B-Right Realestate Limited

Real Estate — Real Estate - Development · BSE

₹915.00+₹16.00 (+1.78%)

DalalBaazaar Score

70 / 100

🟢 Good

Verdict

REASONABLE

Risk

High

Driven by moderate debt load, negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:00 pm

Understanding the Business

Company site ↗

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

What does this company do?

B-Right Realestate Limited, together with its subsidiaries, engages in the real estate development and financial intermediation service business in India.

IndustryReal Estate - Development

SectorReal Estate

Employees4

Annual revenue₹168 Cr

How does it make money?

Turns over ₹168 Cr a year. Of every ₹100 of sales, about ₹21 reaches shareholders as profit, with ₹40 left at the operating level before interest, tax and depreciation. Each of its 4 employees supports ₹41.95 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹41.95 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.

Compared side by side in Peers ↓

What is its competitive advantage?Some evidence

ROCE of 21.4% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

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 +875% while net margin moved +89% 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+875%

Margin effect+89%

DalalBaazaar Score

70/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.35 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

78/ 100

Good

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

Valuation

65/ 100

Fair

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

27.4x

3Y Median

163.1x

40 monthly readings · mean 246.7x · range 55.1x–614.6x

Sector Median

30.2x

median of 3 sector peers

🟢Current valuation is approximately 83% below its 3y median of 163.1x. 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 is priced broadly in line with the peer median of 30.2x.

vs. its own history

Cheap

163.1x median over 40 months · -83%

vs. sector peers

Fair

30.2x median of 3 peers · -9%

vs. generic bands

Fair

15x–35x

EV/EBITDA

16.8x

PEG

0.17

What's Good / What's Bad

🟢 What's Going Well5

Margins are improving
EBITDA margin is up from 30.5% to 40.0% over 3 years.
Return on equity is rising
ROE has improved from 1.4% to 19.9%.
Return on capital is rising
ROCE has improved from 3.6% to 21.4%.
High return on capital employed
ROCE of 21.4% is the mark of a business that converts capital into profit efficiently.
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

🔴Debt has risen sharplyFinancial
Total debt is up 377% over 3 years, from ₹39 Cr to ₹187 Cr.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 21.4% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 30.5% to 40.0%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 83% 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.
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?

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

1Revenue growth stays above 85% a year✓ 113.6% CAGR
Latest reported year was 80.4%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 38%✓ 40.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA stays below 2x✗ 2.8x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4Free cash flow remains positive✓ ₹10 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 18%✓ 21.4%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

10 / 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

5 good · 4 neutral · 2 weak

Market Cap

₹945 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

27.4x

Fair

Fairly valued against the generic band

P/B Ratio

5.36x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹33.42

Profitable

Profitable on a per-share basis

ROE

26.8%

Strong

Strong capital efficiency

ROCE

21.4%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.96x

Moderate

Moderate leverage

Revenue Growth (YoY)

80.4%

Healthy

Healthy top-line growth

Profit Growth (YoY)

2705.5%

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

-₹40 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

ROA

9.7%

Good

Assets are working hard

Operating Margin

40.0%

Good

Healthy core-business profitability

Net Margin

20.9%

Good

Strong bottom-line conversion

Current Ratio

2.08

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.35

Defensive

Steadier than the market

52W Range Position

86%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

904.6 / 904.2

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

48.2

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹17 Cr	₹41 Cr	₹103 Cr	₹168 Cr	+113.6%
EBITDA	₹5 Cr	₹11 Cr	₹14 Cr	₹67 Cr	+133.8%
EBITDA Margin	30.5%	27.4%	13.9%	40.0%	—
PAT (Net Profit)	₹2 Cr	₹2 Cr	₹2 Cr	₹35 Cr	+164.0%
EPS	₹2	₹2.35	₹1.64	—	—
ROE	1.4%	1.7%	1.2%	19.9%	—
ROCE	3.6%	5.3%	5.5%	21.4%	—
Total Debt	₹39 Cr	₹154 Cr	₹78 Cr	₹187 Cr	+68.3%
Free Cash Flow	₹31 Cr	-₹63 Cr	-₹23 Cr	₹10 Cr	-31.3%

🟢 Revenue has grown at 113.6% a year over 3 years.

🟢 EBITDA has grown at 133.8% a year over 3 years.

🟢 EBITDA Margin has risen from 30.5% to 40.0% over 3 years (+9.5 pts).

🟢 PAT (Net Profit) has grown at 164.0% a year over 3 years.

🟢 ROE has risen from 1.4% to 19.9% over 3 years (+18.5 pts).

🟢 ROCE has risen from 3.6% to 21.4% over 3 years (+17.8 pts).

🔴 Total Debt has grown at 68.3% a year over 3 years.

🔴 Free Cash Flow has shrunk at 31.3% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹491 Cr

Total Liabilities

₹296 Cr

Cash & Equivalents

₹6 Cr

Operating Cash Flow

₹10 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

88.1%

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

2 mixed4 general

B-Right RealEstate to unveil 2 new projects in 6 months

scanx.trade, 16 Oct

Citizens cuts Bright Spire Capital stock price target on rate concerns

Investing.com India, 07 OctAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

B-Right Real Estate Share Price: Price Fall and Analysis

Univest, 17 SeptPrice 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.

B-Right Real Estate Ltd. Peer Comparison – Compare with Others

Value Research, 30 Aug

B-RIGHT REALESTATE LIMITED Share Price

Upstox, 05 May

Share Market Today: Nifty 50, Bank Nifty | Sep 15, 2026

Liquide Blog, 15 Sept

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Growth · Profitability

MiddlingFinancial Health · Valuation

WeakRisk

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself. 1 high-severity red flag sits above this conclusion and should be read first.

1 of 5 tripwires tripped — Debt / EBITDA stays below 2x · see Key things to watch ↑