AMJ Land Holdings Limited

Real Estate — Real Estate - Development · NSE

₹35.41−₹0.37 (−1.03%)

DalalBaazaar Score

73 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

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

In simple words: The business is earning a fairly low return on the money invested in it, though profits are falling even as sales grow. The direction of profits is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:08 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 AMJ 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?

AMJ Land Holdings Limited, through its subsidiary, engages in development and leasing of real estate properties in India. The company operates through Real Estate Business and Wind Power Generation segments.

IndustryReal Estate - Development

SectorReal Estate

Annual revenue₹53 Cr

How does it make money?

Turns over ₹53 Cr a year. Of every ₹100 of sales, about ₹28 reaches shareholders as profit, with ₹32 left at the operating level before interest, tax and depreciation.

EBITDA margin32.2%

Net margin28.2%

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 10.0% 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.

ROCE10.0%

ROE6.9%

Peer median ROE10.3%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +49% while net margin moved +46% 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+49%

Margin effect+46%

DalalBaazaar Score

73/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.41 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal

Quality vs. Valuation

Company Quality

72/ 100

Good

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

Valuation

84/ 100

Cheap

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

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

10.0x

3Y Median

18.5x

40 monthly readings · mean 16.9x · range 6.3x–34.3x

Sector Median

30.2x

median of 3 sector peers

🟢Current valuation is approximately 46% below its 3y median of 18.5x. 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 67% below the peer median of 30.2x.

vs. its own history

Cheap

18.5x median over 40 months · -46%

vs. sector peers

Cheap

30.2x median of 3 peers · -67%

vs. generic bands

Cheap

Below 15x

P/E (Trailing)

10.0x

P/B

0.68x

EV/EBITDA

8.5x

PEG

0.34

Dividend Yield

0.56%

What's Good / What's Bad

🟢 What's Going Well4

Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Return on capital is rising
ROCE has improved from 7.2% to 10.0%.
Valuation below its historical average
At 10.0x the stock trades 46% below its own median of 18.5x.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention1

Margins are compressing
EBITDA margin has slipped from 34.4% to 32.2% over 3 years.

Red Flags

1 item require attention · 1 watch

🟡Margins are compressingFinancial
EBITDA margin is down 2.2 points over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 46% 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.
Cheaper than its peers
It trades 67% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
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 34.4% to 32.2%. 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.

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

1Revenue growth stays above 11% a year✓ 14.1% CAGR
Latest reported year was 2.5%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 30%✓ 32.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹8 Cr
Profit that never becomes cash eventually stops being profit.
4ROCE stays above 8%✓ 10.0%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Valuation vs its own median of 18.5x✓ 10.0x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

6 / 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

4 good · 5 neutral · 2 weak

Market Cap

₹145 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

10.0x

Cheap

Cheap against the generic band

P/B Ratio

0.68x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹3.55

Profitable

Profitable on a per-share basis

ROE

6.9%

Weak

Weak capital efficiency

ROCE

10.0%

Moderate

Moderate return on the capital in the business

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

2.5%

Modest

Modest growth

Profit Growth (YoY)

-7.1%

Falling

Profits are shrinking

Dividend Yield

0.56%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹8 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹35.41

Operating Margin

29.0%

Good

Healthy core-business profitability

Net Margin

23.5%

Good

Strong bottom-line conversion

Current Ratio

5.47

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.41

Defensive

Steadier than the market

52W Range Position

19%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

37.0 / 38.0

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

26.2

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹35 Cr	₹56 Cr	₹78 Cr	₹53 Cr	+14.1%
EBITDA	₹12 Cr	₹17 Cr	₹30 Cr	₹17 Cr	+11.6%
EBITDA Margin	34.4%	29.7%	38.7%	32.2%	—
PAT (Net Profit)	₹7 Cr	₹11 Cr	₹20 Cr	₹15 Cr	+29.5%
EPS	₹1.66	₹2.71	₹4.99	₹3.61	+29.6%
ROE	4.7%	6.2%	9.0%	6.9%	—
ROCE	7.2%	8.3%	13.7%	10.0%	—
Total Debt	₹5 Cr	₹15 Cr	—	—	—
Free Cash Flow	-₹8 Cr	₹24 Cr	₹37 Cr	₹8 Cr	—

🟢 Revenue has grown at 14.1% a year over 3 years.

🟢 EBITDA has grown at 11.6% a year over 3 years.

🔴 EBITDA Margin has fallen from 34.4% to 32.2% over 3 years (-2.2 pts).

🟢 PAT (Net Profit) has grown at 29.5% a year over 3 years.

🟢 EPS has grown at 29.6% a year over 3 years.

🟢 ROE has risen from 4.7% to 6.9% over 3 years (+2.2 pts).

🟢 ROCE has risen from 7.2% to 10.0% over 3 years (+2.9 pts).

🟢 Free Cash Flow has turned positive, from -₹8 Cr to ₹8 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹250 Cr

Total Liabilities

₹35 Cr

Total Debt

—

Cash & Equivalents

₹2 Cr

Operating Cash Flow

₹8 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

71.9%

Corporate Actions

Dividend Rate

₹0.2

Ex-Dividend Date

24 Aug 2026

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 positive1 mixed4 general

Amj Land Holdings (AMJLAND.NS) Holds Near ₹36 as Bulls Test Resistance at ₹37.91 - Defined Outcome ETF

https://www.siam.in/, 14 Oct

AMJ Land Holdings Share Price Update: Realty Stock Lower

Univest, 01 OctPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

AMJ Land Holdings sets Aug 24 record date for ₹0.20 dividend

scanx.trade, 24 AugCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Amj Land Holdings: Best Stock in Its Sector? Key Metrics

Univest, 23 Sept

AMJ Land Holdings accepts CS Chinmay Pitre's resignation

scanx.trade, 22 Jul

AMJ Land Holdings Share Price: Buy or Sell

Univest, 07 Sept

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.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

🟢Business QualityStrong14.5/20

🟢Financial HealthStrong17.5/20

🟢GrowthStrong13.3/20

🟡ProfitabilityModerate8.9/15

🟢ValuationAttractive13.2/15

🟡RiskModerate5.2/10

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last.

This thesis breaks if

✓Revenue growth stays above 11% a year14.1% CAGR
✓EBITDA margin holds above 30%32.2%
✓Free cash flow remains positive₹8 Cr
✓ROCE stays above 8%10.0%
✓Valuation vs its own median of 18.5x10.0x today