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: Realty
Industry: Residential, Commercial Projects
Market Cap: 170 Cr
Volatility: Moderate Risk
P/E Ratio: 14.5
Industry P/E: 35.5
PEG Ratio: 0.1
P/B Ratio: 0.9
52W High: 105.80
52W Low: 56.85

Sales CAGR

1Y: 7.59%
3Y: 32.64%
5Y: 7.48%
10Y: 6.28%

Profit CAGR

1Y: 177.38%
3Y: —
5Y: —
10Y: —

ROE

TTM: 6.05%
3Y: 0.65%
5Y: -5.37%
10Y: -7.13%

ROCE

TTM: 7.44%
3Y: 7.88%
5Y: 3.71%
10Y: 2.70%

Technicals

‌

Forecasts

Peers

Consumer Discretionary Realty Realty

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
COROENGG		55.23	193 Cr	1204.13	17.61	0.00	1.27	9.66	0.16
LANCORHOL		24.25	180 Cr	4.46	0.75	1.22	16.90	20.39	9.52
HBESD		75.00	175 Cr	14.95	0.90	0.00	6.05	7.44	2.38
SUPREME		44.50	174 Cr	434.58	1.19	0.00	0.07	0.11	0.06
ALPINEHOU		96.69	167 Cr	27.82	1.87	0.00	6.71	8.86	3.46
MANAS		—	162 Cr	5.11	1.14	0.00	22.26	23.72	18.46
PARSVNATH		3.50	152 Cr	-0.35	0.00	0.00	22.60	-1.68	-8.36
Median: 7 Co.	—	49.86	174 Cr	14.95	1.14	0.00	6.71	8.86	2.38

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	30	31	26	27	31	33	24	27	33	33
Expenses	18	19	17	19	19	20	17	19	18	22
Operating Profit	12	13	8.61	8.44	13	13	6.53	8.07	15	11
OPM %	39.25	40.91	33.58	30.79	40.59	39.90	27.48	30.19	45.58	32.94
Other Income	0.38	0.70	0.71	0.36	0.32	0.98	0.40	0.28	0.36	0.49
Interest	7.11	6.49	5.73	5.58	5.42	5.09	4.43	4.30	4.13	3.63
Depreciation	1.88	1.87	1.89	1.93	1.92	1.87	1.97	2.01	2.01	1.99
Profit Before Tax	3.06	5.17	1.71	1.28	5.73	7.28	0.53	2.04	9.46	5.73
Tax %	50.98	12.57	46.78	62.50	16.06	37.09	28.30	37.75	31.29	38.05
Net Profit	1.51	4.52	0.91	0.49	4.82	4.58	0.38	1.27	6.50	3.55
EPS in Rs	0.65	1.97	0.39	0.21	2.05	2.10	0.17	0.57	2.98	1.54

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	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	5.26
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

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Jul 2025	Sep 2025	Oct 2025	Dec 2025	Mar 2026
Promoters	69.11%	69.11%	69.11%	69.11%	69.11%	71.99%	71.99%	69.56%	69.69%	67.41%	67.41%	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%	27.99%	27.99%	30.42%	30.29%	32.57%	32.57%	32.57%
Total Shareholders	67,721	67,140	66,741	66,559	66,622	66,277	66,035	65,953	65,735	65,691	65,482	65,241

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