WEBSITE BSE:532880 NSE: OMAXE LTD Inc. Year: 1989 Industry: Construction - Real Estate My Bucket: Add Stock
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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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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
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 | 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 |
| #(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 |
| # | 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% |
| #(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 |
| #(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 |
| # | 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 |
| # | 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 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 13.56 | 13.56 | 13.56 | 13.56 | 13.56 | 13.56 | 13.56 | 13.56 | 13.56 | 13.56 |
| FII | 1.29 | 1.3 | 1.3 | 1.31 | 1.33 | 1.35 | 1.22 | 1.11 | 0.93 | 1.13 |
| DII | 0.44 | 0.44 | 0.42 | 0.42 | 0.42 | 0.42 | 0.41 | 0.28 | 0.28 | 0.28 |
| Public | 3 | 3 | 3.01 | 3 | 2.98 | 2.96 | 3.1 | 3.34 | 3.51 | 3.31 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 18.29 | 18.29 | 18.29 | 18.29 | 18.29 | 18.29 | 18.29 | 18.29 | 18.29 | 18.29 |
* The pros and cons are machine generated.
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