Gothi Plascon (India) Limited

Real Estate — Real Estate Services · BSE

₹38.85−₹1.95 (−4.78%)

DalalBaazaar Score

69 / 100

🟢 Good

Verdict

REASONABLE

Risk

Low

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 on this snapshot stands out as an immediate concern — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:59 pm

Understanding the Business

Company site ↗

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

What does this company do?

Gothi Plascon (India) Limited provides real estate and other related services in India. It is involved in renting immovable properties, such as commercial spaces, factory sites, and warehouses; and granting of loans.

IndustryReal Estate Services

SectorReal Estate

Employees19

Annual revenue₹4 Cr

How does it make money?

Turns over ₹4 Cr a year. Of every ₹100 of sales, about ₹45 reaches shareholders as profit, with ₹80 left at the operating level before interest, tax and depreciation. Each of its 19 employees supports ₹21.0 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹21.0 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.

Compared side by side in Peers ↓

What is its competitive advantage?Some evidence

ROCE of 17.7% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

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 +23% while net margin moved -11% 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+23%

Margin effect-11%

DalalBaazaar Score

69/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Revenue CAGR of only 7.1% — barely ahead of inflation
✗ Profit CAGR of only 3.1%

Quality vs. Valuation

Company Quality

69/ 100

Good

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

Valuation

67/ 100

Fair

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

17.7x

3Y Median

25.1x

40 monthly readings · mean 25.2x · range 18.5x–33.3x

Sector Median

30.2x

median of 3 sector peers

🟢Current valuation is approximately 29% below its 3y median of 25.1x. 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 41% below the peer median of 30.2x.

vs. its own history

Cheap

25.1x median over 40 months · -29%

vs. sector peers

Cheap

30.2x median of 3 peers · -41%

vs. generic bands

Fair

15x–35x

EV/EBITDA

13.8x

PEG

5.78

What's Good / What's Bad

🟢 What's Going Well4

Cash generation is improving
Free cash flow is up 27% over 3 years.
Return on capital is rising
ROCE has improved from 15.4% to 17.7%.
Very low debt
Debt/Equity of 0.13x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

3 items require attention · 3 high

🔴Debt has risen sharplyFinancial
Total debt is up 94% over 3 years, from ₹2 Cr to ₹5 Cr.
🔴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.
🔴Receivables growing faster than salesFinancial
Receivables up 15650% against revenue up 23% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 29% 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 41% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹3 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
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?

Sales are being booked faster than collected
Receivables are up 15650% against revenue up 23%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Growth barely outpaces inflation
Revenue compounding at 7.1% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
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

1EBITDA margin holds above 78%✓ 79.9%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Revenue growth stays above 5% a year✓ 7.1% CAGR
Latest reported year was 44.6%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
3Free cash flow remains positive✓ ₹3 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 1.5x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 15%✓ 17.7%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

11 / 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

8 good · 3 neutral · 0 weak

Market Cap

₹40 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

17.7x

Fair

Fairly valued against the generic band

P/B Ratio

3.55x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹2.19

Profitable

Profitable on a per-share basis

ROE

16.6%

Strong

Strong capital efficiency

ROCE

17.7%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.13x

Low

Conservative leverage

Revenue Growth (YoY)

44.6%

Healthy

Healthy top-line growth

Profit Growth (YoY)

91.4%

Healthy

Profits growing at a healthy clip

Dividend Yield

5.15%

Healthy

Meaningful cash return while you hold the stock

Free Cash Flow

₹3 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

63.0%

Good

Healthy core-business profitability

Net Margin

40.4%

Good

Strong bottom-line conversion

Current Ratio

4.23

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.43

Defensive

Steadier than the market

52W Range Position

41%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

40.7 / 39.3

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

31.2

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹3 Cr	₹4 Cr	₹3 Cr	₹4 Cr	+7.1%
EBITDA	₹3 Cr	₹3 Cr	₹3 Cr	₹3 Cr	+6.9%
EBITDA Margin	80.4%	57.1%	79.0%	79.9%	—
PAT (Net Profit)	₹2 Cr	₹2 Cr	₹2 Cr	₹2 Cr	+3.1%
EPS	₹1.62	₹1.5	₹1.6	₹1.78	+3.2%
ROE	13.7%	13.2%	14.6%	16.6%	—
ROCE	15.4%	15.2%	15.3%	17.7%	—
Total Debt	₹2 Cr	₹2 Cr	₹5 Cr	₹5 Cr	+24.7%
Free Cash Flow	₹2 Cr	₹2 Cr	₹0 Cr	₹3 Cr	+8.4%

🟢 Revenue has grown at 7.1% a year over 3 years.

🟢 EBITDA has grown at 6.9% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 79.9% over 3 years.

🟢 PAT (Net Profit) has grown at 3.1% a year over 3 years.

🟢 EPS has grown at 3.2% a year over 3 years.

🟢 ROE has risen from 13.7% to 16.6% over 3 years (+2.9 pts).

🟢 ROCE has risen from 15.4% to 17.7% over 3 years (+2.3 pts).

🔴 Total Debt has grown at 24.7% a year over 3 years.

🟢 Free Cash Flow has grown at 8.4% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹17 Cr

Total Liabilities

₹6 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹3 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

73.4%

Corporate Actions

Dividend Rate

₹2

Ex-Dividend Date

13 Feb 2026

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 mixed2 general

Gothi Plascon Q1 Results FY27: PAT Rs 0.68 Cr, Revenue Rs 1 Cr

Univest, 31 JulResults

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

Gothi Plascon Q3FY26 Results: Revenue Up 4.15% YoY, Publishes Under Regulation 47

scanx.trade, 11 FebResults

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

GOTHI PLASCON (INDIA) LTD. Share Price

Upstox, 29 Mar

Narmada Gelatines consolidated net profit rises 69.32% in the March 2026 quarter

Business Standard, 25 MayResults

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

Gothi Plascon (India) Ltd

Equitypandit, 13 Jan

Dividend Stocks: Bharat Dynamics, Hero MotoCorp, RVNL, among others to trade ex-dividend next week; Full list here

Livemint, 08 FebCapital return

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

Watch Items

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

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Profitability · Valuation

MiddlingRisk

WeakGrowth

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself. 3 high-severity red flags sit above this conclusion and should be read first.

All 5 tripwires holding · see Key things to watch ↑