New Risk • May 22
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 0.9% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (0.9% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 21% per year over the past 5 years. Reported Earnings • May 22
Full year 2026 earnings released: ₹6.43 loss per share (vs ₹2.77 profit in FY 2025) Full year 2026 results: ₹6.43 loss per share (down from ₹2.77 profit in FY 2025). Revenue: ₹19.1b (down 13% from FY 2025). Net loss: ₹8.73b (down ₹10.7b from profit in FY 2025). Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Duyuru • May 15
Embassy Developments Limited to Report Q4, 2026 Results on May 20, 2026 Embassy Developments Limited announced that they will report Q4, 2026 results at 12:08 PM, Indian Standard Time on May 20, 2026 New Risk • May 06
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 17% per year over the past 5 years. Duyuru • Apr 13
Pen India Pvt. Ltd. agreed to acquire Sepset Real Estate Ltd. from Embassy Developments Limited (NSEI:EMBDL) for INR 1.0 billion. Pen India Pvt. Ltd. agreed to acquire Sepset Real Estate Ltd. from Embassy Developments Limited (NSEI:EMBDL) for INR 1.0 billion on April 11, 2026. A cash consideration of INR 1 billion will be paid by Pen India Pvt. Ltd. Sepset owns the commercial project ‘Mega Mall’ located in Jodhpur, Rajasthan, together with all its assets and liabilities, including, inter alia, the unsold inventory. Upon completion of the transaction, Sepset will cease to be a subsidiary of the Company.
For the period ending March 31, 2026, Sepset Real Estate Ltd. reported total revenue of INR 185.5 million. As of March 31, 2026, Sepset Real Estate Ltd. reported total common equity of INR 1.14 billion. Duyuru • Feb 17
Embassy Developments Limited Receives Rera Approval for Its First Project in Alibaug Embassy Developments Ltd. received approval from the Maharashtra Real Estate Regulatory Authority (MahaRERA) for Phase I of Embassy Serenity, its first residential project in Alibaug within the Mumbai Metropolitan Region (MMR), marking the Company's entry into the lifestyle and second-home segment. Located in Thal Village, Alibaug, Embassy Serenity is envisioned as a resort-style retreat that combines tranquility with excellent connectivity to Mumbai via upgraded road and ferry infrastructure. Often referred to as the `Hamptons of Mumbai', Alibaug has evolved into a preferred second-home destination for high- end homebuyers seeking greenery and exclusivity, away from the city bustle. The overall project spans approximately 0.2 million sq. ft. of RERA carpet area with an estimated gross development value (GDV) of INR 4,000 million. Set across a 7-acre land parcel, the approved phase will feature five G+5 towers comprising 52 spacious residences in duplex and simplex configurations. The project launch is planned for this quarter, and possession targeted for 2030, subject to regulatory approvals and construction progress. With over 52% open green spaces and a traffic-free podium, Embassy Serenity is designed as a nature- first development, where architecture is shaped by the landscape rather than imposed upon it. The project brings together globally acclaimed partners Broadway Malyan (UK) for architecture and Coopers Hill (Singapore) for landscape design. Nestled on a lush hillside, the architecture is articulated through soft curvilinear forms, open terraces, and vertical elements that create a dialogue between contemporary architecture and the tropical setting. While not beach-facing, the project's immersive forest environment becomes its defining luxury. A curated suite of amenities has been planned to support both social engagement and relaxation, including a clubhouse; a resort-style pool with a poolside bar and café; tennis, padel and pickleball courts; and multiple spaces designed for both intimate and larger gatherings. Reported Earnings • Feb 10
Third quarter 2026 earnings released: ₹1.68 loss per share (vs ₹0.35 profit in 3Q 2025) Third quarter 2026 results: ₹1.68 loss per share (down from ₹0.35 profit in 3Q 2025). Revenue: ₹2.64b (down 5.2% from 3Q 2025). Net loss: ₹2.33b (down ₹2.55b from profit in 3Q 2025). Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Duyuru • Feb 02
Embassy Developments Limited to Report Q3, 2026 Results on Feb 09, 2026 Embassy Developments Limited announced that they will report Q3, 2026 results on Feb 09, 2026 Duyuru • Nov 24
Embassy Developments to Launch Six Residential Projects Valued At INR 103,000 Million in North Bengaluru Embassy Developments Ltd. will launch six new residential projects valued at INR 103,000 million in North Bengaluru, reinforcing its strong growth trajectory for fiscal year26. Among the upcoming launches are two premium RERA-approved residential developments, Embassy Greenshore and Embassy Verde Phase II, within the landmark integrated township of Embassy Springs. Embassy Greenshore will offer a differentiated collection of 800+ apartments across 2, 3, and 4 BHK configurations, featuring larger layouts, superior specifications, and elevated finishes. Building on the exceptional response to the fully booked Phase I, Embassy Verde Phase II will give homebuyers another opportunity to unlock value and be part of the North Bengaluru growth story. Another key launch planned for fiscal year26 is a new residential development in Hebbal. Located adjacent to the iconic, sold-out Embassy Lake Terraces, this 10-acre development will comprise 600+ premium residences in 3 BHK (medium and large) and 4 BHK formats for buyers preferring contemporary and more space-efficient residences. In addition to the expansive North Bengaluru footprint, the company will also unveil two projects including an invite-only villa community and a premium villa project, together covering 116 acres, planned for launch this year. Together, these projects represent 5.6 million sq. ft. of development potential in North Bengaluru, across premium apartments and villas, strengthening Embassy's position in the city's residential market. Reported Earnings • Nov 07
Second quarter 2026 earnings released: ₹1.12 loss per share (vs ₹0.38 profit in 2Q 2025) Second quarter 2026 results: ₹1.12 loss per share (down from ₹0.38 profit in 2Q 2025). Revenue: ₹5.37b (up 118% from 2Q 2025). Net loss: ₹1.53b (down ₹1.77b from profit in 2Q 2025). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Duyuru • Oct 29
Embassy Developments Limited to Report Q2, 2026 Results on Nov 06, 2025 Embassy Developments Limited announced that they will report Q2, 2026 results on Nov 06, 2025 Duyuru • Sep 04
Embassy Developments Limited, Annual General Meeting, Sep 26, 2025 Embassy Developments Limited, Annual General Meeting, Sep 26, 2025, at 11:30 Indian Standard Time. Reported Earnings • Aug 12
First quarter 2026 earnings released: ₹1.29 loss per share (vs ₹0.49 loss in 1Q 2025) First quarter 2026 results: ₹1.29 loss per share (further deteriorated from ₹0.49 loss in 1Q 2025). Revenue: ₹6.94b (up 79% from 1Q 2025). Net loss: ₹1.66b (loss widened 483% from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Duyuru • Aug 05
Embassy Developments Limited to Report Q1, 2026 Results on Aug 11, 2025 Embassy Developments Limited announced that they will report Q1, 2026 results on Aug 11, 2025 Duyuru • Jun 27
Embassy Developments Limited (NSEI:EMBDL) completed the acquisition of Squadron Developers Private Limited from Embassy Real Estate Developments And Services Private Limited. Embassy Developments Limited (NSEI:EMBDL) agreed to acquire Squadron Developers Private Limited from Embassy Real Estate Developments And Services Private Limited for INR 4.6 billion on February 25, 2025. A cash consideration of INR 4.57 billion will be paid by Embassy Developments Limited. As part of consideration, INR 4.57 billion is paid towards common equity of Squadron Developers Private Limited, arrived basis closing adjustments to the agreed enterprise value of INR 4.55 billion. This acquisition is in continuation of growth strategy to build a robust pipeline of new launches and will expand the Company’s presence in the key markets of Bengaluru.
Embassy Developments Limited (NSEI:EMBDL) completed the acquisition of Squadron Developers Private Limited from Embassy Real Estate Developments And Services Private Limited on June 26, 2025. Duyuru • May 30
Embassy Developments Proposes Commercial Project Divestment to Embassy REIT in Bengaluru Realty firm Embassy Developments Limited (NSEI:EMBDL) planned to sell its commercial project in Bengaluru valued at INR 32.00 billion - INR 37.00 billion as part of its strategy to monetise assets. In a regulatory filing, Embassy Developments informed that the Board "considered and noted that the company is in the process of considering a divestment of one of its projects located in Whitefield, Bangalore." Embassy Developments said it will offer an acquisition opportunity to Embassy Office Parks REIT (NSEI:EMBASSY) involving a commercial real estate development project, comprising a potential leasable area of about 3.3 million square feet upon completion, with an estimated gross development value in the range of INR 32.00 billion - INR 37.00 billion. The opportunity is preliminary and is subject to, among other things, entry into definitive agreements and obtaining approvals, including from third parties, shareholders and unitholders, it said. Reported Earnings • May 30
Full year 2025 earnings released: EPS: ₹1.69 (vs ₹19.20 loss in FY 2024) Full year 2025 results: EPS: ₹1.69 (up from ₹19.20 loss in FY 2024). Revenue: ₹25.5b (up ₹21.3b from FY 2024). Net income: ₹2.06b (up ₹12.4b from FY 2024). Profit margin: 8.1% (up from net loss in FY 2024). Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Duyuru • May 22
Embassy Developments Limited to Report Q4, 2025 Results on May 29, 2025 Embassy Developments Limited announced that they will report Q4, 2025 results on May 29, 2025 Board Change • Feb 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Non-Independent Director Jitu Virwani was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. New Risk • Jan 30
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 119% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.9% average weekly change). Earnings have declined by 53% per year over the past 5 years. Shareholders have been substantially diluted in the past year (119% increase in shares outstanding). Duyuru • Jan 29
Equinox India Developments Limited Appoints Jitendra Mohandas Virwani as Non-Executive Non-Independent Director Equinox India Developments Limited has appointed Jitendra Mohandas Virwani, chairperson of Embassy Group & promoter of the company, as non-executive non-independent director on the Board with effect from January 25, 2025. Reported Earnings • Jan 11
Third quarter 2025 earnings released: EPS: ₹0.35 (vs ₹0.71 loss in 3Q 2024) Third quarter 2025 results: EPS: ₹0.35 (up from ₹0.71 loss in 3Q 2024). Revenue: ₹3.10b (up 208% from 3Q 2024). Net income: ₹221.7m (up ₹608.2m from 3Q 2024). Profit margin: 7.2% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. New Risk • Jan 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 62% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.5% average weekly change). Shareholders have been diluted in the past year (18% increase in shares outstanding). Duyuru • Jan 03
Equinox India Developments Limited to Report Q3, 2025 Results on Jan 10, 2025 Equinox India Developments Limited announced that they will report Q3, 2025 results at 12:08 PM, Indian Standard Time on Jan 10, 2025 New Risk • Nov 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 62% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Shareholders have been diluted in the past year (18% increase in shares outstanding). Reported Earnings • Oct 24
Second quarter 2025 earnings released: EPS: ₹0.38 (vs ₹0.34 loss in 2Q 2024) Second quarter 2025 results: EPS: ₹0.38 (up from ₹0.34 loss in 2Q 2024). Revenue: ₹2.87b (up 198% from 2Q 2024). Net income: ₹240.6m (up ₹424.9m from 2Q 2024). Profit margin: 8.4% (up from net loss in 2Q 2024). The move to profitability was driven by higher revenue. Revenue is expected to decline by 28% p.a. on average during the next 2 years, while revenues in the Real Estate industry in India are expected to grow by 24%. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Duyuru • Oct 16
Equinox India Developments Limited to Report Q2, 2025 Results on Oct 23, 2024 Equinox India Developments Limited announced that they will report Q2, 2025 results at 4:00 PM, Indian Standard Time on Oct 23, 2024 Duyuru • Sep 06
Equinox India Developments Limited, Annual General Meeting, Sep 27, 2024 Equinox India Developments Limited, Annual General Meeting, Sep 27, 2024, at 13:00 Indian Standard Time. New Risk • Aug 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 69% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.3% average weekly change). Shareholders have been diluted in the past year (18% increase in shares outstanding). Reported Earnings • Aug 15
First quarter 2025 earnings released: ₹0.49 loss per share (vs ₹12.55 loss in 1Q 2024) First quarter 2025 results: ₹0.49 loss per share (improved from ₹12.55 loss in 1Q 2024). Revenue: ₹4.03b (up 106% from 1Q 2024). Net loss: ₹284.7m (loss narrowed 96% from 1Q 2024). Revenue is expected to decline by 11% p.a. on average during the next 2 years, while revenues in the Real Estate industry in India are expected to grow by 23%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Duyuru • Aug 09
Equinox India Developments Limited to Report Q1, 2025 Results on Aug 14, 2024 Equinox India Developments Limited announced that they will report Q1, 2025 results on Aug 14, 2024 New Risk • Jun 04
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 9.7% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.7% average weekly change). Earnings have declined by 75% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (18% increase in shares outstanding). New Risk • Jun 01
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 18% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 75% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.7% average weekly change). Shareholders have been diluted in the past year (18% increase in shares outstanding). Reported Earnings • Apr 27
Full year 2024 earnings released: ₹19.20 loss per share (vs ₹11.29 loss in FY 2023) Full year 2024 results: ₹19.20 loss per share (further deteriorated from ₹11.29 loss in FY 2023). Revenue: ₹4.69b (down 20% from FY 2023). Net loss: ₹10.4b (loss widened 71% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 123 percentage points per year, which is a significant difference in performance. Duyuru • Apr 21
Indiabulls Real Estate Limited to Report Q4, 2024 Results on Apr 26, 2024 Indiabulls Real Estate Limited announced that they will report Q4, 2024 results on Apr 26, 2024 Reported Earnings • Feb 14
Third quarter 2024 earnings released: ₹0.71 loss per share (vs ₹4.37 loss in 3Q 2023) Third quarter 2024 results: ₹0.71 loss per share (improved from ₹4.37 loss in 3Q 2023). Revenue: ₹1.12b (down 16% from 3Q 2023). Net loss: ₹386.5m (loss narrowed 84% from 3Q 2023). Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 24% growth forecast for the Real Estate industry in India. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 115 percentage points per year, which is a significant difference in performance. New Risk • Feb 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 85% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (7.9% average weekly change). Duyuru • Feb 08
Indiabulls Real Estate Limited to Report Q3, 2024 Results on Feb 13, 2024 Indiabulls Real Estate Limited announced that they will report Q3, 2024 results on Feb 13, 2024 Reported Earnings • Nov 02
Second quarter 2024 earnings released: ₹0.34 loss per share (vs ₹1.04 profit in 2Q 2023) Second quarter 2024 results: ₹0.34 loss per share (down from ₹1.04 profit in 2Q 2023). Revenue: ₹1.08b (down 44% from 2Q 2023). Net loss: ₹184.3m (down 133% from profit in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 109 percentage points per year, which is a significant difference in performance. Duyuru • Oct 26
Indiabulls Real Estate Limited to Report Q2, 2024 Results on Oct 31, 2023 Indiabulls Real Estate Limited announced that they will report Q2, 2024 results on Oct 31, 2023 Duyuru • Sep 05
Indiabulls Real Estate Limited, Annual General Meeting, Sep 29, 2023 Indiabulls Real Estate Limited, Annual General Meeting, Sep 29, 2023, at 11:00 Indian Standard Time. Duyuru • Aug 29
Indiabulls Real Estate Limited Appoints Atul Chandra as A Chief Operating Officer Indiabulls Real Estate Limited approved the appointment Mr. Atul Chandra, who is presently the Senior Vice President of the Company, as a Chief Operating Officer ("COO"), of the Company w.e.f. i.e., August 28, 2023. Mr. Atul Chandra joined Indiabulls Real Estate Limited as the Senior Vice President in April 2021. He holds a bachelor's degree in commerce from Jiwaji University, Gwalior. He is a qualified chartered accountant and is an associate member of the Institute of Chartered Accountants of India. He has over 24 years of experience in various domains of real estate development & asset management, audit, accounting, investment advisory, banking and the financial services industry. Prior to joining to Indiabulls Real Estate Limited, he was associated with Samsara Finance Private Limited as the Chief Investment Officer, Capri Global Capital Limited as Associate Director, ICICI Bank Limited, Union Bank of India, and Corporation Bank. Reported Earnings • Aug 11
First quarter 2024 earnings released: ₹12.55 loss per share (vs ₹0.98 loss in 1Q 2023) First quarter 2024 results: ₹12.55 loss per share (further deteriorated from ₹0.98 loss in 1Q 2023). Revenue: ₹2.09b (up 38% from 1Q 2023). Net loss: ₹6.80b (loss widened ₹6.28b from 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance. Duyuru • Aug 05
Indiabulls Real Estate Limited to Report Q1, 2024 Results on Aug 10, 2023 Indiabulls Real Estate Limited announced that they will report Q1, 2024 results on Aug 10, 2023 Reported Earnings • Jun 01
Full year 2023 earnings released: ₹11.29 loss per share (vs ₹3.00 loss in FY 2022) Full year 2023 results: ₹11.29 loss per share (further deteriorated from ₹3.00 loss in FY 2022). Revenue: ₹6.48b (down 55% from FY 2022). Net loss: ₹6.08b (loss widened 345% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. Duyuru • May 27
Indiabulls Real Estate Limited Announces Resignation of Supriya Bhatnagar as Director Indiabulls Real Estate Limited informed that Ms. Supriya Bhatnagar, Independent Director on the board of the Company, vide her letter dated May 26, 2023, has resigned from the office of Independent Director of Indiabulls Real Estate Limited (`the Company') with effect from i.e., May 26, 2023, due to the reasonsmentioned in her letter. Duyuru • May 25
Indiabulls Real Estate Limited to Report Q4, 2023 Results on May 30, 2023 Indiabulls Real Estate Limited announced that they will report Q4, 2023 results on May 30, 2023 Duyuru • May 18
Indiabulls Real Estate Limited Announces CFO Changes Indiabulls Real Estate Limited in its board meeting held on May 17, 2023 approved the appointment of Mr. Manish Kumar Sinha as the Chief Financial Officer of the Company, w.e.f. May 17, 2023, in place of Mr. Saurabh Garg. Due to personal reasons, Mr. Saurabh Garg has resigned from the position of Chief Financial Officer of the Company with effect from the close of business hours on May 16, 2023. Appointment of Mr. Manish Kumar Sinha as Chief Financial Officer of the Company with effect from May 17, 2023. Further, pursuant to the provisions of Section 203 of the Companies Act, 2013, Mr. Manish Kumar Sinha has also been designated as one of the Key Managerial Personnel of the Company. Mr. Manish Sinha has over 30 years of work experience in finance, accounts, audit and general management. He has been associated with the Indiabulls Real Estate Limited for about 14 years, wherein he managed the finance and accounts of the Company. In the past, has worked with various prominent groups like Hindustan Unilever Limited and Reliance ADAG. Mr. Manish holds a bachelor's degree in commerce from Lucknow University & he is a qualified Chartered Accountant. Board Change • Mar 01
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Additional Independent Director Javed Tapia was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 12
Third quarter 2023 earnings released: ₹4.37 loss per share (vs ₹1.92 loss in 3Q 2022) Third quarter 2023 results: ₹4.37 loss per share (further deteriorated from ₹1.92 loss in 3Q 2022). Revenue: ₹1.33b (down 59% from 3Q 2022). Net loss: ₹2.37b (loss widened 172% from 3Q 2022). Revenue is forecast to grow 61% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Real Estate industry in India. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 63 percentage points per year, which is a significant difference in performance. Duyuru • Feb 01
Indiabulls Real Estate Limited to Report Q3, 2023 Results on Feb 10, 2023 Indiabulls Real Estate Limited announced that they will report Q3, 2023 results on Feb 10, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: ₹1.04 (vs ₹0.12 in 2Q 2022) Second quarter 2023 results: EPS: ₹1.04 (up from ₹0.12 in 2Q 2022). Revenue: ₹2.03b (down 42% from 2Q 2022). Net income: ₹565.5m (up ₹510.1m from 2Q 2022). Profit margin: 28% (up from 1.6% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 47% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Real Estate industry in India. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 13
Second quarter 2023 earnings released: EPS: ₹1.04 (vs ₹0.12 in 2Q 2022) Second quarter 2023 results: EPS: ₹1.04 (up from ₹0.12 in 2Q 2022). Revenue: ₹2.03b (down 42% from 2Q 2022). Net income: ₹565.5m (up ₹510.1m from 2Q 2022). Profit margin: 28% (up from 1.6% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 47% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Real Estate industry in India. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 85 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 13
First quarter 2023 earnings released: ₹0.98 loss per share (vs ₹0.10 profit in 1Q 2022) First quarter 2023 results: ₹0.98 loss per share (down from ₹0.10 profit in 1Q 2022). Revenue: ₹1.64b (down 68% from 1Q 2022). Net loss: ₹519.6m (down ₹567.2m from profit in 1Q 2022). Over the next year, revenue is forecast to grow 46%, compared to a 18% growth forecast for the industry in India. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Reported Earnings • May 29
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: ₹3.00 loss per share (down from ₹0.095 profit in FY 2021). Revenue: ₹15.4b (up 1.3% from FY 2021). Net loss: ₹1.37b (down ₹1.41b from profit in FY 2021). Revenue missed analyst estimates by 18%. Earnings per share (EPS) were also behind analyst expectations. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 63 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Apr 02
Insider recently sold ₹108m worth of stock On the 31st of March, Sameer Gehlaut sold around 1m shares on-market at roughly ₹103 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹398m more than they bought in the last 12 months. Recent Insider Transactions • Feb 16
Insider recently sold ₹4.4m worth of stock On the 10th of February, Kubeir Khera sold around 30k shares on-market at roughly ₹146 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹19m. Insiders have been net sellers, collectively disposing of ₹335m more than they bought in the last 12 months. Reported Earnings • Jan 26
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: ₹1.92 loss per share (down from ₹1.77 profit in 3Q 2021). Revenue: ₹3.56b (down 51% from 3Q 2021). Net loss: ₹872.2m (down 208% from profit in 3Q 2021). Revenue missed analyst estimates by 18%. Earnings per share (EPS) were also behind analyst expectations. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 135 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Jan 02
Joint MD & Executive Director recently sold ₹19m worth of stock On the 28th of December, Mehul Charles Johnson sold around 120k shares on-market at roughly ₹160 per share. In the last 3 months, they made an even bigger sale worth ₹27m. Mehul Charles has been a seller over the last 12 months, reducing personal holdings by ₹132m. Recent Insider Transactions • Dec 07
General Manager of Legal recently sold ₹888k worth of stock On the 30th of November, Niraj Tyagi sold around 5k shares on-market at roughly ₹177 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹27m. Insiders have been net sellers, collectively disposing of ₹279m more than they bought in the last 12 months. Recent Insider Transactions • Nov 03
Joint MD & Executive Director recently sold ₹25m worth of stock On the 29th of October, Mehul Charles Johnson sold around 163k shares on-market at roughly ₹156 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹85m. Mehul Charles has been a seller over the last 12 months, reducing personal holdings by ₹87m. Reported Earnings • Oct 15
Second quarter 2022 earnings released: EPS ₹0.12 (vs ₹1.67 loss in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: ₹3.81b (up ₹3.61b from 2Q 2021). Net income: ₹55.4m (up ₹816.7m from 2Q 2021). Profit margin: 1.5% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 140 percentage points per year, which is a significant difference in performance. Executive Departure • Oct 01
Independent Director Shamsher Ahlawat has left the company On the 28th of September, Shamsher Ahlawat's tenure as Independent Director ended after 15.4 years in the role. We don't have any record of a personal shareholding under Shamsher's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 5.75 years. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improved over the past week After last week's 19% share price gain to ₹151, the stock trades at a trailing P/E ratio of 65.8x. Average trailing P/E is 30x in the Real Estate industry in India. Total returns to shareholders of 84% over the past three years. Recent Insider Transactions • Sep 11
Insider recently sold ₹85m worth of stock On the 6th of September, Saket Bahuguna sold around 575k shares on-market at roughly ₹148 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹239m more than they bought in the last 12 months. Recent Insider Transactions • Aug 26
Insider recently sold ₹12m worth of stock On the 18th of August, Akshay Sejpal sold around 82k shares on-market at roughly ₹151 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹25m. Insiders have been net sellers, collectively disposing of ₹154m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improved over the past week After last week's 16% share price gain to ₹157, the stock trades at a trailing P/E ratio of 66x. Average trailing P/E is 29x in the Real Estate industry in India. Total returns to shareholders of 9.2% over the past three years. Recent Insider Transactions • Aug 16
Insider recently sold ₹2.6m worth of stock On the 13th of August, Kubeir Khera sold around 17k shares on-market at roughly ₹151 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹25m. Insiders have been net sellers, collectively disposing of ₹142m more than they bought in the last 12 months. Reported Earnings • Aug 09
First quarter 2022 earnings released: EPS ₹0.10 (vs ₹2.08 loss in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ₹5.20b (up ₹4.72b from 1Q 2021). Net income: ₹47.6m (up ₹993.3m from 1Q 2021). Profit margin: 0.9% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 110 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Jun 30
Insider recently sold ₹1.2m worth of stock On the 24th of June, Kumarswamy Pandian sold around 10k shares on-market at roughly ₹125 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹25m. Insiders have been net sellers, collectively disposing of ₹136m more than they bought in the last 12 months. Recent Insider Transactions • Jun 03
Joint MD & Director recently sold ₹25m worth of stock On the 28th of May, Mehul Charles Johnson sold around 244k shares on-market at roughly ₹101 per share. This was the largest sale by an insider in the last 3 months. Mehul Charles has been a seller over the last 12 months, reducing personal holdings by ₹45m. Reported Earnings • Apr 26
Full year 2021 earnings released: EPS ₹0.10 (vs ₹2.66 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: ₹15.2b (down 54% from FY 2020). Net income: ₹43.0m (down 96% from FY 2020). Profit margin: 0.3% (down from 3.7% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Apr 04
Insider recently sold ₹16m worth of stock On the 31st of March, Saket Bahuguna sold around 200k shares on-market at roughly ₹79.99 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹20m. Insiders have been net sellers, collectively disposing of ₹98m more than they bought in the last 12 months. Recent Insider Transactions • Mar 24
Insider recently sold ₹1.1m worth of stock On the 17th of March, Vikas Khandelwal sold around 10k shares on-market at roughly ₹108 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹20m. Insiders have been net sellers, collectively disposing of ₹75m more than they bought in the last 12 months. Recent Insider Transactions • Mar 13
Joint MD & Director recently sold ₹20m worth of stock On the 10th of March, Mehul Charles Johnson sold around 175k shares on-market at roughly ₹115 per share. This was the largest sale by an insider in the last 3 months. This was Mehul Charles' only on-market trade for the last 12 months. Recent Insider Transactions • Mar 02
Insider recently sold ₹3.1m worth of stock On the 25th of February, Kubeir Khera sold around 35k shares on-market at roughly ₹89.66 per share. In the last 3 months, they made an even bigger sale worth ₹13m. Insiders have been net sellers, collectively disposing of ₹54m more than they bought in the last 12 months. Is New 90 Day High Low • Feb 25
New 90-day high: ₹92.80 The company is up 43% from its price of ₹64.75 on 27 November 2020. The Indian market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 39% over the same period. Recent Insider Transactions • Feb 11
Insider recently sold ₹1.7m worth of stock On the 4th of February, Kubeir Khera sold around 20k shares on-market at roughly ₹84.15 per share. In the last 3 months, they made an even bigger sale worth ₹13m. Insiders have been net sellers, collectively disposing of ₹51m more than they bought in the last 12 months. Reported Earnings • Jan 20
Third quarter 2021 earnings released: EPS ₹1.77 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: ₹7.22b (down 41% from 3Q 2020). Net income: ₹805.9m (up 64% from 3Q 2020). Profit margin: 11% (up from 4.0% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 84% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Jan 07
New 90-day high: ₹89.55 The company is up 79% from its price of ₹50.15 on 09 October 2020. The Indian market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 44% over the same period. Recent Insider Transactions • Jan 06
Chief Marketing Officer recently sold ₹13m worth of stock On the 31st of December, Kubeir Khera sold around 175k shares on-market at roughly ₹76.74 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹47m more than they bought in the last 12 months. Recent Insider Transactions • Dec 24
Joint MD & Director recently sold ₹1.9m worth of stock On the 16th of December, Gurbans Singh sold around 25k shares on-market at roughly ₹76.47 per share. In the last 3 months, they made an even bigger sale worth ₹6.3m. Gurbans has been a seller over the last 12 months, reducing personal holdings by ₹15m. Is New 90 Day High Low • Dec 16
New 90-day high: ₹76.30 The company is up 30% from its price of ₹58.80 on 17 September 2020. The Indian market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 27% over the same period. Recent Insider Transactions • Dec 12
Joint MD & Director recently sold ₹2.4m worth of stock On the 4th of December, Gurbans Singh sold around 35k shares on-market at roughly ₹69.43 per share. In the last 3 months, they made an even bigger sale worth ₹6.3m. Gurbans has been a seller over the last 12 months, reducing personal holdings by ₹13m. Is New 90 Day High Low • Nov 29
New 90-day high: ₹64.75 The company is up 3.0% from its price of ₹63.05 on 31 August 2020. The Indian market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 11% over the same period. Recent Insider Transactions • Nov 29
Joint MD & Director recently sold ₹4.6m worth of stock On the 24th of November, Gurbans Singh sold around 75k shares on-market at roughly ₹60.83 per share. This was the largest sale by an insider in the last 3 months. This was Gurbans' only on-market trade for the last 12 months. Reported Earnings • Nov 18
Second quarter 2021 earnings released: ₹1.67 loss per share The company reported a poor second quarter result with weaker earnings, revenues and control over expenses. Second quarter 2021 results: Revenue: ₹507.0m (down 95% from 2Q 2020). Net loss: ₹761.4m (down 125% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 34% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Nov 12
Market bids up stock over the past week After last week's 16% share price gain to ₹55.10, the stock is trading at a trailing P/E ratio of 17.2x, up from the previous P/E ratio of 14.9x. This compares to an average P/E of 15x in the Real Estate industry in India. Total return to shareholders over the past three years is a loss of 74%.