Gallops Enterprise Limited

Real Estate — Real Estate - Development · BSE

₹39.00+₹1.23 (+3.26%)

DalalBaazaar Score

55 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

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

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:09 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 Gallops Enterprise Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Gallops Enterprise Limited does not have significant operations. Previously, it was engaged in the real estate business in India. The company was formerly known as Ficon Lease And Finance Limited. The company was incorporated in 1994 and is based in Ahmedabad, India.

IndustryReal Estate - Development

SectorReal Estate

Employees2

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 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.

ROCE3.4%

ROE3.4%

Peer median ROE10.3%

DalalBaazaar Score

55/ 100

Moderate

Weighted across six categories. Every point is explained below.

✓ Beta of -1.69 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

59/ 100

Average

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

Valuation

42/ 100

Expensive

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

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

780.0x

2Y Median

2067.0x

28 monthly readings · mean 1933.6x · range 394.1x–3750.0x

Sector Median

30.2x

median of 3 sector peers

🟢Current valuation is approximately 62% below its 2y median of 2067.0x. 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 2485% above the peer median of 30.2x.

vs. its own history

Cheap

2067.0x median over 28 months · -62%

vs. sector peers

Expensive

30.2x median of 3 peers · +2485%

vs. generic bands

Expensive

Above 35x

P/E (Trailing)

780.0x

P/B

13.67x

EV/EBITDA

413.9x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well3

Return on equity is rising
ROE has improved from -2.8% to 3.4%.
Return on capital is rising
ROCE has improved from -2.8% to 3.4%.
Valuation below its historical average
At 780.0x the stock trades 62% below its own median of 2067.0x.

🔴 What Needs Attention1

Free cash flow is negative
The business is not currently covering its capital spending from operations.

Red Flags

2 items require attention · 2 high

🔴Free cash flow negative for 4 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴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.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 62% 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.

🔴 Bear CaseWhat could go wrong?

A premium to the sector to defend
It trades 2485% above the peer median. That premium needs a reason that persists, or it closes.
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
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

1Free cash flow remains positive✗ -₹0 Cr
Profit that never becomes cash eventually stops being profit.
2ROCE stays above 8%✗ 3.4%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
3Valuation vs its own median of 2067.0x✓ 780.0x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

5 / 9 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)
✓ 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

2 good · 4 neutral · 5 weak

Market Cap

₹20 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

780.0x

Expensive

Expensive — verify against sector peers

P/B Ratio

13.67x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹0.05

Profitable

Profitable on a per-share basis

ROE

3.4%

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)

Not available

No data

Source didn't return this field

Profit Growth (YoY)

126.1%

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

₹39

Operating Margin

49.0%

Good

Healthy core-business profitability

Net Margin

49.2%

Good

Strong bottom-line conversion

Current Ratio

42.18

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-1.69

Defensive

Steadier than the market

52W Range Position

88%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

38.2 / 37.8

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

46.7

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
EBITDA	-₹0 Cr	₹0 Cr	-₹0 Cr	₹0 Cr	—
PAT (Net Profit)	-₹0 Cr	₹0 Cr	-₹0 Cr	₹0 Cr	—
EPS	₹-0.08	₹0.01	₹-0.35	₹0.09	—
ROE	-2.8%	0.4%	-13.4%	3.4%	—
ROCE	-2.8%	0.4%	-13.4%	3.4%	—
Free Cash Flow	-₹0 Cr	-₹0 Cr	-₹0 Cr	-₹0 Cr	—

🟢 EBITDA has turned positive, from -₹0 Cr to ₹0 Cr.

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

🟢 EPS has turned positive, from ₹-0.08 to ₹0.09.

🟢 ROE has risen from -2.8% to 3.4% over 3 years (+6.2 pts).

🟢 ROCE has risen from -2.8% to 3.4% over 3 years (+6.2 pts).

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1 Cr

Total Liabilities

₹0 Cr

Total Debt

—

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹0 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

88.0%

Corporate Actions

Ex-Dividend Date

15 Oct 1996

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

2 mixed4 general

Gallops Enterprise shareholders approve FY26 results and board changes

scanx.trade, 19 SeptResults

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

RUNWAL ENTERPRISES LTD. Stock/Share price , NSE/BSE Forecast News and Live Quotes

Equitymaster, 05 Oct

Gallops Enterprise sets Sep 19 for 32nd AGM; Padhiyar seeks reappointment

scanx.trade, 27 Aug

Q4 Results Today: SBI, Swiggy, Hyundai Motor, Urban Company Over 75 Companies To Declare Earnings

NDTV Profit, 08 MayResults

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

Gallops Enterprise Appoints Independent Director and CFO Effective May 13, 2026

scanx.trade, 13 May

Gallops Enterprise accepts CS resignation effective June 30

scanx.trade, 30 Jun

Watch Items

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.

DalalBaazaar Thesis

🟢Business QualityStrong13.1/20

🟡Financial HealthAdequate10.8/20

🟡GrowthModest10/20

🟢ProfitabilityStrong10/15

🔴ValuationDemanding6.7/15

🔴RiskHigh4/10

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 2 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✗Free cash flow remains positive-₹0 Cr
✗ROCE stays above 8%3.4%
✓Valuation vs its own median of 2067.0x780.0x today