D S Kulkarni Developers Limited

Real Estate — Real Estate - Development · NSE

₹31.74+₹0.62 (+1.99%)

DalalBaazaar Score

24 / 100

🔴 Weak

Verdict

HIGH RISK

Risk

Very High

Driven by negative shareholders' equity — the company owes more than it owns, the company is currently loss-making, micro-cap size, which brings thin liquidity.

In simple words: The company owes more than it owns — years of losses have wiped out its net worth. Solvency — whether it can keep funding itself at all — is 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 D S Kulkarni Developers Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

D S Kulkarni Developers Limited, together with its subsidiaries, engages in real estate development business in India. The company was incorporated in 1991 and is based in Pune, India.

IndustryReal Estate - Development

SectorReal Estate

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 11.3% 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.

ROCE11.3%

Peer median ROE10.3%

DalalBaazaar Score

24/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Shareholders' equity is negative — accumulated losses exceed the capital in the business

Quality vs. Valuation

Company Quality

25/ 100

Weak

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

Valuation

30/ 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.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

Multiples unreliable — equity base is negative

P/E (Trailing)

Not meaningful

P/B

—

EV/EBITDA

—

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well1

Debt is being paid down
Total debt is down 45% over 3 years.

🔴 What Needs Attention1

Negative shareholders' equity
Liabilities exceed assets — this is a solvency question that sits above every other consideration here.

Red Flags

3 items require attention · 3 high

🔴Negative shareholders' equityFinancial
Liabilities exceed assets — accumulated losses have wiped out the company's net worth.
🔴Thin interest coverageFinancial
Operating profit covers interest only 1.0x — little room if earnings dip.
🔴The company is lossmakingFinancial
Net profit of -₹0 Cr in the latest reported year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 45% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.

🔴 Bear CaseWhat could go wrong?

Solvency comes before everything else
Liabilities exceed assets. Until net worth is rebuilt, the equity is a claim on a business that owes more than it owns, and further losses or a funding squeeze can leave shareholders with nothing.
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
3 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

1Interest cover stays above 3x✗ 1.0x
How much operating profit can fall before interest stops being comfortably covered.
2Free cash flow remains positive✓ ₹33 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

4 / 9 checks passed

✗ Shareholders' equity is positive (assets exceed liabilities)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ 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

1 good · 5 neutral · 5 weak

Market Cap

₹32 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

₹-2.07

Loss-making

Negative earnings per share — the business is losing money

ROE

Not meaningful

Negative equity

Return on equity can't be read when equity itself is negative

ROCE

11.3%

Distorted

Distorted by the negative net worth — read this alongside the solvency flag, not on its own

Debt/Equity

Not meaningful

Negative equity

Shareholders' equity is negative, so this ratio can't be read

Revenue Growth (YoY)

Not available

No data

Source didn't return this field

Profit Growth (YoY)

-102.8%

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

₹33 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹31.74

Operating Margin

0.0%

Weak

Thin margins leave little room for error

Net Margin

0.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

2.05

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.18

Defensive

Steadier than the market

52W Range Position

100%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

26.6 / 20.8

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

100.0

Overbought zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
EBITDA	-₹635 Cr	-₹37 Cr	₹8 Cr	-₹0 Cr	—
PAT (Net Profit)	-₹405 Cr	-₹9 Cr	₹13 Cr	-₹0 Cr	—
EPS	₹-4.05	₹-8.88	₹13.12	₹-0.36	—
ROCE	-74.1%	-1.4%	12.3%	11.3%	—
Total Debt	₹985 Cr	₹465 Cr	₹519 Cr	₹543 Cr	-18.0%
Free Cash Flow	₹390 Cr	₹320 Cr	-₹5 Cr	₹33 Cr	-56.2%

🟢 ROCE has risen from -74.1% to 11.3% over 3 years (+85.4 pts).

🟢 Total Debt has shrunk at 18.0% a year over 3 years.

🔴 Free Cash Flow has shrunk at 56.2% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹926 Cr

Total Liabilities

₹1,055 Cr

Total Debt

₹543 Cr

Cash & Equivalents

₹2 Cr

Operating Cash Flow

₹33 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

95.0%

Corporate Actions

Ex-Dividend Date

22 Sept 2016

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

DS Kulkarni Developers acquires Westpole Spaces for ₹10,000

scanx.trade, 05 Oct

DS Kulkarni Developers: New Equity Listed Post Restructuring; Trading in T-Group

Whalesbook, 31 Jul

DSK Developers completes Moonbrick Realty acquisition

scanx.trade, 02 JulM&A

🟡Mixed / dependsAcquisitions change the balance sheet before they change the earnings. Look at what was paid, how it was funded, and whether debt rose.

DS Kulkarni Developers schedules AGM for September 10, 2026

scanx.trade, 19 Aug

After BSE, NSE to suspend trading in D S Kulkarni Developers

The Times of India, 20 Mar

After BSE, NSE to suspend trading in D S Kulkarni Developers

Moneycontrol.com, 20 Mar

Watch Items

Trading very close to its 52-week high — momentum-driven entries here carry more mean-reversion risk.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
2 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.
RSI is in overbought territory — momentum entries here carry more short-term pullback risk.

DalalBaazaar Thesis

🔴Business QualityWeak6/20

🔴Financial HealthStretched1/20

🟡GrowthModest10/20

🔴ProfitabilityWeak1.5/15

🔴ValuationDemanding4.5/15

🔴RiskHigh0.5/10

Avoid until solvency is resolved

D S Kulkarni Developers Limited owes more than it owns. Whatever the operating numbers show, the equity is a residual claim on a business with negative net worth, and that question has to be settled before any of the rest is worth weighing. 3 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✗Interest cover stays above 3x1.0x
✓Free cash flow remains positive₹33 Cr