Pansari Developers Ltd.

•

pansaridevelopers.comBSE: -NSE: PANSARI

Market Cap₹ 523 Cr.

Current Price

High / Low₹ 389 / 233

Stock P/E26.9

Book Value₹ 91

Price to Book2.08

Dividend Yield0.00 %

ROCE7.0 %

ROE5.8 %

Face Value₹ 10

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ABOUT

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 profit growth of 22.2% CAGR over last 5 years
Operating margins have improved to 34.2% from 19.1%
Attractively priced for its growth - PEG of 1.0

CONS

Operating cash flow has been negative in recent years
A large part of profit comes from other income (46.0% of PBT)
Company has a low return on capital employed of 4.8%
Company has a low return on equity of 3.9% over last 3 years
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -1.32x)

* 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.	PANSARI	300.00	26.31	523.40	0.00	39.82	861.37	146.48	725.61	6.39	25.92

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
	8	6	30	10	8	6	18	19	18	28	37	14	15
	6	5	27	9	5	4	12	12	12	24	32	16	12
Operating Profit	2	1	3	1	2	2	6	6	6	4	5	-2	3
OPM %	24.56%	18.18%	10.53%	8.58%	28.93%	34.10%	33.74%	34.68%	31.79%	14.69%	14.09%	-15.76%	19.28%
	1	1	1	2	1	1	3	2	1	2	2	13	2
Interest	1	1	1	1	1	1	3	1	1	1	1	0	0
Depreciation	0	0	0	1	1	1	3	0	1	1	1	1	1
Profit before Tax	1	1	3	1	1	1	3	7	5	5	6	10	5
Tax %	19.61%	14.58%	22.18%	-1.36%	18.97%	22.22%	20.59%	26.63%	20.99%	34.08%	25.48%	17.48%	21.90%
Net Profit	1	1	2	1	1	1	2	5	4	3	4	8	4
	0.47	0.47	1.19	0.85	0.54	0.52	1.39	2.91	2.38	1.87	2.43	4.61	2.28

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	7	3	6	13	35	27	37	23	53	36	93
	3	2	4	9	28	20	31	19	46	24	83
Operating Profit	3	1	2	4	6	6	6	4	7	12	10
OPM %	51.20%	20.78%	33.33%	31.46%	18.53%	24.22%	16.94%	17.75%	13.11%	34.23%	10.72%
	1	1	3	1	1	1	1	1	5	5	19
Interest	1	0	1	1	2	2	1	0	4	4	2
Depreciation	0	0	1	1	1	1	2	2	2	3	2
Profit before Tax	3	2	4	2	4	5	5	3	6	10	25
Tax %	18.70%	23.82%	22.15%	20.70%	27.06%	16.71%	21.72%	24.42%	14.76%	24.78%	23.38%
Net Profit	3	1	3	2	3	4	4	2	5	8	19
EPS	0.00	0.00	0.00	0.00	0.00	2.15	2.09	1.15	2.98	4.30	—
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:: 14%
5 Years:: 1%
3 Years:: -1%

COMPOUNDED PROFIT GROWTH

10 Years:: 4%
5 Years:: 22%
3 Years:: 27%

STOCK PRICE CAGR

10 Years:: —
5 Years:: 40%
3 Years:: 39%
1 Year:: 9%

RETURN ON EQUITY

10 Years:: 4%
5 Years:: 4%
3 Years:: 4%
Last Year:: 6%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	2	17	17	17	17	17	17	17	17	17
	38	35	38	40	42	93	102	104	109	117
	51	68	53	58	57	57	52	74	78	85
Trade Payables	2	4	2	2	1	1	1	2	4	2
	36	42	70	72	51	32	24	56	46	83
Total Liabilities	129	166	180	190	170	201	196	254	255	304
	1	1	14	13	22	44	42	42	60	57
	12	11	10	13	10	3	9	9	9	9
	72	99	115	123	103	96	86	95	77	98
	0	0	0	0	0	0	0	0	1	0
Cash & Bank	2	1	1	1	1	2	1	1	1	0
	43	54	40	40	33	55	58	108	107	139
Total Assets	129	166	180	190	170	201	196	254	255	304

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	9	-40	9	7	7	18	4	-15	9	-13
Cash from Investing	-13	0	2	-4	-5	-3	0	-6	-9	8
Cash from Financing	4	40	-10	-2	-2	-14	-5	22	0	4
	1	-1	0	0	-0	1	-1	-0	0	-1

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	12.34	0.70	1.85	1.12	1.58	2.15	2.09	1.15	2.98	4.30
Book Value (₹)	189.94	29.80	31.64	32.76	34.34	63.54	68.41	69.60	72.59	76.94
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 (₹)	2.26	0.88	2.17	1.76	2.26	2.83	3.13	2.22	4.08	6.12
PROFITABILITY
Operating Margin %	72.23%	66.45%	86.57%	37.17%	20.37%	29.47%	19.14%	21.24%	13.11%	34.23%
Net Margin %	40.36%	42.29%	51.42%	14.70%	7.91%	14.01%	9.80%	8.74%	9.75%	20.57%
ROE %	6.55%	2.65%	6.01%	3.46%	4.71%	4.40%	3.16%	1.67%	4.20%	5.75%
ROCE %	8.51%	2.08%	4.93%	3.75%	4.78%	4.58%	3.45%	1.80%	5.51%	7.01%
	2.27%	0.83%	1.86%	1.05%	1.53%	2.03%	1.84%	0.89%	2.05%	2.69%
EFFICIENCY
Debtor Days	141	622	317	149	55	65	40	46	15	5
Inventory Days	3569	0	6225	3287	1189	1358	896	1436	586	875
Payable Days	-256	-47	340	103	26	25	13	36	25	48
	3966	669	6202	3333	1218	1398	923	1446	575	831
FINANCIAL HEALTH
Debt to Equity (x)	0.37x	0.90x	0.77x	0.82x	1.38x	0.36x	0.31x	0.49x	0.51x	0.54x
Interest Coverage (x)	3.67x	1095.69x	6.81x	2.84x	2.78x	3.04x	8.34x	8.19x	2.48x	3.54x
	1.82x	1.40x	1.39x	1.60x	1.70x	1.85x	1.66x	1.33x	1.22x	1.25x
GROWTH
Revenue Growth %	-34.61%	-55.63%	116.21%	111.24%	162.95%	-22.94%	38.53%	-38.06%	132.22%	-31.75%
Operating Profit Growth %	-26.70%	-59.18%	181.68%	-9.31%	44.13%	11.49%	-10.05%	-31.27%	148.89%	40.33%
Net Profit Growth %	-47.74%	-53.50%	162.85%	-39.60%	41.56%	36.41%	-3.06%	-44.79%	158.99%	44.04%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	158.98%	44.05%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	26.74x	37.25x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.10x	2.08x
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	0.00x	0.00x	0.00x	0.00x	0.00x	16.63x	20.58x

Shareholding Pattern

Numbers in percentages

	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Jun 2026
	73.88	73.88	73.88	73.88	73.88	73.88	73.88	73.88	73.88
FIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	26.12	26.12	26.12	26.12	26.12	26.12	26.12	26.12	26.12

Documents

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

2026-08-24

General Updates

2026-08-24 - Pansari Developers Limited has informed the Exchange about General Updates

2026-08-14

Copy of Newspaper Publication

2026-08-14 - Pansari Developers Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-13

Outcome of Board Meeting

2026-08-13 - Pansari Developers Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-07-14

Reply to Clarification- Financial results

2026-07-14 - The Exchange had sought clarification from Pansari Developers Limited for the quarter ended 31-Mar-2026 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company was required to clarify the following: The response of the Company is enclosed.

2026-07-10

Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-07-10 - Pansari Developers Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-06-25

Trading Window

2026-06-25 - Pansari Developers Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015

2026-06-24

Clarification - Financial Results

2026-06-24 - The Exchange has sought clarification from Pansari Developers Limited for the quarter ended 31-Mar-2026 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company is required to clarify the following: The response of the Company is awaited.

2026-06-19

Disclosure under SEBI Takeover Regulations

2026-06-19 - Pansari Developers Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

2026-06-01

Copy of Newspaper Publication

2026-06-01 - Pansari Developers Limited has informed the Exchange about Copy of Newspaper Publication

News

Recent coverage and analyst commentary for PANSARI

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Pansari Developers Ltd.

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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

PANSARI

300.00

26.31

523.40

0.00

39.82

861.37

146.48

725.61

6.39

25.92

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

-2

OPM %

24.56%

18.18%

10.53%

8.58%

28.93%

34.10%

33.74%

34.68%

31.79%

14.69%

14.09%

-15.76%

19.28%

Interest

Depreciation

Profit before Tax

Tax %

19.61%

14.58%

22.18%

-1.36%

18.97%

22.22%

20.59%

26.63%

20.99%

34.08%

25.48%

17.48%

21.90%

Net Profit

0.47

1.19

0.85

0.54

0.52

1.39

2.91

2.38

1.87

2.43

4.61

2.28

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

Operating Profit

OPM %

51.20%

20.78%

33.33%

31.46%

18.53%

24.22%

16.94%

17.75%

13.11%

34.23%

10.72%

Interest

Depreciation

Profit before Tax

Tax %

18.70%

23.82%

22.15%

20.70%

27.06%

16.71%

21.72%

24.42%

14.76%

24.78%

23.38%

Net Profit

EPS

0.00

2.15

2.09

1.15

2.98

4.30

—

Dividend Payout %

0.00%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

102

104

109

117

Trade Payables

Total Liabilities

129

166

180

190

170

201

196

254

255

304

115

123

103

Cash & Bank

108

107

139

Total Assets

129

166

180

190

170

201

196

254

255

304

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-40

-15

-13

Cash from Investing

-13

-4

-5

-3

-6

-9

Cash from Financing

-10

-2

-14

-5

-1

-0

-1

-0

-1

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

PER SHARE

EPS (₹)

12.34

0.70

1.85

1.12

1.58

2.15

2.09

1.15

2.98

4.30

Book Value (₹)

189.94

29.80

31.64

32.76

34.34

63.54

68.41

69.60

72.59

76.94

Dividend per Share (₹)

0.00

Cash EPS (₹)

2.26

0.88

2.17

1.76

2.26

2.83

3.13

2.22

4.08

6.12

PROFITABILITY

Operating Margin %

72.23%

66.45%

86.57%

37.17%

20.37%

29.47%

19.14%

21.24%

13.11%

34.23%

Net Margin %

40.36%

42.29%

51.42%

14.70%

7.91%

14.01%

9.80%

8.74%

9.75%

20.57%

ROE %

6.55%

2.65%

6.01%

3.46%

4.71%

4.40%

3.16%

1.67%

4.20%

5.75%

ROCE %

8.51%

2.08%

4.93%

3.75%

4.78%

4.58%

3.45%

1.80%

5.51%

7.01%

2.27%

0.83%

1.86%

1.05%

1.53%

2.03%

1.84%

0.89%

2.05%

2.69%

EFFICIENCY

Debtor Days

141

622

317

149

Inventory Days

3569

6225

3287

1189

1358

896

1436

586

875

Payable Days

-256

-47

340

103

3966

669

6202

3333

1218

1398

923

1446

575

831

FINANCIAL HEALTH

Debt to Equity (x)

0.37x

0.90x

0.77x

0.82x

1.38x

0.36x

0.31x

0.49x

0.51x

0.54x

Interest Coverage (x)

3.67x

1095.69x

6.81x

2.84x

2.78x

3.04x

8.34x

8.19x

2.48x

3.54x

1.82x

1.40x

1.39x

1.60x

1.70x

1.85x

1.66x

1.33x

1.22x

1.25x

GROWTH

Revenue Growth %

-34.61%

-55.63%

116.21%

111.24%

162.95%

-22.94%

38.53%

-38.06%

132.22%

-31.75%

Operating Profit Growth %

-26.70%

-59.18%

181.68%

-9.31%

44.13%

11.49%

-10.05%

-31.27%

148.89%

40.33%

Net Profit Growth %

-47.74%

-53.50%

162.85%

-39.60%

41.56%

36.41%

-3.06%

-44.79%

158.99%

44.04%

0.00%

158.98%

44.05%

VALUATION

P/E (x)

0.00x

26.74x

37.25x

P/B (x)

0.00x

1.10x

2.08x

Dividend Yield %

0.00%

0.00x

16.63x

20.58x

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Jun 2026

73.88

FIIs

0.00

DIIs

0.00

Government

0.00

26.12

Pansari Developers Ltd.

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Quarterly Results

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Pansari Developers Ltd.

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Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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