Construction - Real Estate · Founded 2008 · www.emamirealty.com · BSE 533218 · NSE EMAMIREAL · ISIN INE778K01012
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Business
Emami Realty Ltd. is a real estate development company based in India. It is part of the diversified Emami Group, a prominent Indian conglomerate. The company's core business involves the development of real estate projects across various segments including residential, commercial, retail, and integrated townships. Emami Realty focuses on creating quality spaces, leveraging the Emami brand's reputation for trust and reliability. The company primarily makes money through the sale of developed properties (apartments, villas, office spaces, retail units) and potentially through leasing commercial or retail assets.
Revenue Mix
Emami Realty operates across several key segments typical for a diversified real estate developer. These generally include:
Residential: Development and sale of apartments, villas, and plotted developments.
Commercial: Development and sale or lease of office spaces, business parks.
Retail: Development and sale or lease of shopping malls and high-street retail spaces.
Townships: Integrated large-scale developments encompassing residential, commercial, and recreational components.
Specific revenue contributions for each segment are not publicly detailed in the provided information.
Industry
The Indian real estate industry is large, highly fragmented, and cyclical, influenced by economic growth, interest rates, and government policies. It is characterized by intense competition from numerous national, regional, and local developers. Emami Realty is positioned as a reputable player backed by the strong financial standing and brand equity of the Emami Group. This affiliation provides a significant advantage in terms of brand recognition, customer trust, and access to capital compared to standalone developers. The company primarily operates in key Indian markets, often focusing on metro and tier-2 cities.
MOAT
Brand Equity: The primary competitive advantage stems from its association with the Emami Group, a well-established and trusted conglomerate in India. This brand recall and trust are crucial in the real estate sector, particularly for high-value purchases like homes.
Financial Backing & Land Bank: Being part of a large group likely provides access to capital and potential strategic land parcels, which are critical for project execution and future growth.
Execution Capability: Experience in executing diverse projects across residential, commercial, and retail segments.
Growth Drivers
Urbanization & Demographic Trends: Continued migration to urban centers and a growing middle-class population in India drive sustained demand for housing and commercial spaces.
Rising Disposable Incomes: Increasing affluence improves affordability and demand for quality real estate.
Government Initiatives: Policy support for housing (e.g., affordable housing schemes), infrastructure development, and regulatory reforms (like RERA for buyer protection) can boost sector confidence.
Favorable Interest Rates: Low home loan interest rates make property purchases more attractive and affordable.
Project Pipeline: Successful execution and launch of new projects in strategic locations.
Risks
Economic Cyclicality: The real estate sector is highly sensitive to economic downturns, changes in interest rates, and inflation, which can impact demand and pricing.
Regulatory & Approval Risks: Delays in obtaining various government approvals and environmental clearances can significantly impact project timelines and costs. Policy changes can also introduce uncertainty.
Execution & Project Risks: Potential for project delays, cost overruns, labor shortages, and supply chain disruptions.
Financing & Liquidity Risks: High capital requirements can lead to reliance on debt, making the company susceptible to interest rate fluctuations and liquidity crunches.
Intense Competition: The fragmented nature of the Indian real estate market leads to fierce competition for land, customers, and market share.
Unsold Inventory: Accumulation of unsold inventory due to slow demand or aggressive pricing can strain finances.
Management & Ownership
Emami Realty Ltd. is promoted by the Emami Group, one of India's leading business conglomerates. The company's management likely comprises experienced professionals from the real estate sector, overseen by the group's leadership. The ownership structure typically involves the promoter family holding a significant majority stake, ensuring strong strategic direction and long-term vision aligned with the broader Emami Group's objectives.
Outlook
Emami Realty operates in a fundamentally strong Indian real estate market, driven by urbanization and demographic tailwinds. Its affiliation with the reputable Emami Group provides a significant brand advantage and financial stability, aiding in customer trust and project execution. The company is well-positioned to capitalize on demand for quality residential and commercial spaces. However, the outlook is balanced by inherent industry risks, including economic cyclicality, regulatory hurdles, and intense competition. Sustained growth will depend on efficient project execution, timely launches, effective capital management, and the ability to navigate macroeconomic fluctuations and evolving market demands.
| #(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 | 17 | 5 | 6 | 57 | 14 | 6 | 9 | 5 | 73 | 6 |
| Other Income | 13 | 13 | 14 | 13 | 13 | 8 | 8 | 7 | 4 | 4 |
| Total Income | 30 | 18 | 20 | 70 | 27 | 14 | 17 | 12 | 77 | 10 |
| Total Expenditure | 94 | 9 | 9 | 66 | 83 | 47 | 33 | 31 | 129 | 10 |
| Operating Profit | -64 | 9 | 10 | 4 | -56 | -32 | -16 | -19 | -52 | -0 |
| Interest | 29 | 27 | 27 | 30 | 29 | 23 | 25 | 24 | 25 | 22 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -93 | -18 | -18 | -26 | -85 | -56 | -41 | -44 | -77 | -22 |
| Provision for Tax | -23 | -5 | -4 | -7 | -5 | -5 | -6 | -6 | -11 | -6 |
| Profit After Tax | -71 | -14 | -13 | -19 | -80 | -51 | -36 | -37 | -66 | -17 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | -0 |
| Profit After Adjustments | -70 | -14 | -13 | -19 | -80 | -51 | -36 | -37 | -66 | -17 |
| Adjusted Earnings Per Share | -18.6 | -3.7 | -3.5 | -5.1 | -21.1 | -11.6 | -8.1 | -8.5 | -15 | -3.2 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 242 | 1 | 1 | 69 | 1041 | 186 | 197 | 96 | 61 | 82 | 93 | 93 |
| Other Income | 86 | 110 | 117 | 128 | 187 | 145 | 45 | 35 | 38 | 53 | 28 | 23 |
| Total Income | 328 | 111 | 118 | 197 | 1228 | 331 | 242 | 131 | 99 | 135 | 121 | 116 |
| Total Expenditure | 197 | -67 | -101 | -75 | 930 | 171 | 155 | 126 | 171 | 168 | 240 | 203 |
| Operating Profit | 131 | 178 | 219 | 271 | 298 | 160 | 86 | 5 | -72 | -33 | -119 | -87 |
| Interest | 137 | 163 | 216 | 269 | 371 | 152 | 68 | 58 | 95 | 113 | 97 | 96 |
| Depreciation | 1 | 0 | 0 | 1 | 2 | 2 | 1 | 1 | 1 | 1 | 2 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -7 | 16 | 3 | 2 | -76 | 6 | 17 | -55 | -168 | -147 | -218 | -184 |
| Provision for Tax | 0 | 4 | -1 | 1 | -24 | 6 | 2 | -14 | -45 | -21 | -28 | -29 |
| Profit After Tax | -7 | 13 | 4 | 0 | -52 | 1 | 15 | -41 | -123 | -126 | -190 | -156 |
| Adjustments | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -4 | 13 | 4 | 0 | -52 | 1 | 15 | -39 | -123 | -126 | -189 | -156 |
| Adjusted Earnings Per Share | -1.7 | 5.2 | 1.5 | 0.2 | -13.7 | 0.2 | 4 | -10.2 | -32.5 | -33.4 | -43.2 | -34.8 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 13% | -1% | -13% | -9% |
| Operating Profit CAGR | 0% | NAN% | NAN% | NAN% |
| PAT CAGR | 0% | 0% | NAN% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -27% | -4% | 1% | -1% |
| ROE Average | 0% | -159% | -101% | -46% |
| ROCE Average | -7% | -4% | -2% | 5% |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 14 | 26 | 144 | 147 | 95 | 113 | 127 | 87 | -36 | -162 | -248 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 684 | 953 | 973 | 719 | 793 | 226 | 218 | 867 | 866 | 944 | 766 |
| Other Non-Current Liabilities | 2 | 1 | -4 | 7 | 10 | 18 | 20 | 5 | -38 | -59 | -87 |
| Total Current Liabilities | 1007 | 1164 | 1620 | 2516 | 2048 | 1590 | 1482 | 981 | 1403 | 1354 | 1743 |
| Total Liabilities | 1707 | 2145 | 2734 | 3389 | 2946 | 1946 | 1847 | 1940 | 2195 | 2077 | 2174 |
| Fixed Assets | 13 | 13 | 13 | 13 | 21 | 22 | 27 | 27 | 28 | 28 | 28 |
| Other Non-Current Assets | 287 | 408 | 507 | 580 | 309 | 58 | 123 | 130 | 48 | 123 | 116 |
| Total Current Assets | 1407 | 1724 | 2213 | 2796 | 2616 | 1867 | 1698 | 1784 | 2119 | 1926 | 2030 |
| Total Assets | 1707 | 2145 | 2734 | 3389 | 2946 | 1946 | 1847 | 1940 | 2195 | 2077 | 2174 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 10 | 4 | -20 | -166 | 8 | 14 | 12 | 9 | 15 | 22 | 7 |
| Cash Flow from Operating Activities | 236 | -274 | -190 | -177 | 583 | -266 | 118 | 73 | -36 | -75 | -196 |
| Cash Flow from Investing Activities | -212 | 45 | -131 | -247 | -16 | 1204 | 93 | -67 | -189 | 184 | 96 |
| Cash Flow from Financing Activities | -21 | 204 | 187 | 100 | -562 | -940 | -214 | -0 | 232 | -124 | 103 |
| Net Cash Inflow / Outflow | 4 | -25 | -134 | -324 | 6 | -2 | -3 | 6 | 7 | -15 | 3 |
| Closing Cash & Cash Equivalent | 14 | -20 | -166 | -490 | 14 | 12 | 9 | 15 | 22 | 7 | 10 |
| # | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -1.74 | 5.19 | 1.49 | 0.18 | -13.69 | 0.22 | 3.97 | -10.2 | -32.48 | -33.36 | -43.22 |
| CEPS(Rs) | -2.52 | 5.33 | 1.66 | 0.43 | -13.09 | 0.77 | 4.25 | -10.54 | -32.2 | -33 | -42.88 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 5.89 | 10.9 | 54.99 | 49.16 | 24.71 | 38.95 | 33.68 | 23.03 | -9.43 | -42.73 | -62.6 |
| Core EBITDA Margin(%) | 18.53 | 7293.57 | 6972 | 208.86 | 10.62 | 8.22 | 20.96 | -31.4 | -178.13 | -103.79 | -157.62 |
| EBIT Margin(%) | 53.76 | 0 | 0 | 394.82 | 28.37 | 84.99 | 43.4 | 3.89 | -118.53 | -41.23 | -129.61 |
| Pre Tax Margin(%) | -2.77 | 1749.59 | 175.58 | 2.65 | -7.29 | 3.43 | 8.82 | -56.9 | -273.54 | -178.59 | -233.74 |
| PAT Margin (%) | -2.79 | 1348.08 | 245.35 | 0.7 | -4.98 | 0.3 | 7.63 | -42.77 | -200.29 | -153.39 | -203.49 |
| Cash Profit Margin (%) | -2.53 | 1385.65 | 274.57 | 1.77 | -4.76 | 1.16 | 8.18 | -41.51 | -198.29 | -151.73 | -201.78 |
| ROA(%) | -0.42 | 0.65 | 0.15 | 0.02 | -1.64 | 0.02 | 0.79 | -2.17 | -5.95 | -5.91 | -8.92 |
| ROE(%) | -22.55 | 61.73 | 4.5 | 0.36 | -44.87 | 0.55 | 12.69 | -38.32 | -478.06 | 0 | 0 |
| ROCE(%) | 11.96 | 12.88 | 11.68 | 11.14 | 11.26 | 7.32 | 4.96 | 0.22 | -4.1 | -1.87 | -6.91 |
| Receivable days | 0.76 | 0 | 0 | 80.36 | 15.14 | 107.33 | 48.47 | 50.11 | 72.51 | 48.35 | 33.01 |
| Inventory Days | 1041.78 | 0 | 0 | 7333.13 | 414.48 | 1645.72 | 1551.45 | 3301.8 | 5479.37 | 4324.25 | 4492.06 |
| Payable days | 1215.76 | -35.24 | -20.78 | -13.77 | 7.18 | 1523.4 | 444.11 | -26.24 | -47.77 | -21.33 | -6.35 |
| PER(x) | 0 | 16.32 | 161.16 | 648.93 | 0 | 183.09 | 15.08 | 0 | 0 | 0 | 0 |
| Price/Book(x) | 5.77 | 7.76 | 4.36 | 2.34 | 1.13 | 1.03 | 1.78 | 2.7 | -11.13 | -2.71 | -0.88 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 5.23 | 1870.51 | 1770.12 | 41.83 | 2.44 | 9.48 | 8.86 | 18.76 | 37.22 | 28.37 | 23.93 |
| EV/Core EBITDA(x) | 9.67 | 9.81 | 11.86 | 10.57 | 8.55 | 11.05 | 20.17 | 364.43 | -31.94 | -71.68 | -18.71 |
| Net Sales Growth(%) | 771.66 | -99.61 | 57 | 4570.14 | 1418.97 | -82.09 | 5.4 | -51.07 | -36.08 | 33.92 | 13.18 |
| EBIT Growth(%) | 52.49 | 38.32 | 21.62 | 23.73 | 9.13 | -46.33 | -46.19 | -95.61 | -2047.86 | 53.41 | -255.77 |
| PAT Growth(%) | 36.01 | 286.72 | -71.43 | -86.59 | 0 | 101.08 | 2578.57 | -374.13 | -199.37 | -2.56 | -50.15 |
| EPS Growth(%) | -134.55 | 397.17 | -71.32 | -88.06 | -7806.02 | 101.59 | 1719.84 | -356.95 | -218.31 | -2.71 | -29.58 |
| Debt/Equity(x) | 83.44 | 58.73 | 15.17 | 18.62 | 26.25 | 15.35 | 11.98 | 18.2 | -53.66 | -11.77 | -7.29 |
| Current Ratio(x) | 1.4 | 1.48 | 1.37 | 1.11 | 1.28 | 1.17 | 1.15 | 1.82 | 1.51 | 1.42 | 1.16 |
| Quick Ratio(x) | 0.73 | 0.71 | 0.61 | 0.51 | 0.98 | 0.65 | 0.58 | 0.89 | 0.84 | 0.67 | 0.43 |
| Interest Cover(x) | 0.95 | 1.1 | 1.01 | 1.01 | 0.8 | 1.04 | 1.26 | 0.06 | -0.76 | -0.3 | -1.24 |
| Total Debt/Mcap(x) | 14.47 | 7.57 | 3.48 | 7.94 | 31.37 | 14.97 | 6.73 | 6.75 | 4.82 | 4.35 | 8.31 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 63.46 | 63.46 | 63.46 | 63.46 | 68.45 | 68.45 | 68.45 | 68.45 | 73.42 | 73.42 |
| FII | 0.19 | 0.07 | 0.15 | 0 | 0 | 0.04 | 0 | 0 | 0 | 0 |
| DII | 0.02 | 0.02 | 0.02 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 36.33 | 36.46 | 36.37 | 36.53 | 31.54 | 31.5 | 31.53 | 31.54 | 26.57 | 26.57 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 2.4 | 2.4 | 2.4 | 2.4 | 3 | 3 | 3 | 3 | 3.82 | 3.82 |
| FII | 0.01 | 0 | 0.01 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 1.38 | 1.38 | 1.38 | 1.38 | 1.38 | 1.38 | 1.38 | 1.38 | 1.38 | 1.38 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 3.78 | 3.78 | 3.78 | 3.78 | 4.38 | 4.38 | 4.38 | 4.38 | 5.2 | 5.2 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +13% | -1% | -13% | -9% |
| Operating Profit CAGR | — | 0% | 0% | 0% |
| PAT CAGR | — | — | 0% | — |
| Share Price CAGR | -27% | -4% | +1% | -1% |
| ROE Average | 0% | -159% | -101% | -46% |
| ROCE Average | -7% | -4% | -2% | +5% |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 63.46 | 63.46 | 63.46 | 63.46 | 68.45 | 68.45 | 68.45 | 68.45 | 73.42 | 73.42 |
| FII | 0.19 | 0.07 | 0.15 | 0 | 0 | 0.04 | 0 | 0 | 0 | 0 |
| DII | 0.02 | 0.02 | 0.02 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 36.33 | 36.46 | 36.37 | 36.53 | 31.54 | 31.5 | 31.53 | 31.54 | 26.57 | 26.57 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 2.4 | 2.4 | 2.4 | 2.4 | 3 | 3 | 3 | 3 | 3.82 | 3.82 |
| FII | 0.01 | 0 | 0.01 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 1.38 | 1.38 | 1.38 | 1.38 | 1.38 | 1.38 | 1.38 | 1.38 | 1.38 | 1.38 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 3.78 | 3.78 | 3.78 | 3.78 | 4.38 | 4.38 | 4.38 | 4.38 | 5.2 | 5.2 |
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