WEBSITE BSE:531578 NSE: KMF BUILDERS Inc. Year: 1995 Industry: Construction - Real Estate My Bucket: Add Stock
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1. Business Overview
KMF Builders & Developers Ltd. is an Indian company operating in the Construction - Real Estate sector. Its core business involves the development, construction, and sale of various real estate properties. This typically includes residential projects (apartments, villas, plotted developments), commercial properties (offices, retail spaces), and potentially mixed-use developments. The company generates revenue primarily through the sale of these developed properties to end-users and investors. Its business model relies on acquiring land, obtaining necessary approvals, designing and constructing projects, and then marketing and selling the units.
2. Key Segments / Revenue Mix
Specific segment details and their revenue contribution are not publicly available from the provided information. However, for a real estate developer in India, typical segments often include:
Residential: Development and sale of apartments, villas, and plotted land. This is generally the largest segment for many developers.
Commercial: Development and sale or lease of office spaces, retail outlets, and other business properties.
Other: Could include infrastructure projects, hospitality, or land bank development, though less common for a general "builders & developers" profile without further information.
Without specific data, the exact mix remains unknown, but residential development is likely a significant component.
3. Industry & Positioning
The Indian real estate industry is large, dynamic, and highly fragmented, comprising numerous regional and local players alongside a few large national developers. It is cyclical, influenced by economic growth, interest rates, government policies (like RERA, affordable housing initiatives), and consumer sentiment. KMF Builders & Developers Ltd., given the information, appears to be a regional or local player operating within India. Its positioning relative to peers would depend on its geographical focus, project scale, brand reputation, and market share in its specific operating regions, none of which can be determined from the provided data. It operates in a competitive environment where timely project delivery, quality construction, and competitive pricing are key differentiators.
4. Competitive Advantage (Moat)
Without specific information about KMF Builders & Developers Ltd.'s operations, it is challenging to identify specific durable competitive advantages. Potential moats in the real estate sector generally include:
Strong Brand Reputation: Trust built through consistent quality and timely delivery.
Strategic Land Bank: Access to prime land parcels at favorable costs.
Execution Capability: Efficient project management, construction quality, and adherence to timelines.
Local Market Expertise: Deep understanding of specific regional demand, regulatory environment, and supply chain.
Financial Strength: Access to capital for land acquisition and project funding.
For KMF, any moat would likely stem from its local market expertise, established reputation in its operating regions, or a strategically acquired land bank.
5. Growth Drivers
Key factors that could drive growth for KMF Builders & Developers Ltd. over the next 3-5 years include:
Urbanization & Population Growth: Continued migration to urban centers fuels demand for housing and commercial spaces.
Rising Disposable Incomes: Increased affordability and aspiration for better living standards.
Favorable Government Policies: Initiatives like affordable housing, infrastructure development, and easing of regulations.
Improved Housing Affordability: Stable interest rates and property prices.
Successful Project Launches & Execution: Ability to acquire new land parcels, launch attractive projects, and deliver them on time and within budget.
6. Risks
Key risks for KMF Builders & Developers Ltd. include:
Economic Downturn: A slowdown in economic growth can reduce consumer spending power and real estate demand.
Interest Rate Fluctuations: Higher interest rates can increase borrowing costs for the company and reduce housing affordability for buyers.
Regulatory & Environmental Clearances: Delays or changes in government policies, RERA norms, or environmental regulations can impact project timelines and costs.
Raw Material Price Volatility: Fluctuations in the cost of steel, cement, and labor can impact project profitability.
Funding Challenges: Difficulty in securing financing for land acquisition and project construction.
Intense Competition: Pressure on pricing and margins due to a highly competitive market.
Project Delays & Execution Risk: Inability to complete projects on time, leading to cost overruns and reputational damage.
Unsold Inventory: Accumulation of unsold units can strain cash flow and lead to write-downs.
7. Management & Ownership
In most Indian companies, particularly in the real estate sector, promoters typically hold a significant ownership stake and play a crucial role in strategic decision-making and day-to-day operations. While specific details about the promoters, their experience, or governance practices of KMF Builders & Developers Ltd. are not available, successful real estate companies rely heavily on experienced management with a strong track record in land acquisition, project development, financial management, and regulatory compliance. The ownership structure would likely involve the promoter group, institutional investors (if any), and public shareholders.
8. Outlook
The outlook for KMF Builders & Developers Ltd. is dependent on its ability to navigate the dynamic Indian real estate market and execute its projects efficiently. The bull case suggests that favorable demographic trends, increasing urbanization, rising disposable incomes, and supportive government policies could drive sustained demand for real estate. If KMF can consistently acquire prime land, launch well-received projects, ensure timely delivery with quality construction, and maintain prudent financial management, it could capitalize on this growth. However, the bear case highlights significant risks including potential economic slowdowns, adverse changes in interest rates or regulations, intense competition, and challenges in project funding or execution. The company's future performance will largely hinge on its strategic land bank management, efficiency in project delivery, and resilience in adapting to market cycles and regulatory changes within its specific operating geographies.
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Market Cap ₹10 Cr.
Stock P/E -20
P/B 0.9
Current Price ₹8.4
Book Value ₹ 9.6
Face Value 5
52W High ₹13.7
Dividend Yield 0%
52W Low ₹ 5.9
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 | 12 | 9 | 0 | 0 | 0 | 0 | 3 | 0 | 0 | 0 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 12 | 9 | 0 | 0 | 0 | 0 | 3 | 0 | 0 | 0 |
| Total Expenditure | 19 | 0 | 0 | 0 | 0 | 1 | 3 | 0 | 0 | 0 |
| Operating Profit | -8 | 8 | 0 | -0 | -0 | -1 | 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 | -8 | 8 | 0 | -0 | -0 | -1 | 0 | -0 | -0 | -0 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 |
| Profit After Tax | -8 | 8 | 0 | -0 | -0 | -1 | 0 | -0 | -0 | -0 |
| Adjustments | 0 | -0 | -0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 |
| Profit After Adjustments | -8 | 8 | 0 | -0 | -0 | -1 | 0 | -0 | -0 | -0 |
| Adjusted Earnings Per Share | -6.5 | 6.8 | 0.1 | -0.3 | -0.2 | -1.1 | 0.2 | -0.3 | -0 | -0.1 |
| #(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 | 3 | 6 | 2 | 2 | 4 | 2 | 5 | 3 | 2 | 20 | 3 | 3 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| Total Income | 3 | 6 | 2 | 2 | 4 | 2 | 5 | 3 | 3 | 21 | 3 | 3 |
| Total Expenditure | 3 | 5 | 2 | 1 | 4 | 2 | 4 | 3 | 2 | 20 | 4 | 3 |
| Operating Profit | 0 | 1 | 1 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | -0 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | -1 | 0 |
| Provision for Tax | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 |
| Profit After Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 | 0 |
| Adjustments | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 | 0 |
| Adjusted Earnings Per Share | 0.1 | 0.3 | 0.2 | 0.1 | 0.2 | 0.1 | 0.3 | 0.3 | 0.3 | 0.4 | -0.4 | -0.2 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -85% | 0% | 8% | 0% |
| Operating Profit CAGR | -100% | -100% | 0% | 0% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -11% | 29% | 18% | 7% |
| ROE Average | -4% | 1% | 2% | 2% |
| ROCE Average | -4% | 2% | 3% | 3% |
| #(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 | 10 | 11 | 11 | 11 | 11 | 11 | 12 | 12 | 12 | 13 | 12 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | -0 | -0 | -0 | -0 | -0 | -0 | 0 | 0 | -0 | -0 |
| Total Current Liabilities | 6 | 4 | 4 | 3 | 9 | 9 | 9 | 8 | 9 | 1 | 0 |
| Total Liabilities | 17 | 15 | 15 | 14 | 20 | 20 | 21 | 21 | 22 | 13 | 13 |
| Fixed Assets | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 16 | 14 | 14 | 14 | 19 | 20 | 20 | 20 | 22 | 13 | 12 |
| Total Assets | 17 | 15 | 15 | 14 | 20 | 20 | 21 | 21 | 22 | 13 | 13 |
| #(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 | 0 | 1 | 0 | 0 | 1 | 1 | 4 | 5 | 3 | 4 |
| Cash Flow from Operating Activities | -0 | 0 | -1 | 0 | 1 | -0 | 3 | 1 | -2 | 1 | -1 |
| Cash Flow from Investing Activities | 0 | 0 | 1 | 0 | -0 | -0 | 0 | 0 | 0 | 0 | 1 |
| Cash Flow from Financing Activities | 0 | -0 | -0 | -0 | 0 | 0 | -0 | -0 | -0 | -0 | -0 |
| Net Cash Inflow / Outflow | -0 | 0 | -0 | 0 | 1 | -0 | 3 | 1 | -2 | 1 | -0 |
| Closing Cash & Cash Equivalent | 0 | 1 | 0 | 0 | 1 | 1 | 4 | 5 | 3 | 4 | 4 |
| # | 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) | 0.12 | 0.33 | 0.2 | 0.13 | 0.24 | 0.12 | 0.29 | 0.26 | 0.25 | 0.39 | -0.42 |
| CEPS(Rs) | 0.2 | 0.43 | 0.3 | 0.17 | 0.26 | 0.19 | 0.35 | 0.32 | 0.31 | 0.47 | -0.35 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 8.61 | 8.85 | 9.05 | 9.18 | 9.1 | 9.22 | 9.5 | 9.77 | 10.02 | 10.41 | 9.99 |
| Core EBITDA Margin(%) | 11.61 | 12.06 | 12.66 | 9.64 | 8.08 | 13.57 | 10.31 | 9.65 | 12.54 | 1.61 | -37.95 |
| EBIT Margin(%) | 10.04 | 10.83 | 17.79 | 8.74 | 10 | 12.74 | 9.76 | 13.99 | 22.2 | 3.39 | -17.3 |
| Pre Tax Margin(%) | 8.45 | 9.84 | 17.45 | 7.99 | 9.69 | 12.09 | 9.17 | 12.88 | 20.7 | 3.25 | -18.43 |
| PAT Margin (%) | 4.2 | 7.12 | 11.28 | 9.75 | 7.48 | 8.31 | 7.58 | 9.71 | 13.64 | 2.38 | -18.28 |
| Cash Profit Margin (%) | 7.13 | 9.25 | 17.31 | 13.06 | 8 | 13.21 | 9.29 | 11.83 | 16.69 | 2.82 | -15.36 |
| ROA(%) | 0.84 | 2.46 | 1.62 | 1.08 | 1.73 | 0.72 | 1.69 | 1.53 | 1.46 | 2.71 | -3.91 |
| ROE(%) | 1.36 | 3.77 | 2.22 | 1.41 | 2.66 | 1.31 | 3.07 | 2.71 | 2.58 | 3.85 | -4.11 |
| ROCE(%) | 3.18 | 5.62 | 3.46 | 1.24 | 3.45 | 1.92 | 3.76 | 3.76 | 4.08 | 5.35 | -3.8 |
| Receivable days | 5.42 | 3.24 | 29.05 | 66.13 | 26.85 | 60.54 | 21.03 | 0 | 0 | 0 | 0 |
| Inventory Days | 1502.05 | 883.29 | 2180.01 | 2875.29 | 1340.62 | 3511.56 | 1266.91 | 1621.66 | 2308.05 | 167.92 | 386.75 |
| Payable days | 294.77 | 129.9 | 525.04 | 567.87 | 124.93 | 0 | 88.96 | 96.86 | 54.14 | 2.68 | 9.88 |
| PER(x) | 21.67 | 10.73 | 24.07 | 18.49 | 0 | 12.09 | 15.17 | 20.21 | 13.62 | 17.36 | 0 |
| Price/Book(x) | 0.29 | 0.4 | 0.53 | 0.26 | 0 | 0.16 | 0.46 | 0.54 | 0.35 | 0.66 | 0.99 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.87 | 0.69 | 2.7 | 1.87 | 1.24 | 0.77 | 0.36 | 0.59 | 0.64 | 0.22 | 3 |
| EV/Core EBITDA(x) | 6.75 | 5.29 | 11.33 | 15.51 | 11.76 | 4.36 | 3.1 | 3.64 | 2.53 | 5.79 | -20.89 |
| Net Sales Growth(%) | -48.22 | 67.09 | -61.9 | -25.01 | 146.35 | -55.66 | 163.18 | -29.16 | -30.53 | 783.91 | -86.1 |
| EBIT Growth(%) | -49.8 | 80.14 | -37.39 | -63.13 | 181.69 | -43.52 | 101.77 | 1.5 | 10.22 | 35.02 | -170.93 |
| PAT Growth(%) | -65.9 | 183.05 | -39.65 | -35.17 | 88.93 | -50.72 | 139.87 | -9.17 | -2.43 | 54.37 | -206.64 |
| EPS Growth(%) | -65.88 | 182.89 | -39.64 | -35.2 | 88.97 | -50.7 | 139.78 | -9.15 | -2.45 | 54.4 | -206.63 |
| Debt/Equity(x) | 0.03 | 0.01 | 0.01 | 0.04 | 0.03 | 0.06 | 0.05 | 0.03 | 0.03 | 0.02 | 0.02 |
| Current Ratio(x) | 2.51 | 3.23 | 4.01 | 4.31 | 2.24 | 2.3 | 2.28 | 2.4 | 2.34 | 26.2 | 50.02 |
| Quick Ratio(x) | 0.26 | 0.37 | 0.39 | 0.5 | 0.33 | 0.29 | 0.61 | 0.71 | 0.76 | 18.39 | 42.09 |
| Interest Cover(x) | 6.32 | 10.93 | 52.17 | 11.54 | 32.53 | 19.62 | 16.53 | 12.64 | 14.85 | 24.44 | -15.3 |
| Total Debt/Mcap(x) | 0.11 | 0.02 | 0.03 | 0.14 | 0 | 0.4 | 0.1 | 0.06 | 0.07 | 0.04 | 0.02 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 48.23 | 48.23 | 48.23 | 48.23 | 48.23 | 48.23 | 48.23 | 48.23 | 48.23 | 48.23 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 51.77 | 51.77 | 51.77 | 51.77 | 51.77 | 51.77 | 51.77 | 51.77 | 51.77 | 51.77 |
| 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 | 0.59 | 0.59 | 0.59 | 0.59 | 0.59 | 0.59 | 0.59 | 0.59 | 0.59 | 0.59 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.22 | 1.22 | 1.22 | 1.22 | 1.22 | 1.22 | 1.22 | 1.22 | 1.22 | 1.22 |
* The pros and cons are machine generated.
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