Ansal Housing Limited

Real Estate — Real Estate - Development · BSE

₹4.80₹0.00 (0.00%)

DalalBaazaar Score

43 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Very High

Driven by high debt relative to equity, the company is currently loss-making, micro-cap size, which brings thin liquidity.

In simple words: The company is currently losing money, but sales are shrinking. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:07 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 Housing Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Ansal Housing Limited, together with its subsidiaries, develops and sells residential real estate properties in India.

IndustryReal Estate - Development

SectorReal Estate

Employees179

Annual revenue₹341 Cr

How does it make money?

Turns over ₹341 Cr a year. Of every ₹100 of sales, about ₹-11 reaches shareholders as profit, with ₹1 left at the operating level before interest, tax and depreciation. Each of its 179 employees supports ₹1.91 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin0.8%

Net margin-10.9%

Revenue / employee₹1.91 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 -5.2% 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.

ROCE-5.2%

ROE-37.5%

Peer median ROE10.3%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +36% while net margin moved -55% 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+36%

Margin effect-55%

DalalBaazaar Score

43/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ ROCE of -5.2% is below 10% — capital is not working hard
• ROCE has been broadly stable
✗ EBITDA margin of 0.8% is thin — little cushion if costs rise
✗ The business is lossmaking at the net level
• Revenue has compounded at 10.9% a year, which is the base these returns are earned on

Quality vs. Valuation

Company Quality

43/ 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

No P/E — the company is lossmaking

P/E (Trailing)

Not meaningful

P/B

0.33x

EV/EBITDA

113.2x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well2

Debt is being paid down
Total debt is down 34% over 3 years.
Return on equity is rising
ROE has improved from -53.6% to -37.5%.

🔴 What Needs Attention1

Margins are compressing
EBITDA margin has slipped from 12.9% to 0.8% over 3 years.

Red Flags

5 items require attention · 4 high · 1 watch

🔴High leverageFinancial
Debt/Equity of 2.94x — earnings must service borrowings before shareholders see anything.
🔴Thin interest coverageFinancial
Operating profit covers interest only -0.4x — little room if earnings dip.
🔴The company is lossmakingFinancial
Net profit of -₹37 Cr in the latest reported year.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 12.0 points, from 12.9% to 0.8%.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 3.2x to -0.4x.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 34% over 3 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?

Margins are being competed away
EBITDA margin has fallen from 12.9% to 0.8%. 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 102.7x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
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.
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
4 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 8% a year✓ 10.9% CAGR
Latest reported year was -44.3%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above -1%✓ 0.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 102.7x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
4Interest cover stays above 3x✗ -0.4x
How much operating profit can fall before interest stops being comfortably covered.
5Free cash flow remains positive✓ ₹90 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

4 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ 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

2 good · 2 neutral · 7 weak

Market Cap

₹33 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

0.33x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹-5.78

Loss-making

Negative earnings per share — the business is losing money

ROE

-37.5%

Weak

Weak capital efficiency

ROCE

-5.2%

Weak

Low return on total capital employed

Debt/Equity

2.94x

High

High leverage

Revenue Growth (YoY)

-44.3%

Shrinking

Sales are contracting

Profit Growth (YoY)

-306.5%

Falling

Profits are shrinking

Dividend Yield

None

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

Free Cash Flow

₹90 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹4.8

Operating Margin

3.5%

Weak

Thin margins leave little room for error

Net Margin

-13.2%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.10

Adequate

Adequate, but no real cushion

Beta (vs Nifty)

-0.13

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

4.8 / 5.2

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

57.0

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹250 Cr	₹465 Cr	₹445 Cr	₹341 Cr	+10.9%
EBITDA	₹32 Cr	₹71 Cr	₹20 Cr	₹3 Cr	-55.4%
EBITDA Margin	12.9%	15.2%	4.6%	0.8%	—
PAT (Net Profit)	-₹61 Cr	₹8 Cr	₹18 Cr	-₹37 Cr	—
EPS	₹-10.29	₹1.14	₹2.6	₹-5.37	—
ROE	-53.6%	6.5%	13.0%	-37.5%	—
ROCE	-7.2%	25.1%	34.7%	-5.2%	—
Total Debt	₹448 Cr	₹447 Cr	₹351 Cr	₹293 Cr	-13.1%
Free Cash Flow	₹127 Cr	₹65 Cr	₹132 Cr	₹90 Cr	-10.9%

🟢 Revenue has grown at 10.9% a year over 3 years.

🔴 EBITDA has shrunk at 55.4% a year over 3 years.

🔴 EBITDA Margin has fallen from 12.9% to 0.8% over 3 years (-12.0 pts).

🟢 ROE has risen from -53.6% to -37.5% over 3 years (+16.2 pts).

🟢 ROCE has risen from -7.2% to -5.2% over 3 years (+1.9 pts).

🟢 Total Debt has shrunk at 13.1% a year over 3 years.

🔴 Free Cash Flow has shrunk at 10.9% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,308 Cr

Total Liabilities

₹1,209 Cr

Total Debt

₹293 Cr

Cash & Equivalents

₹4 Cr

Operating Cash Flow

₹90 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

46.1%

Corporate Actions

Ex-Dividend Date

16 Sept 2016

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 mixed1 negative4 general

Ansal Housing Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 31 Aug

PMLA Authority confirms attachment of ₹82.79 crore Ansal Housing assets

scanx.trade, 06 Aug

Ansal Housing reports consolidated net loss of Rs 3.12 crore in the June 2026 quarter

Business Standard, 14 AugResults

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

Ansal Housing Ltd. Peer Comparison – Compare with Others

Value Research, 29 Aug

Ansal Housing FY26 Results: Standalone profit falls 92% YoY

scanx.trade, 07 SeptResults

🔴Potentially negativeReported deterioration, which feeds the growth and margin inputs on this page directly.

ED action on Gurugram 'Ansal Hub-83' - What is the project?

The Times of India, 19 Feb

Watch Items

Revenue growth is negative (-44.3%) on the latest reported period — check if this is one-off or a trend.
Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🔴Business QualityWeak6.2/20

🟡Financial HealthAdequate10.6/20

🟡GrowthModest10.6/20

🔴ProfitabilityWeak5/15

🟡ValuationFair7.1/15

🔴RiskHigh3.9/10

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 4 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 8% a year10.9% CAGR
✓EBITDA margin holds above -1%0.8%
✗Debt / EBITDA falls below 3x102.7x
✗Interest cover stays above 3x-0.4x
✓Free cash flow remains positive₹90 Cr