Citadel Realty & Developers Ltd

CITADEL

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Market Cap

₹ 41 Cr

P/E

29.88

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

OVERVALUED

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Citadel Realty and Developers Limited, a unit of Marathon Group, specializes in real estate development, focusing on slum rehabilitation projects in Mumbai.

The company has pioneered using agricultural waste for producing paper, earning national recognition for energy conservation initiatives.

Despite facing financial setbacks, Citadel revived through strategic acquisitions and partnerships, notably with Marathon Realty.

Citadel has expanded beyond real estate to include education with the launch of NEXT School, India's first Big Picture Learning school.

Recent projects include luxury residential developments in Mumbai, enhancing its portfolio in urban housing.

Sector

Realty

Industry

Construction - Housing - Medium / Small

Market Cap

41 Cr

Volatility

Low Risk

P/E Ratio

29.9

Industry P/E

31.1

PEG Ratio

0.7

P/B Ratio

2.5

52W High

94.50

52W Low

42.56

Sales CAGR

11.67%

12.05%

11.57%

10Y

-0.57%

Profit CAGR

2.65%

42.57%

16.96%

10Y

4.93%

ROE

TTM

8.34%

8.54%

7.23%

10Y

11.42%

ROCE

TTM

8.68%

14.68%

16.72%

10Y

23.11%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
PRIMEPRO	27.62	47 Cr	13.42	0.57	0.00	4.27	7.27	3.16
COUNCODOS	5.87	46 Cr	74.50	1.82	0.00	2.31	3.33	1.43
CITADEL	47.71	41 Cr	29.88	2.49	0.00	8.34	8.68	3.44
TATIAGLOB	2.73	40 Cr	4.92	1.17	0.00	23.76	23.83	23.26
TIRSARJ	11.00	39 Cr	8.03	0.42	0.00	5.44	8.05	2.42
PODDARHOUS	49.21	36 Cr	—	0.44	0.00	-54.12	3.30	-6.16
SHAIVAL	—	35 Cr	179.41	2.21	0.00	5.89	8.97	4.15

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	0.79	0.80	0.80	0.79	0.88	0.89	0.89	0.87	0.99	0.99
Expenses	0.05	0.09	0.06	0.07	0.06	0.13	0.06	0.15	0.07	0.07
Operating Profit	0.74	0.71	0.74	0.72	0.82	0.76	0.83	0.72	0.92	0.92
OPM %	93.67	88.75	92.50	91.14	93.18	85.39	93.26	82.76	92.93	92.93
Other Income	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Interest	0.34	0.34	0.35	0.36	0.41	0.42	0.39	0.37	0.39	0.39
Depreciation	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Profit Before Tax	0.41	0.36	0.39	0.36	0.42	0.35	0.45	0.36	0.54	0.53
Tax %	26.83	25.00	25.64	25.00	26.19	28.57	24.44	25.00	25.93	32.08
Net Profit	0.30	0.27	0.29	0.27	0.31	0.25	0.34	0.26	0.40	0.36
EPS in Rs	0.29	0.33	0.36	0.34	0.37	0.29	0.40	0.31	0.48	0.44

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Sales	8.75	1.42	2.24	2.05	2.25	2.52	2.82	3.17	3.64
Expenses	3.73	0.91	0.39	0.36	0.24	0.22	0.28	0.26	0.41
Operating Profit	5.03	0.51	1.84	1.69	2.01	2.30	2.55	2.91	3.23
OPM %	57.43	35.98	82.51	82.36	89.51	91.39	90.25	91.68	88.74
Other Income	0.94	1.92	0.00	0.00	0.00	0.00	0.00	0.00	NaN
Interest	0.54	1.36	1.49	1.37	1.53	1.74	1.18	1.38	1.57
Depreciation	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Profit Before Tax	5.42	1.07	0.36	0.32	0.48	0.56	1.36	1.53	1.70
Tax %	26.77	25.12	25.98	8.12	29.77	29.88	27.20	26.00	26.47
Net Profit	3.97	0.80	0.26	0.29	0.34	0.39	0.99	1.13	1.25
EPS in Rs	—	—	0.43	0.43	0.43	0.51	1.23	1.32	1.63
Dividend Payout %	18.48	34.72	81.97	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity Capital	3.57	7.52	7.52	7.89	7.89	7.89	7.89	7.89
Reserves	2.41	1.61	1.62	1.34	1.69	2.12	3.14	4.29
Borrowings	15	12	13	15	17	19	14	16
Other Liabilities	1.27	0.60	1.03	0.37	0.42	0.37	7.29	6.79
Total Liabilities	22	22	23	24	27	29	32	35
Fixed Assets	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.10	0.38	0.57	0.83	0.84	0.88	0.91	0.93
Other Assets	22	21	23	24	26	28	31	34
Total Assets	22	22	23	24	27	29	32	35

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-6.00	2.30	0.51	-0.82	-0.26	-0.31	-0.33	-0.71	-0.59
Cash from Investing Activity	0.00	-0.29	1.72	1.79	2.24	2.48	2.82	3.17	3.56
Cash from Financing Activity	5.97	-1.98	-2.27	-0.95	-2.00	-2.16	-2.41	-2.55	-2.94
Net Cash Flow	-0.03	0.03	-0.03	0.02	-0.02	0.00	0.08	-0.09	0.03

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	64.94%	64.94%	64.94%	64.94%	64.94%	64.94%	64.94%	64.94%	64.94%	64.94%	66.68%	66.68%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%
Public	35.03%	35.03%	35.03%	35.03%	35.03%	35.03%	35.03%	35.03%	35.03%	35.03%	33.29%	33.29%
Total Shareholders	3,670	3,651	3,667	3,761	3,803	3,930	4,077	4,138	4,182	4,172	4,169	4,209

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Aug 23, 2024	Mahendra anandji chheda huf	Bulk	Sell	47.67	0.23 Cr	47,673	0.60

Projection

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Overall

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Financial Statements

AI Powered Summary

Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

AI Mode

Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	0.79	0.80	0.80	0.79	0.88	0.89	0.89	0.87	0.99	0.99
Expenses	0.05	0.09	0.06	0.07	0.06	0.13	0.06	0.15	0.07	0.07
Operating Profit	0.74	0.71	0.74	0.72	0.82	0.76	0.83	0.72	0.92	0.92
OPM %	93.67	88.75	92.50	91.14	93.18	85.39	93.26	82.76	92.93	92.93
Other Income	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Interest	0.34	0.34	0.35	0.36	0.41	0.42	0.39	0.37	0.39	0.39
Depreciation	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Profit Before Tax	0.41	0.36	0.39	0.36	0.42	0.35	0.45	0.36	0.54	0.53
Tax %	26.83	25.00	25.64	25.00	26.19	28.57	24.44	25.00	25.93	32.08
Net Profit	0.30	0.27	0.29	0.27	0.31	0.25	0.34	0.26	0.40	0.36
EPS in Rs	0.29	0.33	0.36	0.34	0.37	0.29	0.40	0.31	0.48	0.44

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Sales	8.75	1.42	2.24	2.05	2.25	2.52	2.82	3.17	3.64
Expenses	3.73	0.91	0.39	0.36	0.24	0.22	0.28	0.26	0.41
Operating Profit	5.03	0.51	1.84	1.69	2.01	2.30	2.55	2.91	3.23
OPM %	57.43	35.98	82.51	82.36	89.51	91.39	90.25	91.68	88.74
Other Income	0.94	1.92	0.00	0.00	0.00	0.00	0.00	0.00	NaN
Interest	0.54	1.36	1.49	1.37	1.53	1.74	1.18	1.38	1.57
Depreciation	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Profit Before Tax	5.42	1.07	0.36	0.32	0.48	0.56	1.36	1.53	1.70
Tax %	26.77	25.12	25.98	8.12	29.77	29.88	27.20	26.00	26.47
Net Profit	3.97	0.80	0.26	0.29	0.34	0.39	0.99	1.13	1.25
EPS in Rs	—	—	0.43	0.43	0.43	0.51	1.23	1.32	1.63
Dividend Payout %	18.48	34.72	81.97	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity Capital	3.57	7.52	7.52	7.89	7.89	7.89	7.89	7.89
Reserves	2.41	1.61	1.62	1.34	1.69	2.12	3.14	4.29
Borrowings	15	12	13	15	17	19	14	16
Other Liabilities	1.27	0.60	1.03	0.37	0.42	0.37	7.29	6.79
Total Liabilities	22	22	23	24	27	29	32	35
Fixed Assets	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.10	0.38	0.57	0.83	0.84	0.88	0.91	0.93
Other Assets	22	21	23	24	26	28	31	34
Total Assets	22	22	23	24	27	29	32	35

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-6.00	2.30	0.51	-0.82	-0.26	-0.31	-0.33	-0.71	-0.59
Cash from Investing Activity	0.00	-0.29	1.72	1.79	2.24	2.48	2.82	3.17	3.56
Cash from Financing Activity	5.97	-1.98	-2.27	-0.95	-2.00	-2.16	-2.41	-2.55	-2.94
Net Cash Flow	-0.03	0.03	-0.03	0.02	-0.02	0.00	0.08	-0.09	0.03

Overview

Detailed Summary

Citadel Realty and Developers Limited, a unit of Marathon Group, specializes in real estate development, focusing on slum rehabilitation projects in Mumbai.

The company has pioneered using agricultural waste for producing paper, earning national recognition for energy conservation initiatives.

Despite facing financial setbacks, Citadel revived through strategic acquisitions and partnerships, notably with Marathon Realty.

Citadel has expanded beyond real estate to include education with the launch of NEXT School, India's first Big Picture Learning school.

Recent projects include luxury residential developments in Mumbai, enhancing its portfolio in urban housing.

Sector

Realty

Industry

Construction - Housing - Medium / Small

Market Cap

41 Cr

Volatility

Low Risk

P/E Ratio

29.9

Industry P/E

31.1

PEG Ratio

0.7

P/B Ratio

2.5

52W High

94.50

52W Low

42.56

Sales CAGR

11.67%

12.05%

11.57%

10Y

-0.57%

Profit CAGR

2.65%

42.57%

16.96%

10Y

4.93%

ROE

TTM

8.34%

8.54%

7.23%

10Y

11.42%

ROCE

TTM

8.68%

14.68%

16.72%

10Y

23.11%

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
PRIMEPRO	27.62	47 Cr	13.42	0.57	0.00	4.27	7.27	3.16
COUNCODOS	5.87	46 Cr	74.50	1.82	0.00	2.31	3.33	1.43
CITADEL	47.71	41 Cr	29.88	2.49	0.00	8.34	8.68	3.44
TATIAGLOB	2.73	40 Cr	4.92	1.17	0.00	23.76	23.83	23.26
TIRSARJ	11.00	39 Cr	8.03	0.42	0.00	5.44	8.05	2.42
PODDARHOUS	49.21	36 Cr	—	0.44	0.00	-54.12	3.30	-6.16
SHAIVAL	—	35 Cr	179.41	2.21	0.00	5.89	8.97	4.15