WEBSITE BSE:523566 NSE: MARTIN BURN Inc. Year: 1946 Industry: Construction - Real Estate My Bucket: Add Stock
Last updated: 11:29
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1. Business Overview
Martin Burn Ltd. operates in the Construction and Real Estate sector in India. Its core business likely involves the development, construction, and sale or leasing of various types of properties. This can include residential projects (apartments, villas), commercial spaces (offices, retail), and potentially integrated townships or mixed-use developments. The business model typically encompasses land acquisition, project conceptualization and design, obtaining necessary regulatory approvals, construction management, marketing, and sales or rental management of the completed properties. The company generates revenue primarily from the sale of developed properties or, less commonly, from rental income from leased assets.
2. Key Segments / Revenue Mix
Without specific financial data, the exact revenue mix is not available. However, for a company in this sector, potential key segments often include:
Residential Development: Sale of apartments, independent homes, or plots. This is often the largest segment for many Indian real estate developers.
Commercial Development: Sale or lease of office spaces, retail outlets, or business parks.
Land Development/Plotting: Development and sale of land parcels.
Given the general nature of the industry, revenue is primarily driven by project completions and property sales velocity.
3. Industry & Positioning
The Indian Construction and Real Estate industry is large, diverse, and often fragmented, comprising numerous regional players alongside a few large national developers. The industry is highly susceptible to economic cycles, government policies, and credit availability. Companies can position themselves based on geographical focus (e.g., specific cities or regions), target market (affordable, mid-income, luxury), or project type (residential, commercial, integrated townships). Martin Burn Ltd.'s specific positioning would depend on its project portfolio, target clientele, and geographical presence within India. It likely operates regionally, focusing on specific urban or semi-urban markets.
4. Competitive Advantage (Moat)
Given the general nature of the industry and without specific company information, potential competitive advantages (moats) for Martin Burn Ltd. could include:
Strong Local Brand Reputation: A long-standing presence and successful project delivery in specific geographical markets can build trust with customers and local authorities.
Strategic Land Bank: Owning or having preferential access to developable land parcels in key growth corridors.
Execution Capability: A proven track record of timely project completion and quality construction.
Regulatory Expertise: Strong understanding and navigation of complex local land laws and approval processes.
Customer Loyalty: Repeat business or referrals due to positive past experiences.
5. Growth Drivers
Key factors that could drive growth for Martin Burn Ltd. over the next 3-5 years include:
Urbanization & Population Growth: Continued migration to urban centers creates demand for housing and commercial spaces.
Rising Disposable Incomes & Affordability: Growth in the middle-class segment and improved affordability can boost property sales.
Government Initiatives: Policies promoting affordable housing, infrastructure development (e.g., smart cities, transport corridors), and ease of doing business can stimulate demand and supply.
Favorable Interest Rate Regime: Lower home loan interest rates make property acquisition more attractive for buyers.
FDI in Real Estate: Increased foreign investment can provide capital for new projects and development.
6. Risks
Key business risks for Martin Burn Ltd. in the Construction and Real Estate sector include:
Economic Slowdowns: A downturn in the broader economy can lead to reduced consumer spending, impacting property demand and sales.
Interest Rate Fluctuations: Rising interest rates can increase borrowing costs for both developers and homebuyers, affecting project viability and affordability.
Regulatory & Environmental Hurdles: Delays in obtaining approvals, changes in land use policies, or stricter environmental regulations can cause project delays and cost overruns.
Funding Challenges: Difficulty in securing timely and cost-effective financing for projects.
Intense Competition: The fragmented nature of the industry means high competition for land, customers, and skilled labor.
Raw Material Price Volatility: Fluctuations in prices of key construction materials (cement, steel, sand) can impact project costs and margins.
Execution Risk: Delays in project completion, quality issues, or labor shortages can damage reputation and incur penalties.
7. Management & Ownership
Typically, companies in India, especially those of a certain vintage, are promoter-led. This means a founding family or group holds a significant stake and often plays a direct role in management and strategic decision-making. Management quality would depend on their experience, vision, corporate governance practices, and ability to navigate market cycles. Ownership structure often involves a concentrated stake held by the promoter group, with the remaining shares held by public shareholders and institutional investors.
8. Outlook
Martin Burn Ltd., as a participant in the Indian Construction and Real Estate sector, faces a mixed but generally optimistic long-term outlook.
Bull Case: Driven by India's demographic dividend, ongoing urbanization, and government focus on infrastructure and housing, the sector offers significant growth potential. A company with a strong land bank, efficient project execution, and a solid reputation could capitalize on this demand, especially if it focuses on growing markets or specific niches (e.g., affordable housing or grade-A commercial spaces in specific micro-markets). Favorable lending conditions and investor confidence could further accelerate growth.
Bear Case: The sector remains highly susceptible to macroeconomic headwinds such as inflation, high interest rates, and slower economic growth, which can dampen consumer sentiment and property demand. Regulatory complexities, funding constraints, intense competition, and the inherent long gestation periods of real estate projects pose ongoing risks. Companies that struggle with project delays, cost overruns, or ineffective marketing strategies could face significant challenges.
Overall, the company's performance will largely depend on its ability to navigate these industry-specific risks while leveraging the underlying demographic and economic growth trends of India.
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Market Cap ₹23 Cr.
Stock P/E 3.9
P/B 0.5
Current Price ₹45.5
Book Value ₹ 96.2
Face Value 10
52W High ₹77
Dividend Yield 0%
52W Low ₹ 36.1
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 | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income | 1 | 1 | 3 | 1 | 2 | 1 | 12 | 2 | 2 | 1 |
| Total Income | 1 | 1 | 4 | 2 | 2 | 2 | 12 | 2 | 2 | 1 |
| Total Expenditure | 1 | 1 | 4 | 1 | 1 | 0 | 7 | 1 | 1 | 1 |
| Operating Profit | 1 | 1 | 0 | 1 | 1 | 1 | 5 | 1 | 1 | 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 | 1 | -0 | 1 | 1 | 1 | 5 | 1 | 1 | 0 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
| Profit After Tax | 0 | 1 | -0 | 0 | 1 | 1 | 4 | 1 | 1 | 0 |
| Adjustments | -0 | -0 | -0 | 0 | 0 | 0 | -0 | 0 | 0 | -0 |
| Profit After Adjustments | 0 | 1 | -0 | 0 | 1 | 1 | 4 | 1 | 1 | 0 |
| Adjusted Earnings Per Share | 0.8 | 1 | -0.4 | 0.9 | 1.3 | 1.6 | 7.8 | 1.6 | 1.1 | 0.6 |
| #(Fig in Cr.) | Sep 2014 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 0 | 4 | 1 | 2 | 1 | 1 | 0 | 1 | 0 | 2 | 0 | 0 |
| Other Income | 5 | 5 | 6 | 5 | 9 | 6 | 4 | 7 | 5 | 7 | 16 | 17 |
| Total Income | 5 | 9 | 7 | 7 | 9 | 7 | 4 | 7 | 5 | 9 | 17 | 17 |
| Total Expenditure | 2 | 7 | 4 | 4 | 5 | 3 | 3 | 4 | 3 | 6 | 8 | 10 |
| Operating Profit | 4 | 3 | 4 | 3 | 4 | 3 | 1 | 3 | 2 | 3 | 8 | 7 |
| Interest | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | -4 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -1 | 1 | 2 | 2 | 2 | 2 | 0 | 2 | 1 | 1 | 7 | 7 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 1 | 0 | 0 | 1 | 1 |
| Profit After Tax | -1 | 1 | 2 | 2 | 1 | 2 | 0 | 2 | 1 | 1 | 6 | 6 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -1 | 1 | 2 | 2 | 1 | 2 | 0 | 2 | 1 | 1 | 6 | 6 |
| Adjusted Earnings Per Share | -2.7 | 1.9 | 4 | 3.3 | 2.8 | 3.3 | 0.2 | 3.2 | 1.9 | 2.3 | 11.6 | 11.1 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -100% | -100% | -100% | 0% |
| Operating Profit CAGR | 167% | 39% | 22% | 7% |
| PAT CAGR | 500% | 44% | 25% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -22% | 1% | 3% | 14% |
| ROE Average | 13% | 6% | 5% | 4% |
| ROCE Average | 16% | 8% | 7% | 6% |
| #(Fig in Cr.) | Sep 2014 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 40 | 41 | 43 | 44 | 46 | 47 | 47 | 48 | 49 | 50 | 56 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 6 | 8 | 7 | 10 | 10 | 10 | 10 | 9 | 10 | 10 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 38 | 38 | 39 | 42 | 42 | 40 | 40 | 40 | 39 |
| Total Current Liabilities | 43 | 42 | 7 | 8 | 3 | 3 | 2 | 2 | 1 | 1 | 6 |
| Total Liabilities | 89 | 90 | 94 | 100 | 97 | 101 | 100 | 100 | 100 | 101 | 102 |
| Fixed Assets | 22 | 22 | 22 | 21 | 21 | 21 | 21 | 21 | 20 | 20 | 20 |
| Other Non-Current Assets | 38 | 42 | 40 | 32 | 32 | 30 | 34 | 41 | 45 | 51 | 71 |
| Total Current Assets | 29 | 26 | 33 | 47 | 44 | 50 | 45 | 38 | 35 | 29 | 12 |
| Total Assets | 89 | 90 | 94 | 100 | 97 | 101 | 100 | 100 | 100 | 101 | 102 |
| #(Fig in Cr.) | Sep 2014 | 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 | 2 | 2 | 1 | 2 | 1 | 1 |
| Cash Flow from Operating Activities | 0 | 1 | 1 | 4 | -12 | -5 | 0 | 7 | -1 | 4 | 15 |
| Cash Flow from Investing Activities | -0 | -0 | -0 | -0 | 2 | 4 | -0 | -4 | 1 | -3 | -5 |
| Cash Flow from Financing Activities | 0 | 0 | -1 | -4 | 11 | 1 | -1 | -2 | -1 | -1 | -10 |
| Net Cash Inflow / Outflow | -0 | 0 | -0 | -0 | 2 | 0 | -1 | 1 | -1 | 0 | -0 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 | 2 | 2 | 1 | 2 | 1 | 1 | 1 |
| # | Sep 2014 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -2.73 | 1.93 | 4.01 | 3.31 | 2.81 | 3.33 | 0.19 | 3.16 | 1.94 | 2.3 | 11.63 |
| CEPS(Rs) | -2.16 | 2.75 | 4.49 | 3.88 | 3.23 | 3.82 | 0.65 | 3.63 | 2.33 | 2.73 | 12.12 |
| DPS(Rs) | 0 | 0 | 0 | 0.5 | 0.5 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 59.18 | 61.12 | 65.13 | 68.44 | 71.71 | 74.55 | 73.95 | 77.11 | 78.99 | 81.28 | 92.91 |
| Core EBITDA Margin(%) | -332 | -72.08 | -298.13 | -109.58 | -838 | -395.63 | -1177.97 | -540.45 | -946.45 | -198.56 | -2529.9 |
| EBIT Margin(%) | -64.58 | 70.58 | 336.22 | 172.61 | 788.98 | 501.07 | 351.62 | 489.4 | 783.01 | 118.41 | 2487.68 |
| Pre Tax Margin(%) | -350.5 | 35.6 | 255.41 | 123.76 | 354.4 | 340.84 | 23.13 | 361.01 | 454.32 | 71.7 | 2215.4 |
| PAT Margin (%) | -372.28 | 26.33 | 213.15 | 101.05 | 275.73 | 267.67 | 35.62 | 256.08 | 347.49 | 59.38 | 1864.47 |
| Cash Profit Margin (%) | -294.17 | 37.37 | 238.38 | 118.62 | 316.54 | 306.55 | 125.19 | 293.96 | 417.62 | 70.47 | 1943.37 |
| ROA(%) | -1.52 | 1.11 | 2.24 | 1.75 | 1.47 | 1.74 | 0.09 | 1.63 | 1 | 1.18 | 5.9 |
| ROE(%) | -4.51 | 3.22 | 6.36 | 4.95 | 4.02 | 4.56 | 0.25 | 4.18 | 2.48 | 2.87 | 13.35 |
| ROCE(%) | -0.64 | 6.97 | 8.09 | 6.72 | 8.97 | 6.71 | 1.94 | 6.32 | 4.47 | 4.58 | 15.91 |
| Receivable days | 1691.25 | 116.35 | 326.26 | 176.24 | 405.81 | 251.57 | 594.15 | 197.39 | 382.41 | 58.98 | 306 |
| Inventory Days | 1726.96 | 108.78 | 19.59 | 6.31 | 658.6 | 1322.35 | 3844.82 | 1655.66 | 3668.68 | 0 | 0 |
| Payable days | 8246.93 | 16.58 | 31.59 | 24.93 | -83.57 | 165.85 | 187.21 | 416.6 | 0 | 0 | 0 |
| PER(x) | 0 | 7.75 | 4.81 | 15.52 | 14.33 | 7.5 | 107.7 | 14.6 | 21 | 19.04 | 5.66 |
| Price/Book(x) | 0.3 | 0.25 | 0.3 | 0.75 | 0.56 | 0.34 | 0.27 | 0.6 | 0.51 | 0.54 | 0.71 |
| Dividend Yield(%) | 0 | 0 | 0 | 0.97 | 1.24 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 40.94 | 3.98 | 17.57 | 21.42 | 54.21 | 32.09 | 71.53 | 48.9 | 103.45 | 15.69 | 103.64 |
| EV/Core EBITDA(x) | 4.3 | 5.67 | 4.86 | 11.29 | 6.6 | 6.01 | 36.57 | 9.55 | 12.29 | 12.12 | 4.04 |
| Net Sales Growth(%) | -77.5 | 902.06 | -74.36 | 73.8 | -68.81 | 22.01 | -58.15 | 136.78 | -54.85 | 594.12 | -83.88 |
| EBIT Growth(%) | -109.78 | 1195.23 | 22.14 | -10.77 | 42.55 | -22.52 | -70.63 | 229.56 | -27.76 | 4.97 | 238.7 |
| PAT Growth(%) | -262.36 | 170.88 | 107.55 | -17.6 | -14.91 | 18.44 | -94.43 | 1602.41 | -38.73 | 18.62 | 406.2 |
| EPS Growth(%) | -262.37 | 170.88 | 107.55 | -17.6 | -14.91 | 18.45 | -94.43 | 1601.94 | -38.73 | 18.62 | 406.2 |
| Debt/Equity(x) | 0.21 | 0.24 | 0.22 | 0.28 | 0.26 | 0.26 | 0.27 | 0.24 | 0.24 | 0.24 | 0 |
| Current Ratio(x) | 0.68 | 0.62 | 4.8 | 5.97 | 15.29 | 19.8 | 29.97 | 17.9 | 50.54 | 29.76 | 1.83 |
| Quick Ratio(x) | 0.63 | 0.62 | 4.8 | 5.97 | 14.64 | 18.7 | 28.06 | 16.52 | 46.37 | 29.76 | 1.83 |
| Interest Cover(x) | -0.23 | 2.02 | 4.16 | 3.53 | 1.82 | 3.13 | 1.07 | 3.81 | 2.38 | 2.53 | 9.14 |
| Total Debt/Mcap(x) | 0.71 | 1 | 0.75 | 0.38 | 0.47 | 0.79 | 1.01 | 0.41 | 0.48 | 0.44 | 0.01 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 65.84 | 65.84 | 65.84 | 65.84 | 65.84 | 65.84 | 66.23 | 66.23 | 66.23 | 66.23 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.27 | 0.28 | 0.28 | 0.28 | 0.27 | 0.27 | 0.27 | 0.27 | 0.14 | 0.14 |
| Public | 33.89 | 33.88 | 33.88 | 33.88 | 33.89 | 33.89 | 33.5 | 33.5 | 33.64 | 33.64 |
| 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 | 0.34 | 0.34 | 0.34 | 0.34 | 0.34 | 0.34 | 0.34 | 0.34 | 0.34 | 0.34 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.52 | 0.52 | 0.52 | 0.52 | 0.52 | 0.52 | 0.52 | 0.52 | 0.52 | 0.52 |
* The pros and cons are machine generated.
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