Valor Estate Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Real Estate: 67.7% • Hospitality: 32.3%
AI Sector View
AI GENERATEDRealty
Housing and construction indicators remain supportive for real estate. The housing index reached 105 (Mar/26), residential property prices rose 4.21% (Mar/26), construction output was 5.4% (Jul/26), and cement output accelerated to 13.1% YoY (2026-07). Bank lending rates are steady at 8.96% (Aug/26) rather than easing, but FPI flows turned positive with INR 1999 crore net inflow over 3 months to 2026-08-31 from INR -7216 crore previously.
PROS
- Company has delivered good sales growth of 130.4% CAGR over last 5 years
- Operating margins have improved to 4.4% from -87.2%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.45x)
- Working capital cycle has improved - days down from 778 to 200
- Company generates healthy free cash flow
- Company maintains a comfortable, low leverage position
CONS
- Recent results are weak - TTM profit is down 486.7% versus prior year
- A large part of profit comes from other income (134.5% of PBT)
- Company has a low return on capital employed of 8.2%
- Interest coverage is weak at 1.5x - earnings barely cover interest
- Equity base is being diluted - shares outstanding up 54.0%
- Recurring exceptional / one-off items are inflating headline profit
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| DLF | 655.00 | 36.47 | 162132.92 | 1.22 | 793.90 | -89.59 | 1280.34 | -52.87 | 6.81 | 49.68 |
| LODHA | 1172.00 | 28.39 | 117122.07 | 0.36 | 1373.10 | 103.39 | 4996.70 | 43.10 | 16.89 | 38.51 |
| PHOENIXLTD | 1890.00 | 52.81 | 67601.12 | 0.13 | 394.51 | 22.95 | 1074.94 | 12.80 | 15.41 | 59.77 |
| PRESTIGE | 1543.95 | 58.39 | 66502.59 | 0.13 | 271.40 | -12.87 | 2675.10 | 15.94 | 11.51 | 31.75 |
| OBEROIRLTY | 1785.00 | 24.68 | 64903.00 | 0.45 | 5435.10 | 1190.23 | 13008.90 | 1217.29 | 17.69 | 56.75 |
| GODREJPROP | 1869.00 | 35.18 | 56299.23 | 0.54 | 349.38 | -41.61 | 506.17 | 16.48 | 8.37 | -57.98 |
| ANANTRAJ | 608.70 | 37.86 | 21905.71 | 0.16 | 149.19 | 18.50 | 631.40 | 6.58 | 12.23 | 29.53 |
| BRIGADE | 651.35 | 30.58 | 21250.90 | 0.23 | 216.94 | 37.35 | 1115.55 | -12.93 | 11.02 | 32.33 |
| ABREL | 1336.50 | 112.87 | 14928.13 | 0.19 | -34.59 | -27.73 | 188.85 | 30.95 | -4.54 | -30.02 |
| SOBHA | 1237.20 | 57.37 | 13232.33 | 0.48 | 50.85 | 273.37 | 1278.15 | 50.03 | 6.96 | 6.07 |
| SIGNATURE | 772.75 | 10.42 | 10871.51 | 0.00 | -16.53 | -148.00 | 551.99 | -36.24 | 34.77 | -8.10 |
| DBREALTY | 100.05 | 463.11 | 5426.78 | 0.00 | -1.33 | -100.97 | 110.79 | -86.82 | 2.62 | 20.81 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2 | 68 | 1,428 | 1,442 | 795 | 790 | 3,295 | 6,451 | 840 | 137 | 529 | 87 | 1,108 | |
| 11 | 16 | 809 | 1,571 | 1,090 | 3,104 | 3,525 | 6,578 | 860 | 95 | 436 | 133 | 1,184 | |
| Operating Profit | -9 | 52 | 619 | -129 | -295 | -2,314 | -230 | -127 | -20 | 42 | 93 | -46 | -76 |
| OPM % | -359.26% | 75.95% | 43.35% | -8.95% | -37.19% | -292.74% | -6.99% | -1.97% | -2.36% | 30.92% | 17.58% | -52.76% | -6.88% |
| 6 | 915 | 4,293 | 86 | 137 | 628 | 94 | 160 | 75 | 0 | 7 | 51 | 77 | |
| Interest | 22 | 23 | 51 | 331 | 301 | 82 | 273 | 274 | 18 | 29 | 25 | 27 | 305 |
| Depreciation | 0 | 0 | 136 | 122 | 132 | 130 | 137 | 132 | 0 | 0 | 1 | 4 | 15 |
| Profit before Tax | -24 | 943 | 4,627 | -70 | -169 | -1,675 | -125 | 61 | 37 | 13 | 73 | -26 | -12 |
| Tax % | -4.59% | 4.99% | 0.00% | -91.21% | 21.90% | 33.60% | 163.44% | 125.09% | 35.05% | 33.18% | 11.49% | -0.58% | -11.97% |
| Net Profit | 0 | 0 | 4,626 | -133 | -132 | -1,112 | 79 | -15 | 137 | 10 | 62 | -589 | -13 |
| -0.64 | 23.01 | 9.26 | -0.13 | -0.27 | -2.12 | 0.08 | -0.04 | 0.23 | 0.19 | 1.15 | -1.09 | -0.02 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 141 | 120 | 365 | 169 | 25 | 219 | 698 | 357 | 767 | 1,593 | 864 | |
| 235 | 436 | 456 | 400 | 115 | 294 | 1,416 | 323 | 1,036 | 1,524 | 782 | |
| Operating Profit | -94 | -316 | -91 | -231 | -91 | -75 | -718 | 34 | -270 | 70 | 82 |
| OPM % | -66.99% | -263.48% | -24.82% | -136.69% | -370.26% | -34.06% | -102.82% | 9.62% | -35.21% | 4.37% | 9.48% |
| 147 | 168 | -21 | 97 | 285 | 569 | 684 | 1,453 | 86 | 133 | 65 | |
| Interest | 96 | 119 | 160 | 261 | 334 | 300 | 54 | 83 | 32 | 99 | 111 |
| Depreciation | 11 | 6 | 2 | 1 | 1 | 1 | 0 | 26 | 2 | 6 | 7 |
| Profit before Tax | -47 | -289 | -296 | -401 | -162 | 142 | -61 | 1,372 | -213 | 53 | 60 |
| Tax % | -56.92% | -4.03% | 16.58% | -9.69% | -3.10% | 84.71% | -48.69% | 3.98% | 23.64% | 48.90% | 22.01% |
| Net Profit | -74 | -301 | -247 | -440 | -167 | 22 | -90 | 1,317 | -163 | 27 | 47 |
| EPS | -2.46 | -10.30 | -10.90 | -17.20 | -6.98 | 1.05 | -2.94 | 24.53 | -2.33 | 0.47 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 23%
- 5 Years:
- 130%
- 3 Years:
- 32%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- 7%
- 5 Years:
- 29%
- 3 Years:
- -12%
- 1 Year:
- -43%
RETURN ON EQUITY
- 10 Years:
- -3%
- 5 Years:
- 6%
- 3 Years:
- 12%
- Last Year:
- 1%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 243 | 243 | 243 | 243 | 243 | 259 | 352 | 538 | 538 | 542 |
| Minority Interest | -94 | -158 | -149 | -170 | -120 | -125 | -67 | 71 | 79 | -36 |
| 2,531 | 2,260 | 1,997 | 1,314 | 1,093 | 1,261 | 1,527 | 4,471 | 4,350 | 3,543 | |
| 1,566 | 1,866 | 2,713 | 2,983 | 2,639 | 3,501 | 2,798 | 2,211 | 1,729 | 407 | |
| Trade Payables | 145 | 163 | 165 | 153 | 122 | 100 | 93 | 128 | 205 | 52 |
| 1,919 | 2,082 | 1,774 | 1,876 | 3,061 | 3,592 | 3,593 | 1,744 | 1,646 | 1,846 | |
| Total Liabilities | 6,311 | 6,456 | 6,743 | 6,399 | 7,037 | 8,587 | 8,295 | 9,163 | 8,547 | 6,355 |
| 424 | 349 | 343 | 210 | 152 | 75 | 72 | 2,342 | 2,338 | 71 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10 | 6 | 0 |
| 1,556 | 1,730 | 1,741 | 1,510 | 1,399 | 1,564 | 1,728 | 800 | 1,290 | 365 | |
| 2,322 | 2,734 | 2,244 | 2,159 | 2,381 | 3,348 | 2,582 | 2,958 | 2,331 | 1,456 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 83 | 252 | 282 | |
| Cash & Bank | 12 | 27 | 10 | 12 | 20 | 112 | 62 | 806 | 122 | 77 |
| 1,998 | 1,617 | 2,405 | 2,509 | 3,084 | 3,489 | 3,851 | 2,164 | 2,208 | 4,104 | |
| Total Assets | 6,311 | 6,456 | 6,743 | 6,399 | 7,037 | 8,587 | 8,295 | 9,163 | 8,547 | 6,355 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 556 | -41 | -191 | 256 | 90 | -268 | 98 | 237 | 540 | 939 | |
| Cash from Investing | -588 | 165 | -36 | -160 | -165 | 275 | -200 | 484 | -689 | -336 |
| Cash from Financing | -94 | -102 | 326 | -63 | 75 | 86 | 52 | 18 | -595 | -580 |
| -127 | 22 | 95 | 5 | 5 | 94 | -52 | 739 | -743 | 22 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - Intimation of newspapers publication of 20th Annual General Meeting
2026-09-08 - Valor Estate Limited has informed the Exchange about Notice of 20th Annual General Meeting of the Company to be held on 30th September, 2026
2026-08-15 - Intimation of Newspaper Advertisement of Unaudited Financial Results for the first quarter and three months ended 30th June, 2026
2026-08-14 - Valor Estate Limited has informed the Exchange regarding Change in Auditors of the company.
2026-08-14 - Valor Estate Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-29 - Valor Estate Limited has informed the Exchange about Update on Letter of Award for development of an International Convention Centre, Convention Hotel and associated downstream facilities at Dona Paula, Goa.
2026-07-10 - Disclosure of Voting Results of the Postal Ballot under Regulation 44 of the SEBI (LODR) Regulations, 2015
2026-07-07 - Certificate under Regulation 74(5) of the SEBI (Depositories and participants) Regulations, 2018 for the quarter ended 30th June, 2026
2026-06-30 - Valor Estate Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
News
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