HB Estate Developers Ltd.

•

hbestate.comBSE: 532334NSE: HBESD

Market Cap₹ 172 Cr.

Current Price

High / Low₹ 96 / 61

Stock P/E13.4

Book Value₹ 85

Price to Book0.68

Dividend Yield0.00 %

ROCE7.5 %

ROE6.4 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2014 • Hotel: 90.1% • Real Estate: 9.9%

AI Sector View

AI GENERATED

Realty

Buy

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.

Confidence

75%

View full sector analysis →

PROS

Company has delivered good sales growth of 36.8% CAGR over last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 4.88x)
Stock looks reasonably valued - P/E of 13.4 is below its historical median
Company generates healthy free cash flow

CONS

Receivables are growing faster than sales - a possible quality concern
Company has a low return on equity of 5.3% over last 3 years
Company has a low return on capital employed of 7.6%
Working capital days have increased from -62 to -22 days
Equity base is being diluted - shares outstanding up 18.0%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

RealtyRealtyConstruction - Real Estate

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	DLF	681.00	37.92	168568.73	1.17	793.90	-89.59	1280.34	-52.87	6.81	49.68
2.	LODHA	1220.60	29.56	121965.19	0.35	1373.10	103.39	4996.70	43.10	16.89	38.51
3.	PHOENIXLTD	1960.00	54.77	70104.86	0.13	394.51	22.95	1074.94	12.80	13.70	59.77
4.	PRESTIGE	1625.00	61.46	69993.66	0.12	271.40	-12.87	2675.10	15.94	11.51	31.75
5.	OBEROIRLTY	1904.60	26.33	69251.68	0.42	543.51	29.02	1300.89	31.73	17.69	56.75
6.	GODREJPROP	1986.60	37.40	59841.66	0.50	349.38	-41.61	506.17	16.48	8.37	-57.98
7.	BRIGADE	712.95	33.47	23260.66	0.21	216.94	37.35	1115.55	-12.93	11.02	32.33
8.	ANANTRAJ	628.50	39.09	22618.27	0.16	149.19	18.50	631.40	6.58	12.23	29.53
9.	ABREL	1376.10	116.21	15370.44	0.18	-34.59	-27.73	188.85	30.95	-4.54	-30.02
10.	SOBHA	1254.70	58.18	13419.50	0.48	50.85	273.37	1278.15	50.03	6.96	6.07
11.	SIGNATURE	793.70	10.70	11166.25	0.00	-16.53	-148.00	551.99	-36.24	34.77	-8.10
12.	HBESD	75.00	13.39	172.20	0.00	1.54	302.62	27.75	16.78	7.53	26.86

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	24	24	30	31	26	27	31	33	24	27	33	33	28
	17	17	18	19	17	19	19	20	17	19	18	22	26
Operating Profit	7	7	12	13	9	8	13	13	7	8	15	11	2
OPM %	29.96%	29.41%	39.25%	40.91%	33.58%	30.76%	40.59%	39.90%	27.48%	30.19%	45.58%	32.91%	7.45%
	0	1	0	1	1	0	0	1	0	0	0	0	0
Interest	6	6	7	6	6	6	5	5	4	4	4	4	3
Depreciation	2	2	2	2	2	2	2	2	2	2	2	2	2
Profit before Tax	-1	-0	3	5	2	1	6	7	1	2	9	6	2
Tax %	-83.33%	-272.00%	50.81%	12.57%	46.78%	62.50%	16.06%	37.09%	28.30%	37.75%	31.29%	38.05%	37.86%
Net Profit	-1	-1	2	5	1	0	5	5	0	1	6	4	2
	-0.62	-0.48	0.77	2.32	2.32	0.25	2.42	2.25	0.18	0.59	2.98	1.54	0.67

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	TTM
	73	84	89	82	24	50	96	109	118	117	121
	57	62	61	56	30	43	64	71	75	76	85
Operating Profit	17	21	28	26	-6	8	32	39	43	41	36
OPM %	22.53%	25.42%	31.62%	32.09%	-23.76%	15.66%	33.14%	35.51%	36.59%	34.82%	29.97%
	2	1	2	1	1	1	2	2	2	2	2
Interest	31	27	28	25	22	24	25	26	22	16	15
Depreciation	14	14	14	14	14	7	7	7	8	8	8
Profit before Tax	-27	-19	-12	-12	-41	-22	3	7	16	18	20
Tax %	25.78%	13.33%	13.85%	23.59%	26.04%	28.74%	554.99%	46.94%	32.56%	34.13%	34.75%
Net Profit	-20	-16	-10	-9	-30	-16	-12	4	11	12	13
EPS	0.00	0.00	0.00	-4.52	-15.61	-8.05	-5.98	2.00	5.03	5.10	—
Dividend Payout %	—	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: 6%
5 Years:: 37%
3 Years:: 7%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: -5%
5 Years:: 0%
3 Years:: 5%
Last Year:: 6%

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	0	19	19	19	19	19	19	19	21	23
	234	218	200	186	154	138	126	129	150	170
	301	295	295	274	318	345	328	243	267	247
Trade Payables	18	15	12	15	11	7	9	11	15	16
	-4	-20	-24	-18	-27	-40	-23	49	5	3
Total Liabilities	549	528	502	476	475	469	459	451	459	460
	475	461	448	435	422	416	411	406	404	398
	21	22	14	2	2	3	3	3	2	2
	17	17	14	15	14	13	15	15	15	15
	0	0	0	2	2	0	0	3	4	6
Cash & Bank	7	8	9	7	22	19	12	11	19	27
	29	21	17	14	13	18	18	13	15	11
Total Assets	549	528	502	476	475	469	459	451	459	460

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
	1	30	33	29	-14	4	43	49	35	45
Cash from Investing	-1	0	6	10	0	-0	-2	-1	-4	-1
Cash from Financing	1	-29	-38	-42	16	-6	-41	-45	-32	-36
	1	0	2	-3	2	-3	-1	2	-2	9

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
PER SHARE
EPS (₹)	0.00	-8.38	-5.36	-4.52	-15.61	-8.05	-5.98	2.00	5.03	5.10
Book Value (₹)	0.00	122.22	112.80	105.64	88.97	80.91	74.53	76.51	80.06	84.21
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	0.00	-1.00	1.92	2.70	-8.61	-4.27	-2.26	5.82	8.57	8.57
PROFITABILITY
Operating Margin %	25.11%	26.53%	33.37%	32.09%	-23.76%	18.61%	35.57%	35.51%	36.59%	34.82%
Net Margin %	-27.30%	-19.46%	-11.69%	-10.72%	-124.46%	-31.08%	-12.06%	3.55%	9.17%	10.01%
ROE %	-15.97%	-6.91%	-4.56%	-4.14%	-16.04%	-9.48%	-7.69%	2.65%	6.73%	6.41%
ROCE %	0.83%	1.47%	3.02%	2.73%	-3.79%	0.40%	5.52%	7.14%	8.23%	7.53%
	-3.93%	-3.03%	-2.02%	-1.80%	-6.39%	-3.32%	-2.51%	0.85%	2.37%	2.55%
EFFICIENCY
Debtor Days	21	14	14	13	31	16	11	11	12	17
Inventory Days	89	74	64	64	217	100	54	50	45	47
Payable Days	745	741	457	640	1359	522	302	354	457	512
	-636	-653	-380	-563	-1110	-406	-237	-294	-399	-448
FINANCIAL HEALTH
Debt to Equity (x)	1.25x	1.21x	1.31x	1.33x	1.89x	2.20x	2.28x	2.09x	1.65x	1.33x
Interest Coverage (x)	0.13x	0.29x	0.56x	0.54x	-0.83x	0.08x	1.10x	1.28x	1.73x	2.08x
	1.23x	0.92x	0.84x	0.68x	0.93x	0.91x	0.69x	0.35x	0.71x	0.89x
GROWTH
Revenue Growth %	7.95%	14.13%	6.49%	-8.03%	-70.26%	106.68%	91.20%	13.45%	7.58%	-0.65%
Operating Profit Growth %	5.50%	20.58%	33.93%	-7.54%	-118.11%	288.32%	265.49%	19.19%	11.13%	-7.02%
Net Profit Growth %	35.00%	18.63%	36.04%	15.64%	-245.19%	48.39%	25.81%	133.44%	177.57%	8.42%
	0.00%	0.00%	0.00%	15.64%	-245.19%	0.00%	0.00%	133.44%	151.70%	1.34%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	31.27x	19.72x	11.20x
P/B (x)	0.00x	0.00x	0.00x	0.05x	0.12x	0.00x	0.00x	0.82x	1.24x	0.68x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	10.12x	-65.34x	0.00x	0.00x	10.31x	10.52x	8.58x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	69.11	69.11	69.11	71.99	71.99	69.69	67.41	67.41	67.74
FIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	30.87	30.87	30.87	28.00	28.00	30.29	32.57	32.57	32.24

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

No announcements filed.

News

Recent coverage and analyst commentary for HBESD

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AI Stock Analyst

HB Estate Developers Ltd.

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Free 5nance Account

Name

DLF

681.00

37.92

168568.73

1.17

793.90

-89.59

1280.34

-52.87

6.81

49.68

LODHA

1220.60

29.56

121965.19

0.35

1373.10

103.39

4996.70

43.10

16.89

38.51

PHOENIXLTD

1960.00

54.77

70104.86

0.13

394.51

22.95

1074.94

12.80

13.70

59.77

PRESTIGE

1625.00

61.46

69993.66

0.12

271.40

-12.87

2675.10

15.94

11.51

31.75

OBEROIRLTY

1904.60

26.33

69251.68

0.42

543.51

29.02

1300.89

31.73

17.69

56.75

GODREJPROP

1986.60

37.40

59841.66

0.50

349.38

-41.61

506.17

16.48

8.37

-57.98

BRIGADE

712.95

33.47

23260.66

0.21

216.94

37.35

1115.55

-12.93

11.02

32.33

ANANTRAJ

628.50

39.09

22618.27

0.16

149.19

18.50

631.40

6.58

12.23

29.53

ABREL

1376.10

116.21

15370.44

0.18

-34.59

-27.73

188.85

30.95

-4.54

-30.02

SOBHA

1254.70

58.18

13419.50

0.48

50.85

273.37

1278.15

50.03

6.96

6.07

SIGNATURE

793.70

10.70

11166.25

0.00

-16.53

-148.00

551.99

-36.24

34.77

-8.10

HBESD

75.00

13.39

172.20

0.00

1.54

302.62

27.75

16.78

7.53

26.86

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

Operating Profit

OPM %

29.96%

29.41%

39.25%

40.91%

33.58%

30.76%

40.59%

39.90%

27.48%

30.19%

45.58%

32.91%

7.45%

Interest

Depreciation

Profit before Tax

-1

-0

Tax %

-83.33%

-272.00%

50.81%

12.57%

46.78%

62.50%

16.06%

37.09%

28.30%

37.75%

31.29%

38.05%

37.86%

Net Profit

-1

-0.62

-0.48

0.77

2.32

0.25

2.42

2.25

0.18

0.59

2.98

1.54

0.67

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

109

118

117

121

Operating Profit

-6

OPM %

22.53%

25.42%

31.62%

32.09%

-23.76%

15.66%

33.14%

35.51%

36.59%

34.82%

29.97%

Interest

Depreciation

Profit before Tax

-27

-19

-12

-41

-22

Tax %

25.78%

13.33%

13.85%

23.59%

26.04%

28.74%

554.99%

46.94%

32.56%

34.13%

34.75%

Net Profit

-20

-16

-10

-9

-30

-16

-12

EPS

0.00

-4.52

-15.61

-8.05

-5.98

2.00

5.03

5.10

—

Dividend Payout %

—

0.00%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

234

218

200

186

154

138

126

129

150

170

301

295

274

318

345

328

243

267

247

Trade Payables

-4

-20

-24

-18

-27

-40

-23

Total Liabilities

549

528

502

476

475

469

459

451

459

460

475

461

448

435

422

416

411

406

404

398

Cash & Bank

Total Assets

549

528

502

476

475

469

459

451

459

460

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-14

Cash from Investing

-1

-0

-2

-1

-4

-1

Cash from Financing

-29

-38

-42

-6

-41

-45

-32

-36

-3

-1

-2

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

PER SHARE

EPS (₹)

0.00

-8.38

-5.36

-4.52

-15.61

-8.05

-5.98

2.00

5.03

5.10

Book Value (₹)

0.00

122.22

112.80

105.64

88.97

80.91

74.53

76.51

80.06

84.21

Dividend per Share (₹)

0.00

Cash EPS (₹)

0.00

-1.00

1.92

2.70

-8.61

-4.27

-2.26

5.82

8.57

PROFITABILITY

Operating Margin %

25.11%

26.53%

33.37%

32.09%

-23.76%

18.61%

35.57%

35.51%

36.59%

34.82%

Net Margin %

-27.30%

-19.46%

-11.69%

-10.72%

-124.46%

-31.08%

-12.06%

3.55%

9.17%

10.01%

ROE %

-15.97%

-6.91%

-4.56%

-4.14%

-16.04%

-9.48%

-7.69%

2.65%

6.73%

6.41%

ROCE %

0.83%

1.47%

3.02%

2.73%

-3.79%

0.40%

5.52%

7.14%

8.23%

7.53%

-3.93%

-3.03%

-2.02%

-1.80%

-6.39%

-3.32%

-2.51%

0.85%

2.37%

2.55%

EFFICIENCY

Debtor Days

Inventory Days

217

100

Payable Days

745

741

457

640

1359

522

302

354

457

512

-636

-653

-380

-563

-1110

-406

-237

-294

-399

-448

FINANCIAL HEALTH

Debt to Equity (x)

1.25x

1.21x

1.31x

1.33x

1.89x

2.20x

2.28x

2.09x

1.65x

1.33x

Interest Coverage (x)

0.13x

0.29x

0.56x

0.54x

-0.83x

0.08x

1.10x

1.28x

1.73x

2.08x

1.23x

0.92x

0.84x

0.68x

0.93x

0.91x

0.69x

0.35x

0.71x

0.89x

GROWTH

Revenue Growth %

7.95%

14.13%

6.49%

-8.03%

-70.26%

106.68%

91.20%

13.45%

7.58%

-0.65%

Operating Profit Growth %

5.50%

20.58%

33.93%

-7.54%

-118.11%

288.32%

265.49%

19.19%

11.13%

-7.02%

Net Profit Growth %

35.00%

18.63%

36.04%

15.64%

-245.19%

48.39%

25.81%

133.44%

177.57%

8.42%

0.00%

15.64%

-245.19%

0.00%

133.44%

151.70%

1.34%

VALUATION

P/E (x)

0.00x

31.27x

19.72x

11.20x

P/B (x)

0.00x

0.05x

0.12x

0.00x

0.82x

1.24x

0.68x

Dividend Yield %

0.00%

0.00x

10.12x

-65.34x

0.00x

10.31x

10.52x

8.58x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

69.11

71.99

69.69

67.41

67.74

FIIs

0.00

0.01

Government

0.00

30.87

28.00

30.29

32.57

32.24

HB Estate Developers Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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HB Estate Developers Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI