WEBSITE BSE:540152 NSE: IGRL Inc. Year: 2009 Industry: Construction - Real Estate My Bucket: Add Stock
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1. Business Overview
India Green Reality Ltd. (IGRL) is an Indian real estate development company primarily engaged in the construction and development of residential properties. The company focuses on developing integrated residential projects, including apartments, villas, and plotted developments. Its core business model involves acquiring land, obtaining necessary approvals, developing properties, and subsequently selling units to customers. Revenue is primarily generated from the sales of these developed real estate units.
2. Key Segments / Revenue Mix
While specific detailed segment breakdowns are not always publicly disclosed for companies of this size, India Green Reality Ltd. operates predominantly within the Residential Real Estate Development segment. The vast majority of its revenue is derived from the sale of residential properties. There is no publicly available information indicating significant diversification into commercial, retail, or hospitality real estate that would constitute a distinct major segment.
3. Industry & Positioning
The Indian real estate industry is highly fragmented, competitive, and cyclical, with numerous regional and national players. It is influenced by factors like urbanization, interest rates, government policies, and economic growth. India Green Reality Ltd. operates as a relatively smaller-to-mid-sized player within this competitive landscape. Its positioning is likely as a regional developer, competing with other local and some larger national developers, often focusing on specific micro-markets or affordable/mid-income housing segments.
4. Competitive Advantage (Moat)
India Green Reality Ltd., given its size and market positioning, does not appear to possess strong, discernible, and durable competitive advantages (moats) typical of larger, established players.
Brand: While they build a local reputation, they lack the widespread brand recognition of national developers.
Scale: They do not have the economies of scale in land acquisition, construction costs, or marketing that larger developers enjoy.
Land Bank: While they likely hold specific land parcels, there is no indication of a unique or strategically superior land bank that provides a long-term advantage over competitors.
Switching Costs/Network Effects: These are generally not applicable in the real estate development business.
Their advantages, if any, would more likely stem from local market knowledge, efficient execution of specific projects, or potentially strong relationships with local authorities, rather than structural moats.
5. Growth Drivers
Urbanization & Population Growth: Continued migration to urban centers fuels demand for housing in India.
Rising Disposable Incomes: Growth in the middle-income segment increases affordability and demand for quality housing.
Government Initiatives: Policies like "Housing for All," infrastructure development, and rationalization of regulatory processes can stimulate the real estate sector.
Favorable Interest Rates: Lower home loan interest rates make home ownership more accessible, driving sales.
New Project Launches: The success and timely execution of new residential projects in targeted micro-markets will be crucial for the company's growth.
6. Risks
Cyclicality of Real Estate: The sector is highly sensitive to economic downturns, interest rate fluctuations, and market sentiment, leading to potential demand slowdowns.
Regulatory & Environmental Clearances: Delays or changes in government policies, building codes, and environmental regulations can significantly impact project timelines and costs.
Funding & Liquidity: Real estate development is capital-intensive. Access to timely and affordable financing, as well as managing cash flows, is critical.
Land Acquisition: Difficulty or high costs associated with acquiring suitable land parcels can impede growth.
Competition: Intense competition from numerous organized and unorganized developers can impact pricing power and sales volumes.
Execution Risk: Project delays, cost overruns, and quality issues can harm reputation and profitability.
7. Management & Ownership
India Green Reality Ltd. is promoted and controlled by its founding family/individuals. Promoter ownership is generally significant in smaller Indian companies. The quality of management is reflected in the company's project execution track record, financial performance, and adherence to corporate governance standards. Specific details on individual management track records or corporate governance ratings beyond standard disclosures would require in-depth analysis of their annual reports and public filings.
8. Outlook
India Green Reality Ltd. operates in a fundamentally growing Indian real estate market driven by long-term urbanization and housing demand. The company's future performance will largely depend on its ability to successfully identify, acquire, develop, and market residential projects in its chosen markets. Potential upsides include benefiting from a robust housing cycle, efficient project execution, and strong local market understanding. However, the company faces inherent risks associated with the cyclical and capital-intensive nature of real estate, intense competition, and regulatory uncertainties. Its relatively smaller scale means it may be more susceptible to market fluctuations and less able to absorb shocks compared to larger, diversified players. Continued success hinges on disciplined land bank management, prudent financial practices, and timely project delivery.
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Market Cap ₹7 Cr.
Stock P/E -71.5
P/B -
Current Price ₹5.2
Book Value ₹ 0
Face Value 10
52W High ₹0
Dividend Yield 0%
52W Low ₹ 0
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 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 14 | 2 | 1 | 1 | 39 | 6 | 3 | 5 | 18 | |
| Other Income | 0 | 0 | 0 | 1 | 2 | 2 | 2 | 1 | 0 | |
| Total Income | 14 | 2 | 1 | 1 | 42 | 8 | 5 | 6 | 18 | |
| Total Expenditure | 13 | 1 | 0 | 1 | 38 | 6 | 2 | 6 | 16 | |
| Operating Profit | 1 | 0 | 1 | 0 | 4 | 2 | 3 | 1 | 2 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | |
| Depreciation | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit Before Tax | 1 | 0 | 0 | -0 | 3 | 1 | 2 | 0 | -0 | |
| Provision for Tax | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | |
| Profit After Tax | 1 | 0 | 0 | -0 | 3 | 1 | 1 | 0 | -0 | |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit After Adjustments | 1 | 0 | 0 | -0 | 3 | 1 | 1 | 0 | -0 | |
| Adjusted Earnings Per Share | 3.2 | 0.4 | 0.7 | -0.3 | 4 | 1.1 | 1.1 | 0 | -0.1 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 260% | 44% | 78% | 0% |
| Operating Profit CAGR | 100% | 0% | 0% | 0% |
| PAT CAGR | 0% | -100% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 0% | 0% | -3% | NA% |
| ROE Average | -0% | 2% | 15% | 13% |
| ROCE Average | 3% | 4% | 9% | 7% |
| #(Fig in Cr.) | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 |
|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 2 | 2 | 2 | 3 | 6 | 27 | 27 | 27 | 27 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 5 | 5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 43 | 69 | 96 | 124 | 105 | 122 | 131 | 135 | 119 |
| Total Liabilities | 50 | 76 | 98 | 127 | 111 | 148 | 158 | 162 | 146 |
| Fixed Assets | 1 | 1 | 2 | 2 | 1 | 2 | 1 | 1 | 1 |
| Other Non-Current Assets | 0 | 0 | 1 | 2 | 1 | 1 | 1 | 1 | 1 |
| Total Current Assets | 50 | 74 | 95 | 124 | 108 | 146 | 156 | 160 | 145 |
| Total Assets | 50 | 76 | 98 | 127 | 111 | 148 | 158 | 162 | 146 |
| #(Fig in Cr.) | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 |
|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 2 | 0 | 2 | 1 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | -36 | -18 | -0 | 1 | -1 | -20 | -0 | 13 | 0 |
| Cash Flow from Investing Activities | -0 | -1 | -2 | -0 | -0 | -0 | 0 | 0 | 0 |
| Cash Flow from Financing Activities | 37 | 20 | 1 | 1 | 0 | 19 | 0 | -13 | 0 |
| Net Cash Inflow / Outflow | 0 | 1 | -1 | 2 | -1 | -1 | -0 | 0 | 0 |
| Closing Cash & Cash Equivalent | 0 | 1 | 0 | 2 | 1 | 0 | 0 | 0 | 0 |
| # | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 3.22 | 0.36 | 0.67 | -0.3 | 3.99 | 1.06 | 1.1 | 0.03 | -0.07 |
| CEPS(Rs) | 3.59 | 1.35 | 1.81 | 0.42 | 4.47 | 1.31 | 1.39 | 0.18 | 0.24 |
| DPS(Rs) | 0.5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 8.55 | 8.91 | 9.7 | 4.64 | 8.64 | 20.89 | 21.12 | 21.14 | 21.07 |
| Core EBITDA Margin(%) | 8.12 | 18.55 | 23.45 | -77.66 | 4.11 | 5.77 | 29.46 | -2.22 | 9.6 |
| EBIT Margin(%) | 7.67 | 12.56 | 57.46 | -14.08 | 8.89 | 31.4 | 80.05 | 13.81 | 7.47 |
| Pre Tax Margin(%) | 7.55 | 7 | 47.25 | -27.77 | 8.75 | 24.43 | 50.22 | 0.63 | -0.52 |
| PAT Margin (%) | 5.03 | 4.86 | 27.32 | -36.55 | 7.1 | 22.07 | 43.95 | 0.63 | -0.52 |
| Cash Profit Margin (%) | 5.6 | 18.18 | 73.33 | 50.85 | 7.95 | 27.25 | 55.4 | 4.14 | 1.72 |
| ROA(%) | 1.37 | 0.12 | 0.17 | -0.19 | 2.35 | 1.04 | 0.92 | 0.02 | -0.06 |
| ROE(%) | 37.68 | 4.12 | 7.25 | -7.86 | 60.15 | 8.29 | 5.25 | 0.13 | -0.35 |
| ROCE(%) | 14.91 | 2.81 | 4.29 | -0.86 | 26.89 | 7.44 | 6.29 | 1.75 | 3.41 |
| Receivable days | 384.01 | 3105.71 | 8778.01 | 8165.48 | 141.72 | 623.72 | 511.66 | 404.12 | 129.33 |
| Inventory Days | 152.73 | 2892.14 | 0 | 0 | 717.42 | 5635.92 | 0 | 7295.18 | 2103.63 |
| Payable days | -439.88 | -204.58 | -227.29 | -232.31 | 142.22 | -356.45 | -1984.54 | -5023.05 | 340.59 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 42.04 | 10.57 | 276.45 | 0 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 0 | 2.14 | 0.55 | 0.35 | 0.32 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.4 | 2.98 | 9.8 | 14.3 | 0.24 | 10.98 | 9.85 | 4.44 | 1.02 |
| EV/Core EBITDA(x) | 4.84 | 11.53 | 9.47 | 19.5 | 2.43 | 30.02 | 10.76 | 25.64 | 10.47 |
| Net Sales Growth(%) | 0 | -88.44 | -66.67 | 8.63 | 6777.92 | -84.44 | -47.95 | 70.21 | 231.48 |
| EBIT Growth(%) | 0 | -81.07 | 52.45 | -126.61 | 4441.01 | -45.02 | 32.65 | -70.63 | 79.25 |
| PAT Growth(%) | 0 | -88.83 | 87.46 | -245.32 | 1436.63 | -51.67 | 3.65 | -97.56 | -372.26 |
| EPS Growth(%) | 0 | -88.83 | 87.46 | -144.32 | 1436.64 | -73.38 | 3.65 | -97.56 | -372.26 |
| Debt/Equity(x) | 2.86 | 2.73 | 2.4 | 2.59 | 1.37 | 0.41 | 0.63 | 0.56 | 0.38 |
| Current Ratio(x) | 1.15 | 1.08 | 0.99 | 1 | 1.03 | 1.2 | 1.19 | 1.18 | 1.21 |
| Quick Ratio(x) | 1.02 | 0.8 | 0.45 | 0.42 | 0.24 | 0.32 | 0.34 | 0.4 | 0.36 |
| Interest Cover(x) | 62.83 | 2.26 | 5.63 | -1.03 | 67.79 | 4.51 | 2.68 | 1.05 | 0.94 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0.19 | 1.14 | 1.6 | 1.17 |
| # | Sep 2017 | Mar 2018 | Sep 2018 | Mar 2019 | Sep 2019 | Mar 2020 | Sep 2020 | Mar 2021 | Sep 2021 | Mar 2022 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 64.12 | 59.32 | 59.32 | 59.32 | 59.32 | 59.32 | 59.32 | 59.32 | 59.32 | 59.32 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 35.88 | 40.68 | 40.68 | 40.68 | 40.68 | 40.68 | 40.68 | 40.68 | 40.68 | 40.68 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Sep 2017 | Mar 2018 | Sep 2018 | Mar 2019 | Sep 2019 | Mar 2020 | Sep 2020 | Mar 2021 | Sep 2021 | Mar 2022 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.81 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.46 | 0.52 | 0.52 | 0.52 | 0.52 | 0.52 | 0.52 | 0.52 | 0.52 | 0.52 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.27 | 1.27 | 1.27 | 1.27 | 1.27 | 1.27 | 1.27 | 1.27 | 1.27 | 1.27 |
* The pros and cons are machine generated.
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