Ansal Properties & Infrastructure Limited

Real Estate — Real Estate - Development · BSE

₹3.60+₹0.02 (+0.56%)

DalalBaazaar Score

16 / 100

🔴 Poor

Verdict

HIGH RISK

Risk

Very High

Driven by negative shareholders' equity — the company owes more than it owns, short-term liabilities exceed short-term assets, the company is currently loss-making.

In simple words: The company owes more than it owns — years of losses have wiped out its net worth, with both sales and profits growing well. Solvency — whether it can keep funding itself at all — is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:02 pm

Caution warranted. Multiple fundamental metrics — flagged in red below — point to either valuation stretch, leverage risk, or weakening profitability. This doesn't mean avoid the stock outright, but it does mean the burden of proof is on the growth story to justify the current price.

Understanding the Business

Company site ↗

The 60-second version of Ansal Properties & Infrastructure Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Ansal Properties & Infrastructure Limited, together with its subsidiaries, engages in the real estate development business in India.

IndustryReal Estate - Development

SectorReal Estate

Employees356

Annual revenue₹524 Cr

How does it make money?

Turns over ₹524 Cr a year. Of every ₹100 of sales, about ₹-8 reaches shareholders as profit, with ₹2 left at the operating level before interest, tax and depreciation. Each of its 356 employees supports ₹1.47 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin2.3%

Net margin-8.4%

Revenue / employee₹1.47 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 has been driving growth?

Sales and margins have both contributed to where profit is now. Over 2 years revenue moved -23% while net margin moved -31% 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-23%

Margin effect-31%

DalalBaazaar Score

16/ 100

Poor

Weighted across six categories. Every point is explained below.

✗ Shareholders' equity is negative — accumulated losses exceed the capital in the business

Quality vs. Valuation

Company Quality

15/ 100

Weak

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

Valuation

30/ 100

Expensive

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

Weak on business quality and not cheap enough to compensate.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

Multiples unreliable — equity base is negative

P/E (Trailing)

Not meaningful

P/B

—

EV/EBITDA

47.6x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well1

Debt is being paid down
Total debt is down 35% over 2 years.

🔴 What Needs Attention4

Margins are compressing
EBITDA margin has slipped from 6.8% to 2.3% over 2 years.
Receivables growing faster than sales
Receivables are up 22% against revenue growth of -23% — customers are taking longer to pay.
Negative shareholders' equity
Liabilities exceed assets — this is a solvency question that sits above every other consideration here.
Short-term liquidity is tight
Current ratio of 0.76 — near-term obligations exceed near-term assets.

Red Flags

7 items require attention · 4 high · 3 watch

🔴Negative shareholders' equityFinancial
Liabilities exceed assets — accumulated losses have wiped out the company's net worth.
🔴Thin interest coverageFinancial
Operating profit covers interest only -1.4x — little room if earnings dip.
🔴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.
🔴The company is lossmakingFinancial
Net profit of -₹44 Cr in the latest reported year.
🟡Margins are compressingFinancial
EBITDA margin is down 4.5 points over 2 years.
🟡Receivables growing faster than salesFinancial
Receivables up 22% against revenue up -23% — sales are being booked faster than they are collected.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.76 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 35% over 2 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.

🔴 Bear CaseWhat could go wrong?

Solvency comes before everything else
Liabilities exceed assets. Until net worth is rebuilt, the equity is a claim on a business that owes more than it owns, and further losses or a funding squeeze can leave shareholders with nothing.
Margins are being competed away
EBITDA margin has fallen from 6.8% to 2.3%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
The debt load needs earnings to hold up
Debt is 46.0x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Sales are being booked faster than collected
Receivables are up 22% against revenue up -23%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.

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

1EBITDA margin holds above 0%✓ 2.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 46.0x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
3Interest cover stays above 3x✗ -1.4x
How much operating profit can fall before interest stops being comfortably covered.
4Free cash flow remains positive✓ ₹83 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

5 / 8 checks passed

✗ Shareholders' equity is positive (assets exceed liabilities)
✗ 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

Price history

Quick Metrics

3 good · 4 neutral · 4 weak

Market Cap

₹57 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

₹-10.1

Loss-making

Negative earnings per share — the business is losing money

ROE

Not meaningful

Negative equity

Return on equity can't be read when equity itself is negative

ROCE

Not available

No data

Source didn't return this field

Debt/Equity

Not meaningful

Negative equity

Shareholders' equity is negative, so this ratio can't be read

Revenue Growth (YoY)

71.0%

Healthy

Healthy top-line growth

Profit Growth (YoY)

572.1%

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

₹83 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹3.6

Operating Margin

3.5%

Weak

Thin margins leave little room for error

Net Margin

-20.7%

Weak

Very little revenue reaches the bottom line

Current Ratio

0.76

Tight

Tight short-term liquidity

Beta (vs Nifty)

-0.75

Defensive

Steadier than the market

52W Range Position

13%

Near low

Near its 52-week low

Financial Trend (3-Year)

Metric	FY22	FY23	FY24	2Y CAGR
Revenue	₹678 Cr	₹660 Cr	₹524 Cr	-12.1%
EBITDA	₹46 Cr	-₹343 Cr	₹12 Cr	-48.8%
EBITDA Margin	6.8%	-52.0%	2.3%	—
PAT (Net Profit)	-₹82 Cr	-₹423 Cr	-₹44 Cr	—
Total Debt	₹856 Cr	₹625 Cr	₹556 Cr	-19.4%
Free Cash Flow	₹117 Cr	₹358 Cr	₹83 Cr	-15.4%

🔴 Revenue has shrunk at 12.1% a year over 2 years.

🔴 EBITDA has shrunk at 48.8% a year over 2 years.

🔴 EBITDA Margin has fallen from 6.8% to 2.3% over 2 years (-4.5 pts).

🟢 Total Debt has shrunk at 19.4% a year over 2 years.

🔴 Free Cash Flow has shrunk at 15.4% a year over 2 years.

Balance Sheet & Cash Flow — FY2024

Total Assets

₹5,914 Cr

Total Liabilities

₹6,529 Cr

Total Debt

₹556 Cr

Cash & Equivalents

₹38 Cr

Operating Cash Flow

₹84 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

52.6%

Corporate Actions

Ex-Dividend Date

15 Sept 2011

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

Ansal Properties & Infrastructure Limited Issues Postal Ballot Notice for Director Appointments

scanx.trade, 14 Oct

Ansal Properties & Infrastructure Share Price Forecast to 2030

Univest, 15 Jul

Ansal Properties & Infrastructure Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 01 Sept

Ansal Properties posts ₹3,623 lakh FY26 profit; skips consolidated results

scanx.trade, 29 SeptResults

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

ANSAL PROPERTIES & INFRASTRUCTURE Share Price

Upstox, 05 May

Ansal Properties & Infrastructure Ltd. Peer Comparison – Compare with Others

Value Research, 01 Sept

Watch Items

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

DalalBaazaar Thesis

🔴Business QualityWeak6/20

🔴Financial HealthStretched1/20

🔴GrowthWeak2.4/20

🔴ProfitabilityWeak1.5/15

🔴ValuationDemanding4.5/15

🔴RiskHigh0.5/10

Avoid until solvency is resolved

Ansal Properties & Infrastructure Limited owes more than it owns. Whatever the operating numbers show, the equity is a residual claim on a business with negative net worth, and that question has to be settled before any of the rest is worth weighing. 4 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓EBITDA margin holds above 0%2.3%
✗Debt / EBITDA falls below 3x46.0x
✗Interest cover stays above 3x-1.4x
✓Free cash flow remains positive₹83 Cr