DS Kulkarni Developers Ltd.
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ABOUT
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 is almost debt free
- Company generates healthy free cash flow
CONS
- Net worth is negative - accumulated losses have eroded equity
- Company is loss-making at the operating / net level
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -69.30x)
- Company has a low return on equity of 0.0% over last 3 years
- Company has a low return on capital employed of 7.0%
- Interest coverage is weak at 1.0x - earnings barely cover interest
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| DLF | 643.60 | 35.83 | 159311.06 | 1.24 | 793.90 | -89.59 | 1280.34 | -52.87 | 6.81 | 49.68 |
| LODHA | 1113.00 | 26.96 | 111226.00 | 0.38 | 1373.10 | 103.39 | 4996.70 | 43.10 | 16.89 | 38.51 |
| PHOENIXLTD | 1891.15 | 52.85 | 67642.25 | 0.13 | 394.51 | 22.95 | 1074.94 | 12.80 | 15.41 | 59.77 |
| PRESTIGE | 1505.00 | 56.92 | 64824.90 | 0.13 | 271.40 | -12.87 | 2675.10 | 15.94 | 11.51 | 31.75 |
| OBEROIRLTY | 1747.40 | 24.16 | 63535.85 | 0.46 | 543.51 | 29.02 | 1300.89 | 31.73 | 17.69 | 56.75 |
| GODREJPROP | 1745.00 | 32.85 | 52564.02 | 0.57 | 349.38 | -41.61 | 506.17 | 16.48 | 8.37 | -57.98 |
| ANANTRAJ | 599.05 | 37.26 | 21558.43 | 0.17 | 149.19 | 18.50 | 631.40 | 6.58 | 12.23 | 29.53 |
| BRIGADE | 638.90 | 30.00 | 20844.71 | 0.24 | 216.94 | 37.35 | 1115.55 | -12.93 | 11.02 | 32.33 |
| ABREL | 1284.65 | 108.49 | 14348.99 | 0.19 | -34.59 | -27.73 | 188.85 | 30.95 | -4.54 | -30.02 |
| SOBHA | 1217.35 | 56.45 | 13020.02 | 0.49 | 50.85 | 273.37 | 1278.15 | 50.03 | 6.96 | 6.07 |
| SIGNATURE | 762.15 | 10.27 | 10722.39 | 0.00 | -16.53 | -148.00 | 551.99 | -36.24 | 34.77 | -8.10 |
| DSKULKARNI | 21.00 | 0.00 | 21.00 | 0.00 | -12.29 | — | 0.00 | — | 14.58 | — |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2025 | Jun 2026 | |
|---|---|---|
| 0 | 0 | |
| 14 | 152 | |
| Operating Profit | -14 | -152 |
| OPM % | — | — |
| 14 | 140 | |
| Interest | 13 | 151 |
| Depreciation | 0 | 0 |
| Profit before Tax | 0 | -12 |
| Tax % | 0.00% | -0.00% |
| Net Profit | 0 | -12 |
| 0.47 | -1.23 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 98 | 69 | 0 | 0 | 0 | 0 | 0 | 0 | 76 | 0 | |
| 102 | 123 | 1 | 1 | 2 | 2 | 635 | 8 | 71 | 0 | |
| Operating Profit | -3 | -54 | -1 | -1 | -2 | -2 | -635 | -8 | 4 | -0 |
| OPM % | -3.12% | -78.55% | — | — | — | — | — | — | 5.47% | — |
| 17 | 9 | 6 | 0 | 0 | 0 | 231 | 28 | 1 | 56 | |
| Interest | 6 | 19 | 57 | 27 | 0 | 0 | 0 | 29 | 0 | 56 |
| Depreciation | 6 | 6 | 6 | 5 | 2 | 1 | 0 | 0 | 0 | 0 |
| Profit before Tax | 1 | -70 | -58 | -33 | -3 | -3 | -405 | -9 | 6 | -0 |
| Tax % | 0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | 0.00% | -0.00% |
| Net Profit | 1 | -70 | -58 | -33 | -3 | -3 | -405 | -9 | 6 | -0 |
| EPS | 0.35 | -27.30 | -22.41 | -12.78 | -1.24 | -1.03 | -156.99 | -8.88 | 5.60 | -0.36 |
| 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:
- —
- 5 Years:
- —
- 3 Years:
- —
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- -12%
- 5 Years:
- 9%
- 3 Years:
- 16%
- 1 Year:
- 55%
RETURN ON EQUITY
- 10 Years:
- -72%
- 5 Years:
- -135%
- 3 Years:
- 0%
- Last Year:
- 0%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 26 | 26 | 26 | 26 | 26 | 26 | 26 | 10 | 10 | 10 |
| 404 | 333 | 276 | 243 | 239 | 237 | -168 | -152 | -138 | -139 | |
| 788 | 848 | 857 | 856 | 908 | 853 | 781 | 757 | 787 | 738 | |
| Trade Payables | 67 | 54 | 54 | 55 | 57 | 59 | 7 | 2 | 3 | 6 |
| 748 | 693 | 741 | 767 | 715 | 763 | 299 | 330 | 294 | 311 | |
| Total Liabilities | 2,033 | 1,953 | 1,953 | 1,946 | 1,945 | 1,937 | 944 | 947 | 955 | 926 |
| 50 | 44 | 38 | 32 | 4 | 3 | 0 | 0 | 0 | 0 | |
| 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 0 | 0 | |
| 1,636 | 1,572 | 1,572 | 1,572 | 1,572 | 1,572 | 897 | 897 | 852 | 874 | |
| 7 | 27 | 27 | 27 | 27 | 27 | 7 | 7 | 62 | 9 | |
| Cash & Bank | 36 | 2 | 2 | 0 | 1 | 0 | 1 | 2 | 2 | 2 |
| 301 | 306 | 312 | 312 | 340 | 333 | 37 | 38 | 40 | 40 | |
| Total Assets | 2,033 | 1,953 | 1,953 | 1,946 | 1,945 | 1,937 | 944 | 947 | 955 | 926 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -28 | -60 | 39 | 9 | 0 | -5 | 390 | 320 | -100 | 33 | |
| Cash from Investing | -10 | -5 | -6 | 0 | 0 | 7 | 75 | -0 | 3 | 0 |
| Cash from Financing | 40 | 32 | -33 | -11 | -0 | -3 | -465 | -318 | 97 | -33 |
| 1 | -33 | -0 | -2 | 0 | -0 | 0 | 1 | -0 | -0 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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
2026-09-10 - DS Kulkarni Developers Limited has informed the Exchange regarding Proceedings of 35th Annual General Meeting held on September 10, 2026
2026-09-04 - DS Kulkarni Developers Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-03 - DS Kulkarni Developers Limited has informed the Exchange regarding Corrigendum to Notice of 35th Annual General Meeting to be held on September 10, 2026
2026-08-22 - DS Kulkarni Developers Limited has informed the Exchange regarding 'Completion of the transfer formalities in relation to the acquisition of equity shares of D SKulkarni Developers Limited ( Company ) by Ashdan Township Holdings Private Limited.'.
2026-08-20 - DS Kulkarni Developers Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-19 - DS Kulkarni Developers Limited has informed the Exchange regarding 'Intimation of 35th Annual General Meeting (AGM), E-voting and Submission of Notice along with Annual Report for FY 2025 - 26.'.
2026-08-19 - DS Kulkarni Developers Limited has informed the Exchange regarding Notice of 35th Annual General Meeting to be held on September 10, 2026
2026-08-17 - DS Kulkarni Developers Limited has informed the Exchange about Copy of Newspaper Publication for the Unaudited Financial Results for the quarter ended 30 June, 2026.
2026-08-14 - DS Kulkarni Developers Limited has informed the Exchange regarding Outcome of Board Meeting held on August 14, 2026.
News
Recent coverage and analyst commentary for DSKULKARNI
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DS Kulkarni Developers Ltd.
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