WEBSITE BSE:531416 NSE: NARENDRA PRO Inc. Year: 1995 Industry: Construction - Real Estate My Bucket: Add Stock
Last updated: 10:02
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1. Business Overview
Narendra Properties Ltd. operates in the Indian real estate sector, primarily engaged in the development and sale of properties. As a "Properties Ltd." company within the Construction - Real Estate industry, its core business model involves acquiring land, planning and designing real estate projects (likely residential, commercial, or mixed-use), constructing these projects, and subsequently marketing and selling or leasing the developed units to customers. The company generates revenue primarily through the sale of completed residential units (apartments, villas), and potentially from the sale or leasing of commercial spaces.
2. Key Segments / Revenue Mix
Without specific financial data, the exact revenue mix is not available. However, based on typical operations of real estate developers in India, Narendra Properties Ltd. likely focuses on:
Residential Development: This often forms the largest segment for many Indian developers, involving the construction and sale of apartments, villas, and plotted developments.
Commercial Development: May include office spaces, retail complexes, or mixed-use developments.
Land Development/Banking: Acquisition and holding of land for future development or outright sale.
Specific contribution percentages for these segments are not disclosed.
3. Industry & Positioning
The Indian real estate industry is characterized by its fragmented nature, high capital intensity, cyclicality, and significant reliance on regulatory approvals. It comprises a mix of large national players, numerous regional developers, and local builders. Narendra Properties Ltd., without specific market share or project scale information, is likely positioned as a regional or mid-sized developer. Its standing against peers would depend on its project quality, delivery track record, specific geographic focus, target customer segment (e.g., affordable, mid-luxury, luxury), and land bank strategy within its operational areas. The industry is highly competitive, with differentiation often coming from brand reputation, execution capabilities, and strategic land acquisition.
4. Competitive Advantage (Moat)
For a real estate company, potential competitive advantages (moats) can include:
Prime Land Bank: Ownership of strategically located land parcels with development potential, acquired at favorable costs.
Brand Reputation & Trust: A strong track record of timely delivery, quality construction, and customer satisfaction, which is crucial in a sector often plagued by delays.
Execution Capabilities: Efficient project management, construction expertise, and strong relationships with contractors and suppliers, leading to cost and time efficiencies.
Financial Strength: Access to capital and lower cost of funding, essential for large, long-gestation projects.
Without specific details, it is difficult to confirm a strong, durable moat for Narendra Properties Ltd. Its competitive advantage would likely stem from a combination of these factors, particularly its ability to secure desirable land and execute projects effectively within its chosen markets.
5. Growth Drivers
Urbanization & Demographic Tailwinds: Continued migration to urban centers and a growing young population in India drive sustained demand for housing and commercial spaces.
Rising Disposable Incomes: Increasing affluence among the middle and upper-middle classes supports demand for better quality and larger homes.
Government Initiatives: Policy support such as the Pradhan Mantri Awas Yojana (PMAY), infrastructure development, and regulatory reforms (e.g., RERA for consumer protection) can stimulate demand and investor confidence.
Favorable Interest Rate Regime: Lower home loan interest rates make property more affordable, boosting purchases.
Successful Project Launches & Execution: The ability to consistently launch well-received projects and deliver them on time and within budget will be key for company-specific growth.
6. Risks
Economic Downturns & Cyclicality: Real estate is highly sensitive to economic cycles, interest rate changes, and overall consumer sentiment, which can impact demand and pricing.
Regulatory & Approval Delays: Complex and time-consuming approval processes, coupled with potential changes in regulations (e.g., RERA, environmental norms, zoning laws), can cause project delays and cost overruns.
Funding & Liquidity Risk: Real estate is capital-intensive. Access to timely and affordable financing (debt and equity) is crucial. Higher interest rates or a credit crunch can significantly impact project viability.
Competition: Intense competition from numerous organized and unorganized players can put pressure on prices and profit margins.
Input Cost Inflation: Rising costs of raw materials (cement, steel) and labor can impact project profitability if not effectively managed or passed on to customers.
Land Acquisition Challenges: Difficulties or delays in acquiring land parcels can stall new projects.
7. Management & Ownership
Narendra Properties Ltd., typical of many Indian companies, is likely promoter-driven, meaning it's founded and controlled by a specific family or group of individuals (the promoters). The quality of management would depend on their experience in real estate development, financial prudence, corporate governance standards, and ability to navigate market cycles and regulatory complexities. The ownership structure would typically involve the promoter group holding a significant stake, alongside institutional and public shareholders. Specific details on management individuals, their experience, or governance track record are not available.
8. Outlook
The outlook for Narendra Properties Ltd. is tied to the broader Indian real estate market dynamics. The sector benefits from strong long-term fundamentals driven by urbanization, demographic growth, and rising incomes. However, it remains susceptible to economic fluctuations, high interest rates, and regulatory uncertainties. For Narendra Properties, successful navigation of the competitive landscape, efficient project execution, prudent financial management, and a strategic approach to land acquisition will be crucial. Its ability to build a strong brand reputation for timely and quality delivery within its target markets will determine its growth trajectory amidst the inherent cyclicality and risks of the real estate development business.
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Market Cap ₹27 Cr.
Stock P/E 29.2
P/B 0.7
Current Price ₹38
Book Value ₹ 54.7
Face Value 10
52W High ₹48.9
Dividend Yield 2.63%
52W Low ₹ 28.9
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 6 | 3 | 0 | 4 | 0 | 4 | 3 | 0 | 4 | 0 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 |
| Total Income | 6 | 4 | 0 | 4 | 0 | 4 | 4 | 1 | 5 | 1 |
| Total Expenditure | 7 | 7 | 0 | 3 | 0 | 4 | 3 | 0 | 4 | 0 |
| Operating Profit | -1 | -3 | -0 | 1 | 0 | 1 | 1 | 0 | 1 | 1 |
| 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 | -1 | -3 | -0 | 1 | 0 | 1 | 1 | 0 | 1 | 1 |
| Provision for Tax | 0 | 1 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 1 |
| Profit After Tax | -1 | -4 | -0 | 1 | 0 | 0 | 1 | 0 | 1 | 0 |
| Adjustments | -0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 |
| Profit After Adjustments | -1 | -4 | -0 | 1 | 0 | 0 | 1 | 0 | 1 | 0 |
| Adjusted Earnings Per Share | -1.1 | -5 | -0.1 | 0.8 | 0.1 | 0.5 | 1.1 | 0.6 | 1.1 | 0 |
| #(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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11 | 19 | 7 | 7 |
| Other Income | 1 | 1 | 1 | 0 | 0 | 0 | 13 | 0 | 0 | 1 | 2 | 4 |
| Total Income | 1 | 1 | 1 | 0 | 0 | 0 | 13 | 0 | 11 | 19 | 9 | 11 |
| Total Expenditure | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 6 | 16 | 8 | 7 |
| Operating Profit | 1 | 0 | 0 | -1 | -1 | -1 | 12 | -2 | 6 | 3 | 1 | 3 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 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 | 1 | 0 | -0 | -1 | -1 | -1 | 11 | -2 | 5 | 3 | 1 | 3 |
| Provision for Tax | 0 | 0 | -0 | -0 | -0 | -0 | 2 | 0 | 1 | 1 | 0 | 1 |
| Profit After Tax | 1 | 0 | -0 | -1 | -1 | -1 | 9 | -2 | 4 | 2 | 1 | 2 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 1 | 0 | -0 | -1 | -1 | -1 | 9 | -2 | 4 | 2 | 1 | 2 |
| Adjusted Earnings Per Share | 0.7 | 0.4 | -0.5 | -1.4 | -1.3 | -1.5 | 12.6 | -3.4 | 6 | 3.2 | 1.3 | 2.8 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -63% | 0% | 0% | 0% |
| Operating Profit CAGR | -67% | 0% | 0% | 0% |
| PAT CAGR | -50% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -4% | 28% | 20% | 19% |
| ROE Average | 2% | 7% | 9% | 3% |
| ROCE Average | 3% | 9% | 13% | 5% |
| #(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 | 28 | 29 | 28 | 27 | 26 | 25 | 34 | 32 | 36 | 37 | 38 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | -0 | -0 | 2 | 5 | -0 | -0 | -0 |
| Total Current Liabilities | 0 | 0 | 0 | 5 | 9 | 12 | 1 | 0 | 1 | 1 | 0 |
| Total Liabilities | 28 | 29 | 28 | 32 | 35 | 37 | 37 | 37 | 37 | 38 | 38 |
| Fixed Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 5 | 5 | 8 | 6 | 4 | 2 | 3 | 2 | 1 | 13 | 12 |
| Total Current Assets | 23 | 23 | 20 | 26 | 31 | 35 | 34 | 35 | 36 | 24 | 26 |
| Total Assets | 28 | 29 | 28 | 32 | 35 | 37 | 37 | 37 | 37 | 38 | 38 |
| #(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 | 7 | 1 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 3 | 3 |
| Cash Flow from Operating Activities | -3 | -5 | -5 | -1 | -1 | -2 | 2 | -1 | 4 | -0 | -4 |
| Cash Flow from Investing Activities | -3 | 5 | 1 | 2 | 1 | 1 | -0 | 0 | 0 | 0 | 2 |
| Cash Flow from Financing Activities | 0 | 0 | 4 | -1 | -0 | 1 | -2 | 1 | -1 | -1 | -1 |
| Net Cash Inflow / Outflow | -6 | -1 | -0 | 0 | 0 | 1 | 0 | -1 | 3 | -0 | -3 |
| Closing Cash & Cash Equivalent | 1 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 3 | 3 | 0 |
| # | 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) | 0.72 | 0.45 | -0.46 | -1.36 | -1.28 | -1.46 | 12.58 | -3.45 | 6.05 | 3.16 | 1.3 |
| CEPS(Rs) | 0.76 | 0.48 | -0.43 | -1.33 | -1.25 | -1.43 | 12.61 | -3.44 | 6.05 | 3.18 | 1.35 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 |
| Book NAV/Share(Rs) | 39.59 | 40.04 | 39.31 | 37.95 | 36.66 | 35.21 | 47.79 | 44.34 | 50.39 | 52.55 | 52.85 |
| Core EBITDA Margin(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 50.13 | 11.77 | -5.28 |
| EBIT Margin(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 50.24 | 16.28 | 16.83 |
| Pre Tax Margin(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 43.83 | 16.09 | 16.78 |
| PAT Margin (%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 38.3 | 12.06 | 12.55 |
| Cash Profit Margin (%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 38.31 | 12.14 | 13.02 |
| ROA(%) | 1.84 | 1.12 | -1.16 | -3.23 | -2.71 | -2.87 | 24.22 | -6.63 | 11.64 | 6 | 2.44 |
| ROE(%) | 1.84 | 1.12 | -1.17 | -3.53 | -3.44 | -4.05 | 30.32 | -7.48 | 12.77 | 6.14 | 2.47 |
| ROCE(%) | 2.23 | 1.32 | -0.05 | -2.47 | -2.76 | -4.05 | 40.66 | -5.96 | 16.72 | 8.28 | 3.3 |
| Receivable days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1041.12 | 472.76 | 778.68 |
| Payable days | -8.66 | -6.33 | -10.8 | -29 | -51.63 | -61.98 | 211.6 | -30.73 | 10.56 | 1.57 | 7.12 |
| PER(x) | 13.2 | 13.8 | 0 | 0 | 0 | 0 | 1.25 | 0 | 2.76 | 15.05 | 27.52 |
| Price/Book(x) | 0.24 | 0.15 | 0.21 | 0.29 | 0 | 0.42 | 0.33 | 0.5 | 0.33 | 0.91 | 0.68 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6 | 2.1 | 2.8 |
| EV/Net Sales(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.77 | 1.45 | 3.43 |
| EV/Core EBITDA(x) | 8.82 | 9.93 | 463.69 | -11.69 | -9.63 | -9.66 | 0.85 | -8.01 | 1.52 | 8.85 | 19.82 |
| Net Sales Growth(%) | -100 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 66.04 | -60.5 |
| EBIT Growth(%) | -36.04 | -39.95 | -103.91 | -4549.75 | -7.66 | -41.69 | 1257.79 | -116.27 | 388.45 | -46.18 | -59.18 |
| PAT Growth(%) | -23.11 | -38.24 | -203.49 | -194.75 | 6 | -13.61 | 963.53 | -127.4 | 275.42 | -47.73 | -58.89 |
| EPS Growth(%) | -23.1 | -38.25 | -203.51 | -194.75 | 5.99 | -13.61 | 963.53 | -127.4 | 275.42 | -47.73 | -58.89 |
| Debt/Equity(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio(x) | 435.58 | 145.37 | 116.06 | 5.35 | 3.33 | 2.97 | 52.31 | 79.57 | 31.16 | 48.31 | 82.63 |
| Quick Ratio(x) | 238.98 | 54.14 | 2.99 | 0.31 | 0.19 | 0.22 | 4 | 4.64 | 4.1 | 14.04 | 37.23 |
| Interest Cover(x) | 1966.59 | 2329.6 | -0.04 | -2.16 | -3.73 | -3442.71 | 9.73 | -3.95 | 7.84 | 82.45 | 399.52 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 70.19 | 70.19 | 70.19 | 70.19 | 70.19 | 70.19 | 70.19 | 70.19 | 70.19 | 70.19 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 29.81 | 29.81 | 29.81 | 29.81 | 29.81 | 29.81 | 29.81 | 29.81 | 29.81 | 29.81 |
| 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 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 |
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