Dynavision Limited

Real Estate — Real Estate Services · BSE

₹215.50−₹7.05 (−3.17%)

DalalBaazaar Score

75 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Nothing obvious stands out as stretched — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:09 pm

Constructive picture on fundamentals. Profitability, leverage and growth metrics are broadly healthy on this snapshot. That said, valuation should still be checked against direct sector peers (not just the generic P/E bands used here) before treating this as a buy signal.

Understanding the Business

Company site ↗

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

What does this company do?

Dynavision Limited engages in the leasing of properties in India. The company operates through two segments, Renting of Investment Property and Implementation of Solar Power Projects.

IndustryReal Estate Services

SectorReal Estate

Employees9

Annual revenue₹13 Cr

How does it make money?

Turns over ₹13 Cr a year. Of every ₹100 of sales, about ₹63 reaches shareholders as profit, with ₹86 left at the operating level before interest, tax and depreciation. Each of its 9 employees supports ₹1.44 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin85.6%

Net margin62.5%

Revenue / employee₹1.44 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.

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 14.0% 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.

ROCE14.0%

ROE25.9%

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 +80% while net margin moved -9% 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+80%

Margin effect-9%

DalalBaazaar Score

75/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.42 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal

Quality vs. Valuation

Company Quality

77/ 100

Good

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

Valuation

81/ 100

Cheap

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

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

9.6x

3Y Median

16.3x

40 monthly readings · mean 16.8x · range 10.2x–26.9x

Sector Median

30.2x

median of 3 sector peers

🟢Current valuation is approximately 41% below its 3y median of 16.3x. 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 trades 68% below the peer median of 30.2x.

vs. its own history

Cheap

16.3x median over 40 months · -41%

vs. sector peers

Cheap

30.2x median of 3 peers · -68%

vs. generic bands

Cheap

Below 15x

P/E (Trailing)

9.6x

P/B

2.65x

EV/EBITDA

9.2x

PEG

0.54

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well3

Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Valuation below its historical average
At 9.6x the stock trades 41% below its own median of 16.3x.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention3

Margins are compressing
EBITDA margin has slipped from 97.8% to 85.6% over 3 years.
Return on equity is falling
ROE has dropped from 42.8% to 25.9% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 22.0% to 14.0% — often a sign of competition or overexpansion.

Red Flags

2 items require attention · 2 high

🔴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 12.2 points, from 97.8% to 85.6%.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 41% 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.
Cheaper than its peers
It trades 68% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
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 97.8% to 85.6%. 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 42.8% to 25.9%. 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.
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
2 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

1Revenue growth stays above 16% a year✓ 21.7% CAGR
Latest reported year was 18.1%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 84%✓ 85.6%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹8 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 1.8x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 11%✓ 14.0%
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

7 good · 4 neutral · 0 weak

Market Cap

₹83 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

9.6x

Cheap

Cheap against the generic band

P/B Ratio

2.65x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹22.52

Profitable

Profitable on a per-share basis

ROE

25.9%

Strong

Strong capital efficiency

ROCE

14.0%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.58x

Low

Conservative leverage

Revenue Growth (YoY)

18.1%

Healthy

Healthy top-line growth

Profit Growth (YoY)

34.4%

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

₹8 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹215.5

Operating Margin

65.5%

Good

Healthy core-business profitability

Net Margin

61.2%

Good

Strong bottom-line conversion

Current Ratio

8.17

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.42

Defensive

Steadier than the market

52W Range Position

61%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

235.6 / 235.2

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

37.5

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹7 Cr	₹10 Cr	₹13 Cr	₹13 Cr	+21.7%
EBITDA	₹7 Cr	₹10 Cr	₹12 Cr	₹11 Cr	+16.4%
EBITDA Margin	97.8%	96.2%	94.8%	85.6%	—
PAT (Net Profit)	₹5 Cr	₹7 Cr	₹5 Cr	₹8 Cr	+17.8%
EPS	₹12.87	₹16.98	₹12.85	₹21.07	+17.9%
ROE	42.8%	36.1%	21.4%	25.9%	—
ROCE	22.0%	15.4%	15.2%	14.0%	—
Total Debt	—	₹24 Cr	₹22 Cr	₹20 Cr	—
Free Cash Flow	-₹3 Cr	-₹21 Cr	₹7 Cr	₹8 Cr	—

🟢 Revenue has grown at 21.7% a year over 3 years.

🟢 EBITDA has grown at 16.4% a year over 3 years.

🔴 EBITDA Margin has fallen from 97.8% to 85.6% over 3 years (-12.2 pts).

🟢 PAT (Net Profit) has grown at 17.8% a year over 3 years.

🟢 EPS has grown at 17.9% a year over 3 years.

🔴 ROE has fallen from 42.8% to 25.9% over 3 years (-16.8 pts).

🔴 ROCE has fallen from 22.0% to 14.0% over 3 years (-7.9 pts).

🟢 Free Cash Flow has turned positive, from -₹3 Cr to ₹8 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹77 Cr

Total Liabilities

₹42 Cr

Total Debt

₹20 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹8 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

62.2%

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

3 positive1 negative2 general

Dynavision CFO Aditya J Krishna resigns from material subsidiary

scanx.trade, 18 OctManagement

🔴Potentially negativeA senior departure, and an auditor's resignation especially, is worth understanding before anything else in this report.

Dynavision Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 09 Sept

Dynavision profit up 38% in FY26; AGM seeks ₹30 crore loan

scanx.trade, 28 AugResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Indo Count Industries consolidated net profit rises 62.02% in the June 2026 quarter

Business Standard, 12 AugResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Hindustan Aeronautics consolidated net profit rises 14.88% in the June 2026 quarter

Business Standard, 12 AugResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Dynavision Ltd to invest in Dynavision Green Solutions Ltd

EquityBulls, 13 Oct

Watch Items

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

DalalBaazaar Thesis

🟢Business QualityStrong13/20

🟢Financial HealthStrong15.1/20

🟢GrowthStrong18.5/20

🟢ProfitabilityStrong11/15

🟢ValuationAttractive11.8/15

🟡RiskModerate5.2/10

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 2 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 16% a year21.7% CAGR
✓EBITDA margin holds above 84%85.6%
✓Free cash flow remains positive₹8 Cr
✓Debt / EBITDA stays below 2x1.8x
✓ROCE stays above 11%14.0%