Country Condo's Limited

Real Estate — Real Estate - Development · NSE

₹6.49+₹0.07 (+1.09%)

DalalBaazaar Score

42 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Moderate

Driven by 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, with modest growth. Valuation 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 Country Condo's Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Country Condo's Limited engages in real estate development business in India. The company procures land banks; develops residential layouts; constructs compound walls; and sells plots. It also provides contract research services.

IndustryReal Estate - Development

SectorReal Estate

Employees75

Annual revenue₹17 Cr

How does it make money?

Turns over ₹17 Cr a year. Of every ₹100 of sales, about ₹3 reaches shareholders as profit, with ₹6 left at the operating level before interest, tax and depreciation. Each of its 75 employees supports ₹23.3 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹23.3 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 3.4% 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 -17% while net margin moved -11% 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-17%

Margin effect-11%

DalalBaazaar Score

42/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 6.1% a year
✗ Profit has declined at 9.6% a year

Quality vs. Valuation

Company Quality

43/ 100

Weak

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

Valuation

26/ 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

81.1x

3Y Median

55.5x

40 monthly readings · mean 55.5x · range 26.8x–83.4x

Sector Median

30.2x

median of 3 sector peers

⚠️Current valuation is approximately 46% above its 3y median of 55.5x. 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 169% above the peer median of 30.2x.

vs. its own history

Expensive

55.5x median over 40 months · +46%

vs. sector peers

Expensive

30.2x median of 3 peers · +169%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

48.0x

PEG

—

What's Good / What's Bad

🟢 What's Going Well2

Cash flow has turned positive
Free cash flow moved from negative to positive 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

2 items require attention · 1 high · 1 watch

🔴Inventory building faster than salesFinancial
Inventory up 70% against revenue up -17% — stock may not be moving.
🟡Profit is decliningFinancial
Net profit is down 26% over 3 years.

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?

The price already assumes success
The stock trades 46% 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

1EBITDA margin holds above 4%✓ 5.9%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✓ ₹0 Cr
Profit that never becomes cash eventually stops being profit.
3ROCE stays above 8%✗ 3.4%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
4Valuation vs its own median of 55.5x✗ 81.1x 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

3 good · 5 neutral · 3 weak

Market Cap

₹50 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

81.1x

Expensive

Expensive — verify against sector peers

P/B Ratio

2.26x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹0.08

Profitable

Profitable on a per-share basis

ROE

2.3%

Weak

Weak capital efficiency

ROCE

3.4%

Weak

Low return on total capital employed

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

15.8%

Healthy

Healthy top-line growth

Profit Growth (YoY)

0.0%

Modest

Slow profit growth

Dividend Yield

None

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

Free Cash Flow

₹0 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

5.1%

Average

Average margins

Net Margin

3.4%

Average

Average bottom-line conversion

Current Ratio

2.30

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.63

Defensive

Steadier than the market

52W Range Position

67%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

6.4 / 6.5

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

50.5

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹21 Cr	₹25 Cr	₹17 Cr	₹17 Cr	-6.1%
EBITDA	₹1 Cr	₹2 Cr	₹1 Cr	₹1 Cr	-6.3%
EBITDA Margin	5.9%	6.2%	6.4%	5.9%	—
PAT (Net Profit)	₹1 Cr	₹2 Cr	₹1 Cr	₹1 Cr	-9.6%
EPS	₹0.1	₹0.21	₹0.08	₹0.08	-7.2%
ROE	3.5%	6.6%	2.4%	2.3%	—
ROCE	4.9%	8.5%	3.6%	3.4%	—
Total Debt	₹2 Cr	₹2 Cr	₹0 Cr	—	—
Free Cash Flow	-₹2 Cr	-₹1 Cr	-₹1 Cr	₹0 Cr	—

🔴 Revenue has shrunk at 6.1% a year over 3 years.

🔴 EBITDA has shrunk at 6.3% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 5.9% over 3 years.

🔴 PAT (Net Profit) has shrunk at 9.6% a year over 3 years.

🔴 EPS has shrunk at 7.2% a year over 3 years.

🔴 ROE has fallen from 3.5% to 2.3% over 3 years (-1.2 pts).

🔴 ROCE has fallen from 4.9% to 3.4% over 3 years (-1.5 pts).

🟢 Free Cash Flow has turned positive, from -₹2 Cr to ₹0 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹45 Cr

Total Liabilities

₹19 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

₹0 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

58.2%

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

6 general

Country (COUNCODOS.NS) Stock: Up +1.25%, Key Resistance at ₹6.83 2026-10-16 - PCR Spike

https://www.siam.in/, 16 Oct

Country Condo's Secures Approval for ₹30 Crore Equity Allotment to Expand Capital Base

Sahi, 09 Jul

Country Condo's Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 29 Sept

Country Condos board approves ₹30 crore preferential issue

scanx.trade, 09 Jul

Country Condo's Share: Bull Case vs Bear Case for 2026

Univest, 09 Sept

Country Condos Ltd leads losers in 'B' group

Business Standard, 17 Jul

Watch Items

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.

DalalBaazaar Thesis

StrongFinancial Health

MiddlingRisk

WeakBusiness Quality · Growth · Profitability · Valuation

Points for each in the Score ↑

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. 1 high-severity red flag sits above this conclusion and should be read first.

2 of 4 tripwires tripped — ROCE stays above 8%; Valuation vs its own median of 55.5x · see Key things to watch ↑