FGP Limited

Real Estate — Real Estate Services · BSE

₹9.67+₹0.46 (+4.99%)

DalalBaazaar Score

61 / 100

🟢 Good

Verdict

CAUTION

Risk

High

Driven by micro-cap size, which brings thin liquidity, a very high earnings multiple, which leaves little margin for disappointment, falling profits.

In simple words: The business is earning a fairly low return on the money invested in it, though profits are falling even as sales grow. Valuation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:04 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 FGP Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

FGP Limited provides business center facilities in India. It offers office space to corporate sectors, as well as engages in the property letting activities. FGP Limited was incorporated in 1962 and is based in Mumbai, India.

IndustryReal Estate Services

SectorReal Estate

Employees3

Annual revenue₹2 Cr

How does it make money?

Turns over ₹2 Cr a year. Of every ₹100 of sales, about ₹4 reaches shareholders as profit, with ₹-20 left at the operating level before interest, tax and depreciation. Each of its 3 employees supports ₹65.6 lakh of revenue a year, the signature of a people-led business.

EBITDA margin-20.0%

Net margin3.7%

Revenue / employee₹65.6 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.

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 -10.0% 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.

ROCE-10.0%

ROE2.1%

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 +1086% while net margin moved -101% 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+1086%

Margin effect-101%

DalalBaazaar Score

61/ 100

Good

Weighted across six categories. Every point is explained below.

✗ P/E of 322.3x is demanding — it needs sustained high growth to justify
✗ P/E is 604% above its own historical median of 45.8x — expensive by its own standards

Quality vs. Valuation

Company Quality

69/ 100

Good

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

Valuation

28/ 100

Expensive

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

A good business, but the price already reflects that. The quality is real; the question is whether you are overpaying for it today.

Historical Valuation

Current P/E

322.3x

2Y Median

45.8x

28 monthly readings · mean 63.7x · range 34.7x–218.2x

Sector Median

30.2x

median of 3 sector peers

⚠️Current valuation is approximately 604% above its 2y median of 45.8x. 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 968% above the peer median of 30.2x.

vs. its own history

Expensive

45.8x median over 28 months · +604%

vs. sector peers

Expensive

30.2x median of 3 peers · +968%

vs. generic bands

Expensive

Above 35x

P/E (Trailing)

322.3x

P/B

3.37x

EV/EBITDA

—

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from -423.4% to -20.0% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Return on equity is rising
ROE has improved from -25.7% to 2.1%.
Return on capital is rising
ROCE has improved from -21.5% to -10.0%.

🔴 What Needs Attention1

Valuation above its historical average
At 322.3x the stock trades 604% above its own median of 45.8x.

Red Flags

No automated checks triggered

None of the automated financial checks below were triggered on the years of data available. That is not the same as a clean bill of health — see what could not be checked.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from -423.4% to -20.0%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.

🔴 Bear CaseWhat could go wrong?

The price already assumes success
The stock trades 604% 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.
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 96% a year✓ 128.1% CAGR
Latest reported year was 708.6%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above -22%✓ -20.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹0 Cr
Profit that never becomes cash eventually stops being profit.
4ROCE stays above 8%✗ -10.0%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Valuation vs its own median of 45.8x✗ 322.3x 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 · 4 neutral · 4 weak

Market Cap

₹12 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

322.3x

Expensive

Expensive — verify against sector peers

P/B Ratio

3.37x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹0.03

Profitable

Profitable on a per-share basis

ROE

2.1%

Weak

Weak capital efficiency

ROCE

-10.0%

Weak

Low return on total capital employed

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

708.6%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-13.0%

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

₹0 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹9.67

Operating Margin

-16.4%

Weak

Thin margins leave little room for error

Net Margin

1.8%

Weak

Very little revenue reaches the bottom line

Current Ratio

19.77

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.16

Defensive

Steadier than the market

52W Range Position

29%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

9.1 / 11.2

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

48.5

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹0 Cr	₹0 Cr	₹0 Cr	₹2 Cr	+128.1%
EBITDA	-₹1 Cr	-₹1 Cr	-₹1 Cr	-₹0 Cr	—
EBITDA Margin	-423.4%	-581.0%	-229.9%	-20.0%	—
PAT (Net Profit)	-₹1 Cr	₹0 Cr	-₹0 Cr	₹0 Cr	—
EPS	₹-0.67	₹0.22	₹-0.03	₹0.06	—
ROE	-25.7%	7.7%	-1.0%	2.1%	—
ROCE	-21.5%	-14.7%	-7.7%	-10.0%	—
Free Cash Flow	-₹0 Cr	-₹0 Cr	-₹0 Cr	₹0 Cr	—

🟢 Revenue has grown at 128.1% a year over 3 years.

🟢 EBITDA Margin has risen from -423.4% to -20.0% over 3 years (+403.4 pts).

🟢 PAT (Net Profit) has turned positive, from -₹1 Cr to ₹0 Cr.

🟢 EPS has turned positive, from ₹-0.67 to ₹0.06.

🟢 ROE has risen from -25.7% to 2.1% over 3 years (+27.8 pts).

🟢 ROCE has risen from -21.5% to -10.0% over 3 years (+11.5 pts).

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

Balance Sheet & Cash Flow — FY2026

Total Assets

₹4 Cr

Total Liabilities

₹0 Cr

Total Debt

—

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹0 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

45.5%

Insider Holding

10.4%

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 positive5 general

FirstGroup plc Actuals & Estimates (LSE:FGP)

TradingView, 26 Jun

FGP Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 31 Aug

FGP Limited schedules 64th AGM on July 30

scanx.trade, 04 Jun

FirstGroup PLC (FGP.L) Stock Analysis: Exploring a 42% Upside Potential and Solid Dividend Yield

DirectorsTalk Interviews, 18 AugCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

FGP Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 31 Aug

FirstGroup plc (LON:FGP) is largely controlled by institutional shareholders who own 77% of the company

Yahoo Finance, 21 Jan

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

🔴Business QualityWeak8.7/20

🟢Financial HealthStrong17.3/20

🟢GrowthStrong18.4/20

🟡ProfitabilityModerate7.1/15

🔴ValuationDemanding4.9/15

🔴RiskHigh4.4/10

Good business, demanding price

The quality is real and the price already reflects it. Buying here is a bet that the business keeps compounding for long enough to grow into the multiple — which good businesses often do, but it removes the margin for error that a lower price would have given you.

This thesis breaks if

✓Revenue growth stays above 96% a year128.1% CAGR
✓EBITDA margin holds above -22%-20.0%
✓Free cash flow remains positive₹0 Cr
✗ROCE stays above 8%-10.0%
✗Valuation vs its own median of 45.8x322.3x today