Croissance Limited

Real Estate — Real Estate Services · BSE

₹0.97₹0.00 (0.00%)

DalalBaazaar Score

41 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

Driven by negative free cash flow, 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. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:10 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 Croissance Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Croissance Limited provides realty operating services in India. It is also involved in bioenergy activities. The company was formerly known as Swagruha Infrastructure Limited and changed its name to Croissance Limited in June 2021.

IndustryReal Estate Services

SectorReal Estate

Annual revenue₹1 Cr

How does it make money?

Turns over ₹1 Cr a year. Of every ₹100 of sales, about ₹8 reaches shareholders as profit, with ₹-21 left at the operating level before interest, tax and depreciation.

EBITDA margin-21.2%

Net margin8.4%

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 -1.6% 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-1.6%

ROE0.6%

Peer median ROE10.3%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved -77% 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-77%

Margin effect-55%

DalalBaazaar Score

41/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 38.5% a year
✗ Profit has declined at 53.0% a year

Quality vs. Valuation

Company Quality

32/ 100

Weak

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

Valuation

85/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

Optically cheap, but the underlying business scores poorly. Cheap-and-weak is what a value trap looks like from the outside — the low price may be deserved.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

No P/E available

P/E (Trailing)

—

P/B

0.74x

EV/EBITDA

—

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well2

Very low debt
Debt/Equity of 0.12x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention5

Margins are compressing
EBITDA margin has slipped from 27.3% to -21.2% over 3 years.
Debt is rising
Total debt is up 84% over 3 years — worth checking what it funded.
Free cash flow is negative
The business is not currently covering its capital spending from operations.
Return on equity is falling
ROE has dropped from 6.3% to 0.6% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 8.6% to -1.6% — often a sign of competition or overexpansion.

Red Flags

7 items require attention · 4 high · 3 watch

🔴Debt has risen sharplyFinancial
Total debt is up 84% over 3 years, from ₹0 Cr to ₹1 Cr.
🔴Thin interest coverageFinancial
Operating profit covers interest only -47.7x — little room if earnings dip.
🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 48.5 points, from 27.3% to -21.2%.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from -27.4x to -47.7x.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹0 Cr in the latest year.
🟡Profit is decliningFinancial
Net profit is down 90% 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?

Margins are being competed away
EBITDA margin has fallen from 27.3% to -21.2%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Returns on shareholder capital are falling
ROE has dropped from 6.3% to 0.6%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
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

1EBITDA margin holds above -23%✓ -21.2%
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.
3Interest cover stays above 3x✗ -47.7x
How much operating profit can fall before interest stops being comfortably covered.
4ROCE stays above 8%✗ -1.6%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

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
✓ 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 buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

3 good · 3 neutral · 5 weak

Market Cap

₹7 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not available

No data

Source didn't return this field

P/B Ratio

0.74x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0

Loss-making

Negative earnings per share — the business is losing money

ROE

0.6%

Weak

Weak capital efficiency

ROCE

-1.6%

Weak

Low return on total capital employed

Debt/Equity

0.12x

Low

Conservative leverage

Revenue Growth (YoY)

-5.6%

Shrinking

Sales are contracting

Profit Growth (YoY)

1541.9%

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

-₹0 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹0.97

Operating Margin

4.8%

Weak

Thin margins leave little room for error

Net Margin

5.3%

Average

Average bottom-line conversion

Current Ratio

1.92

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.04

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

1.0 / 1.1

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

37.5

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹3 Cr	₹1 Cr	₹0 Cr	₹1 Cr	-38.5%
EBITDA	₹1 Cr	₹0 Cr	-₹0 Cr	-₹0 Cr	—
EBITDA Margin	27.3%	12.7%	-47.2%	-21.2%	—
PAT (Net Profit)	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	-53.0%
EPS	₹0.07	₹0.01	—	₹0.01	-47.7%
ROE	6.3%	0.9%	0.0%	0.6%	—
ROCE	8.6%	1.1%	-0.6%	-1.6%	—
Total Debt	₹0 Cr	₹0 Cr	—	₹1 Cr	+22.6%
Free Cash Flow	-₹0 Cr	₹1 Cr	₹2 Cr	-₹0 Cr	—

🔴 Revenue has shrunk at 38.5% a year over 3 years.

🔴 EBITDA has turned negative, from ₹1 Cr to -₹0 Cr.

🔴 EBITDA Margin has fallen from 27.3% to -21.2% over 3 years (-48.5 pts).

🔴 PAT (Net Profit) has shrunk at 53.0% a year over 3 years.

🔴 EPS has shrunk at 47.7% a year over 3 years.

🔴 ROE has fallen from 6.3% to 0.6% over 3 years (-5.7 pts).

🔴 ROCE has fallen from 8.6% to -1.6% over 3 years (-10.2 pts).

🔴 Total Debt has grown at 22.6% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹16 Cr

Total Liabilities

₹8 Cr

Total Debt

₹1 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹0 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

52.3%

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

Croissance Ltd passes all four resolutions at 32nd AGM

scanx.trade, 04 Oct

Croissance Ltd. Financials – Balance Sheet, Profit & Loss, Cash Flow

Value Research, 30 Aug

Nestlé S.A. (NESN.SW) stock price, news, quote and history

Yahoo Finance Singapore, 11 Oct

Croissance Ltd closes trading window ahead of Q2FY27 results

scanx.trade, 29 SeptResults

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

Croissance Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 30 Aug

Croissance - 12 Penny stocks surged up to 318% in 3 months; 3 turned multibaggers. Do you own any?

The Economic Times, 30 Nov

Watch Items

Revenue growth is negative (-5.6%) 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.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

🔴Business QualityWeak5.9/20

🟡Financial HealthAdequate10.1/20

🔴GrowthWeak2.4/20

🔴ProfitabilityWeak5.8/15

🟢ValuationAttractive12.8/15

🔴RiskHigh4/10

Cheap, but for a reason

The low price is the whole case here, and the business underneath scores poorly. Cheap-and-weak is what a value trap looks like from the outside — it needs a specific reason the numbers are about to improve, not just the observation that they are low. 4 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓EBITDA margin holds above -23%-21.2%
✗Free cash flow remains positive-₹0 Cr
✗Interest cover stays above 3x-47.7x
✗ROCE stays above 8%-1.6%