WEBSITE BSE:523329 NSE: ELDECO HOUS. Inc. Year: 1985 Industry: Construction - Real Estate My Bucket: Add Stock
Last updated: 15:46
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1. Business Overview
Eldeco Housing & Industries Ltd. is an Indian real estate development company. Its core business involves the acquisition of land, planning, designing, developing, and marketing various types of properties. The company primarily develops residential projects (apartments, villas, townships), but also undertakes commercial projects (office spaces, retail malls) and integrated townships. It makes money primarily through the sale of developed properties to end-users and investors. Revenue is recognized as projects progress or upon completion and handover, depending on accounting standards.
2. Key Segments / Revenue Mix
While specific revenue contribution figures are not publicly available without detailed financial reports, Eldeco's primary segments typically include:
Residential Development: This often forms the largest part of revenue for Indian real estate companies, encompassing various housing types.
Commercial Development: This includes office spaces, retail outlets, and other business properties.
Integrated Townships: Larger-scale developments combining residential, commercial, and often recreational facilities.
Given its name, residential housing is likely a significant focus.
3. Industry & Positioning
The Indian real estate industry is large, fragmented, and highly competitive, characterized by numerous regional and national players. It is also significantly influenced by local regulations, land availability, and market dynamics. Eldeco Housing & Industries Ltd. operates within this environment, likely having a stronger presence and brand recognition in specific regional markets within India rather than a pan-India footprint. Its positioning would be as an established regional developer, competing with both larger national developers and smaller local builders on factors like project quality, location, pricing, and timely delivery.
4. Competitive Advantage (Moat)
Eldeco's competitive advantages are likely rooted in:
Brand Reputation & Trust: A long-standing presence in the real estate market (implied by "Housing & Industries Ltd." and "Eldeco") helps build customer trust and brand recall, especially in its primary operating regions.
Execution Capability: A proven track record of timely project completion and quality construction builds goodwill and repeat business.
Local Market Expertise: Deep understanding of specific regional land markets, regulatory environments, and consumer preferences.
Land Bank: Strategic acquisition and holding of desirable land parcels over time can provide a cost advantage and pipeline visibility.
5. Growth Drivers
Key factors that can drive Eldeco's growth over the next 3-5 years include:
Urbanization & Population Growth: Continued migration to urban centers drives demand for housing and commercial spaces.
Rising Disposable Incomes: Increasing wealth allows more people to invest in or upgrade their homes.
Government Initiatives: Policies supporting affordable housing, infrastructure development, and ease of doing business can stimulate the sector.
Favorable Interest Rates: Lower home loan interest rates make property more affordable and accessible to buyers.
Economic Growth: A robust economy generally translates to higher demand for both residential and commercial real estate.
6. Risks
Eldeco faces several key business risks:
Cyclical Nature of Real Estate: The industry is highly sensitive to economic cycles, interest rate changes, and consumer sentiment, leading to demand fluctuations.
Regulatory & Policy Changes: Frequent changes in government policies, environmental norms, and real estate regulations (e.g., RERA, land acquisition laws) can impact project costs and timelines.
High Capital Intensity & Funding Risks: Real estate development requires significant upfront capital, making access to financing and managing debt crucial.
Land Acquisition Challenges: Delays or difficulties in acquiring land can stall projects and increase costs.
Project Execution Risks: Delays in construction, cost overruns, and quality issues can harm reputation and profitability.
Intense Competition: Fierce competition from other developers can lead to pricing pressures and margin erosion.
7. Management & Ownership
Eldeco Housing & Industries Ltd. is characteristic of many Indian companies where promoters (founding families or individuals) hold a significant stake and play an active role in management. This implies a long-term vision and deep industry knowledge within the promoter group. The quality of management would be assessed by their strategic decisions, execution capabilities, financial prudence, and ability to navigate industry cycles. Without specific details, it can be inferred that the management team likely comprises experienced professionals from the real estate and construction sectors.
8. Outlook
Eldeco Housing & Industries Ltd. operates in a sector with significant long-term growth potential in India, driven by demographic trends, urbanization, and increasing affordability. Its established brand and regional expertise position it to capitalize on this demand, particularly in its focus markets. However, the company faces inherent risks associated with the cyclical nature of real estate, regulatory uncertainties, and intense competition. Success will depend on its ability to strategically acquire land, execute projects efficiently, manage its capital structure effectively, and adapt to evolving market dynamics and consumer preferences while maintaining its brand reputation.
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Market Cap ₹789 Cr.
Stock P/E 36.7
P/B 2
Current Price ₹802.7
Book Value ₹ 410.4
Face Value 2
52W High ₹1061
Dividend Yield 1.12%
52W Low ₹ 690
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 | 17 | 22 | 49 | 29 | 33 | 35 | 37 | 29 | 33 | 43 |
| Other Income | 2 | 3 | 2 | 2 | 3 | 3 | 1 | 2 | 2 | 2 |
| Total Income | 19 | 25 | 52 | 32 | 36 | 38 | 38 | 31 | 35 | 45 |
| Total Expenditure | 10 | 12 | 34 | 20 | 28 | 29 | 31 | 25 | 30 | 25 |
| Operating Profit | 9 | 12 | 17 | 12 | 8 | 9 | 7 | 5 | 6 | 20 |
| Interest | 0 | 1 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| 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 | 9 | 11 | 15 | 11 | 6 | 8 | 5 | 4 | 4 | 19 |
| Provision for Tax | 2 | 3 | 4 | 3 | 2 | 2 | 2 | 1 | 2 | 5 |
| Profit After Tax | 6 | 8 | 12 | 8 | 5 | 6 | 3 | 3 | 3 | 14 |
| Adjustments | 0 | 0 | -0 | -0 | -0 | 0 | -0 | 0 | -0 | 0 |
| Profit After Adjustments | 6 | 8 | 12 | 8 | 5 | 6 | 3 | 3 | 3 | 14 |
| Adjusted Earnings Per Share | 6.5 | 8.3 | 11.9 | 8.1 | 4.6 | 5.9 | 3.3 | 3.2 | 2.7 | 13.9 |
| #(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 | 54 | 141 | 169 | 109 | 168 | 129 | 159 | 127 | 129 | 113 | 134 | 142 |
| Other Income | 5 | 8 | 5 | 5 | 6 | 7 | 8 | 10 | 12 | 10 | 10 | 7 |
| Total Income | 59 | 149 | 174 | 114 | 174 | 136 | 168 | 137 | 141 | 122 | 144 | 149 |
| Total Expenditure | 47 | 113 | 134 | 75 | 118 | 81 | 93 | 67 | 79 | 70 | 99 | 111 |
| Operating Profit | 12 | 36 | 40 | 39 | 56 | 54 | 75 | 70 | 61 | 52 | 44 | 38 |
| Interest | 2 | 5 | 3 | 2 | 2 | 1 | 1 | 1 | 0 | 6 | 13 | 4 |
| Depreciation | 1 | 1 | 1 | 0 | 0 | 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 | 10 | 30 | 37 | 37 | 54 | 53 | 73 | 68 | 60 | 45 | 31 | 32 |
| Provision for Tax | 3 | 10 | 13 | 11 | 16 | 13 | 19 | 17 | 16 | 11 | 9 | 10 |
| Profit After Tax | 6 | 20 | 24 | 25 | 38 | 39 | 54 | 51 | 44 | 34 | 22 | 23 |
| Adjustments | 0 | 1 | -1 | -1 | -2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 6 | 20 | 23 | 24 | 37 | 39 | 54 | 51 | 44 | 34 | 22 | 23 |
| Adjusted Earnings Per Share | 6.6 | 20.8 | 23.1 | 24.7 | 37.3 | 39.8 | 55.1 | 51.7 | 45.1 | 34.4 | 21.9 | 23.1 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 19% | 2% | 1% | 10% |
| Operating Profit CAGR | -15% | -14% | -4% | 14% |
| PAT CAGR | -35% | -24% | -11% | 14% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -3% | 11% | 18% | 31% |
| ROE Average | 6% | 10% | 14% | 16% |
| ROCE Average | 9% | 14% | 19% | 23% |
| #(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 | 88 | 106 | 124 | 148 | 180 | 211 | 265 | 308 | 345 | 371 | 384 |
| Minority's Interest | 0 | 0 | 1 | 2 | 4 | 0 | 0 | -0 | 0 | 0 | 0 |
| Borrowings | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 82 | 98 |
| Other Non-Current Liabilities | 3 | 3 | 5 | 3 | 1 | 4 | 11 | 4 | 4 | 4 | 5 |
| Total Current Liabilities | 183 | 283 | 268 | 239 | 253 | 239 | 186 | 203 | 208 | 218 | 334 |
| Total Liabilities | 275 | 392 | 398 | 392 | 438 | 454 | 462 | 515 | 556 | 675 | 821 |
| Fixed Assets | 7 | 6 | 14 | 13 | 13 | 18 | 18 | 18 | 19 | 18 | 17 |
| Other Non-Current Assets | 5 | 10 | 7 | 6 | 4 | 5 | 50 | 50 | 59 | 69 | 74 |
| Total Current Assets | 262 | 376 | 377 | 373 | 421 | 431 | 394 | 447 | 479 | 588 | 730 |
| Total Assets | 275 | 392 | 398 | 392 | 438 | 454 | 462 | 515 | 556 | 675 | 821 |
| #(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 | 12 | 13 | 11 | 17 | 32 | 64 | 77 | 119 | 132 | 148 | 99 |
| Cash Flow from Operating Activities | 1 | -5 | 59 | 15 | 38 | 19 | 37 | 17 | 20 | -128 | -7 |
| Cash Flow from Investing Activities | 3 | 12 | 2 | 2 | 1 | 4 | 5 | 6 | 5 | 8 | 9 |
| Cash Flow from Financing Activities | -3 | -8 | -56 | -3 | -7 | -9 | -1 | -9 | -9 | 70 | 20 |
| Net Cash Inflow / Outflow | 1 | -1 | 6 | 14 | 32 | 13 | 41 | 13 | 17 | -50 | 21 |
| Closing Cash & Cash Equivalent | 13 | 11 | 17 | 32 | 64 | 77 | 119 | 132 | 148 | 99 | 120 |
| # | 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) | 6.58 | 20.85 | 23.13 | 24.66 | 37.25 | 39.84 | 55.14 | 51.66 | 45.12 | 34.43 | 21.87 |
| CEPS(Rs) | 6.92 | 20.89 | 24.64 | 26.06 | 39.2 | 40.52 | 55.78 | 52.37 | 45.83 | 35.26 | 22.74 |
| DPS(Rs) | 0.4 | 2 | 2.5 | 2.5 | 3.5 | 3.5 | 8 | 8 | 8 | 8 | 9 |
| Book NAV/Share(Rs) | 89.75 | 107.69 | 125.83 | 150.5 | 183.05 | 214.29 | 269.5 | 313.2 | 350.39 | 376.87 | 390.7 |
| Core EBITDA Margin(%) | 13.34 | 19.91 | 20.73 | 31.34 | 30.05 | 36.66 | 41.56 | 47.03 | 38.5 | 38.02 | 25.81 |
| EBIT Margin(%) | 21.82 | 25.21 | 23.63 | 35.35 | 33.25 | 41.58 | 46.36 | 54.6 | 46.87 | 45.79 | 32.46 |
| Pre Tax Margin(%) | 17.57 | 21.44 | 21.85 | 33.55 | 32.13 | 40.88 | 45.8 | 53.8 | 46.71 | 40.2 | 22.79 |
| PAT Margin (%) | 11.34 | 14.14 | 14.02 | 23.26 | 22.77 | 30.48 | 34.01 | 40.04 | 34.35 | 30.06 | 16.06 |
| Cash Profit Margin (%) | 12.55 | 14.57 | 14.33 | 23.51 | 22.92 | 31 | 34.41 | 40.58 | 34.9 | 30.78 | 16.69 |
| ROA(%) | 2.34 | 5.98 | 6.01 | 6.42 | 9.23 | 8.78 | 11.83 | 10.39 | 8.28 | 5.5 | 2.88 |
| ROE(%) | 7.4 | 20.53 | 20.65 | 18.66 | 23.36 | 20.06 | 22.79 | 17.73 | 13.6 | 9.47 | 5.7 |
| ROCE(%) | 13.2 | 28.06 | 27.91 | 27.8 | 33.83 | 27.29 | 31.01 | 24.14 | 18.53 | 12.93 | 9.14 |
| Receivable days | 163.26 | 65 | 77.48 | 151.72 | 86.66 | 69.77 | 25.95 | 20.26 | 11.88 | 9.01 | 6.33 |
| Inventory Days | 861.03 | 394.75 | 362.53 | 624.19 | 473.11 | 676.62 | 485.82 | 564.11 | 658.87 | 1130.01 | 1342.14 |
| Payable days | 529.52 | 76.49 | 84.16 | 380.53 | 152.03 | 448.55 | 184.82 | 354.69 | 600.77 | 0 | -3810.42 |
| PER(x) | 5.69 | 2.4 | 5.79 | 14.72 | 8.07 | 3.71 | 6.89 | 14.41 | 12.72 | 23.14 | 31.92 |
| Price/Book(x) | 0.42 | 0.46 | 1.06 | 2.41 | 1.64 | 0.69 | 1.41 | 2.38 | 1.64 | 2.11 | 1.79 |
| Dividend Yield(%) | 1.07 | 4 | 1.87 | 0.69 | 1.16 | 2.36 | 2.11 | 1.07 | 1.39 | 1 | 1.29 |
| EV/Net Sales(x) | 0.1 | 0.12 | 0.51 | 2.88 | 1.25 | 0.4 | 1.44 | 4.51 | 3.21 | 6.79 | 5.07 |
| EV/Core EBITDA(x) | 0.45 | 0.49 | 2.13 | 8.08 | 3.75 | 0.96 | 3.07 | 8.19 | 6.76 | 14.59 | 15.31 |
| Net Sales Growth(%) | -21.69 | 159.92 | 19.95 | -35.55 | 54.33 | -23.58 | 24.04 | -20.42 | 1.79 | -12.77 | 18.91 |
| EBIT Growth(%) | -48.67 | 200.3 | 12.45 | -3.56 | 45.16 | -4.45 | 38.28 | -6.26 | -12.63 | -14.79 | -15.7 |
| PAT Growth(%) | -52.15 | 224.12 | 19 | 6.9 | 51.09 | 2.3 | 38.39 | -6.31 | -12.66 | -23.68 | -36.48 |
| EPS Growth(%) | -54.93 | 217.02 | 10.97 | 6.61 | 51.06 | 6.96 | 38.39 | -6.31 | -12.66 | -23.68 | -36.48 |
| Debt/Equity(x) | 0.06 | 0.5 | 0.03 | 0.01 | 0 | 0 | 0 | 0 | 0 | 0.22 | 0.3 |
| Current Ratio(x) | 1.43 | 1.33 | 1.41 | 1.56 | 1.66 | 1.8 | 2.12 | 2.2 | 2.3 | 2.69 | 2.19 |
| Quick Ratio(x) | 0.65 | 0.76 | 0.77 | 0.74 | 0.72 | 0.81 | 1.12 | 1.23 | 1.05 | 0.69 | 0.55 |
| Interest Cover(x) | 5.13 | 6.7 | 13.25 | 19.57 | 29.64 | 59.22 | 84.06 | 68.12 | 303.08 | 8.19 | 3.36 |
| Total Debt/Mcap(x) | 0.15 | 1.09 | 0.02 | 0.01 | 0 | 0 | 0 | 0 | 0 | 0.11 | 0.17 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 54.83 | 54.83 | 54.83 | 54.83 | 54.83 | 54.83 | 54.83 | 54.83 | 54.83 | 54.83 |
| FII | 0.16 | 0.47 | 0.79 | 0.82 | 0.82 | 0.82 | 0.82 | 0.82 | 0.82 | 0.82 |
| DII | 0.18 | 0.27 | 0.27 | 0.29 | 0.29 | 0.29 | 0.32 | 0.32 | 0.32 | 0.32 |
| Public | 44.83 | 44.43 | 44.11 | 44.06 | 44.06 | 44.06 | 44.03 | 44.03 | 44.03 | 44.03 |
| 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 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 |
| FII | 0 | 0 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.44 | 0.44 | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 |
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