Peninsula Land Limited

Real Estate — Real Estate - Development · NSE

₹14.60−₹0.01 (−0.07%)

DalalBaazaar Score

27 / 100

🔴 Weak

Verdict

HIGH RISK

Risk

Very High

Driven by high debt relative to equity, short-term liabilities exceed short-term assets, the company is currently loss-making.

In simple words: The company is currently losing money, but sales are shrinking. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:02 pm

Understanding the Business

Company site ↗

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

What does this company do?

Peninsula Land Limited, through its subsidiaries, engages in the real estate development business in India. The company develops projects, such as retail ventures, commercial, and residential complexes.

IndustryReal Estate - Development

SectorReal Estate

Employees217

Annual revenue₹121 Cr

How does it make money?

Turns over ₹121 Cr a year. Of every ₹100 of sales, about ₹-127 reaches shareholders as profit, with ₹15 left at the operating level before interest, tax and depreciation. Each of its 217 employees supports ₹55.9 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹55.9 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 -30.3% 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 -88% while net margin moved -1369% 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-88%

Margin effect-1369%

DalalBaazaar Score

27/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 50.0% a year
✗ Profit fell 326.8% in the latest year

Quality vs. Valuation

Company Quality

27/ 100

Weak

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

Valuation

20/ 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

EV/EBITDA

43.0x

PEG

—

What's Good / What's Bad

🟢 What's Going Well2

Margins are improving
EBITDA margin is up from 13.2% to 14.8% over 3 years.
Debt is being paid down
Total debt is down 29% over 3 years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 558.0% to -215.6% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 119.5% to -30.3% — often a sign of competition or overexpansion.

Red Flags

6 items require attention · 4 high · 2 watch

🔴High leverageFinancial
Debt/Equity of 4.61x — earnings must service borrowings before shareholders see anything.
🔴Thin interest coverageFinancial
Operating profit covers interest only -2.2x — little room if earnings dip.
🔴The company is lossmakingFinancial
Net profit of -₹154 Cr in the latest reported year.
🔴Receivables growing faster than salesFinancial
Receivables up 91% against revenue up -88% — sales are being booked faster than they are collected.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 0.4x to -2.2x.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.90 — 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 13.2% to 14.8%. 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 29% 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?

The debt load needs earnings to hold up
Debt is 16.9x 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 91% against revenue up -88%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Returns on shareholder capital are falling
ROE has dropped from 558.0% to -215.6%. 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.
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 13%✓ 14.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 16.9x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
3Interest cover stays above 3x✗ -2.2x
How much operating profit can fall before interest stops being comfortably covered.
4Free cash flow remains positive✓ ₹56 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 8%✗ -30.3%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

3 / 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 · 2 neutral · 8 weak

Market Cap

₹484 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

6.80x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹-4.71

Loss-making

Negative earnings per share — the business is losing money

ROE

-215.6%

Weak

Weak capital efficiency

ROCE

-30.3%

Weak

Low return on total capital employed

Debt/Equity

4.61x

High

High leverage

Revenue Growth (YoY)

-37.5%

Shrinking

Sales are contracting

Profit Growth (YoY)

-326.8%

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

₹56 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

-13.7%

Weak

Thin margins leave little room for error

Net Margin

-121.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

0.90

Adequate

Adequate, but no real cushion

Beta (vs Nifty)

0.28

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

15.3 / 15.6

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

15.8

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹972 Cr	₹558 Cr	₹250 Cr	₹121 Cr	-50.0%
EBITDA	₹128 Cr	₹138 Cr	₹19 Cr	₹18 Cr	-48.1%
EBITDA Margin	13.2%	24.8%	7.7%	14.8%	—
PAT (Net Profit)	₹97 Cr	₹129 Cr	-₹36 Cr	-₹154 Cr	—
EPS	₹3.47	₹4.26	₹-1.11	₹-4.63	—
ROE	558.0%	52.3%	-15.7%	-215.6%	—
ROCE	119.5%	32.3%	3.7%	-30.3%	—
Total Debt	₹426 Cr	₹307 Cr	₹439 Cr	₹302 Cr	-10.8%
Free Cash Flow	₹300 Cr	₹179 Cr	-₹45 Cr	₹56 Cr	-42.9%

🔴 Revenue has shrunk at 50.0% a year over 3 years.

🔴 EBITDA has shrunk at 48.1% a year over 3 years.

🟢 EBITDA Margin has risen from 13.2% to 14.8% over 3 years (+1.6 pts).

🔴 PAT (Net Profit) has turned negative, from ₹97 Cr to -₹154 Cr.

🔴 EPS has turned negative, from ₹3.47 to ₹-4.63.

🔴 ROE has fallen from 558.0% to -215.6% over 3 years (-773.5 pts).

🔴 ROCE has fallen from 119.5% to -30.3% over 3 years (-149.8 pts).

🟢 Total Debt has shrunk at 10.8% a year over 3 years.

🔴 Free Cash Flow has shrunk at 42.9% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹665 Cr

Total Liabilities

₹599 Cr

Cash & Equivalents

₹16 Cr

Operating Cash Flow

₹57 Cr

Capex

-₹1 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

68.7%

Corporate Actions

Ex-Dividend Date

28 Jul 2016

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

Peninsula Land opens special window for physical share transfers

scanx.trade, 12 Aug

Peninsula Land (PENINLAND.NS) Climbs 5.4% to ₹16.19, Approaches ₹17 Resistance - Cash Secured Put

siam.in, 21 Sept

Peninsula Land Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 30 Aug

Peninsula Land reports consolidated net loss of Rs 118.25 crore in the March 2026 quarter

Business Standard, 30 MayResults

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

Peninsula Land Share: Bull Case vs Bear Case for 2026

Univest, 17 Sept

Peninsula Land Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 30 Aug

Watch Items

Revenue growth is negative (-37.5%) 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.
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

MiddlingFinancial Health

WeakBusiness Quality · Growth · Profitability · Valuation · Risk

Points for each in the Score ↑

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.

3 of 5 tripwires tripped — Debt / EBITDA falls below 3x; Interest cover stays above 3x; ROCE stays above 8% · see Key things to watch ↑