Ratnabhumi Developers Ltd

RATNABHUMI

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Market Cap

₹ 310 Cr

P/E

56.64

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

OVERVALUED

Growth

EXCEPTIONAL

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

HIGH RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Ratnabhumi Developers Limited specializes in real estate development, construction, and property management, primarily in Ahmedabad.

Originally established in 2006, the company has evolved through strategic acquisitions, including projects under the 'Turquoise' brand.

The company has expanded through partnerships and launched multiple projects, enhancing its footprint in prime locations.

Recent generations have taken over leadership, indicating a smooth transition and continued focus on development.

Ratnabhumi's acquisition of Ratnabhumi Techno Engg Private Limited underscores its growth strategy and diversification into technical partnerships.

Sector

Construction

Industry

Construction - Factories / Offices / Commercial

Market Cap

310 Cr

Volatility

Low Risk

P/E Ratio

56.6

Industry P/E

35.8

PEG Ratio

0.3

P/B Ratio

7.2

52W High

253.54

52W Low

88.05

Sales CAGR

76139.29%

395.75%

194.31%

10Y

48.22%

Profit CAGR

9975.00%

223.50%

73.77%

10Y

15.51%

ROE

TTM

12.67%

5.63%

4.01%

10Y

3.68%

ROCE

TTM

11.55%

8.59%

7.67%

10Y

7.24%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SHRADHA	39.00	316 Cr	16.05	1.90	0.80	12.32	11.00	5.62
SUMIT	69.10	313 Cr	27.64	1.92	0.00	6.95	10.88	3.37
SUPREME	80.49	311 Cr	104.44	2.13	0.00	0.52	0.70	0.49
RATNABHUMI	226.00	310 Cr	56.64	7.18	0.00	12.67	11.55	2.60
CHAVDA	122.00	301 Cr	14.49	2.68	0.00	16.42	14.89	4.98
BARODARAYN	118.70	272 Cr	8.58	0.71	0.00	8.22	5.75	5.49
GENCON	47.51	271 Cr	22.20	0.94	0.00	4.22	8.75	2.55

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	0.11	0.22	0.24	0.12	52	80	47	35	29	10
Expenses	-2.92	-3.35	-3.95	-5.06	46	76	43	29	23	5.55
Operating Profit	3.03	3.57	4.19	5.18	5.69	4.64	3.57	6.04	5.67	4.58
OPM %	2,754.55	1,622.73	1,745.83	4,316.67	10.97	5.76	7.67	17.47	19.89	45.21
Other Income	0.00	0.00	0.00	0.38	0.25	0.33	0.38	0.39	0.00	0.30
Interest	3.02	3.48	4.08	5.01	4.90	4.04	3.17	2.86	2.87	4.46
Depreciation	0.03	0.04	0.18	0.54	0.25	0.25	0.25	0.25	0.21	0.21
Profit Before Tax	-0.02	0.05	-0.07	0.01	0.79	0.68	0.53	3.32	2.59	0.21
Tax %	-50.00	-20.00	0.00	-900.00	20.25	36.76	15.09	24.40	24.71	28.57
Net Profit	-0.04	0.05	-0.08	0.10	0.63	0.43	0.45	2.51	1.95	0.15
EPS in Rs	0.00	0.04	0.02	0.13	1.46	0.38	0.43	1.92	1.46	0.18

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	0.97	4.06	0.16	0.22	0.28	213	190
Expenses	0.37	3.06	-2.13	-6.73	-15	194	170
Operating Profit	0.60	1.00	2.29	6.94	16	20	20
OPM %	61.88	24.64	1,439.25	3,209.48	5,491.78	9.34	10.48
Other Income	0.00	0.09	0.00	0.01	0.79	1.36	NaN
Interest	0.03	0.02	2.56	7.04	16	15	13
Depreciation	0.02	0.01	0.03	0.13	0.79	1.01	0.96
Profit Before Tax	0.55	1.05	-0.30	-0.22	-0.04	5.33	7.12
Tax %	34.42	22.65	12.78	2.99	201.58	24.46	25.00
Net Profit	0.36	0.82	-0.26	-0.21	0.04	4.03	5.34
EPS in Rs	—	0.74	0.13	-0.02	0.19	4.19	3.99
Dividend Payout %	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 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	14	14	14	14	14	14
Reserves	20	21	21	21	21	27
Borrowings	0.50	0.56	42	109	193	120
Other Liabilities	0.19	0.22	22	76	117	42
Total Liabilities	34	35	99	220	345	203
Fixed Assets	0.02	0.02	0.14	0.31	6.14	5.16
CWIP	0.00	0.00	0.00	2.31	0.00	0.00
Investments	28	27	0.66	3.02	15	19
Other Assets	6.47	8.33	98	214	324	179
Total Assets	34	35	99	220	345	203

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	3.30	-64	-60	-49	90
Cash from Investing Activity	-3.35	30	-5.19	-16	-0.65
Cash from Financing Activity	0.03	39	60	66	-89
Net Cash Flow	-0.01	4.55	-4.37	0.87	0.62

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	73.57%	73.57%	73.56%	73.56%	73.56%	73.56%	73.56%	73.56%	73.56%	73.56%	73.56%	73.56%
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	26.43%	26.43%	26.44%	26.44%	26.44%	26.44%	26.44%	26.44%	26.44%	26.44%	26.44%	26.44%
Total Shareholders	263	236	253	285	266	272	719	728	741	728	630	620

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
May 06, 2025	Escorp asset management limited	Bulk	Sell	96.32	0.83 Cr	86,400	0.63
May 06, 2025	Trine projects india private ...	Bulk	Buy	96.34	0.82 Cr	84,905	0.61
Mar 28, 2025	Hiral amarkumar shah	Bulk	Buy	112.67	0.91 Cr	80,897	0.59
Mar 28, 2025	Mukesh commotrade private lim...	Bulk	Sell	113.05	1.53 Cr	1,35,000	0.98
Jul 03, 2023	Sway financial services	Bulk	Sell	90.76	0.63 Cr	69,134	0.50

Projection

Actions

Action Type

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Last 7 days

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Presentations

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Financial Statements

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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	0.11	0.22	0.24	0.12	52	80	47	35	29	10
Expenses	-2.92	-3.35	-3.95	-5.06	46	76	43	29	23	5.55
Operating Profit	3.03	3.57	4.19	5.18	5.69	4.64	3.57	6.04	5.67	4.58
OPM %	2,754.55	1,622.73	1,745.83	4,316.67	10.97	5.76	7.67	17.47	19.89	45.21
Other Income	0.00	0.00	0.00	0.38	0.25	0.33	0.38	0.39	0.00	0.30
Interest	3.02	3.48	4.08	5.01	4.90	4.04	3.17	2.86	2.87	4.46
Depreciation	0.03	0.04	0.18	0.54	0.25	0.25	0.25	0.25	0.21	0.21
Profit Before Tax	-0.02	0.05	-0.07	0.01	0.79	0.68	0.53	3.32	2.59	0.21
Tax %	-50.00	-20.00	0.00	-900.00	20.25	36.76	15.09	24.40	24.71	28.57
Net Profit	-0.04	0.05	-0.08	0.10	0.63	0.43	0.45	2.51	1.95	0.15
EPS in Rs	0.00	0.04	0.02	0.13	1.46	0.38	0.43	1.92	1.46	0.18

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	0.97	4.06	0.16	0.22	0.28	213	190
Expenses	0.37	3.06	-2.13	-6.73	-15	194	170
Operating Profit	0.60	1.00	2.29	6.94	16	20	20
OPM %	61.88	24.64	1,439.25	3,209.48	5,491.78	9.34	10.48
Other Income	0.00	0.09	0.00	0.01	0.79	1.36	NaN
Interest	0.03	0.02	2.56	7.04	16	15	13
Depreciation	0.02	0.01	0.03	0.13	0.79	1.01	0.96
Profit Before Tax	0.55	1.05	-0.30	-0.22	-0.04	5.33	7.12
Tax %	34.42	22.65	12.78	2.99	201.58	24.46	25.00
Net Profit	0.36	0.82	-0.26	-0.21	0.04	4.03	5.34
EPS in Rs	—	0.74	0.13	-0.02	0.19	4.19	3.99
Dividend Payout %	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 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	14	14	14	14	14	14
Reserves	20	21	21	21	21	27
Borrowings	0.50	0.56	42	109	193	120
Other Liabilities	0.19	0.22	22	76	117	42
Total Liabilities	34	35	99	220	345	203
Fixed Assets	0.02	0.02	0.14	0.31	6.14	5.16
CWIP	0.00	0.00	0.00	2.31	0.00	0.00
Investments	28	27	0.66	3.02	15	19
Other Assets	6.47	8.33	98	214	324	179
Total Assets	34	35	99	220	345	203

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	3.30	-64	-60	-49	90
Cash from Investing Activity	-3.35	30	-5.19	-16	-0.65
Cash from Financing Activity	0.03	39	60	66	-89
Net Cash Flow	-0.01	4.55	-4.37	0.87	0.62

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SHRADHA	39.00	316 Cr	16.05	1.90	0.80	12.32	11.00	5.62
SUMIT	69.10	313 Cr	27.64	1.92	0.00	6.95	10.88	3.37
SUPREME	80.49	311 Cr	104.44	2.13	0.00	0.52	0.70	0.49
RATNABHUMI	226.00	310 Cr	56.64	7.18	0.00	12.67	11.55	2.60
CHAVDA	122.00	301 Cr	14.49	2.68	0.00	16.42	14.89	4.98
BARODARAYN	118.70	272 Cr	8.58	0.71	0.00	8.22	5.75	5.49
GENCON	47.51	271 Cr	22.20	0.94	0.00	4.22	8.75	2.55

Overview

Detailed Summary

Ratnabhumi Developers Limited specializes in real estate development, construction, and property management, primarily in Ahmedabad.

Originally established in 2006, the company has evolved through strategic acquisitions, including projects under the 'Turquoise' brand.

The company has expanded through partnerships and launched multiple projects, enhancing its footprint in prime locations.

Recent generations have taken over leadership, indicating a smooth transition and continued focus on development.

Ratnabhumi's acquisition of Ratnabhumi Techno Engg Private Limited underscores its growth strategy and diversification into technical partnerships.

Sector

Construction

Industry

Construction - Factories / Offices / Commercial

Market Cap

310 Cr

Volatility

Low Risk

P/E Ratio

56.6

Industry P/E

35.8

PEG Ratio

0.3

P/B Ratio

7.2

52W High

253.54

52W Low

88.05

Sales CAGR

76139.29%

395.75%

194.31%

10Y

48.22%

Profit CAGR

9975.00%

223.50%

73.77%

10Y

15.51%

ROE

TTM

12.67%

5.63%

4.01%

10Y

3.68%

ROCE

TTM

11.55%

8.59%

7.67%

10Y

7.24%