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Omaxe Overview

1. Business Overview

Omaxe Ltd. is an Indian real estate development company primarily engaged in the development of integrated townships, group housing projects, commercial complexes, retail spaces, and hotels. The company operates across various segments of real estate, including residential, commercial, and retail. Its core business model revolves around acquiring land, developing properties, and then selling or leasing these developed units to customers. Revenue is primarily generated through the sale of developed properties (residential apartments, plots, villas) and commercial units (offices, shops). The company has a significant presence in North and Central India, particularly in tier-2 and tier-3 cities.

2. Key Segments / Revenue Mix

Omaxe Ltd. operates primarily as an integrated real estate developer. Its revenue mix is largely derived from:

Residential Projects: Sales of plots, independent floors, villas, and apartments within group housing and integrated township formats.

Commercial Projects: Sales and leasing of office spaces, retail outlets, and entertainment zones within commercial complexes and malls.

Integrated Townships: These are large-scale developments combining residential, commercial, and sometimes recreational facilities, providing a mix of revenue streams.

Specific percentage contributions for each segment are not consistently disclosed publicly in a granular manner, but the company's portfolio indicates a balanced focus across residential and commercial, with integrated townships being a significant driver.

3. Industry & Positioning

The Indian real estate industry is highly competitive, fragmented, and cyclical, influenced significantly by economic growth, interest rates, and government policies. It comprises both national-level players and numerous regional/local developers. Omaxe Ltd. is a well-established player, particularly known for its strong presence in North and Central India, including cities in Uttar Pradesh, Punjab, Haryana, Madhya Pradesh, and Rajasthan, rather than solely focusing on the major metro cities. It positions itself as a developer catering to a broad range of income groups, with a focus on delivering quality projects within its chosen geographies. Compared to some national giants focused on ultra-luxury or premium segments in metros, Omaxe often targets the mid-segment and aspirational buyers in smaller cities.

4. Competitive Advantage (Moat)

Omaxe's competitive advantages are primarily derived from:

Established Brand and Track Record: Over three decades of operational history and delivery of numerous projects in its target markets have built a level of brand recognition and trust, particularly in North and Central India.

Regional Dominance/Focus: A strong land bank and deep understanding of the markets in tier-2 and tier-3 cities give it an advantage over developers lacking local expertise or presence in these regions.

Integrated Township Expertise: A proven capability in developing and managing large-scale, self-contained integrated townships, which require significant planning, capital, and execution skills.

Diversified Portfolio: Offering a mix of residential, commercial, and retail properties helps diversify risk compared to single-segment developers.

5. Growth Drivers

Urbanization and Demographic Shifts: Continued migration to urban centers and formation of nuclear families drive demand for housing and commercial spaces.

Government Initiatives: Policies like 'Housing for All' (PMAY), smart cities, and infrastructure development boost real estate activity.

Rising Disposable Incomes: Increased purchasing power, especially in tier-2/3 cities, fuels demand for quality housing and retail.

Favorable Regulatory Environment (RERA): The Real Estate (Regulation and Development) Act, 2016, has brought transparency and accountability, potentially favoring established and compliant developers like Omaxe over unorganized players.

Focus on Non-Metro Cities: Growth in tier-2 and tier-3 cities often outpaces metros due to lower entry barriers and rising aspirations, aligning with Omaxe's geographic focus.

Planned Project Launches: Successful execution and launch of new projects in strategic locations will be a key driver.

6. Risks

Real Estate Cyclicality: The sector is highly sensitive to economic downturns, interest rate fluctuations, and property market sentiments.

Regulatory & Environmental Clearances: Delays or changes in government policies, land acquisition norms, and environmental approvals can significantly impact project timelines and costs.

High Capital Intensity & Funding Risks: Real estate development requires substantial capital. Dependence on debt funding makes the company vulnerable to interest rate hikes and credit availability.

Competition: Intense competition from both established national and regional players, as well as unorganized developers.

Execution Risks: Delays in construction, cost overruns, and quality issues can erode profitability and customer trust.

Sales and Collection Risks: Slowdown in property sales or challenges in collecting payments can impact cash flow and liquidity.

Macroeconomic Headwinds: Inflation, subdued economic growth, and geopolitical uncertainties can dampen consumer spending and investment in real estate.

7. Management & Ownership

Omaxe Ltd. is promoted by the Goel family, with Mr. Rohtas Goel serving as the Chairman & Managing Director. The company has a professional management team alongside the promoter family's involvement. Promoter and promoter group entities hold a significant stake in the company, ensuring alignment of interests. The company is publicly listed, with institutional and public shareholders forming the remainder of the ownership structure. The Goel family has been instrumental in the company's growth and expansion over several decades.

8. Outlook

Omaxe Ltd. is well-positioned to capitalize on the increasing demand for real estate in India's rapidly urbanizing tier-2 and tier-3 cities, leveraging its established brand, regional expertise, and diversified project portfolio. The company's focus on integrated townships and a mix of residential and commercial offerings provides a stable base. However, the inherent cyclicality and capital-intensive nature of the real estate sector, coupled with ongoing competition and the need for timely regulatory clearances, pose significant challenges. While a strong track record and promoter backing offer stability, the company's future performance will heavily depend on its ability to effectively manage debt, achieve timely project execution, and adapt to evolving market demands and regulatory landscapes.

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Omaxe Key Financials

Market Cap ₹1375 Cr.

Stock P/E -2

P/B -1.5

Current Price ₹75.2

Book Value ₹ -49.3

Face Value 10

52W High ₹113.5

Dividend Yield 0%

52W Low ₹ 62.9

Omaxe Share Price

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Volume
Price

Omaxe Quarterly Price

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Omaxe Quarterly Results

#(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 599 536 342 389 289 541 282 321 302 349
Other Income 3 7 44 9 11 12 16 26 17 28
Total Income 602 542 385 398 300 553 298 346 319 376
Total Expenditure 637 682 493 613 416 647 452 490 457 550
Operating Profit -35 -140 -108 -215 -115 -94 -154 -144 -138 -174
Interest 32 38 42 45 57 51 67 65 54 70
Depreciation 15 14 7 7 10 12 7 8 9 10
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax -82 -191 -157 -267 -183 -157 -228 -216 -201 -254
Provision for Tax -10 -48 -10 -27 -32 -9 -42 -50 -48 -62
Profit After Tax -72 -144 -147 -239 -150 -149 -186 -166 -153 -191
Adjustments 5 -1 -0 -0 -0 0 0 -0 0 0
Profit After Adjustments -67 -145 -147 -240 -151 -148 -186 -167 -153 -191
Adjusted Earnings Per Share -3.7 -7.9 -8.1 -13.1 -8.2 -8.1 -10.2 -9.1 -8.4 -10.5

Omaxe Profit & Loss

#(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 1431 1386 1627 1839 1167 1121 476 618 773 1614 1561 1254
Other Income 34 54 59 59 34 34 39 20 25 21 76 87
Total Income 1465 1440 1686 1898 1200 1156 515 638 798 1635 1637 1339
Total Expenditure 1190 1144 1343 1579 1038 930 594 665 1077 1958 2169 1949
Operating Profit 275 296 343 319 162 225 -80 -27 -279 -323 -532 -610
Interest 144 147 155 169 74 108 161 121 113 130 195 256
Depreciation 21 10 9 9 9 73 63 47 65 54 37 34
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 110 139 179 141 79 44 -305 -194 -457 -507 -764 -899
Provision for Tax 50 62 74 56 30 141 -69 -33 -106 -101 -79 -202
Profit After Tax 60 77 105 85 49 -97 -235 -162 -351 -406 -685 -696
Adjustments 0 0 -3 -1 0 -0 0 2 3 4 -1 0
Profit After Adjustments 60 77 102 84 49 -97 -235 -160 -348 -403 -686 -697
Adjusted Earnings Per Share 3.3 4.2 5.6 4.6 2.7 -5.3 -12.9 -8.7 -19 -22 -37.5 -38.2

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -3% 36% 7% 1%
Operating Profit CAGR 0% 0% NAN% NAN%
PAT CAGR 0% 0% 0% NAN%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -5% 12% -2% -7%
ROE Average -498% -196% -123% -55%
ROCE Average -65% -35% -23% -6%

Omaxe Balance Sheet

#(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 2227 2030 2119 2197 1740 1639 1405 1245 898 480 -205
Minority's Interest 9 12 15 16 16 17 17 15 12 9 9
Borrowings 456 663 753 1056 1154 923 869 517 762 498 499
Other Non-Current Liabilities 274 571 687 132 -112 223 107 119 1 122 20
Total Current Liabilities 3927 4228 4621 4664 7677 7601 8427 9716 11473 12194 13945
Total Liabilities 6893 7504 8195 8064 10475 10403 10826 11612 13146 13303 14276
Fixed Assets 118 600 604 604 599 747 671 627 582 565 606
Other Non-Current Assets 280 253 307 210 256 290 265 250 267 280 411
Total Current Assets 6495 6652 7283 7250 9620 9366 9889 10735 12298 12458 13246
Total Assets 6893 7504 8195 8064 10475 10403 10826 11612 13146 13303 14276

Omaxe Cash Flow

#(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 138 126 119 86 91 72 34 106 127 192 190
Cash Flow from Operating Activities 362 91 121 19 400 638 566 783 469 987 1007
Cash Flow from Investing Activities -6 6 20 21 16 106 23 -22 -142 -64 -126
Cash Flow from Financing Activities -391 -105 -173 -35 -435 -783 -517 -740 -262 -924 -770
Net Cash Inflow / Outflow -34 -7 -32 4 -18 -39 72 21 65 -1 111
Closing Cash & Cash Equivalent 104 119 86 91 72 34 106 127 192 190 301

Omaxe Ratios

# 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) 3.27 4.2 5.57 4.59 2.68 -5.32 -12.86 -8.72 -19.02 -22.01 -37.51
CEPS(Rs) 4.43 4.76 6.24 5.14 3.15 -1.34 -9.39 -6.29 -15.62 -19.24 -35.45
DPS(Rs) 0.5 0.7 0.7 0.7 0.7 0 0 0 0 0 0
Book NAV/Share(Rs) 108.07 111.01 115.83 120.11 95.16 89.59 76.8 68.07 49.11 26.27 -11.22
Core EBITDA Margin(%) 16.82 17.47 17.44 14.14 10.98 17.03 -24.95 -7.58 -39.22 -21.26 -38.93
EBIT Margin(%) 17.73 20.63 20.51 16.86 13.1 13.6 -30.11 -11.86 -44.48 -23.35 -36.42
Pre Tax Margin(%) 7.7 10.03 11.01 7.65 6.73 3.95 -64.04 -31.46 -59.07 -31.43 -48.93
PAT Margin (%) 4.18 5.53 6.47 4.63 4.17 -8.66 -49.45 -26.17 -45.4 -25.16 -43.89
Cash Profit Margin (%) 5.66 6.28 7.02 5.11 4.94 -2.18 -36.12 -18.63 -36.95 -21.8 -41.54
ROA(%) 0.9 1.06 1.34 1.05 0.52 -0.93 -2.22 -1.44 -2.84 -3.07 -4.97
ROE(%) 3.06 3.82 5.07 3.95 2.47 -5.75 -15.46 -12.2 -32.76 -58.92 -497.77
ROCE(%) 7.75 8.56 9.56 8.13 4.02 4.54 -4.83 -2.9 -16.48 -24.09 -65.05
Receivable days 208.56 205.43 206.23 182.79 179.25 113.05 280.17 228.11 181.55 83.94 78.06
Inventory Days 1059.46 1183.57 1053.1 991.52 2116.89 2708.9 6455.9 5275.87 4648.35 2367.18 2514.44
Payable days 288.39 330.27 302.7 277.48 521.78 606.08 886.16 680.61 462.8 237.78 223.98
PER(x) 41.34 34.46 30.27 48.05 77.01 0 0 0 0 0 0
Price/Book(x) 1.25 1.3 1.46 1.84 2.17 1.71 0.88 1.18 1.02 3.45 -6.96
Dividend Yield(%) 0.37 0.48 0.42 0.32 0.34 0 0 0 0 0 0
EV/Net Sales(x) 2.5 2.68 2.68 3.03 4.62 3.64 4.95 3.52 1.86 1.14 0.92
EV/Core EBITDA(x) 13.02 12.53 12.74 17.5 33.3 18.13 -29.49 -81.38 -5.17 -5.72 -2.69
Net Sales Growth(%) -11.83 -3.17 17.39 13.05 -36.57 -3.86 -57.58 29.87 25.17 108.75 -3.3
EBIT Growth(%) 3.08 12.66 16.74 -7.09 -50.69 -0.2 -193.87 48.82 -369.33 -9.59 -50.8
PAT Growth(%) -23.88 28.06 37.36 -19.08 -42.89 -299.67 -142.14 31.27 -117.19 -15.68 -68.69
EPS Growth(%) -23.79 28.3 32.69 -17.52 -41.65 -298.37 -141.91 32.17 -118.08 -15.72 -70.39
Debt/Equity(x) 0.49 0.65 0.71 0.82 1.07 0.91 0.99 0.81 1.14 1.52 -3.62
Current Ratio(x) 1.65 1.57 1.58 1.55 1.25 1.23 1.17 1.1 1.07 1.02 0.95
Quick Ratio(x) 0.52 0.51 0.52 0.46 0.16 0.15 0.15 0.15 0.16 0.16 0.16
Interest Cover(x) 1.77 1.95 2.16 1.83 2.06 1.41 -0.89 -0.61 -3.05 -2.89 -2.91
Total Debt/Mcap(x) 0.44 0.5 0.49 0.45 0.49 0.53 1.13 0.69 1.12 0.44 0.52

Omaxe Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 74.14 74.14 74.14 74.14 74.14 74.14 74.14 74.14 74.14 74.14
FII 7.06 7.09 7.12 7.19 7.27 7.38 6.66 6.06 5.11 6.18
DII 2.39 2.39 2.29 2.29 2.29 2.29 2.26 1.56 1.56 1.56
Public 16.41 16.38 16.45 16.38 16.3 16.19 16.94 18.24 19.19 18.12
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Omaxe News

Omaxe Pros & Cons

Pros

  • Stock is trading at -1.5 times its book value
  • Debtor days have improved from 237.78 to 223.98days.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of -196% over the last 3 years.
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