3P Land Holdings Limited

Real Estate — Real Estate Services · NSE

₹32.00+₹0.83 (+2.66%)

DalalBaazaar Score

68 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity.

In simple words: The business is earning a fairly low return on the money invested in it, with both sales and profits growing well. Nothing on this snapshot stands out as an immediate concern — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:06 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of 3P Land Holdings Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

3P Land Holdings Limited engages in the real estate leasing business in India. It operates through Leasing, Investment, and Services segments. The company is also involved in the lending of investments for group companies.

IndustryReal Estate Services

SectorReal Estate

Employees1

Annual revenue₹4 Cr

How does it make money?

Turns over ₹4 Cr a year. Of every ₹100 of sales, about ₹56 reaches shareholders as profit, with ₹56 left at the operating level before interest, tax and depreciation. Each of its 1 employees supports ₹3.86 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin56.1%

Net margin56.5%

Revenue / employee₹3.86 Cr

Who are its competitors?

The closest listed comparisons in its industry are DLF LIMITED, GODREJ PROPERTIES LTD, OBEROI REALTY LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

DLF LIMITEDP/E 36.6x · ROE 10.3%

GODREJ PROPERTIES LTDP/E 30.2x · ROE 8.4%

OBEROI REALTY LIMITEDP/E 23.5x · ROE 14.7%

What is its competitive advantage?Little sign of one

Returns on capital of 1.9% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

ROCE1.9%

ROE2.1%

Peer median ROE10.3%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +109% while net margin moved -32% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+109%

Margin effect-32%

DalalBaazaar Score

68/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Revenue CAGR of 27.9% — compounding well above nominal GDP
• Profit CAGR of 12.4%
✗ Profit is compounding slower than revenue — margins are being squeezed as the business grows
✗ Latest-year revenue growth of 15.4% is below the longer-term trend — momentum is fading

Quality vs. Valuation

Company Quality

68/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

59/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

25.4x

3Y Median

36.4x

40 monthly readings · mean 36.6x · range 24.7x–61.8x

Sector Median

30.2x

median of 3 sector peers

🟢Current valuation is approximately 30% below its 3y median of 36.4x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 16% below the peer median of 30.2x.

vs. its own history

Cheap

36.4x median over 40 months · -30%

vs. sector peers

Fair

30.2x median of 3 peers · -16%

vs. generic bands

Fair

15x–35x

P/E (Trailing)

25.4x

P/B

0.55x

EV/EBITDA

26.5x

PEG

2.05

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well3

Cash generation is improving
Free cash flow is up 206% over 3 years.
Valuation below its historical average
At 25.4x the stock trades 30% below its own median of 36.4x.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention1

Margins are compressing
EBITDA margin has slipped from 79.1% to 56.1% over 3 years.

Red Flags

2 items require attention · 2 high

🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 23.0 points, from 79.1% to 56.1%.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 30% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 79.1% to 56.1%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 21% a year✓ 27.9% CAGR
Latest reported year was 15.4%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 54%✓ 56.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹0 Cr
Profit that never becomes cash eventually stops being profit.
4ROCE stays above 8%✗ 1.9%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Valuation vs its own median of 36.4x✓ 25.4x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

7 / 10 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 4 neutral · 2 weak

Market Cap

₹58 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

25.4x

Fair

Fairly valued against the generic band

P/B Ratio

0.55x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹1.26

Profitable

Profitable on a per-share basis

ROE

2.1%

Weak

Weak capital efficiency

ROCE

1.9%

Weak

Low return on total capital employed

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

15.4%

Healthy

Healthy top-line growth

Profit Growth (YoY)

23.8%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹0 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹32

Operating Margin

59.0%

Good

Healthy core-business profitability

Net Margin

47.1%

Good

Strong bottom-line conversion

Current Ratio

667.74

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.22

Defensive

Steadier than the market

52W Range Position

21%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

31.1 / 31.6

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

54.2

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹2 Cr	₹3 Cr	₹4 Cr	₹4 Cr	+27.9%
EBITDA	₹1 Cr	₹2 Cr	₹2 Cr	₹2 Cr	+14.0%
EBITDA Margin	79.1%	63.5%	53.5%	56.1%	—
PAT (Net Profit)	₹2 Cr	₹2 Cr	₹2 Cr	₹2 Cr	+12.4%
EPS	₹0.85	₹1	₹1.16	₹1.21	+12.5%
ROE	2.3%	1.8%	1.5%	2.1%	—
ROCE	2.0%	1.7%	1.3%	1.9%	—
Free Cash Flow	₹0 Cr	₹0 Cr	₹1 Cr	₹0 Cr	+45.1%

🟢 Revenue has grown at 27.9% a year over 3 years.

🟢 EBITDA has grown at 14.0% a year over 3 years.

🔴 EBITDA Margin has fallen from 79.1% to 56.1% over 3 years (-23.0 pts).

🟢 PAT (Net Profit) has grown at 12.4% a year over 3 years.

🟢 EPS has grown at 12.5% a year over 3 years.

🟡 ROE has held roughly flat at 2.1% over 3 years.

🟡 ROCE has held roughly flat at 1.9% over 3 years.

🟢 Free Cash Flow has grown at 45.1% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹112 Cr

Total Liabilities

₹8 Cr

Total Debt

—

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹0 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

80.6%

Corporate Actions

Ex-Dividend Date

18 Aug 2010

Peer Comparison

Company	P/E	ROE
DLF LIMITED	36.6x	10.3%
GODREJ PROPERTIES LTD	30.2x	8.4%
OBEROI REALTY LIMITED	23.5x	14.7%

Recent News

1 mixed5 general

3P Land Holdings Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 30 Aug

3P Land Holdings Share Price: Buy or Sell

Univest, 04 Sept

3P Land Holdings Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 31 Aug

3P Land Holdings Q2 Results FY27: Date, Expectations

Univest, 08 SeptResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Board of Borosil Scientific approved fund raising up to Rs 250 cr

Business Standard, 20 May

3PLAND Stock Price and Chart — NSE:3PLAND

TradingView, 30 Jun

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

🟢Business QualityStrong13/20

🟢Financial HealthStrong17.3/20

🟡GrowthModest11.6/20

🟡ProfitabilityModerate8.9/15

🟢ValuationAttractive10.9/15

🟡RiskModerate6.2/10

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself. 2 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 21% a year27.9% CAGR
✓EBITDA margin holds above 54%56.1%
✓Free cash flow remains positive₹0 Cr
✗ROCE stays above 8%1.9%
✓Valuation vs its own median of 36.4x25.4x today