Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹175 Cr.
Stock P/E
15
P/B
0.9
Current Price
₹76.3
Book Value
₹ 84.9
Face Value
10
52W High
₹96.4
52W Low
₹ 55
Dividend Yield
0%

HB Estate Developers Overview

Business

HB Estate Developers Ltd. is an Indian real estate development company. Its core business involves the development and sale of residential and commercial properties. The company primarily focuses on developing group housing projects, independent floors, and commercial complexes. It generates revenue primarily through the sale of developed properties, which includes both residential units and commercial spaces to end-users and investors. The company operates as a developer, managing the entire lifecycle from land acquisition and planning to construction, marketing, and sales.

Revenue Mix

The company's primary business segment is real estate development. While specific revenue contribution percentages for different property types are not publicly detailed, their project portfolio indicates a focus on:

Residential Projects: Including group housing, independent floors, and possibly plotted developments, which typically form the bulk of a developer's revenue.

Commercial Projects: Development of retail spaces, offices, or mixed-use complexes.

Geographically, the company primarily operates in the Delhi-NCR region and select markets in North India.

Industry

The Indian real estate industry is highly fragmented, characterized by numerous regional and local developers alongside a few large, pan-India players. It is a cyclical industry, heavily influenced by economic growth, interest rates, and government policies. HB Estate Developers Ltd. is a relatively smaller player in this competitive landscape, operating primarily in specific regional markets (e.g., Delhi-NCR). It competes with both larger, established developers and numerous other local entities for land parcels, customer acquisition, and market share, positioning itself as a regional developer.

MOAT

HB Estate Developers Ltd. does not exhibit strong, durable competitive advantages typically seen in large, established players.

Brand: While they have a presence, their brand recognition is not as widespread as national developers.

Scale: The company lacks the scale and financial muscle of larger competitors, which could impact economies of scale in procurement or access to cheaper financing.

Land Bank: While essential for operations, their land bank is not a unique or defensible advantage over other regional developers.

Local Expertise: Their ability to navigate local regulations and understand regional market demands might offer a localized advantage, but this is common among many developers and not a strong moat.

Growth Drivers

Urbanization and Population Growth: Continued migration to urban and semi-urban centers, particularly in North India, sustains demand for housing and commercial spaces.

Rising Disposable Incomes: Growth in the middle and upper-middle-class segments increases affordability and demand for quality housing.

Government Initiatives: Policies promoting affordable housing, infrastructure development (improving connectivity), and easier access to home loans can stimulate demand.

New Project Launches: Successful acquisition of new land parcels and timely launch of projects aligned with market demand will be crucial for revenue growth.

Favorable Interest Rate Environment: Lower home loan interest rates can make property purchases more attractive, boosting sales velocity.

Risks

Cyclicality of Real Estate: The industry is highly sensitive to economic cycles, prone to downturns that impact property prices, sales volumes, and profitability.

Interest Rate Fluctuations: Rising interest rates can increase borrowing costs for developers and reduce housing affordability for potential buyers.

Regulatory and Environmental Risks: Changes in government policies, RERA compliance, urban planning regulations, and delays in obtaining environmental clearances can lead to project delays and cost escalations.

Land Acquisition Challenges: Difficulty in acquiring suitable land parcels at competitive prices can hinder future growth.

Funding and Liquidity Risk: High reliance on debt financing and advance sales makes the company susceptible to liquidity issues, especially during market slowdowns.

Intense Competition: Operating in a fragmented market with numerous players can lead to pricing pressures and impact market share.

Execution Risk: Project delays, cost overruns, and quality control issues can damage reputation and financial performance.

Management & Ownership

HB Estate Developers Ltd. is part of the HB Group and is likely a promoter-driven company, which is common among many Indian businesses. The management team would typically consist of individuals with experience in real estate development and knowledge of the local markets where they operate. The ownership structure generally shows a significant promoter holding (e.g., around 70-75% based on recent filings), with the remaining shares held by the public and potentially some institutional investors. The association with other HB Group entities (like HB Portfolio Ltd.) suggests a broader group strategy and potentially shared leadership.

Outlook

HB Estate Developers operates in the structurally growing Indian real estate market, driven by urbanization and demographic factors. Its regional focus allows it to leverage local market understanding. However, as a relatively smaller player, the company faces intense competition from larger, more financially robust developers. Future growth will be contingent on its ability to strategically acquire and develop new land parcels, navigate regulatory complexities efficiently, and execute projects on time and within budget to meet specific market demands. The outlook is balanced by the inherent cyclicality and regulatory risks of the real estate sector, along with funding challenges often faced by smaller developers. Its performance will be closely tied to the health of the regional real estate market and its operational effectiveness rather than broad national trends or unique competitive advantages.

HB Estate Developers Share Price

Live · BSE / NSE · Inception: 1994
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

HB Estate Developers Quarterly Results

#(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 31 26 27 31 33 24 27 33 33 28
Other Income 1 1 0 0 1 0 0 0 0 0
Total Income 32 26 28 32 34 24 27 34 33 28
Total Expenditure 19 17 19 19 20 17 19 18 22 20
Operating Profit 14 9 9 13 14 7 8 16 11 8
Interest 6 6 6 5 5 4 4 4 4 3
Depreciation 2 2 2 2 2 2 2 2 2 2
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 5 2 1 6 7 1 2 9 6 2
Provision for Tax 1 1 1 1 3 0 1 3 2 1
Profit After Tax 5 1 0 5 5 0 1 7 4 2
Adjustments 0 0 0 0 0 -0 0 0 0 0
Profit After Adjustments 5 1 0 5 5 0 1 7 4 2
Adjusted Earnings Per Share 2.3 0.5 0.2 2.4 2.1 0.2 0.6 2.8 1.5 0.7

HB Estate Developers Profit & Loss

#(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 68 73 84 89 82 24 50 96 109 118 117 121
Other Income 2 2 1 2 1 1 1 2 2 2 2 0
Total Income 70 75 85 91 83 25 52 99 111 120 118 122
Total Expenditure 53 57 62 61 56 30 43 64 71 75 76 79
Operating Profit 17 18 22 30 28 -5 9 34 41 45 42 43
Interest 31 31 27 28 25 22 24 25 26 22 16 15
Depreciation 15 14 14 14 14 14 7 7 7 8 8 8
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax -28 -27 -19 -12 -12 -41 -22 3 7 16 18 19
Provision for Tax 3 -7 -3 -2 -3 -11 -6 14 3 5 6 7
Profit After Tax -31 -20 -16 -10 -9 -30 -16 -12 4 11 12 14
Adjustments -0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments -31 -20 -16 -10 -9 -30 -16 -12 4 11 12 14
Adjusted Earnings Per Share -19.1 0 -8.4 -5.4 -4.5 -15.6 -8.1 -6 2 5 5.1 5.6

HB Estate Developers Balance Sheet

#(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 97 254 238 220 206 173 158 145 149 175 194
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 292 282 271 268 257 301 318 295 219 243 223
Other Non-Current Liabilities 29 -26 -29 -31 -41 -51 -57 -43 -33 -28 -21
Total Current Liabilities 52 40 49 45 54 52 51 62 116 69 64
Total Liabilities 470 549 528 502 476 475 469 459 451 459 460
Fixed Assets 418 475 461 448 435 422 416 411 406 404 398
Other Non-Current Assets 13 25 23 17 4 5 7 5 5 6 5
Total Current Assets 39 49 45 38 37 49 46 43 40 49 57
Total Assets 470 549 528 502 476 475 469 459 451 459 460

HB Estate Developers Cash Flow

#(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 5 5 7 7 9 6 8 5 4 6 5
Cash Flow from Operating Activities 17 2 29 34 29 -14 3 42 49 35 45
Cash Flow from Investing Activities 3 -1 0 6 10 0 -0 -2 -1 -4 -1
Cash Flow from Financing Activities -20 1 -29 -38 -42 16 -6 -41 -45 -32 -36
Net Cash Inflow / Outflow 1 1 0 2 -3 2 -3 -1 2 -2 9
Closing Cash & Cash Equivalent 5 7 7 9 6 8 5 4 6 5 13

HB Estate Developers Ratios

# 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) -19.12 0 -8.38 -5.36 -4.52 -15.61 -8.05 -5.98 2 5.03 5.1
CEPS(Rs) -9.78 0 -1 1.92 2.7 -8.61 -4.27 -2.26 5.82 8.57 8.57
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 10.6 0 122.22 112.8 105.64 88.97 80.91 74.53 76.51 80.06 84.21
Core EBITDA Margin(%) 22.54 22.53 25.42 31.62 32.09 -23.76 15.66 33.14 35.51 36.59 34.82
EBIT Margin(%) 4.13 5.47 9.4 17.48 16.42 -76.22 4.02 28.08 30.57 32.14 29.31
Pre Tax Margin(%) -40.73 -36.78 -22.46 -13.57 -14.03 -168.27 -43.61 2.65 6.7 13.6 15.2
PAT Margin (%) -45.34 -27.3 -19.46 -11.69 -10.72 -124.46 -31.08 -12.06 3.55 9.17 10.01
Cash Profit Margin (%) -23.21 -7.66 -2.33 4.2 6.4 -68.66 -16.48 -4.56 10.36 15.63 16.83
ROA(%) -6.55 -3.93 -3.03 -2.02 -1.8 -6.39 -3.32 -2.51 0.85 2.37 2.55
ROE(%) -180.26 -15.97 -6.91 -4.56 -4.14 -16.04 -9.48 -7.69 2.65 6.73 6.41
ROCE(%) 0.67 0.83 1.47 3.02 2.73 -3.79 0.4 5.52 7.14 8.23 7.53
Receivable days 29.6 21.21 13.73 13.8 13.08 31.12 16.31 11.12 10.96 12.28 17.1
Inventory Days 101.57 88.57 73.96 63.62 63.8 217.36 99.99 53.54 49.51 45.45 46.58
Payable days 809 745.37 740.87 457.01 639.83 1358.92 522.49 302.13 354.27 456.89 511.82
PER(x) 0 0 0 0 0 0 0 0 31.28 19.72 11.2
Price/Book(x) 0.69 0 0.22 0.17 0.05 0.12 0.22 0.46 0.82 1.24 0.68
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 5.99 3.88 3.94 3.55 3.39 13.34 7.19 3.99 3.85 4.06 3.1
EV/Core EBITDA(x) 23.32 15.46 14.86 10.62 10.12 -65.34 38.64 11.22 10.31 10.52 8.58
Net Sales Growth(%) 0 7.95 14.13 6.49 -8.03 -70.26 106.68 91.2 13.45 7.58 -0.65
EBIT Growth(%) 0 43.2 95.92 98.16 -13.59 -238.01 110.9 1236.05 23.53 13.11 -9.42
PAT Growth(%) 0 35 18.63 36.04 15.64 -245.19 48.39 25.81 133.44 177.57 8.42
EPS Growth(%) 0 100 0 36.04 15.64 -245.19 48.39 25.81 133.44 151.71 1.34
Debt/Equity(x) 3.3 1.25 1.21 1.31 1.33 1.89 2.2 2.28 2.09 1.65 1.33
Current Ratio(x) 0.75 1.23 0.92 0.84 0.68 0.93 0.91 0.69 0.35 0.71 0.89
Quick Ratio(x) 0.39 0.81 0.57 0.54 0.4 0.66 0.65 0.45 0.22 0.5 0.65
Interest Cover(x) 0.09 0.13 0.29 0.56 0.54 -0.83 0.08 1.1 1.28 1.73 2.08
Total Debt/Mcap(x) 27.29 17.25 4.98 7.48 24.85 16.44 10.04 4.97 2.56 1.33 1.97

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -1% +7% +37% +6%
Operating Profit CAGR -7% +7% — +9%
PAT CAGR +9% — — —
Share Price CAGR -9% +22% +38% +24%
ROE Average +6% +5% 0% -21%
ROCE Average +8% +8% +6% +3%

HB Estate Developers Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 67.74 %
FII 0 %
DII (MF + Insurance) 0.02 %
Public (retail) 32.24 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 69.1169.1169.1169.1171.9971.9969.6967.4167.4167.74
FII 0000000000
DII 0.020.020.020.020.020.020.020.020.020.02
Public 30.8730.8730.8730.87282830.2932.5732.5732.24
Others 0000000000
Total 100100100100100100100100100100

HB Estate Developers Peer Comparison

Construction - Real Estate Edit Columns

HB Estate Developers Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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HB Estate Developers Pros & Cons

Pros

  • Stock is trading at 0.9 times its book value
  • Company has reduced debt.

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend.
  • Company has a low return on equity of 5% over the last 3 years.
  • Debtor days have increased from 456.89 to 511.82days.
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