Driven by moderate debt load, the company is currently loss-making, micro-cap size, which brings thin liquidity.
In simple words: The company is currently losing money, but sales are shrinking. The direction of profits is 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.
The 60-second version of Newtime Infrastructure Limited — what it does, how it earns, and who it competes with, before any of the numbers below.
What does this company do?
Newtime Infrastructure Limited engages in the real estate development business in India. It offers construction, project consultancy, and project planning, designing, marketing and execution, and management services.
IndustryReal Estate Services
SectorReal Estate
Employees9
Annual revenue₹4 Cr
How does it make money?
Turns over ₹4 Cr a year. Of every ₹100 of sales, about ₹-145 reaches shareholders as profit, with ₹-0 left at the operating level before interest, tax and depreciation. Each of its 9 employees supports ₹41.4 lakh of revenue a year, the signature of a people-led business.
EBITDA margin-0.1%
Net margin-145.4%
Revenue / employee₹41.4 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.
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 -2.9% 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.
ROCE-2.9%
ROE-15.2%
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 +10% while net margin moved +149% 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+10%
Margin effect+149%
DalalBaazaar Score
37/ 100
Weak
Weighted across six categories. Every point is explained below.
✗ Return on equity is negative
✗ ROE has fallen by 12.5 points over the period
Quality vs. Valuation
Company Quality
38/ 100
Weak
How good the business is, ignoring the share price entirely.
vs
Valuation
29/ 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
No P/E — the company is lossmaking
P/E (Trailing)
Not meaningful
P/B
2.46x
EV/EBITDA
—
PEG
—
Dividend Yield
None
What's Good / What's Bad
🟢 What's Going Well2
Debt is being paid down
Total debt is down 98% over 3 years.
Cash generation is improving
Free cash flow is up 1859% over 3 years.
🔴 What Needs Attention4
Margins are compressing
EBITDA margin has slipped from 49.5% to -0.1% over 3 years.
Return on equity is falling
ROE has dropped from -2.6% to -15.2% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 0.5% to -2.9% — often a sign of competition or overexpansion.
Receivables growing faster than sales
Receivables are up 103% against revenue growth of 10% — customers are taking longer to pay.
Red Flags
5 items require attention · 4 high · 1 watch
🔴Thin interest coverageFinancial
Operating profit covers interest only -0.4x — little room if earnings dip.
🔴The company is lossmakingFinancial
Net profit of -₹5 Cr in the latest reported year.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 49.7 points, from 49.5% to -0.1%.
🔴Receivables growing faster than salesFinancial
Receivables up 103% against revenue up 10% — sales are being booked faster than they are collected.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 0.3x to -0.4x.
Investment Thesis
🟢 Bull CaseWhat could make this work?
Deleveraging frees up earnings
Debt is down 98% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
🔴 Bear CaseWhat could go wrong?
Margins are being competed away
EBITDA margin has fallen from 49.5% to -0.1%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Sales are being booked faster than collected
Receivables are up 103% against revenue up 10%. 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 3.2% 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.
Returns on shareholder capital are falling
ROE has dropped from -2.6% to -15.2%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
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.
🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today
1EBITDA margin holds above -2%✓ -0.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Interest cover stays above 3x✗ -0.4x
How much operating profit can fall before interest stops being comfortably covered.
3Revenue growth stays above 4% a year✗ 3.2% CAGR
Latest reported year was -18.9%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
4Free cash flow remains positive✓ ₹0 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 8%✗ -2.9%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
Investment Checklist
5 / 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
1 good · 4 neutral · 6 weak
Market Cap
₹93 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
2.46x
Fair
Moderate premium to the company's book value
EPS (TTM)
₹-0.11
Loss-making
Negative earnings per share — the business is losing money
ROE
-15.2%
Weak
Weak capital efficiency
ROCE
-2.9%
Weak
Low return on total capital employed
Debt/Equity
0.90x
Moderate
Moderate leverage
Revenue Growth (YoY)
-18.9%
Shrinking
Sales are contracting
Profit Growth (YoY)
-75.8%
Falling
Profits are shrinking
Dividend Yield
None
None
No dividend yield reported — usually means no payout, but verify if one was recently initiated
Free Cash Flow
₹0 Cr
Cash generative
Generates cash even after funding its capex
More Metrics
CMP
₹1.7
Operating Margin
-122.0%
Weak
Thin margins leave little room for error
Net Margin
-163.8%
Weak
Very little revenue reaches the bottom line
Current Ratio
2.01
Comfortable
Healthy short-term liquidity
Beta (vs Nifty)
0.82
Market-like
Moves roughly in line with the market
52W Range Position
9%
Near low
Near its 52-week low
Technical Snapshot
SMA 20 / SMA 50
1.8 / 1.9
Bearish alignment (short < long)
Price vs SMA 200
Below
Long-term downtrend
RSI (14)
8.3
Oversold zone
Financial Trend (4-Year)
Metric
FY23
FY24
FY25
FY26
3Y CAGR
Revenue
₹3 Cr
₹7 Cr
₹5 Cr
₹4 Cr
+3.2%
EBITDA
₹2 Cr
₹5 Cr
₹1 Cr
-₹0 Cr
—
EBITDA Margin
49.5%
70.1%
18.2%
-0.1%
—
PAT (Net Profit)
-₹2 Cr
₹8 Cr
-₹3 Cr
-₹5 Cr
—
EPS
₹-0.07
₹0.15
₹-0.06
₹-0.12
—
ROE
-2.6%
38.5%
-17.5%
-15.2%
—
ROCE
0.5%
16.9%
1.8%
-2.9%
—
Total Debt
₹270 Cr
₹6 Cr
₹6 Cr
₹6 Cr
-71.5%
Free Cash Flow
₹0 Cr
-₹4 Cr
₹4 Cr
₹0 Cr
+169.6%
🟢 Revenue has grown at 3.2% a year over 3 years.
🔴 EBITDA has turned negative, from ₹2 Cr to -₹0 Cr.
🔴 EBITDA Margin has fallen from 49.5% to -0.1% over 3 years (-49.7 pts).
🔴 ROE has fallen from -2.6% to -15.2% over 3 years (-12.5 pts).
🔴 ROCE has fallen from 0.5% to -2.9% over 3 years (-3.3 pts).
🟢 Total Debt has shrunk at 71.5% a year over 3 years.
🟢 Free Cash Flow has grown at 169.6% a year over 3 years.
🔴Potentially negativeReported deterioration, which feeds the growth and margin inputs on this page directly.
Watch Items
Revenue growth is negative (-18.9%) 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.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.
DalalBaazaar Thesis
🔴Business QualityWeak4.7/20
🟢Financial HealthStrong13.8/20
🔴GrowthWeak7.6/20
🔴ProfitabilityWeak2.5/15
🔴ValuationDemanding5.1/15
🔴RiskHigh3.6/10
Weak on the fundamentals
Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 4 high-severity red flags sit above this conclusion and should be read first.
