WEBSITE BSE:503127 NSE: RAJA BAHADUR Inc. Year: 1925 Industry: Construction - Real Estate My Bucket: Add Stock
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1. Business Overview
Raja Bahadur International Ltd. is primarily engaged in real estate development and property management. While the company has historical roots in textile manufacturing, its core business has significantly diversified towards real estate. It focuses on developing residential and commercial properties, and also generates income from renting out its owned properties. The company's business model involves leveraging its land bank (often historically acquired) for new developments, redevelopments, and generating recurring rental revenue from its portfolio of assets.
2. Key Segments / Revenue Mix
The company's revenue primarily stems from two main segments:
Real Estate Development & Sales: Income generated from the sale of developed residential and commercial units.
Rental Income: Revenue derived from leasing out its owned commercial or residential properties.
(Note: Any remaining textile operations are likely a minor or negligible component of current revenue.)
3. Industry & Positioning
The Indian real estate sector is highly fragmented, competitive, and cyclical, comprising numerous regional players and a few large national developers. Raja Bahadur International Ltd. operates within this competitive landscape, often focusing on specific regions (e.g., Pune) where it has a historical presence and land holdings. It is not among the largest national developers but is a recognized regional player, often leveraging its legacy land assets for mid-to-high-end residential and commercial projects.
4. Competitive Advantage (Moat)
Legacy Land Banks: A significant competitive advantage stems from its long history, which has allowed it to acquire and hold valuable, strategically located land parcels at lower historical costs. This provides a substantial cost advantage and attractive locations for development.
Established Presence & Local Knowledge: A long operating history in specific regions can foster trust with local stakeholders, aid in obtaining approvals, and provide deep insights into local market dynamics and demand.
5. Growth Drivers
Urbanization and Population Growth: India's continued urbanization drives sustained demand for housing, commercial spaces, and infrastructure in metropolitan and tier-2 cities.
Redevelopment Potential: The ability to unlock value by redeveloping existing older properties or underutilized land parcels within prime urban areas.
Infrastructure Development: Government and private sector investments in infrastructure improve connectivity and property values, especially in areas surrounding new developments.
Favorable Regulatory Environment: Government initiatives promoting real estate investment, affordable housing, and ease of obtaining clearances can support growth.
Asset Monetization: Strategic development and phased sale of parts of its valuable land bank.
6. Risks
Cyclicality of Real Estate: The sector is highly sensitive to economic cycles, interest rate changes, and market sentiment, which can impact property demand, prices, and sales velocity.
Regulatory & Approval Delays: Obtaining numerous government approvals (environmental, construction, occupancy) can be time-consuming and lead to project delays and cost overruns.
Funding & Liquidity Risk: Real estate projects are capital-intensive. Access to adequate and affordable financing, alongside timely sales, is crucial. Slow sales can strain liquidity.
Competition: Intense competition from a large number of local and national developers vying for market share and land parcels.
Input Cost Volatility: Fluctuations in prices of key construction materials (cement, steel) and labor can impact project profitability.
7. Management & Ownership
Raja Bahadur International Ltd. is typically promoted and controlled by the descendants of its founding family (the Pittie family). This often implies a long-term perspective in business decisions, particularly regarding land holdings. The ownership structure generally features a significant promoter holding, with the remaining shares held by institutional investors and the public.
8. Outlook
Raja Bahadur International Ltd. holds a notable advantage through its legacy land bank, which presents substantial potential for value creation through strategic real estate development and redevelopment, especially in key urban centers. The overarching trends of India's urbanization and a growing demand for quality real estate provide a supportive environment. However, the company operates in a highly cyclical, capital-intensive, and competitive real estate market. Its future performance will hinge on its ability to effectively execute projects, navigate regulatory complexities, manage funding requirements, and successfully monetize its assets amidst fluctuating market conditions and competition.
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Market Cap ₹127 Cr.
Stock P/E -131.8
P/B -3162
Current Price ₹5084.5
Book Value ₹ -1.6
Face Value 100
52W High ₹5520
Dividend Yield 0%
52W Low ₹ 4135.1
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 | 5 | 7 | 6 | 7 | 7 | 7 | 7 | 7 | 7 | 7 |
| Other Income | 1 | 1 | 0 | 0 | 0 | 0 | 2 | 5 | 1 | 2 |
| Total Income | 5 | 7 | 6 | 8 | 7 | 7 | 9 | 11 | 8 | 10 |
| Total Expenditure | 3 | 3 | 1 | 3 | 2 | 2 | 3 | 6 | 3 | 4 |
| Operating Profit | 2 | 4 | 5 | 5 | 5 | 4 | 6 | 6 | 5 | 6 |
| Interest | 2 | 3 | 2 | 4 | 6 | 4 | 4 | 4 | 4 | 4 |
| Depreciation | 0 | 0 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -0 | 1 | 3 | 1 | -1 | 0 | 2 | 1 | 1 | 1 |
| Provision for Tax | -0 | 0 | 1 | 2 | -0 | -0 | 1 | 3 | 0 | 0 |
| Profit After Tax | -0 | 1 | 2 | -2 | -1 | 1 | 1 | -1 | 1 | 1 |
| Adjustments | 0 | -0 | -0 | 0 | 0 | -0 | 0 | 0 | 0 | -0 |
| Profit After Adjustments | -0 | 1 | 2 | -2 | -1 | 1 | 1 | -1 | 1 | 1 |
| Adjusted Earnings Per Share | -9.6 | 27 | 77.9 | -67 | -41.6 | 29.6 | 40.5 | -48.4 | 30.4 | 37.1 |
| #(Fig in Cr.) | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 31 | 10 | 9 | 9 | 94 | 31 | 19 | 21 | 28 | 28 |
| Other Income | 0 | 0 | 1 | 48 | 7 | 1 | 1 | 2 | 3 | 10 |
| Total Income | 31 | 10 | 10 | 57 | 101 | 31 | 20 | 23 | 31 | 38 |
| Total Expenditure | 38 | 16 | 14 | 11 | 84 | 29 | 14 | 10 | 10 | 16 |
| Operating Profit | -7 | -6 | -4 | 46 | 17 | 3 | 5 | 13 | 20 | 23 |
| Interest | 2 | 8 | 10 | 12 | 12 | 10 | 9 | 10 | 17 | 16 |
| Depreciation | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -9 | -14 | -15 | 33 | 4 | -9 | -5 | 2 | 2 | 5 |
| Provision for Tax | -0 | -0 | -0 | 0 | -13 | -4 | -1 | 0 | 2 | 4 |
| Profit After Tax | -9 | -14 | -15 | 32 | 17 | -5 | -4 | 1 | -1 | 2 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -9 | -14 | -15 | 32 | 17 | -5 | -4 | 1 | -1 | 2 |
| Adjusted Earnings Per Share | -372.7 | -548.9 | -589 | 1288.7 | 693.3 | -201 | -178 | 49.6 | -38.6 | 59.6 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 33% | -3% | 25% | 0% |
| Operating Profit CAGR | 54% | 88% | -15% | 0% |
| PAT CAGR | -200% | 0% | NAN% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -7% | 14% | 12% | 13% |
| ROE Average | 0% | -100% | -76% | -42% |
| ROCE Average | 10% | 7% | 8% | 7% |
| #(Fig in Cr.) | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | -1 | -14 | -29 | 4 | 21 | 16 | 12 | 13 | 12 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 28 | 37 | 63 | 79 | 54 | 54 | 107 | 133 | 194 |
| Other Non-Current Liabilities | -0 | 1 | 4 | 2 | -11 | -15 | -13 | -11 | -9 |
| Total Current Liabilities | 41 | 48 | 47 | 70 | 38 | 42 | 36 | 31 | 30 |
| Total Liabilities | 68 | 71 | 85 | 155 | 101 | 98 | 141 | 166 | 227 |
| Fixed Assets | 27 | 29 | 39 | 47 | 46 | 45 | 49 | 92 | 92 |
| Other Non-Current Assets | 0 | 2 | 1 | 2 | 6 | 19 | 52 | 35 | 88 |
| Total Current Assets | 41 | 40 | 44 | 106 | 50 | 33 | 40 | 38 | 47 |
| Total Assets | 68 | 71 | 85 | 155 | 101 | 98 | 141 | 166 | 227 |
| #(Fig in Cr.) | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 1 | 1 | 1 | 1 | 3 | 2 | 1 | 13 | 4 |
| Cash Flow from Operating Activities | -7 | 1 | -2 | -34 | 41 | 15 | 9 | 5 | 13 |
| Cash Flow from Investing Activities | 0 | -4 | -11 | 39 | -5 | -10 | -35 | -30 | -49 |
| Cash Flow from Financing Activities | 7 | 3 | 13 | -3 | -37 | -5 | 37 | 16 | 44 |
| Net Cash Inflow / Outflow | 0 | -0 | -0 | 2 | -1 | -1 | 12 | -9 | 7 |
| Closing Cash & Cash Equivalent | 1 | 1 | 1 | 3 | 2 | 1 | 13 | 4 | 11 |
| # | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -372.7 | -548.88 | -588.97 | 1288.75 | 693.3 | -201.04 | -177.98 | 49.6 | -38.58 |
| CEPS(Rs) | -368.07 | -529.06 | -560.06 | 1323.48 | 737.8 | -156.88 | -132.47 | 114.89 | 45.32 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | -561.88 | -1108.67 | -1693.62 | -345.56 | 347.74 | 148.2 | -29.22 | 17.14 | -20.7 |
| Core EBITDA Margin(%) | -23.04 | -55.39 | -51.12 | -24.61 | 10.41 | 6.88 | 23.45 | 53.24 | 62.83 |
| EBIT Margin(%) | -23.19 | -59.82 | -50.77 | 507.78 | 16.68 | 5.59 | 22.41 | 55.21 | 65.59 |
| Pre Tax Margin(%) | -30.51 | -135.06 | -155.91 | 369.21 | 4.19 | -28.01 | -26.95 | 7.65 | 5.5 |
| PAT Margin (%) | -30 | -133.06 | -155.57 | 365.13 | 18.46 | -16.38 | -23.57 | 5.84 | -3.48 |
| Cash Profit Margin (%) | -29.63 | -128.25 | -147.94 | 374.96 | 19.65 | -12.78 | -17.54 | 13.53 | 4.08 |
| ROA(%) | -13.64 | -19.67 | -18.83 | 26.87 | 13.55 | -5.05 | -3.73 | 0.81 | -0.49 |
| ROE(%) | 0 | 0 | 0 | 0 | 0 | -81.08 | -299.19 | 0 | 0 |
| ROCE(%) | -17.63 | -15.41 | -11.05 | 64.59 | 17.96 | 2.05 | 4.04 | 8.4 | 9.97 |
| Receivable days | 0 | 0 | 11.7 | 21.3 | 10.18 | 101.56 | 184.91 | 141.59 | 127.59 |
| Inventory Days | 415.48 | 1273.97 | 1459.49 | 2759.89 | 232.58 | 180.29 | 53.97 | 5.09 | 0.82 |
| Payable days | 140.32 | -2279.2 | -1139.43 | -399.57 | 123 | 183.05 | 1823.4 | 0 | 0 |
| PER(x) | 0 | 0 | 0 | 0.97 | 3.79 | 0 | 0 | 76.72 | 0 |
| Price/Book(x) | -1.82 | -1.22 | -0.63 | -3.62 | 7.55 | 28.46 | -110.87 | 221.94 | -233.64 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 2.55 | 9.68 | 12.26 | 14.54 | 1.47 | 6 | 10.31 | 11.5 | 11.64 |
| EV/Core EBITDA(x) | -11.19 | -17.6 | -28.43 | 2.81 | 8.25 | 65.27 | 36.27 | 18.28 | 15.91 |
| Net Sales Growth(%) | 0 | -66.79 | -8.23 | -6.77 | 964.03 | -67.32 | -38.48 | 12.45 | 30.71 |
| EBIT Growth(%) | 0 | 14.33 | 22.11 | 1032.48 | -65.04 | -89.05 | 146.6 | 177.02 | 55.29 |
| PAT Growth(%) | 0 | -47.27 | -7.31 | 318.81 | -46.2 | -129 | 11.47 | 127.87 | -177.78 |
| EPS Growth(%) | 0 | -47.27 | -7.31 | 318.81 | -46.2 | -129 | 11.47 | 127.87 | -177.78 |
| Debt/Equity(x) | -3.91 | -2.42 | -2.13 | -11.53 | 8.6 | 21.55 | -173.34 | 355.93 | -411.08 |
| Current Ratio(x) | 1 | 0.84 | 0.95 | 1.52 | 1.31 | 0.78 | 1.14 | 1.25 | 1.61 |
| Quick Ratio(x) | 0.13 | 0.07 | 0.11 | 0.16 | 0.64 | 0.66 | 1.12 | 1.24 | 1.61 |
| Interest Cover(x) | -3.17 | -0.8 | -0.48 | 3.66 | 1.34 | 0.17 | 0.45 | 1.16 | 1.09 |
| Total Debt/Mcap(x) | 2.15 | 1.98 | 3.4 | 3.18 | 1.14 | 0.76 | 1.56 | 1.6 | 1.76 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 75 | 75 | 75 | 75 | 75 | 75 | 75 | 75 | 75 | 75 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 |
| Public | 24.93 | 24.93 | 24.93 | 24.93 | 24.93 | 24.93 | 24.93 | 24.93 | 24.93 | 24.93 |
| 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 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 |
* The pros and cons are machine generated.
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