Housing Development and Infrastructure Limited

Real Estate — Real Estate - Diversified · BSE

₹1.43−₹0.04 (−2.72%)

DalalBaazaar Score

27 / 100

🔴 Weak

Verdict

HIGH RISK

Risk

Very High

Driven by negative shareholders' equity — the company owes more than it owns, short-term liabilities exceed short-term assets, negative free cash flow.

In simple words: The company owes more than it owns — years of losses have wiped out its net worth, but sales are shrinking. 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, 6:05 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 Housing Development and Infrastructure Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Housing Development and Infrastructure Limited engages in the real estate construction, development, and other related activities in India.

IndustryReal Estate - Diversified

SectorReal Estate

Annual revenue₹2 Cr

How does it make money?

Turns over ₹2 Cr a year. Of every ₹100 of sales, about ₹-1 reaches shareholders as profit, with ₹92 left at the operating level before interest, tax and depreciation.

EBITDA margin92.2%

Net margin-0.7%

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 has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +155% while net margin moved -100% 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+155%

Margin effect-100%

DalalBaazaar Score

27/ 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

29/ 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

1930.4x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well1

Margins are improving
EBITDA margin is up from -1735.4% to 92.2% over 3 years.

🔴 What Needs Attention3

Free cash flow is negative
The business is not currently covering its capital spending from operations.
Negative shareholders' equity
Liabilities exceed assets — this is a solvency question that sits above every other consideration here.
Short-term liquidity is tight
Current ratio of 0.52 — near-term obligations exceed near-term assets.

Red Flags

6 items require attention · 3 high · 3 watch

🔴Negative shareholders' equityFinancial
Liabilities exceed assets — accumulated losses have wiped out the company's net worth.
🔴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.
🔴The company is lossmakingFinancial
Net profit of -₹0 Cr in the latest reported year.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹0 Cr in the latest year.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.52 — near-term obligations exceed near-term assets.
🟡Low reported insider holdingOwnership
Reported insider holding is 0.0%. For Indian companies this field is an unreliable proxy — check the official promoter shareholding in the exchange filing.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from -1735.4% to 92.2%. 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?

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.
The debt load needs earnings to hold up
Debt is 1887.3x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
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

1Revenue growth stays above 27% a year✓ 36.7% CAGR
Latest reported year was -13.5%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 90%✓ 92.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 1887.3x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
4Free cash flow remains positive✗ -₹0 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

3 / 9 checks passed

✗ Shareholders' equity is positive (assets exceed liabilities)
✗ 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

1 good · 4 neutral · 6 weak

Market Cap

₹68 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)

₹-0.1

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

Not available

No data

Source didn't return this field

Debt/Equity

Not meaningful

Negative equity

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

Revenue Growth (YoY)

-13.5%

Shrinking

Sales are contracting

Profit Growth (YoY)

99.9%

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

-₹6 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹1.43

ROA

-0.0%

Weak

Assets generate little profit

Operating Margin

-324.2%

Weak

Thin margins leave little room for error

Net Margin

-5.4%

Weak

Very little revenue reaches the bottom line

Current Ratio

0.52

Tight

Tight short-term liquidity

Beta (vs Nifty)

0.19

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

1.5 / 1.5

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

43.3

Neutral momentum

Financial Trend (4-Year)

Metric	FY22	FY23	FY24	FY25	3Y CAGR
Revenue	₹1 Cr	₹1 Cr	₹2 Cr	₹2 Cr	+36.7%
EBITDA	-₹11 Cr	-₹19 Cr	-₹9 Cr	₹1 Cr	—
EBITDA Margin	-1735.4%	-1426.5%	-545.4%	92.2%	—
PAT (Net Profit)	-₹12 Cr	-₹20 Cr	-₹10 Cr	-₹0 Cr	—
EPS	₹-0.26	₹-0.26	₹-0.22	—	—
Total Debt	₹2,823 Cr	₹2,823 Cr	₹2,823 Cr	₹2,823 Cr	+0.0%
Free Cash Flow	-₹0 Cr	-₹2 Cr	₹10 Cr	-₹0 Cr	—

🟢 Revenue has grown at 36.7% a year over 3 years.

🟢 EBITDA has turned positive, from -₹11 Cr to ₹1 Cr.

🟢 EBITDA Margin has risen from -1735.4% to 92.2% over 3 years (+1827.6 pts).

🟡 Total Debt has been broadly flat over 3 years (0.0% a year).

Balance Sheet & Cash Flow — FY2025

Total Assets

₹3,948 Cr

Total Liabilities

₹6,242 Cr

Total Debt

₹2,823 Cr

Cash & Equivalents

₹3 Cr

Operating Cash Flow

-₹0 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

0.0%

Corporate Actions

Ex-Dividend Date

10 Jul 2008

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

Housing Development & Infrastructure Ltd is Rated Strong Sell

MarketsMojo, 15 Oct

Housing and Urban Development Corporation Share Price Target 2026: Rs 240 Analyst Forecast

Univest, 11 JunAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Bhudevi Infra Projects starts Hyderabad residential project

scanx.trade, 15 Aug

Singapore's Thakral raises stake in Gurugram mixed-use healthcare project

Business Standard, 29 May

6 Best Construction Stocks for 2026 and How to Invest

The Motley Fool, 26 Aug

Agi Infra Share Price Target 2026 Analyst Forecast Bull and Bear Case

Univest, 15 MayAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Watch Items

Revenue growth is negative (-13.5%) on the latest reported period — check if this is one-off or a trend.
Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
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.
Reported insider holding is low — cross-check the official promoter shareholding % in the company's exchange filing.

DalalBaazaar Thesis

🔴Business QualityWeak6/20

🔴Financial HealthStretched1/20

🟢GrowthStrong13/20

🔴ProfitabilityWeak1.5/15

🔴ValuationDemanding4.5/15

🔴RiskHigh0.5/10

Avoid until solvency is resolved

Housing Development and Infrastructure 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

✓Revenue growth stays above 27% a year36.7% CAGR
✓EBITDA margin holds above 90%92.2%
✗Debt / EBITDA falls below 3x1887.3x
✗Free cash flow remains positive-₹0 Cr