Popular Estate Management Ltd

POPULARES

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Market Cap

₹ 30 Cr

P/E

—

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bullish

Risk

MODERATE RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Popular Estate Management Limited operates primarily in the real estate sector, focusing on infrastructure and related projects in Ahmedabad.

The company originally started in the financial sector but has since pivoted through software and IT to settle in real estate by 2008.

Its promoters have deep roots in real estate, dating back to 1965, under the 'Popular Group' brand.

The company has developed numerous residential and commercial projects in Ahmedabad, including services extended to architects, consultants, and clients in various sectors.

Sector

Realty

Industry

Construction - Housing - Medium / Small

Market Cap

30 Cr

Volatility

Low Risk

P/E Ratio

—

Industry P/E

31.1

PEG Ratio

—

P/B Ratio

0.7

52W High

29.70

52W Low

16.95

Sales CAGR

—

10Y

—

Profit CAGR

47.06%

—

10Y

—

ROE

TTM

0.14%

-1.50%

-1.69%

10Y

-1.06%

ROCE

TTM

0.12%

-1.26%

-1.33%

10Y

-0.50%

Technicals

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
DSKULKARNI	—	35 Cr	—	0.09	0.00	-0.76	0.36	0.00
SVARTCORP	3.66	33 Cr	8.88	1.14	0.00	12.73	12.95	6.56
SHREESHAY	24.00	32 Cr	240.00	1.33	0.00	0.51	0.91	0.44
POPULARES	21.34	30 Cr	533.50	0.71	0.00	0.14	0.12	-0.18
IITLPROJ	60.10	29 Cr	546.36	0.00	0.00	-9.11	-26.50	4.12
NARPROP	38.50	27 Cr	16.96	0.70	2.64	4.13	4.92	4.09
MARBU	47.98	25 Cr	3.94	0.50	0.00	10.87	8.46	6.20

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

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	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Expenses	0.26	0.06	0.11	0.09	0.12	0.24	0.08	0.08	0.09	0.08
Operating Profit	-0.26	-0.06	-0.11	-0.09	-0.12	-0.24	-0.08	-0.08	-0.09	-0.08
OPM %	—	—	—	—	—	—	—	—	—	—
Other Income	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.32	0.00	0.00
Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Depreciation	0.05	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.00	0.00
Profit Before Tax	-0.31	-0.10	-0.15	-0.13	-0.16	-0.28	-0.12	0.20	-0.09	-0.08
Tax %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Profit	-0.31	-0.10	-0.15	-0.13	-0.16	-0.28	-0.12	0.20	-0.09	-0.08
EPS in Rs	-0.22	-0.07	-0.11	-0.09	-0.11	-0.20	-0.08	0.14	-0.07	-0.05

Standalone Profit Loss (in ₹ Crores)

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	0.00	0.00	10	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Expenses	1.49	1.33	7.69	0.91	0.56	0.39	0.61	0.50	0.65	0.49
Operating Profit	-1.49	-1.33	2.76	-0.91	-0.56	-0.39	-0.61	-0.50	-0.65	-0.49
OPM %	—	—	26.44	—	—	—	—	—	—	—
Other Income	1.01	0.18	0.09	0.02	0.11	0.05	0.00	0.00	0.47	NaN
Interest	0.02	0.22	1.15	0.47	0.23	0.09	0.02	0.00	0.00	0.00
Depreciation	0.24	0.20	0.26	0.26	0.35	0.35	0.26	0.18	0.17	0.12
Profit Before Tax	-0.74	-1.57	1.43	-1.62	-1.03	-0.77	-0.90	-0.68	-0.36	-0.29
Tax %	9.70	-13.66	2.60	26.00	25.67	-27.08	0.00	0.00	0.00	0.00
Net Profit	-0.67	-1.79	1.40	-1.20	-0.77	-0.98	-0.90	-0.68	-0.36	-0.29
EPS in Rs	-0.47	-1.28	1.00	-0.86	-0.55	-0.70	-0.64	-0.49	-0.25	-0.06
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

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	14	14	14	14	14	14	14	14	14	14
Reserves	34	34	32	33	32	31	30	29	29	28
Borrowings	0.08	0.00	12	6.64	5.86	6.42	7.36	7.60	7.98	7.97
Other Liabilities	0.38	0.10	0.40	0.18	0.61	0.82	0.27	0.35	0.47	0.09
Total Liabilities	49	48	58	54	53	53	52	51	51	50
Fixed Assets	1.32	0.89	1.45	1.13	2.27	1.92	1.56	0.96	0.77	0.06
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.83	0.83	0.83	0.83	0.83	0.83	0.83	0.83	0.83	0.83
Other Assets	47	46	56	52	49	50	50	50	50	50
Total Assets	49	48	58	54	53	53	52	51	51	50

Standalone Cash Flows (in ₹ Crores)

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	-23	-1.71	-14	6.09	2.67	-0.35	-0.88	-0.54	-0.38	-0.41
Cash from Investing Activity	3.29	1.79	1.96	0.54	-1.39	0.00	0.03	0.34	0.00	0.41
Cash from Financing Activity	-0.26	-0.10	12	-6.63	-1.26	0.33	0.85	0.22	0.38	-0.01
Net Cash Flow	-20	-0.02	-0.01	0.00	0.02	-0.02	-0.00	0.01	-0.00	-0.00

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	66.82%	66.82%	66.82%	66.82%	66.82%	66.82%	66.82%	66.82%	66.82%	66.81%	66.81%	66.81%
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	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	33.18%	33.18%	33.18%	33.18%	33.18%	33.18%	33.18%	33.18%	33.18%	33.19%	33.19%	33.19%
Total Shareholders	1,414	1,414	1,413	1,447	1,481	1,574	1,606	1,667	1,686	1,731	1,733	1,741

Projection

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Presentations

Concalls

Reports

Presentations

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Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

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	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Expenses	0.26	0.06	0.11	0.09	0.12	0.24	0.08	0.08	0.09	0.08
Operating Profit	-0.26	-0.06	-0.11	-0.09	-0.12	-0.24	-0.08	-0.08	-0.09	-0.08
OPM %	—	—	—	—	—	—	—	—	—	—
Other Income	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.32	0.00	0.00
Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Depreciation	0.05	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.00	0.00
Profit Before Tax	-0.31	-0.10	-0.15	-0.13	-0.16	-0.28	-0.12	0.20	-0.09	-0.08
Tax %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Profit	-0.31	-0.10	-0.15	-0.13	-0.16	-0.28	-0.12	0.20	-0.09	-0.08
EPS in Rs	-0.22	-0.07	-0.11	-0.09	-0.11	-0.20	-0.08	0.14	-0.07	-0.05

Standalone Profit Loss (in ₹ Crores)

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	0.00	0.00	10	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Expenses	1.49	1.33	7.69	0.91	0.56	0.39	0.61	0.50	0.65	0.49
Operating Profit	-1.49	-1.33	2.76	-0.91	-0.56	-0.39	-0.61	-0.50	-0.65	-0.49
OPM %	—	—	26.44	—	—	—	—	—	—	—
Other Income	1.01	0.18	0.09	0.02	0.11	0.05	0.00	0.00	0.47	NaN
Interest	0.02	0.22	1.15	0.47	0.23	0.09	0.02	0.00	0.00	0.00
Depreciation	0.24	0.20	0.26	0.26	0.35	0.35	0.26	0.18	0.17	0.12
Profit Before Tax	-0.74	-1.57	1.43	-1.62	-1.03	-0.77	-0.90	-0.68	-0.36	-0.29
Tax %	9.70	-13.66	2.60	26.00	25.67	-27.08	0.00	0.00	0.00	0.00
Net Profit	-0.67	-1.79	1.40	-1.20	-0.77	-0.98	-0.90	-0.68	-0.36	-0.29
EPS in Rs	-0.47	-1.28	1.00	-0.86	-0.55	-0.70	-0.64	-0.49	-0.25	-0.06
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

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	14	14	14	14	14	14	14	14	14	14
Reserves	34	34	32	33	32	31	30	29	29	28
Borrowings	0.08	0.00	12	6.64	5.86	6.42	7.36	7.60	7.98	7.97
Other Liabilities	0.38	0.10	0.40	0.18	0.61	0.82	0.27	0.35	0.47	0.09
Total Liabilities	49	48	58	54	53	53	52	51	51	50
Fixed Assets	1.32	0.89	1.45	1.13	2.27	1.92	1.56	0.96	0.77	0.06
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.83	0.83	0.83	0.83	0.83	0.83	0.83	0.83	0.83	0.83
Other Assets	47	46	56	52	49	50	50	50	50	50
Total Assets	49	48	58	54	53	53	52	51	51	50

Standalone Cash Flows (in ₹ Crores)

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	-23	-1.71	-14	6.09	2.67	-0.35	-0.88	-0.54	-0.38	-0.41
Cash from Investing Activity	3.29	1.79	1.96	0.54	-1.39	0.00	0.03	0.34	0.00	0.41
Cash from Financing Activity	-0.26	-0.10	12	-6.63	-1.26	0.33	0.85	0.22	0.38	-0.01
Net Cash Flow	-20	-0.02	-0.01	0.00	0.02	-0.02	-0.00	0.01	-0.00	-0.00

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
DSKULKARNI	—	35 Cr	—	0.09	0.00	-0.76	0.36	0.00
SVARTCORP	3.66	33 Cr	8.88	1.14	0.00	12.73	12.95	6.56
SHREESHAY	24.00	32 Cr	240.00	1.33	0.00	0.51	0.91	0.44
POPULARES	21.34	30 Cr	533.50	0.71	0.00	0.14	0.12	-0.18
IITLPROJ	60.10	29 Cr	546.36	0.00	0.00	-9.11	-26.50	4.12
NARPROP	38.50	27 Cr	16.96	0.70	2.64	4.13	4.92	4.09
MARBU	47.98	25 Cr	3.94	0.50	0.00	10.87	8.46	6.20