Construction - Real Estate · Founded 2008 · www.maheshdevelopers.in · BSE 542677 · · ISIN INE01MO01013
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Business
Mahesh Developers Ltd. operates in the Indian real estate sector. Its core business involves the acquisition, planning, development, marketing, and sale of various types of properties. This typically includes residential projects (apartments, villas, plotted developments) and potentially commercial spaces (offices, retail outlets). The company's business model revolves around generating revenue from the sale of these developed properties to end-users and investors. Profitability is derived from the difference between development costs (land, construction, approvals, marketing) and sale prices.
Revenue Mix
Without specific financial data, the exact revenue mix cannot be provided. However, given the nature of the Indian real estate market for developers, the primary segments are likely:
Residential Development: This typically constitutes the largest portion of revenue for most Indian real estate developers, involving the construction and sale of homes.
Commercial Development: May include office spaces, retail malls, or mixed-use developments, contributing a smaller but often stable revenue stream (either through sales or rentals, depending on the asset strategy).
Mahesh Developers Ltd. likely derives the majority of its revenue from the outright sale of developed residential units.
Industry
The Indian Construction - Real Estate industry is large, diverse, and highly cyclical. It is characterized by a significant number of regional and local players, though there's an increasing trend of consolidation towards larger, more organized, and financially strong developers. The industry is heavily influenced by macroeconomic factors, interest rates, government policies (e.g., RERA, PMAY, infrastructure spending), and consumer sentiment.
Without specific market share or project details, Mahesh Developers Ltd. is likely positioned as a regional or city-specific developer within India, competing with both established national players and numerous local entities. Its positioning would depend on its project quality, delivery track record, pricing strategy, and brand reputation in its operating geographies.
MOAT
In the fragmented Indian real estate market, durable competitive advantages are critical. For Mahesh Developers Ltd., potential moats, if present, could include:
Strong Brand Reputation & Trust: A proven track record of timely delivery, quality construction, and transparent dealings can build significant buyer trust, which is crucial in real estate.
Strategic Land Bank: Access to well-located land parcels acquired at favorable prices can provide a long-term advantage.
Execution Capabilities: Efficient project management, ability to secure regulatory approvals quickly, and effective cost control during construction.
Local Market Expertise & Relationships: Deep understanding of specific micro-markets and strong relationships with local authorities and vendors.
The presence and strength of these advantages are crucial for a developer's sustained success.
Growth Drivers
Key factors that can drive growth for Mahesh Developers Ltd. over the next 3-5 years include:
Urbanization & Demographic Trends: Continued migration to urban centers and formation of nuclear families driving demand for new housing.
Rising Disposable Incomes: Growth in personal incomes leading to increased affordability and demand for real estate.
Government Support & Infrastructure Spending: Favorable policies (e.g., RERA for transparency, PMAY for affordable housing incentives) and significant government investment in infrastructure improving connectivity and property values.
Favorable Interest Rate Environment: Lower home loan interest rates enhancing affordability for potential homebuyers.
Successful Project Launches & Execution: Timely completion and sales success of new residential and commercial projects.
Risks
Cyclicality of Real Estate: The industry is highly sensitive to economic cycles, interest rate changes, and consumer confidence, leading to demand fluctuations.
Regulatory & Approval Risks: Delays in obtaining government approvals (environmental, construction permits) can prolong project timelines and increase costs. Changes in regulations (e.g., RERA amendments) can also impact operations.
Land Acquisition Challenges: Difficulty in acquiring suitable land parcels at reasonable prices, or legal disputes related to land titles.
Input Cost Inflation: Volatility in prices of construction materials (cement, steel) and labor can impact project profitability.
Funding & Liquidity Risks: High reliance on debt funding and customer advances can expose the company to interest rate risks and liquidity crunches if sales slow down.
Competition: Intense competition from numerous established and new developers, leading to pricing pressures.
Management & Ownership
Typically, real estate companies in India, especially those of a certain vintage, are promoter-driven, often with significant family involvement in management and ownership. The promoters' vision, experience in land acquisition, project execution capabilities, and financial discipline are critical to the company's success. Ownership structure would likely involve a dominant stake held by the promoter group, demonstrating their long-term commitment. The quality of management is often reflected in the company's track record of project delivery, financial prudence, and adaptability to market changes.
Outlook
Mahesh Developers Ltd. operates within an Indian real estate market that presents both significant opportunities and inherent challenges. The long-term outlook for the sector is supported by robust demographic factors, urbanization, and government initiatives aimed at boosting housing and infrastructure. For Mahesh Developers, successful project execution, effective management of land banks, and disciplined financial practices will be key drivers of future performance. However, the company faces risks associated with the cyclical nature of real estate, regulatory complexities, potential for input cost escalation, and intense competition. Its ability to navigate these challenges while capitalizing on demand tailwinds will determine its growth trajectory and profitability.
| #(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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Expenditure | -0 | 0 | -0 | -0 | -0 | 0 | -0 | -0 | -0 | 0 |
| Operating Profit | 0 | -0 | 0 | 0 | 0 | 0 | 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 | -0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Provision for Tax | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | -0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjustments | 0 | -0 | 0 | 0 | -0 | 0 | 0 | -0 | 0 | 0 |
| Profit After Adjustments | -0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted Earnings Per Share | -0.1 | -0.1 | 0 | 0 | 0.1 | 0 | 0 | 0.1 | 0.2 | 0 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 0 | 25 | 17 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| Total Income | 0 | 25 | 18 | 1 | 1 | 0 | 0 | 0 | 0 | 1 | 0 |
| Total Expenditure | -3 | 23 | 16 | 0 | 0 | 0 | -1 | -0 | -0 | 1 | 0 |
| Operating Profit | 3 | 2 | 3 | 1 | 1 | -0 | 1 | 0 | 0 | 0 | 0 |
| Interest | 2 | 2 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 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 |
| Profit Before Tax | 0 | -0 | 1 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Provision for Tax | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 0 | -0 | 1 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | -0 | 1 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted Earnings Per Share | 0 | 0 | 2.9 | 0 | 0.3 | -0.3 | 0.2 | 0.2 | 0.1 | 0.1 | 0.3 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 0% | 0% | -100% | 0% |
| Operating Profit CAGR | 0% | -100% | -100% | 0% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -6% | 21% | 16% | NA% |
| ROE Average | 1% | 1% | 0% | 3% |
| ROCE Average | 0% | 2% | 1% | 3% |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 0 | 3 | 4 | 5 | 5 | 7 | 6 | 4 | 4 | 4 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 20 | 12 | 0 | 0 | 0 | 17 | 16 | 7 | 11 | 11 |
| Other Non-Current Liabilities | -0 | -0 | -0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 28 | 24 | 21 | 19 | 19 | 4 | 11 | 28 | 30 | 33 |
| Total Liabilities | 49 | 39 | 25 | 24 | 24 | 28 | 33 | 39 | 44 | 47 |
| Fixed Assets | 2 | 2 | 0 | 4 | 4 | 3 | 3 | 3 | 3 | 3 |
| Other Non-Current Assets | 5 | 5 | 6 | 4 | 3 | 7 | 5 | 3 | 7 | 8 |
| Total Current Assets | 42 | 33 | 18 | 16 | 17 | 18 | 24 | 33 | 35 | 36 |
| Total Assets | 49 | 39 | 25 | 24 | 24 | 28 | 33 | 39 | 44 | 47 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 0 | -0 | 0 | 0 | 1 | 1 | 1 | 1 |
| Cash Flow from Operating Activities | 0 | 6 | 12 | 1 | -0 | 0 | 1 | 8 | 0 | 1 |
| Cash Flow from Investing Activities | 0 | 0 | 2 | 0 | 1 | -0 | 0 | 0 | -4 | -1 |
| Cash Flow from Financing Activities | 0 | -6 | -14 | -1 | -0 | 0 | -2 | -8 | 3 | 0 |
| Net Cash Inflow / Outflow | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 |
| Closing Cash & Cash Equivalent | 0 | 0 | -0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 |
| # | 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 | 0 | 2.95 | 0.03 | 0.27 | -0.33 | 0.16 | 0.16 | 0.06 | 0.06 |
| CEPS(Rs) | 4.3 | -0.08 | 3 | 0.05 | 0.28 | -0.33 | 0.17 | 0.17 | 0.07 | 0.06 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 0 | 0 | 13.65 | 12.67 | 12.94 | 16.04 | 13.68 | 9.41 | 9.47 | 9.52 |
| Core EBITDA Margin(%) | 0 | 5.64 | 8.88 | 97.98 | 57.8 | 0 | 0 | 0 | 0 | 0 |
| EBIT Margin(%) | 0 | 7.59 | 15.45 | 168.53 | 63.15 | 0 | 0 | 0 | 0 | 0 |
| Pre Tax Margin(%) | 0 | -0.18 | 7.52 | 5.52 | 16.99 | 0 | 0 | 0 | 0 | 0 |
| PAT Margin (%) | 0 | -0.18 | 5.18 | 3.68 | 11.77 | 0 | 0 | 0 | 0 | 0 |
| Cash Profit Margin (%) | 0 | -0.1 | 5.27 | 7.11 | 11.98 | 0 | 0 | 0 | 0 | 0 |
| ROA(%) | 0.04 | -0.1 | 2.75 | 0.05 | 0.47 | -0.52 | 0.22 | 0.18 | 0.06 | 0.05 |
| ROE(%) | 5.82 | -2.47 | 24.21 | 0.24 | 2.12 | -2.25 | 1.1 | 1.36 | 0.64 | 0.59 |
| ROCE(%) | 5.92 | 4.76 | 8.91 | 2.32 | 2.73 | -0.58 | 2.53 | 3 | 1.91 | 0.22 |
| Receivable days | 0 | 51.74 | 41.53 | 524.77 | 186.37 | 0 | 0 | 0 | 0 | 0 |
| Inventory Days | 0 | 439.42 | 352.87 | 0 | 4947.82 | 0 | 0 | 0 | 0 | 0 |
| Payable days | 0 | 0 | 0 | 0 | -429.72 | -258.6 | -426.9 | -1003.96 | -9184.59 | 0 |
| PER(x) | 0 | 0 | 0 | 0 | 64.91 | 0 | 56.11 | 69.84 | 122.08 | 0 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 1.36 | 0.29 | 0.67 | 1.17 | 0.78 | 0 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0 | 1.45 | 1.28 | 67.59 | 24.93 | 0 | 0 | 0 | 0 | 0 |
| EV/Core EBITDA(x) | 16.57 | 18.98 | 8.22 | 39.31 | 39.35 | -139.54 | 32.91 | 22.63 | 51.55 | 422.41 |
| Net Sales Growth(%) | 0 | 0 | -30.83 | -98.18 | 208.46 | -100 | 0 | 0 | 0 | 0 |
| EBIT Growth(%) | 0 | -25.55 | 40.78 | -80.14 | 15.58 | -122.07 | 527.82 | -14.46 | -49.6 | -86.94 |
| PAT Growth(%) | 0 | -302.69 | 2097.39 | -98.71 | 886.42 | -219.93 | 150.22 | -3.82 | -61.47 | -7.14 |
| EPS Growth(%) | 0 | 0 | 2097.42 | -99.06 | 885.14 | -219.93 | 150.23 | -3.85 | -61.46 | -7.08 |
| Debt/Equity(x) | 112.19 | 10.31 | 4.59 | 3.24 | 3.13 | 2.58 | 2.76 | 1.88 | 2.69 | 2.74 |
| Current Ratio(x) | 1.49 | 1.35 | 0.89 | 0.84 | 0.89 | 4.44 | 2.14 | 1.18 | 1.16 | 1.12 |
| Quick Ratio(x) | 0.19 | 0.39 | 0.41 | 0.17 | 0.17 | 1.13 | 0.34 | 0.21 | 0.21 | 0.26 |
| Interest Cover(x) | 1.01 | 0.98 | 1.95 | 1.03 | 1.37 | -78.65 | 1.18 | 1.22 | 1.12 | 53.67 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 2.29 | 8.77 | 4.11 | 1.61 | 3.44 | 0 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 72.29 | 72.29 | 72.29 | 72.29 | 72.29 | 72.29 | 72.29 | 72.29 | 72.29 | 72.29 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
| Public | 27.66 | 27.66 | 27.66 | 27.66 | 27.66 | 27.66 | 27.66 | 27.66 | 27.66 | 27.66 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | — | — | -100% | — |
| Operating Profit CAGR | — | -100% | -100% | — |
| PAT CAGR | — | — | — | — |
| Share Price CAGR | -6% | +21% | +16% | — |
| ROE Average | +1% | +1% | 0% | +3% |
| ROCE Average | 0% | +2% | +1% | +3% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 72.29 | 72.29 | 72.29 | 72.29 | 72.29 | 72.29 | 72.29 | 72.29 | 72.29 | 72.29 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
| Public | 27.66 | 27.66 | 27.66 | 27.66 | 27.66 | 27.66 | 27.66 | 27.66 | 27.66 | 27.66 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 |
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