commercial units, and possibly through land development or plotted housing projects.
Revenue Mix
Given the limited information, a detailed breakdown of revenue mix or specific business segments is not available. However, for a real estate company, typical segments would include:
Residential Development: Sale of apartments, villas, and plotted land.
Commercial Development: Sale or lease of office spaces, retail outlets, or integrated townships.
It is likely that residential development forms the primary segment based on the company name.
Industry
The Indian real estate industry is large, highly competitive, and largely fragmented, with numerous national, regional, and local players. It is also cyclical, heavily influenced by economic growth, interest rates, government policies, and consumer sentiment. Country Condo's Ltd. likely operates as a regional player within specific geographic pockets in India, potentially targeting mid-income or leisure housing segments based on its branding. Without market share or project scale data, it is difficult to ascertain its precise positioning relative to larger, pan-India developers or specialized niche players.
MOAT
Country Condo's Ltd., based on the limited information, does not appear to possess strong, readily identifiable durable competitive advantages (moats). In the real estate sector, potential moats can arise from:
Strategic Land Bank: Acquisition of prime land at favorable costs.
Brand Reputation: Strong trust and quality perception among buyers, leading to repeat business.
Execution Excellence: Timely project delivery and quality construction.
Niche Expertise: Dominance in a specific market segment (e.g., affordable housing, luxury villas).
Given the general nature, any advantage would likely stem from local market expertise, efficient project execution, or cost-effective land acquisition in its operational areas.
Growth Drivers
Key factors that could drive growth for Country Condo's Ltd. over the next 3-5 years include:
Urbanization and Demographic Shifts: Continued migration to urban and semi-urban areas driving housing demand.
Rising Disposable Incomes: Increasing purchasing power of the middle class, especially for larger or better-quality homes.
Government Initiatives: Support for affordable housing, infrastructure development (improving connectivity), and favorable regulatory reforms (e.g., RERA implementation bringing transparency).
Favorable Interest Rate Regime: Lower home loan interest rates making property more accessible.
Geographic Expansion: Successful entry into new, underserved regional markets or diversification into related property types.
Risks
Country Condo's Ltd. faces several risks inherent to the real estate sector:
Cyclicality: The real estate market is highly sensitive to economic downturns, impacting demand and pricing.
Interest Rate Fluctuations: Higher interest rates can reduce housing affordability and increase borrowing costs for the company.
Regulatory & Policy Changes: Amendments to land acquisition laws, environmental regulations, or taxation policies can impact project viability and timelines.
Land Acquisition Challenges: Difficulty and cost associated with acquiring suitable land parcels.
Funding & Liquidity Risk: Reliance on debt financing and potential challenges in securing timely funding or managing cash flows.
Competition: Intense competition from numerous established and new players, leading to pricing pressures.
Project Delays & Cost Overruns: Challenges in construction, approvals, or material costs leading to delays and reduced profitability.
Management & Ownership
As is common for many Indian companies, Country Condo's Ltd. is likely promoter-driven, meaning the founding family or individuals hold a significant stake and exert substantial control over strategic and operational decisions. Without specific names or historical information, it's not possible to comment on the management's quality, experience, or track record. Ownership structure typically involves the promoters holding the largest block, with the remainder held by institutional investors and the public.
Outlook
The outlook for Country Condo's Ltd. presents a balanced view. The bull case is supported by India's underlying demographic advantages, continued urbanization, and government initiatives aimed at boosting housing and infrastructure. If the company can successfully execute projects, manage its land bank effectively, and capitalize on demand in its chosen niches, it could achieve steady growth. The bear case, however, highlights the inherent cyclicality and capital intensity of the real estate sector. Economic slowdowns, rising interest rates, intense competition, and regulatory uncertainties could significantly impact sales volumes, project margins, and cash flows. The company's success will largely depend on its ability to navigate these macro and micro challenges while maintaining efficient project execution and a prudent financial strategy.
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 6 | 4 | 5 | 5 | 3 | 4 | 6 | 4 | 4 | 4 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 6 | 4 | 5 | 5 | 3 | 4 | 6 | 4 | 4 | 4 |
| Total Expenditure | 6 | 4 | 5 | 5 | 2 | 3 | 6 | 4 | 3 | 4 |
| Operating Profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjustments | -0 | 0 | -0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted Earnings Per Share | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| #(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 | 33 | 45 | 27 | 24 | 20 | 18 | 12 | 22 | 21 | 25 | 17 | 18 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 0 | 1 | 0 | 0 |
| Total Income | 33 | 46 | 27 | 24 | 20 | 18 | 13 | 26 | 21 | 26 | 17 | 18 |
| Total Expenditure | 32 | 44 | 26 | 22 | 19 | 16 | 11 | 22 | 20 | 24 | 16 | 17 |
| Operating Profit | 1 | 2 | 1 | 1 | 1 | 2 | 1 | 4 | 2 | 2 | 1 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 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 | 0 |
| Profit Before Tax | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 3 | 1 | 2 | 1 | 0 |
| Provision for Tax | -1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 |
| Profit After Tax | 2 | 1 | 1 | 1 | 1 | 1 | 0 | 3 | 1 | 2 | 1 | 0 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 2 | 1 | 1 | 1 | 1 | 1 | 0 | 3 | 1 | 2 | 1 | 0 |
| Adjusted Earnings Per Share | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.3 | 0.1 | 0.2 | 0.1 | 0 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -32% | -8% | -1% | -6% |
| Operating Profit CAGR | -50% | -37% | -13% | 0% |
| PAT CAGR | -50% | -31% | 0% | -7% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -3% | 13% | 14% | 3% |
| ROE Average | 2% | 4% | 5% | 5% |
| ROCE Average | 4% | 6% | 8% | 7% |
| #(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 | 16 | 17 | 17 | 18 | 18 | 19 | 20 | 22 | 23 | 25 | 25 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | -0 | -0 | -0 |
| Total Current Liabilities | 23 | 10 | 9 | 7 | 7 | 10 | 11 | 9 | 10 | 9 | 12 |
| Total Liabilities | 39 | 27 | 27 | 27 | 27 | 31 | 31 | 31 | 33 | 34 | 37 |
| Fixed Assets | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 1 | 1 | 1 | 1 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 34 | 22 | 22 | 22 | 22 | 25 | 26 | 30 | 32 | 33 | 36 |
| Total Assets | 39 | 27 | 27 | 27 | 27 | 31 | 31 | 31 | 33 | 34 | 37 |
| #(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 | 1 | 2 | 3 | 4 | 3 | 3 | 4 | 3 | 4 | 4 | 4 |
| Cash Flow from Operating Activities | -2 | 1 | 2 | -3 | 1 | 2 | -1 | -1 | -2 | -1 | -1 |
| Cash Flow from Investing Activities | 2 | -0 | -0 | -0 | -0 | -0 | 0 | 3 | -0 | 0 | -0 |
| Cash Flow from Financing Activities | 0 | 0 | -0 | 1 | -0 | -0 | -1 | -0 | 2 | 0 | -2 |
| Net Cash Inflow / Outflow | 0 | 1 | 2 | -2 | 0 | 1 | -1 | 1 | -0 | -0 | -3 |
| Closing Cash & Cash Equivalent | 2 | 3 | 4 | 3 | 3 | 4 | 3 | 4 | 4 | 4 | 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) | 0.22 | 0.1 | 0.08 | 0.08 | 0.07 | 0.08 | 0.06 | 0.33 | 0.1 | 0.21 | 0.08 |
| CEPS(Rs) | 0.25 | 0.13 | 0.12 | 0.12 | 0.11 | 0.13 | 0.1 | 0.35 | 0.12 | 0.23 | 0.1 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 2.05 | 2.15 | 2.23 | 2.31 | 2.38 | 2.46 | 2.52 | 2.85 | 2.95 | 3.16 | 3.23 |
| Core EBITDA Margin(%) | 3.96 | 2.85 | 5.18 | 6.02 | 7.04 | 9.27 | 9.15 | -0.92 | 6.39 | 6.54 | 6.93 |
| EBIT Margin(%) | 3.1 | 2.94 | 4.15 | 4.79 | 5.81 | 7.94 | 7.65 | 16.08 | 6.43 | 9.18 | 6.58 |
| Pre Tax Margin(%) | 2.29 | 2.6 | 3.64 | 3.67 | 3.71 | 4.72 | 5.07 | 15.02 | 5.19 | 7.69 | 5.03 |
| PAT Margin (%) | 5.06 | 1.68 | 2.36 | 2.76 | 2.57 | 3.47 | 3.77 | 11.53 | 3.82 | 6.37 | 3.58 |
| Cash Profit Margin (%) | 5.96 | 2.28 | 3.39 | 3.99 | 4.13 | 5.49 | 6.52 | 12.31 | 4.51 | 7 | 4.54 |
| ROA(%) | 3.46 | 2.31 | 2.37 | 2.43 | 1.94 | 2.17 | 1.53 | 8.17 | 2.51 | 4.84 | 1.69 |
| ROE(%) | 10.02 | 4.68 | 3.77 | 3.73 | 2.87 | 3.31 | 2.43 | 12.14 | 3.58 | 6.81 | 2.41 |
| ROCE(%) | 6.09 | 8.11 | 6.59 | 6.21 | 6.08 | 7.15 | 4.76 | 16.77 | 5.8 | 9.11 | 4.26 |
| Receivable days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory Days | 336.86 | 149.4 | 165.84 | 179.3 | 246.39 | 321.78 | 541.83 | 355.36 | 417.31 | 373.02 | 658.3 |
| Payable days | 5.91 | 3.8 | 6.58 | 7.65 | 6.22 | 3.8 | 1.62 | 0.49 | 0.22 | 0.11 | 0.21 |
| PER(x) | 5.95 | 41.69 | 48.59 | 38.42 | 32.34 | 16.23 | 34.38 | 17.35 | 33.65 | 22.7 | 80.91 |
| Price/Book(x) | 0.63 | 1.91 | 1.8 | 1.41 | 0.92 | 0.53 | 0.83 | 1.99 | 1.18 | 1.49 | 1.93 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.25 | 0.64 | 0.99 | 1 | 0.74 | 0.38 | 1.08 | 1.8 | 1.17 | 1.38 | 2.87 |
| EV/Core EBITDA(x) | 6.18 | 18.18 | 19.08 | 16.65 | 10.09 | 3.84 | 10.42 | 10.69 | 16.41 | 14.04 | 38.09 |
| Net Sales Growth(%) | 310.36 | 37.33 | -40.09 | -12.17 | -14.64 | -12.01 | -30.45 | 76.24 | -3.8 | 20.05 | -34.03 |
| EBIT Growth(%) | 8.78 | 30.47 | -15.34 | 1.15 | 3.64 | 20.17 | -32.95 | 270.41 | -61.55 | 71.47 | -52.67 |
| PAT Growth(%) | 203.46 | -54.38 | -15.89 | 2.51 | -20.37 | 18.88 | -24.51 | 438.82 | -68.15 | 100.43 | -62.97 |
| EPS Growth(%) | 203.39 | -54.39 | -15.89 | 2.51 | -20.33 | 18.84 | -24.47 | 438.35 | -68.16 | 100.48 | -62.96 |
| Debt/Equity(x) | 0.01 | 0.01 | 0.01 | 0.08 | 0.06 | 0.06 | 0.02 | 0 | 0.07 | 0.08 | 0 |
| Current Ratio(x) | 1.48 | 2.18 | 2.36 | 2.94 | 3.09 | 2.51 | 2.44 | 3.32 | 3.13 | 3.6 | 3.02 |
| Quick Ratio(x) | 0.48 | 0.75 | 1.25 | 1.18 | 1.05 | 0.81 | 0.61 | 0.76 | 0.64 | 0.69 | 0.22 |
| Interest Cover(x) | 3.87 | 8.6 | 8.01 | 4.28 | 2.77 | 2.46 | 2.97 | 15.19 | 5.18 | 6.16 | 4.23 |
| Total Debt/Mcap(x) | 0.01 | 0.01 | 0 | 0.06 | 0.06 | 0.11 | 0.02 | 0 | 0.06 | 0.05 | 0 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 53.86 | 53.86 | 53.86 | 53.86 | 53.86 | 53.86 | 53.86 | 53.86 | 53.86 | 53.86 |
| FII | 0 | 0 | 0 | 0 | 0 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 46.14 | 46.14 | 46.14 | 46.14 | 46.14 | 46.03 | 46.03 | 46.03 | 46.03 | 46.03 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 4.18 | 4.18 | 4.18 | 4.18 | 4.18 | 4.18 | 4.18 | 4.18 | 4.18 | 4.18 |
| FII | 0 | 0 | 0 | 0 | 0 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 3.58 | 3.58 | 3.58 | 3.58 | 3.58 | 3.57 | 3.57 | 3.57 | 3.57 | 3.57 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 7.76 | 7.76 | 7.76 | 7.76 | 7.76 | 7.76 | 7.76 | 7.76 | 7.76 | 7.76 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -32% | -8% | -1% | -6% |
| Operating Profit CAGR | -50% | -37% | -13% | 0% |
| PAT CAGR | -50% | -31% | 0% | -7% |
| Share Price CAGR | -3% | +13% | +14% | +3% |
| ROE Average | +2% | +4% | +5% | +5% |
| ROCE Average | +4% | +6% | +8% | +7% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 53.86 | 53.86 | 53.86 | 53.86 | 53.86 | 53.86 | 53.86 | 53.86 | 53.86 | 53.86 |
| FII | 0 | 0 | 0 | 0 | 0 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 46.14 | 46.14 | 46.14 | 46.14 | 46.14 | 46.03 | 46.03 | 46.03 | 46.03 | 46.03 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 4.18 | 4.18 | 4.18 | 4.18 | 4.18 | 4.18 | 4.18 | 4.18 | 4.18 | 4.18 |
| FII | 0 | 0 | 0 | 0 | 0 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 3.58 | 3.58 | 3.58 | 3.58 | 3.58 | 3.57 | 3.57 | 3.57 | 3.57 | 3.57 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 7.76 | 7.76 | 7.76 | 7.76 | 7.76 | 7.76 | 7.76 | 7.76 | 7.76 | 7.76 |
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