Bhanderi Infracon Limited

Real Estate — Real Estate - Diversified · BSE

₹125.00₹0.00 (0.00%)

DalalBaazaar Score

36 / 100

🔴 Weak

Verdict

CAUTION

Risk

Very High

Driven by high debt relative to equity, short-term liabilities exceed short-term assets, micro-cap size, which brings thin liquidity.

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

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:09 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 Bhanderi Infracon Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Bhanderi Infracon Limited engages in the residential and commercial properties and related allied activities in India. The company develops and constructs residential buildings. It also offers real estate consultancy and advisory services.

IndustryReal Estate - Diversified

SectorReal Estate

Employees13

Annual revenue₹3 Cr

How does it make money?

Turns over ₹3 Cr a year. Of every ₹100 of sales, about ₹7 reaches shareholders as profit, with ₹10 left at the operating level before interest, tax and depreciation. Each of its 13 employees supports ₹21.2 lakh of revenue a year, the signature of a people-led business.

EBITDA margin10.2%

Net margin7.3%

Revenue / employee₹21.2 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.

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 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.

ROCE0.8%

ROE1.3%

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 -56% while net margin moved -21% 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-56%

Margin effect-21%

DalalBaazaar Score

36/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 24.1% a year
✗ Profit has declined at 29.9% a year
✗ Latest-year revenue growth of -62.0% is below the longer-term trend — momentum is fading
✗ Profit fell 84.5% in the latest year

Quality vs. Valuation

Company Quality

35/ 100

Weak

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.

Weak on business quality and not cheap enough to compensate.

Historical Valuation

Current P/E

158.2x

3Y Median

48.4x

39 monthly readings · mean 43.7x · range 25.1x–63.9x

Sector Median

30.2x

median of 3 sector peers

⚠️Current valuation is approximately 227% above its 3y median of 48.4x. 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 424% above the peer median of 30.2x.

vs. its own history

Expensive

48.4x median over 39 months · +227%

vs. sector peers

Expensive

30.2x median of 3 peers · +424%

vs. generic bands

Expensive

Above 35x

P/E (Trailing)

158.2x

P/B

1.22x

EV/EBITDA

300.8x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well1

Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention4

Margins are compressing
EBITDA margin has slipped from 13.4% to 10.2% over 3 years.
Debt is rising
Total debt is up 137% over 3 years — worth checking what it funded.
Valuation above its historical average
At 158.2x the stock trades 227% above its own median of 48.4x.
Short-term liquidity is tight
Current ratio of 0.79 — near-term obligations exceed near-term assets.

Red Flags

5 items require attention · 2 high · 3 watch

🔴Debt has risen sharplyFinancial
Total debt is up 137% over 3 years, from ₹22 Cr to ₹53 Cr.
🔴High leverageFinancial
Debt/Equity of 1.85x — earnings must service borrowings before shareholders see anything.
🟡Profit is decliningFinancial
Net profit is down 66% over 3 years.
🟡Margins are compressingFinancial
EBITDA margin is down 3.2 points over 3 years.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.79 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

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 13.4% to 10.2%. 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 188.7x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
The price already assumes success
The stock trades 227% 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.
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.

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

1EBITDA margin holds above 8%✓ 10.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 188.7x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
3Free cash flow remains positive✓ ₹3 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 48.4x✗ 158.2x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

2 / 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

3 good · 2 neutral · 6 weak

Market Cap

₹32 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

158.2x

Expensive

Expensive — verify against sector peers

P/B Ratio

1.22x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.79

Profitable

Profitable on a per-share basis

ROE

1.3%

Weak

Weak capital efficiency

ROCE

0.8%

Weak

Low return on total capital employed

Debt/Equity

1.85x

High

High leverage

Revenue Growth (YoY)

-62.0%

Shrinking

Sales are contracting

Profit Growth (YoY)

-84.5%

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

₹22 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹125

ROA

0.5%

Weak

Assets generate little profit

Operating Margin

12.2%

Average

Average margins

Net Margin

7.2%

Average

Average bottom-line conversion

Current Ratio

0.79

Tight

Tight short-term liquidity

Beta (vs Nifty)

-0.17

Defensive

Steadier than the market

52W Range Position

12%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

124.6 / 129.9

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

100.0

Overbought zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹6 Cr	₹4 Cr	₹5 Cr	₹3 Cr	-24.1%
EBITDA	₹1 Cr	₹1 Cr	₹2 Cr	₹0 Cr	-30.7%
EBITDA Margin	13.4%	22.2%	34.2%	10.2%	—
PAT (Net Profit)	₹1 Cr	₹1 Cr	₹1 Cr	₹0 Cr	-29.9%
EPS	₹2.18	₹2.18	₹4.99	—	—
ROE	2.4%	2.4%	4.9%	0.8%	—
ROCE	1.7%	2.9%	5.9%	0.8%	—
Total Debt	₹22 Cr	₹21 Cr	₹33 Cr	₹53 Cr	+33.3%
Free Cash Flow	₹3 Cr	₹5 Cr	-₹7 Cr	₹3 Cr	-2.4%

🔴 Revenue has shrunk at 24.1% a year over 3 years.

🔴 EBITDA has shrunk at 30.7% a year over 3 years.

🔴 EBITDA Margin has fallen from 13.4% to 10.2% over 3 years (-3.2 pts).

🔴 PAT (Net Profit) has shrunk at 29.9% a year over 3 years.

🔴 ROE has fallen from 2.4% to 0.8% over 3 years (-1.6 pts).

🟡 ROCE has held roughly flat at 0.8% over 3 years.

🔴 Total Debt has grown at 33.3% a year over 3 years.

🔴 Free Cash Flow has shrunk at 2.4% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹94 Cr

Total Liabilities

₹65 Cr

Total Debt

₹53 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

₹3 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

99.1%

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

Bhanderi Infracon passes all four resolutions at 22nd annual general meeting

scanx.trade, 01 Oct

Bhanderi Infracon Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 30 Aug

Plenitude Enterprises raises Bhanderi Infracon stake to 9.61% with fresh buys

scanx.trade, 21 Sept

Bank of India Share Price

The Economic Times, 06 Feb

Trade setup for today: Top 15 things to know before the opening bell

Moneycontrol.com, 14 Nov

Q2 Results Today: Hero MotoCorp, Lemon Tree Hotels, HAL, Glenmark Pharma among 1181 companies to post earnings on Nov 14

Livemint, 14 NovResults

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

Watch Items

Revenue growth is negative (-62.0%) 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.
RSI is in overbought territory — momentum entries here carry more short-term pullback risk.

DalalBaazaar Thesis

🔴Business QualityWeak7.5/20

🔴Financial HealthStretched8/20

🔴GrowthWeak4.1/20

🔴ProfitabilityWeak6.2/15

🔴ValuationDemanding6.2/15

🔴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. 2 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓EBITDA margin holds above 8%10.2%
✗Debt / EBITDA falls below 3x188.7x
✓Free cash flow remains positive₹3 Cr
✗ROCE stays above 8%0.8%
✗Valuation vs its own median of 48.4x158.2x today