Asia Pack Limited

Real Estate — Real Estate Services · BSE

₹53.20−₹2.80 (−5.00%)

DalalBaazaar Score

51 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

Driven by negative free cash flow, micro-cap size, which brings thin liquidity, a very high earnings multiple, which leaves little margin for disappointment.

In simple words: The business is earning a fairly low return on the money invested in it, but sales are shrinking. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 8:27 pm

Understanding the Business

Company site ↗

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

What does this company do?

Asia Pack Limited engages in real estate business in India. The company rents properties.

IndustryReal Estate Services

SectorReal Estate

Employees4

Annual revenue₹0 Cr

How does it make money?

Turns over ₹0 Cr a year. Of every ₹100 of sales, about ₹143 reaches shareholders as profit, with ₹-253 left at the operating level before interest, tax and depreciation. Each of its 4 employees supports ₹4.1 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹4.1 lakh

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.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of -0.8% 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.

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 +213% while net margin moved -65% 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+213%

Margin effect-65%

DalalBaazaar Score

51/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ P/E of 104.3x is demanding — it needs sustained high growth to justify
✗ P/E is 92% above its own historical median of 54.3x — expensive by its own standards
✓ P/B of 0.38x is modest against book value

Quality vs. Valuation

Company Quality

53/ 100

Average

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

Valuation

29/ 100

Expensive

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

104.3x

3Y Median

54.3x

40 monthly readings · mean 50.2x · range 25.1x–75.9x

Sector Median

30.2x

median of 3 sector peers

⚠️Current valuation is approximately 92% above its 3y median of 54.3x. Paying more than usual needs a reason — faster growth, a better balance sheet, or a re-rating you believe in.

⚠️Against its sector it trades 246% above the peer median of 30.2x.

vs. its own history

Expensive

54.3x median over 40 months · +92%

vs. sector peers

Expensive

30.2x median of 3 peers · +246%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

—

PEG

31.52

What's Good / What's Bad

🟢 What's Going Well2

Margins are improving
EBITDA margin is up from -594.6% to -252.6% over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

1 item require attention · 1 high

🔴Free cash flow negative for 4 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from -594.6% to -252.6%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
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?

The price already assumes success
The stock trades 92% above its own median multiple. At this level the business has to deliver just to stand still, and a stumble is repriced twice — lower earnings on a lower multiple.
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 35% a year✓ 46.2% CAGR
Latest reported year was -71.9%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above -255%✓ -252.6%
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%✗ -0.8%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Valuation vs its own median of 54.3x✗ 104.3x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

4 / 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

2 good · 3 neutral · 6 weak

Market Cap

₹14 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

104.3x

Expensive

Expensive — verify against sector peers

P/B Ratio

0.38x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.51

Profitable

Profitable on a per-share basis

ROE

0.6%

Weak

Weak capital efficiency

ROCE

-0.8%

Weak

Low return on total capital employed

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

-71.9%

Shrinking

Sales are contracting

Profit Growth (YoY)

-42.0%

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

-₹0 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

-499.4%

Weak

Thin margins leave little room for error

Net Margin

94.7%

Good

Strong bottom-line conversion

Current Ratio

117.77

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.41

Defensive

Steadier than the market

52W Range Position

67%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

56.4 / 55.8

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

3.4

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	+46.2%
EBITDA	-₹0 Cr	-₹0 Cr	-₹1 Cr	-₹0 Cr	—
EBITDA Margin	-594.6%	-550.0%	-309.7%	-252.6%	—
PAT (Net Profit)	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	+3.3%
EPS	₹0.8	₹1.4	₹1.55	₹0.88	+3.2%
ROE	1.1%	1.1%	1.1%	0.6%	—
ROCE	-1.9%	-1.1%	-1.2%	-0.8%	—
Free Cash Flow	-₹0 Cr	-₹0 Cr	-₹0 Cr	-₹0 Cr	—

🟢 Revenue has grown at 46.2% a year over 3 years.

🟢 EBITDA Margin has risen from -594.6% to -252.6% over 3 years (+342.0 pts).

🟢 PAT (Net Profit) has grown at 3.3% a year over 3 years.

🟢 EPS has grown at 3.2% a year over 3 years.

🟡 ROE has held roughly flat at 0.6% over 3 years.

🟢 ROCE has risen from -1.9% to -0.8% over 3 years (+1.0 pts).

Balance Sheet & Cash Flow — FY2026

Total Assets

₹42 Cr

Total Liabilities

₹5 Cr

Total Debt

—

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹0 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

71.5%

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 negative5 general

Asia Pack confirms Sep 29 AGM; FY26 net profit falls 43% on tax hit

scanx.trade, 29 SeptResults

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

6 months of West Asia war: Market winners, losers & the road ahead

Business Standard, 28 Aug

Tech selloff drags global stocks lower

Reuters, 23 Jun

KNACK PACKAGING LTD. Stock/Share price , NSE/BSE Forecast News and Live Quotes

Equitymaster, 10 Jul

Indian Markets Today: Sensex, Nifty Decline as Crude Hits $91

Rediff, 18 Aug

Global stock markets mixed as oil surge, central banks eyed

HDFC Sky, 17 Mar

Watch Items

Revenue growth is negative (-71.9%) on the latest reported period — check if this is one-off or a trend.
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

MiddlingBusiness Quality · Financial Health · Growth · Profitability

WeakValuation · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 1 high-severity red flag sits above this conclusion and should be read first.

3 of 5 tripwires tripped — Free cash flow remains positive; ROCE stays above 8%; Valuation vs its own median of 54.3x · see Key things to watch ↑