Martin Burn Limited

Real Estate — Real Estate Services · BSE

₹47.50+₹4.45 (+10.34%)

DalalBaazaar Score

65 / 100

🟢 Good

Verdict

NEUTRAL

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: The business is earning a fairly low return on the money invested in it, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:47 pm

Understanding the Business

Company site ↗

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

What does this company do?

Martin Burn Limited engages real estate development and execution of works contract projects in India. The company is also involved in the construction and development of properties, as well as in rental or leasing-related activities.

IndustryReal Estate Services

SectorReal Estate

Employees24

Annual revenue₹0 Cr

How does it make money?

Turns over ₹0 Cr a year. Of every ₹100 of sales, about ₹10435 reaches shareholders as profit, with ₹8865 left at the operating level before interest, tax and depreciation. Each of its 24 employees supports ₹7,583 of revenue a year, the signature of a people-led business.

Revenue / employee₹7,583

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 2.7% 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?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -94% while net margin moved +2903% 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-94%

Margin effect+2903%

DalalBaazaar Score

65/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.04 — 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

63/ 100

Average

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

Valuation

84/ 100

Cheap

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

7.1x

3Y Median

23.7x

40 monthly readings · mean 19.3x · range 3.5x–39.8x

Sector Median

30.2x

median of 3 sector peers

🟢Current valuation is approximately 70% below its 3y median of 23.7x. 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 77% below the peer median of 30.2x.

vs. its own history

Cheap

23.7x median over 40 months · -70%

vs. sector peers

Cheap

30.2x median of 3 peers · -77%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

14.0x

PEG

0.30

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 827.0% to 8865.4% over 3 years.
Debt is being paid down
Total debt is down 99% over 3 years.
Very low debt
Debt/Equity of 0.20x 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

1 item require attention · 1 watch

🟡Free cash flow is negativeFinancial
Free cash flow was -₹12 Cr in the latest year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 827.0% to 8865.4%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Deleveraging frees up earnings
Debt is down 99% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Priced below its own history
The stock trades 70% 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 77% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
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?

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

1EBITDA margin holds above 8863%✓ 8865.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✗ -₹12 Cr
Profit that never becomes cash eventually stops being profit.
3Debt / EBITDA stays below 2x✓ 0.1x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4ROCE stays above 8%✗ 2.7%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Valuation vs its own median of 23.7x✓ 7.1x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

7 / 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

6 good · 2 neutral · 3 weak

Market Cap

₹24 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

7.1x

Cheap

Cheap against the generic band

P/B Ratio

0.41x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹6.73

Profitable

Profitable on a per-share basis

ROE

3.2%

Weak

Weak capital efficiency

ROCE

2.7%

Weak

Low return on total capital employed

Debt/Equity

0.20x

Low

Conservative leverage

Revenue Growth (YoY)

13733.3%

Healthy

Healthy top-line growth

Profit Growth (YoY)

185.4%

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

-₹12 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

-128.3%

Weak

Thin margins leave little room for error

Net Margin

544.6%

Good

Strong bottom-line conversion

Current Ratio

12.02

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.04

Defensive

Steadier than the market

52W Range Position

39%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

43.7 / 44.4

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

61.7

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹0 Cr	₹2 Cr	₹0 Cr	₹0 Cr	-60.1%
EBITDA	₹2 Cr	₹2 Cr	-₹0 Cr	₹2 Cr	-12.1%
EBITDA Margin	827.0%	80.2%	-154.5%	8865.4%	—
PAT (Net Profit)	₹1 Cr	₹1 Cr	₹6 Cr	₹2 Cr	+23.9%
EPS	₹1.94	₹2.3	₹11.63	₹3.68	+23.8%
ROE	2.0%	2.3%	10.6%	3.2%	—
ROCE	2.2%	2.4%	8.3%	2.7%	—
Total Debt	₹10 Cr	₹10 Cr	₹0 Cr	₹0 Cr	-75.7%
Free Cash Flow	-₹1 Cr	₹3 Cr	₹15 Cr	-₹12 Cr	—

🔴 Revenue has shrunk at 60.1% a year over 3 years.

🔴 EBITDA has shrunk at 12.1% a year over 3 years.

🟢 EBITDA Margin has risen from 827.0% to 8865.4% over 3 years (+8038.4 pts).

🟢 PAT (Net Profit) has grown at 23.9% a year over 3 years.

🟢 EPS has grown at 23.8% a year over 3 years.

🟢 ROE has risen from 2.0% to 3.2% over 3 years (+1.2 pts).

🟡 ROCE has held roughly flat at 2.7% over 3 years.

🟢 Total Debt has shrunk at 75.7% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹95 Cr

Total Liabilities

₹37 Cr

Cash & Equivalents

₹2 Cr

Operating Cash Flow

-₹12 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

80.3%

Corporate Actions

Ex-Dividend Date

21 Aug 2019

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

6 general

Martin Burn Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 03 Sept

DSP BSE MIDSMALL PRIVATE BANKS ETF Stock/Share price , NSE/BSE Forecast News and Live Quotes

Equitymaster, 07 Aug

Aston Martin: a cash-burning machine

Investors' Chronicle, 31 Jul

Lockheed Martin Has Fallen Nearly 25% From Its 2026 High. Is It Finally Time to Buy?

TIKR.com, 07 May

BIOGEN PHARMACHEM INDUSTRIES LTD Stock/Share price , NSE/BSE Forecast News and Live Quotes

Equitymaster, 19 May

Bank of America sends strong message on Lockheed Martin stock

thestreet.com, 27 Apr

Watch Items

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

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Valuation

MiddlingGrowth · Profitability

WeakRisk

Points for each in the Score ↑

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 of 5 tripwires tripped — Free cash flow remains positive; ROCE stays above 8% · see Key things to watch ↑