HB Estate Developers Ltd

HBESD

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Market Cap

₹ 169 Cr

P/E

15.26

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Investment Checklist

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Performance

MARKET LEADER

Valuation

UNDERVALUED

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

HB Estate Developers Limited is primarily involved in the development of commercial and residential complexes, along with managing hotels and real estate properties.

The company initiated its operations in 1994 and witnessed diversification in its business endeavors, including acquiring significant stakes in strategic real estate ventures.

In 2013, HB Estate Developers commenced operations of its hotel project Vivanta By Taj in Gurgaon, marking a significant milestone in its hospitality division.

Over the years, the company has executed mergers and schemes of arrangement, expanding its real estate and hospitality footprint across strategic locations.

The company's strategic maneuvers, such as mergers and acquisitions, have fortified its market positioning and operational scope in the real estate and hospitality sectors.

Sector

Hotels & Restaurants

Industry

Hotels - Medium

Market Cap

169 Cr

Volatility

Low Risk

P/E Ratio

15.3

Industry P/E

43.1

PEG Ratio

0.1

P/B Ratio

0.9

52W High

121.90

52W Low

68.10

Sales CAGR

7.59%

32.64%

7.48%

10Y

6.28%

Profit CAGR

177.38%

—

10Y

—

ROE

TTM

6.14%

0.65%

-5.37%

10Y

-7.13%

ROCE

TTM

7.63%

7.88%

3.71%

10Y

2.70%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
RHL	203.00	333 Cr	14.70	0.60	0.00	3.12	5.46	2.49
ESPIRE	213.20	312 Cr	103.98	7.96	0.00	7.66	8.93	1.44
APOLSINHOT	1205.70	310 Cr	28.03	2.03	0.21	7.24	8.86	3.24
AHLEAST	132.25	234 Cr	169.19	1.02	0.74	0.61	9.25	0.20
SHILINDORE	705.00	225 Cr	20.61	3.50	0.00	16.99	12.84	6.63
CHLLTD	34.69	187 Cr	—	0.00	0.00	10.61	9.72	-3.04
HBESD	70.00	169 Cr	15.26	0.93	0.00	6.14	7.63	2.27

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	24	24	30	31	26	27	31	33	24	27
Expenses	17	17	18	19	17	19	19	20	17	19
Operating Profit	7.17	7.17	12	13	8.61	8.44	13	13	6.53	8.07
OPM %	29.96	29.41	39.25	40.91	33.58	30.79	40.59	39.90	27.48	30.19
Other Income	0.22	0.73	0.38	0.70	0.71	0.36	0.32	0.98	0.40	0.28
Interest	6.22	6.29	7.11	6.49	5.73	5.58	5.42	5.09	4.43	4.30
Depreciation	1.83	1.86	1.88	1.87	1.89	1.93	1.92	1.87	1.97	2.01
Profit Before Tax	-0.66	-0.25	3.06	5.17	1.71	1.28	5.73	7.28	0.53	2.04
Tax %	-83.33	-272.00	50.98	12.57	46.78	62.50	16.06	37.09	28.30	37.75
Net Profit	-1.21	-0.93	1.51	4.52	0.91	0.49	4.82	4.58	0.38	1.27
EPS in Rs	-0.53	-0.41	0.65	1.97	0.39	0.21	2.05	2.10	0.17	0.57

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	Mar 2025	TTM
Sales	73	84	89	82	24	50	96	109	118	116
Expenses	57	62	61	56	30	43	64	71	75	75
Operating Profit	17	21	28	26	-5.80	7.90	32	39	43	41
OPM %	22.53	25.42	31.62	32.09	-23.76	15.66	33.14	35.51	36.59	35.39
Other Income	1.89	0.93	1.55	1.19	0.82	1.49	2.34	2.04	2.37	2.06
Interest	31	27	28	25	22	24	25	26	22	21
Depreciation	14	14	14	14	14	7.36	7.23	7.44	7.61	7.69
Profit Before Tax	-27	-19	-12	-12	-41	-22	2.56	7.33	16	15
Tax %	25.78	13.33	13.85	23.59	26.04	28.74	554.99	46.94	32.56	30.70
Net Profit	-20	-16	-10	-8.80	-30	-16	-12	3.89	11	10
EPS in Rs	—	—	-4.54	-3.83	-13.23	-6.83	-5.07	1.69	4.76	4.89
Dividend Payout %	0.00	0.00	0.00	0.00	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 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	16	20	20	20	20	20	20	20	20	22
Reserves	0.96	234	218	200	186	154	138	126	129	153
Borrowings	381	292	286	283	272	328	347	331	311	284
Other Liabilities	72	40	43	40	42	28	25	29	34	38
Total Liabilities	470	585	567	543	519	529	530	505	494	496
Fixed Assets	418	475	461	448	435	422	416	411	406	404
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	6.01	21	22	14	1.96	2.34	3.01	2.88	2.79	2.11
Other Assets	47	89	85	81	82	105	111	91	85	90
Total Assets	470	585	567	543	519	529	530	505	494	496

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	17	1.80	29	34	29	-14	2.76	42	49	35
Cash from Investing Activity	3.19	-1.15	0.29	6.44	9.93	0.37	-0.37	-1.86	-1.17	-3.97
Cash from Financing Activity	-20	0.79	-29	-38	-42	16	-5.81	-41	-45	-32
Net Cash Flow	0.69	1.44	0.31	2.05	-3.26	2.17	-3.42	-0.56	2.38	-1.70

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Jul 2025	Sep 2025	Oct 2025
Promoters	69.11%	69.11%	69.11%	69.11%	69.11%	69.11%	69.11%	71.99%	71.99%	69.56%	69.69%	67.41%
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	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%
Public	30.87%	30.87%	30.87%	30.87%	30.87%	30.87%	30.87%	27.99%	27.99%	30.42%	30.29%	32.57%
Total Shareholders	68,924	68,268	67,721	67,140	66,741	66,559	66,622	66,277	66,035	65,953	65,735	65,691

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Sep 12, 2025	Rima arora	Insider - Promoter Group	Acquisition	87.50	0.13 Cr	15,000	0.06
Sep 11, 2025	Rima arora	Insider - Promoter Group	Acquisition	85.00	0.00 Cr	100	0.00
Sep 11, 2025	Rima arora	Insider - Promoter Group	Acquisition	87.00	0.13 Cr	15,000	0.06
Mar 27, 2025	Hb stockholdings limited	Insider - Promoter Group	Acquisition	65.25	6.53 Cr	10,00,000	5.10
Mar 27, 2025	Lalit bhasin	Insider - Promoter	Acquisition	65.25	6.53 Cr	10,00,000	5.13

Projection

Actions

Action Type

‌
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Announcements

Last 7 days

Newest

Sentiment

Trading Approval

1 day ago

Trading Approval for Preferential Allotment

BSE Limited has granted trading approval for the allotment of 750,000 equity shares to the Non-Promoter Group at a price of Rs. 65.25 per share, effective December 12, 2025.

Trading Approval

1 day ago

Trading Approval Received for Preferential Allotment

HB Estate Developers Limited has received trading approval from BSE for the allotment of 750,000 equity shares to Non-Promoter Group effective December 12, 2025.

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Presentations

Concalls

Reports

Presentations

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Bullish

Overall

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Moving Averages

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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	24	24	30	31	26	27	31	33	24	27
Expenses	17	17	18	19	17	19	19	20	17	19
Operating Profit	7.17	7.17	12	13	8.61	8.44	13	13	6.53	8.07
OPM %	29.96	29.41	39.25	40.91	33.58	30.79	40.59	39.90	27.48	30.19
Other Income	0.22	0.73	0.38	0.70	0.71	0.36	0.32	0.98	0.40	0.28
Interest	6.22	6.29	7.11	6.49	5.73	5.58	5.42	5.09	4.43	4.30
Depreciation	1.83	1.86	1.88	1.87	1.89	1.93	1.92	1.87	1.97	2.01
Profit Before Tax	-0.66	-0.25	3.06	5.17	1.71	1.28	5.73	7.28	0.53	2.04
Tax %	-83.33	-272.00	50.98	12.57	46.78	62.50	16.06	37.09	28.30	37.75
Net Profit	-1.21	-0.93	1.51	4.52	0.91	0.49	4.82	4.58	0.38	1.27
EPS in Rs	-0.53	-0.41	0.65	1.97	0.39	0.21	2.05	2.10	0.17	0.57

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	Mar 2025	TTM
Sales	73	84	89	82	24	50	96	109	118	116
Expenses	57	62	61	56	30	43	64	71	75	75
Operating Profit	17	21	28	26	-5.80	7.90	32	39	43	41
OPM %	22.53	25.42	31.62	32.09	-23.76	15.66	33.14	35.51	36.59	35.39
Other Income	1.89	0.93	1.55	1.19	0.82	1.49	2.34	2.04	2.37	2.06
Interest	31	27	28	25	22	24	25	26	22	21
Depreciation	14	14	14	14	14	7.36	7.23	7.44	7.61	7.69
Profit Before Tax	-27	-19	-12	-12	-41	-22	2.56	7.33	16	15
Tax %	25.78	13.33	13.85	23.59	26.04	28.74	554.99	46.94	32.56	30.70
Net Profit	-20	-16	-10	-8.80	-30	-16	-12	3.89	11	10
EPS in Rs	—	—	-4.54	-3.83	-13.23	-6.83	-5.07	1.69	4.76	4.89
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	16	20	20	20	20	20	20	20	20	22
Reserves	0.96	234	218	200	186	154	138	126	129	153
Borrowings	381	292	286	283	272	328	347	331	311	284
Other Liabilities	72	40	43	40	42	28	25	29	34	38
Total Liabilities	470	585	567	543	519	529	530	505	494	496
Fixed Assets	418	475	461	448	435	422	416	411	406	404
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	6.01	21	22	14	1.96	2.34	3.01	2.88	2.79	2.11
Other Assets	47	89	85	81	82	105	111	91	85	90
Total Assets	470	585	567	543	519	529	530	505	494	496

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	17	1.80	29	34	29	-14	2.76	42	49	35
Cash from Investing Activity	3.19	-1.15	0.29	6.44	9.93	0.37	-0.37	-1.86	-1.17	-3.97
Cash from Financing Activity	-20	0.79	-29	-38	-42	16	-5.81	-41	-45	-32
Net Cash Flow	0.69	1.44	0.31	2.05	-3.26	2.17	-3.42	-0.56	2.38	-1.70

Overview

Detailed Summary

HB Estate Developers Limited is primarily involved in the development of commercial and residential complexes, along with managing hotels and real estate properties.

The company initiated its operations in 1994 and witnessed diversification in its business endeavors, including acquiring significant stakes in strategic real estate ventures.

In 2013, HB Estate Developers commenced operations of its hotel project Vivanta By Taj in Gurgaon, marking a significant milestone in its hospitality division.

Over the years, the company has executed mergers and schemes of arrangement, expanding its real estate and hospitality footprint across strategic locations.

The company's strategic maneuvers, such as mergers and acquisitions, have fortified its market positioning and operational scope in the real estate and hospitality sectors.

Sector

Hotels & Restaurants

Industry

Hotels - Medium

Market Cap

169 Cr

Volatility

Low Risk

P/E Ratio

15.3

Industry P/E

43.1

PEG Ratio

0.1

P/B Ratio

0.9

52W High

121.90

52W Low

68.10

Sales CAGR

7.59%

32.64%

7.48%

10Y

6.28%

Profit CAGR

177.38%

—

10Y

—

ROE

TTM

6.14%

0.65%

-5.37%

10Y

-7.13%

ROCE

TTM

7.63%

7.88%

3.71%

10Y

2.70%

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
RHL	203.00	333 Cr	14.70	0.60	0.00	3.12	5.46	2.49
ESPIRE	213.20	312 Cr	103.98	7.96	0.00	7.66	8.93	1.44
APOLSINHOT	1205.70	310 Cr	28.03	2.03	0.21	7.24	8.86	3.24
AHLEAST	132.25	234 Cr	169.19	1.02	0.74	0.61	9.25	0.20
SHILINDORE	705.00	225 Cr	20.61	3.50	0.00	16.99	12.84	6.63
CHLLTD	34.69	187 Cr	—	0.00	0.00	10.61	9.72	-3.04
HBESD	70.00	169 Cr	15.26	0.93	0.00	6.14	7.63	2.27