Omaxe Limited

Real Estate — Real Estate - Development · NSE

₹113.51+₹4.81 (+4.43%)

DalalBaazaar Score

32 / 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, though profits are falling even as sales grow. 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, 6:08 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 Omaxe Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Omaxe Limited engages in real estate development activities in India. Its portfolio includes residential, commercial, retail and integrated township projects, as well as group housing, SCOs, shopping malls, and hotels.

IndustryReal Estate - Development

SectorReal Estate

Employees468

Annual revenue₹1,199 Cr

How does it make money?

Turns over ₹1,199 Cr a year. Of every ₹100 of sales, about ₹-58 reaches shareholders as profit, with ₹-54 left at the operating level before interest, tax and depreciation. Each of its 468 employees supports ₹2.56 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin-54.1%

Net margin-58.1%

Revenue / employee₹2.56 Cr

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 -78.9% 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-78.9%

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 +64% while net margin moved +22% 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+64%

Margin effect+22%

DalalBaazaar Score

32/ 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

36/ 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

—

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well0

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

🔴 What Needs Attention4

Margins are compressing
EBITDA margin has slipped from -38.0% to -54.1% over 3 years.
Debt is rising
Total debt is up 30% over 3 years — worth checking what it funded.
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 0.97 — near-term obligations exceed near-term assets.

Red Flags

7 items require attention · 4 high · 3 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 -3.0x — little room if earnings dip.
🔴The company is lossmakingFinancial
Net profit of -₹697 Cr in the latest reported year.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 16.0 points, from -38.0% to -54.1%.
🟡Debt is increasingFinancial
Total debt is up 30% over 3 years.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from -3.7x to -3.0x.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.97 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 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.
Margins are being competed away
EBITDA margin has fallen from -38.0% to -54.1%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
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 13% a year✓ 17.9% CAGR
Latest reported year was 43.9%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above -56%✓ -54.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Interest cover stays above 3x✗ -3.0x
How much operating profit can fall before interest stops being comfortably covered.
4Free cash flow remains positive✓ ₹182 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

₹2,085 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)

₹-27.9

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

-78.9%

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)

43.9%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-1.6%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹182 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹113.51

P/E (Forward)

16.2x

Operating Margin

-0.1%

Weak

Thin margins leave little room for error

Net Margin

-37.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

0.97

Adequate

Adequate, but no real cushion

Beta (vs Nifty)

0.04

Defensive

Steadier than the market

52W Range Position

67%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

109.7 / 110.2

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

43.9

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹731 Cr	₹1,590 Cr	₹1,469 Cr	₹1,199 Cr	+17.9%
EBITDA	-₹278 Cr	-₹338 Cr	-₹565 Cr	-₹648 Cr	—
EBITDA Margin	-38.0%	-21.2%	-38.4%	-54.1%	—
PAT (Net Profit)	-₹348 Cr	-₹403 Cr	-₹686 Cr	-₹697 Cr	—
EPS	₹-19.02	₹-22.01	₹-37.51	₹-38.1	—
ROE	-38.7%	-83.8%	—	—	—
ROCE	-17.4%	-24.7%	-64.9%	-78.9%	—
Total Debt	₹1,007 Cr	₹679 Cr	₹659 Cr	₹1,307 Cr	+9.1%
Free Cash Flow	₹449 Cr	₹970 Cr	₹983 Cr	₹182 Cr	-25.9%

🟢 Revenue has grown at 17.9% a year over 3 years.

🔴 EBITDA Margin has fallen from -38.0% to -54.1% over 3 years (-16.0 pts).

🔴 ROCE has fallen from -17.4% to -78.9% over 3 years (-61.5 pts).

🔴 Total Debt has grown at 9.1% a year over 3 years.

🔴 Free Cash Flow has shrunk at 25.9% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹16,522 Cr

Total Liabilities

₹17,415 Cr

Total Debt

₹1,307 Cr

Cash & Equivalents

₹490 Cr

Operating Cash Flow

₹212 Cr

Capex

-₹30 Cr

Shareholding (proxy)

Institutional Holding

4.0%

Insider Holding

76.9%

Corporate Actions

Ex-Dividend Date

19 Sept 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

1 mixed5 general

Omaxe Upper Circuit Today: Price, Data and Peers

Univest, 16 Oct

Omaxe soars 20% on launch of dedicated hospitality arm, to invest ₹6200-cr

Business Standard, 29 Jun

Sebi bans Omaxe, 5 others for violating minimum public shareholding norms

The Economic Times, 25 Sept

OMAXE - Comparison Results

Equitymaster, 16 OctResults

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

Omaxe SEBI Order: ₹46.50 Cr Funding Trail, 3-Month Ban

NiftyTrader, 26 Sept

Revenues Working Against Omaxe Limited's (NSE:OMAXE) Share Price

Simply Wall Street, 25 Dec

Watch Items

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

🔴Business QualityWeak6/20

🔴Financial HealthStretched1/20

🟢GrowthStrong18.4/20

🔴ProfitabilityWeak1.5/15

🔴ValuationDemanding4.5/15

🔴RiskHigh0.5/10

Avoid until solvency is resolved

Omaxe 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.

This thesis breaks if

✓Revenue growth stays above 13% a year17.9% CAGR
✓EBITDA margin holds above -56%-54.1%
✗Interest cover stays above 3x-3.0x
✓Free cash flow remains positive₹182 Cr