Jamshri Realty Limited

Real Estate — Real Estate Services · BSE

₹72.00−₹0.80 (−1.10%)

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, the company is currently loss-making.

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, 6:58 pm

Understanding the Business

Company site ↗

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

What does this company do?

Jamshri Realty Limited develops and leases real estate properties in India. It operates through two segments, Property and Related Services, and Hospitality Services. The company is also involved in the hospitality business.

IndustryReal Estate Services

SectorReal Estate

Employees27

Annual revenue₹7 Cr

How does it make money?

Turns over ₹7 Cr a year. Of every ₹100 of sales, about ₹-3 reaches shareholders as profit, with ₹52 left at the operating level before interest, tax and depreciation. Each of its 27 employees supports ₹26.4 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹26.4 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?Little sign of one

Returns on capital of 6.6% 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.

Peer median ROE10.3%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +83% while net margin moved -98% 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+83%

Margin effect-98%

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

EV/EBITDA

28.6x

PEG

—

What's Good / What's Bad

🟢 What's Going Well2

Margins are improving
EBITDA margin is up from -2.0% to 51.8% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.

🔴 What Needs Attention0

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

Red Flags

6 items require attention · 4 high · 2 watch

🔴Negative shareholders' equityFinancial
Liabilities exceed assets — accumulated losses have wiped out the company's net worth.
🔴Thin interest coverageFinancial
Operating profit covers interest only 1.0x — little room if earnings dip.
🔴The company is lossmakingFinancial
Net profit of -₹0 Cr in the latest reported year.
🔴Receivables growing faster than salesFinancial
Receivables up 409% against revenue up 83% — sales are being booked faster than they are collected.
🟡Debt is increasingFinancial
Total debt is up 38% over 3 years.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.18 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from -2.0% to 51.8%. 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 15.1x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Sales are being booked faster than collected
Receivables are up 409% against revenue up 83%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
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
4 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 17% a year✓ 22.3% CAGR
Latest reported year was -8.2%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 50%✓ 51.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 15.1x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
4Interest cover stays above 3x✗ 1.0x
How much operating profit can fall before interest stops being comfortably covered.
5Free cash flow remains positive✓ ₹1 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

4 / 10 checks passed

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

2 good · 4 neutral · 5 weak

Market Cap

₹50 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)

₹-0.15

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

6.6%

Distorted

Distorted by the negative net worth — read this alongside the solvency flag, not on its own

Debt/Equity

Not meaningful

Negative equity

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

Revenue Growth (YoY)

-8.2%

Shrinking

Sales are contracting

Profit Growth (YoY)

103.9%

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

₹1 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

58.6%

Good

Healthy core-business profitability

Net Margin

-1.4%

Weak

Very little revenue reaches the bottom line

Current Ratio

0.18

Tight

Tight short-term liquidity

Beta (vs Nifty)

0.05

Defensive

Steadier than the market

52W Range Position

10%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

74.1 / 74.9

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

43.9

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹4 Cr	₹5 Cr	₹7 Cr	₹7 Cr	+22.3%
EBITDA	-₹0 Cr	₹1 Cr	₹3 Cr	₹4 Cr	—
EBITDA Margin	-2.0%	10.9%	38.3%	51.8%	—
PAT (Net Profit)	-₹4 Cr	-₹3 Cr	-₹1 Cr	-₹0 Cr	—
EPS	₹-6.1	₹-4.87	₹-1.77	₹-0.27	—
ROCE	-3.7%	-0.9%	4.2%	6.6%	—
Total Debt	₹40 Cr	₹47 Cr	₹49 Cr	₹56 Cr	+11.2%
Free Cash Flow	-₹1 Cr	-₹5 Cr	₹1 Cr	₹1 Cr	—

🟢 Revenue has grown at 22.3% a year over 3 years.

🟢 EBITDA has turned positive, from -₹0 Cr to ₹4 Cr.

🟢 EBITDA Margin has risen from -2.0% to 51.8% over 3 years (+53.8 pts).

🟢 ROCE has risen from -3.7% to 6.6% over 3 years (+10.4 pts).

🔴 Total Debt has grown at 11.2% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹1 Cr to ₹1 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹57 Cr

Total Liabilities

₹62 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹1 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

56.9%

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

Jamshri Realty Ltd is Rated Strong Sell

MarketsMojo, 15 Oct

Jamshri Realty Share Price Steady After Q1 FY27 Results

Univest, 24 JulResults

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

Jamshri Realty Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 03 Sept

Jamshri Realty promoter Premratan Damani gifts 18.53% stake

scanx.trade, 18 Sept

Jamshri Realty unveils integrated mixed-use project in Solapur

BusinessLine, 18 Dec

Q1 results 2026: Infosys to IndiGo among companies to declare Q1 results today; full list here

Livemint, 23 JulResults

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

Watch Items

Revenue growth is negative (-8.2%) 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.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

StrongGrowth

WeakBusiness Quality · Financial Health · Profitability · Valuation · Risk

Points for each in the Score ↑

Avoid until solvency is resolved

Jamshri Realty 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. 4 high-severity red flags sit above this conclusion and should be read first.

2 of 5 tripwires tripped — Debt / EBITDA falls below 3x; Interest cover stays above 3x · see Key things to watch ↑