WEBSITE BSE:524031 NSE: PATIDAR Inc. Year: 1989 Industry: Construction - Real Estate My Bucket: Add Stock
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1. Business Overview
Patidar Buildcon Ltd. is primarily involved in the real estate development and construction sector in India. Its core business model likely revolves around acquiring land parcels, planning and designing various types of properties (residential, commercial, or mixed-use), obtaining necessary regulatory approvals, constructing the projects, and then marketing and selling these properties to customers. The company generates revenue mainly from the sale of developed properties and potentially from construction contracts or rental income from commercial assets.
2. Key Segments / Revenue Mix
While specific revenue mix data is not available, companies in this sector typically operate across key segments such as:
Residential Real Estate: Development and sale of apartments, villas, and plotted developments.
Commercial Real Estate: Development and sale/lease of office spaces, retail malls, and business parks.
Infrastructure/Contractual Projects: Undertaking construction projects for government bodies or other private developers (less likely to be the primary focus for a "Buildcon" named company but possible).
Given the name, residential and commercial real estate development are the most probable primary revenue drivers.
3. Industry & Positioning
The Indian Construction and Real Estate sector is highly fragmented, characterized by numerous regional and local players alongside a few large national developers. It is capital-intensive, cyclical, and heavily influenced by economic growth, interest rates, government policies (e.g., affordable housing initiatives, RERA), and regulatory clearances. Patidar Buildcon Ltd., given its name and typical market structure, is likely positioned as a regional or mid-sized player, primarily operating within specific geographies in India. It competes with a mix of organized developers and unorganized contractors.
4. Competitive Advantage (Moat)
Patidar Buildcon Ltd. may possess nascent or localized competitive advantages, rather than a broad, strong moat. Potential advantages could include:
Local Market Expertise & Relationships: Deep understanding of specific regional markets, local regulations, and strong relationships with land owners, government bodies, and vendors.
Efficient Execution & Delivery: A reputation for timely project completion and quality construction within its operating areas.
Strategic Land Bank: Access to strategically located land parcels at favorable acquisition costs.
However, establishing a strong brand reputation or significant economies of scale across diverse geographies, which characterize larger players, would be challenging for a potentially regional company.
5. Growth Drivers
Key factors that could drive growth for Patidar Buildcon Ltd. over the next 3-5 years include:
Urbanization & Demographic Trends: Continued migration to urban centers and formation of nuclear families driving demand for housing.
Rising Disposable Incomes: Increasing purchasing power of the middle class fueling demand for both residential and commercial properties.
Government Initiatives: Policies supporting affordable housing, smart cities, and infrastructure development.
Lower Interest Rates: Favorable home loan rates can boost buyer sentiment and affordability.
Successful Project Launches: Timely execution and delivery of new, well-received projects in attractive locations.
6. Risks
Economic Downturn: A slowdown in the Indian economy can significantly impact property demand, prices, and buyer sentiment.
Interest Rate Fluctuations: Rising interest rates increase financing costs for developers and reduce affordability for homebuyers.
Regulatory & Approval Delays: Complex and evolving regulations, including RERA, environmental clearances, and zoning changes, can lead to project delays and cost overruns.
Land Acquisition Challenges: Difficulty in acquiring suitable land at reasonable prices due to legal disputes, environmental concerns, or local resistance.
Input Cost Volatility: Fluctuations in prices of raw materials (cement, steel, sand) and labor costs can impact project profitability.
Liquidity & Debt Risk: High debt levels and challenges in securing adequate project financing or timely collections from customers.
Intense Competition: Pressure on pricing and margins due to a highly competitive market with many players.
7. Management & Ownership
In India, many construction and real estate companies are promoter-driven, often family-owned or closely held. The "Patidar" name might suggest a promoter group with roots in a specific community or region. Management quality would depend on their experience in real estate development, track record of project execution, financial prudence, and adherence to corporate governance standards. A significant portion of the company's shares is likely held by the promoter group.
8. Outlook
Patidar Buildcon Ltd. operates in a fundamentally growing yet cyclical and challenging sector in India. The long-term demand drivers for real estate, such as urbanization and demographic shifts, remain strong. However, success is heavily dependent on the company's ability to efficiently acquire land, navigate complex regulatory environments, manage project costs, secure financing, and effectively market and deliver quality projects on time. The company's future performance will be a balance between leveraging India's growth story and mitigating the inherent risks of the capital-intensive and often unpredictable real estate market, while competing with numerous established and emerging players.
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Market Cap ₹4 Cr.
Stock P/E -11.2
P/B 0.7
Current Price ₹7.6
Book Value ₹ 11.6
Face Value 10
52W High ₹10.7
Dividend Yield 0%
52W Low ₹ 7
Price goes above X
Price falls below X
PE goes above X
PE falls below X
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| #(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 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 |
| Total Expenditure | 0 | 0 | 0 | 0 | 0 | 1 | 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 | -0.2 | 0 | -0 | -0.1 | -0.2 | -0.3 | -0.1 | 0.1 | -0.2 |
| #(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 | 2 | 1 | 1 | 2 | 2 | 1 | 1 | 1 | 1 | 0 | 1 | 0 |
| Other Income | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 2 | 1 | 1 | 3 | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 0 |
| Total Expenditure | 2 | 1 | 1 | 2 | 2 | 2 | 1 | 2 | 1 | 1 | 2 | 0 |
| Operating Profit | 0 | 0 | 0 | 1 | 0 | -0 | 0 | 0 | 0 | 0 | -0 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 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 | 0 |
| Profit After Tax | 0 | 0 | 0 | 1 | 0 | -0 | 0 | 0 | 0 | -0 | -0 | 0 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | 0 | 0 | 1 | 0 | -0 | 0 | 0 | 0 | -0 | -0 | 0 |
| Adjusted Earnings Per Share | 0.1 | 0.4 | 0.5 | 0.9 | 0.1 | -0.2 | 0.3 | 0.3 | 0 | -0.2 | -0.7 | -0.5 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 0% | 0% | 0% | -7% |
| Operating Profit CAGR | 0% | 0% | 0% | 0% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -27% | -7% | 35% | -29% |
| ROE Average | -6% | -2% | -0% | 1% |
| ROCE Average | -2% | -0% | 1% | 2% |
| #(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 | 6 | 6 | 6 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 6 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 3 | 3 | 2 |
| Other Non-Current Liabilities | 0 | 0 | 0 | -0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Total Liabilities | 6 | 7 | 7 | 7 | 8 | 7 | 7 | 7 | 11 | 9 | 9 |
| Fixed Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 1 | 1 | 0 | 1 | 2 | 2 | 2 | 2 | 7 | 7 | 7 |
| Total Current Assets | 4 | 6 | 6 | 6 | 5 | 5 | 5 | 5 | 4 | 3 | 2 |
| Total Assets | 6 | 7 | 7 | 7 | 8 | 7 | 7 | 7 | 11 | 9 | 9 |
| #(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 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | 0 | 1 | 2 | -1 | -0 | -1 | 1 | -0 | -0 | 1 | 0 |
| Cash Flow from Investing Activities | -1 | -2 | -1 | 1 | 1 | 0 | -1 | 0 | -3 | -0 | -0 |
| Cash Flow from Financing Activities | 0 | 1 | -0 | -1 | -1 | 0 | -0 | 0 | 4 | -1 | -0 |
| Net Cash Inflow / Outflow | -0 | 0 | 0 | -0 | -0 | 0 | 0 | -0 | -0 | 0 | -0 |
| Closing Cash & Cash Equivalent | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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) | 0.11 | 0.38 | 0.47 | 0.92 | 0.12 | -0.21 | 0.29 | 0.29 | 0.04 | -0.17 | -0.68 |
| CEPS(Rs) | 0.11 | 0.38 | 0.48 | 0.94 | 0.12 | -0.19 | 0.31 | 0.32 | 0.07 | -0.15 | -0.63 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 10.28 | 10.66 | 11.21 | 12.13 | 12.25 | 12.04 | 12.34 | 12.62 | 12.66 | 12.49 | 11.81 |
| Core EBITDA Margin(%) | 1.15 | -18.4 | -3.4 | -21.2 | -16.6 | -31.55 | -44.54 | -13.52 | -18.22 | -139.21 | -33.3 |
| EBIT Margin(%) | 5.81 | 40.74 | 40.27 | 28.99 | 2.4 | -8.32 | 16.89 | 12.45 | 2.75 | 64.08 | -15.79 |
| Pre Tax Margin(%) | 5.74 | 40.67 | 40.27 | 28.99 | 2.31 | -8.35 | 16.85 | 12.42 | 2.68 | -36.09 | -31.94 |
| PAT Margin (%) | 3.81 | 27.78 | 25.9 | 26.44 | 3.32 | -8.46 | 15.62 | 10.87 | 2.3 | -41.42 | -32.19 |
| Cash Profit Margin (%) | 3.99 | 27.97 | 26.46 | 26.79 | 3.39 | -7.88 | 16.32 | 11.98 | 4.18 | -35.92 | -29.73 |
| ROA(%) | 1.03 | 3.42 | 3.97 | 7.47 | 0.91 | -1.54 | 2.28 | 2.23 | 0.25 | -0.95 | -3.94 |
| ROE(%) | 1.04 | 3.64 | 4.31 | 7.92 | 0.99 | -1.72 | 2.42 | 2.3 | 0.32 | -1.38 | -5.58 |
| ROCE(%) | 1.58 | 5.15 | 6.48 | 8.69 | 0.69 | -1.55 | 2.49 | 2.63 | 0.31 | 1.49 | -2.02 |
| Receivable days | 190.2 | 71.02 | 18.55 | 98.73 | 183.12 | 362.56 | 460.8 | 278.35 | 373.55 | 1130.98 | 223.35 |
| Inventory Days | 371.59 | 1010.8 | 795.9 | 420.11 | 404.6 | 510.03 | 586.22 | 392.47 | 562.71 | 2123.03 | 413.65 |
| Payable days | 13 | 77.48 | 130.14 | 68.25 | 55.5 | 36.18 | 26.48 | 34.12 | 83.79 | 141.92 | 40.74 |
| PER(x) | 259.19 | 33.97 | 25.66 | 5.95 | 23.09 | 0 | 2.68 | 24.52 | 206.97 | 0 | 0 |
| Price/Book(x) | 2.69 | 1.22 | 1.08 | 0.45 | 0.23 | 0.05 | 0.06 | 0.56 | 0.66 | 0.78 | 1.14 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 9.79 | 9.78 | 6.04 | 1.47 | 0.99 | 0.53 | 0.11 | 2.48 | 8.3 | 33.12 | 8.23 |
| EV/Core EBITDA(x) | 163.59 | 23.9 | 14.79 | 5.01 | 40.19 | -6.88 | 0.63 | 18.28 | 179.13 | 47.59 | -61.71 |
| Net Sales Growth(%) | -50.33 | -50.91 | 32.56 | 91.99 | 4.56 | -32.42 | -23.64 | 39.87 | -33.68 | -76.02 | 401.91 |
| EBIT Growth(%) | -62.51 | 244.27 | 31.03 | 38.22 | -91.33 | -333.8 | 254.97 | 3.14 | -85.33 | 458.11 | -223.66 |
| PAT Growth(%) | -64.15 | 257.66 | 23.61 | 95.98 | -86.88 | -272.39 | 240.98 | -2.71 | -85.99 | -532.58 | -290.06 |
| EPS Growth(%) | -64.15 | 257.66 | 23.61 | 95.98 | -86.88 | -272.36 | 241 | -2.71 | -85.98 | -532.34 | -290.05 |
| Debt/Equity(x) | 0 | 0.07 | 0 | 0 | 0.08 | 0.1 | 0 | 0 | 0.5 | 0.37 | 0.34 |
| Current Ratio(x) | 87.19 | 8.61 | 18.02 | 14.35 | 23.26 | 53.65 | 62.2 | 15.15 | 20.34 | 138.17 | 3.21 |
| Quick Ratio(x) | 50.88 | 5.13 | 12.21 | 8.76 | 14.46 | 36.17 | 42.07 | 10.62 | 12.5 | 69.29 | 1.43 |
| Interest Cover(x) | 80.59 | 620.88 | 7800.48 | 4123.08 | 25.52 | -253.77 | 438 | 361.4 | 37.86 | 0.64 | -0.98 |
| Total Debt/Mcap(x) | 0 | 0.06 | 0 | 0 | 0.36 | 2.13 | 0 | 0 | 0.76 | 0.47 | 0.3 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 20.98 | 20.98 | 20.98 | 20.98 | 20.98 | 20.98 | 20.98 | 20.98 | 20.98 | 20.98 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 79.02 | 79.02 | 79.02 | 79.02 | 79.02 | 79.02 | 79.02 | 79.02 | 79.02 | 79.02 |
| 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 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.55 | 0.55 | 0.55 | 0.55 | 0.55 | 0.55 | 0.55 | 0.55 | 0.55 | 0.55 |
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