PTL Enterprises Limited

Real Estate — Real Estate Services · NSE

₹38.57+₹0.09 (+0.23%)

DalalBaazaar Score

65 / 100

🟢 Good

Verdict

NEUTRAL

Risk

High

Driven by short-term liabilities exceed short-term assets, micro-cap size, which brings thin liquidity, falling profits.

In simple words: The business is earning a fairly low return on the money invested in it, with modest growth. Short-term liquidity 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 PTL Enterprises Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

PTL Enterprises Limited engages in the leasing of plant to Apollo Tyres Limited. The company was formerly known as Premier Tyres Ltd. PTL Enterprises Limited was incorporated in 1959 and is based in Gurugram, India.

IndustryReal Estate Services

SectorReal Estate

Employees394

Annual revenue₹64 Cr

How does it make money?

Turns over ₹64 Cr a year. Of every ₹100 of sales, about ₹72 reaches shareholders as profit, with ₹106 left at the operating level before interest, tax and depreciation. Each of its 394 employees supports ₹16.3 lakh of revenue a year, the signature of a people-led business.

EBITDA margin106.1%

Net margin71.8%

Revenue / employee₹16.3 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 6.4% 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.

ROCE6.4%

ROE5.5%

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 +0% 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+0%

Margin effect+98%

DalalBaazaar Score

65/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.03 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal

Quality vs. Valuation

Company Quality

62/ 100

Average

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

Valuation

87/ 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

11.2x

3Y Median

22.2x

40 monthly readings · mean 19.6x · range 10.9x–28.2x

Sector Median

30.2x

median of 3 sector peers

🟢Current valuation is approximately 50% below its 3y median of 22.2x. 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 63% below the peer median of 30.2x.

vs. its own history

Cheap

22.2x median over 40 months · -50%

vs. sector peers

Cheap

30.2x median of 3 peers · -63%

vs. generic bands

Cheap

Below 15x

P/E (Trailing)

11.2x

P/B

0.61x

EV/EBITDA

7.5x

PEG

0.44

Dividend Yield

6.48%

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 96.5% to 106.1% over 3 years.
Debt is being paid down
Total debt is down 81% over 3 years.
Valuation below its historical average
At 11.2x the stock trades 50% below its own median of 22.2x.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention1

Short-term liquidity is tight
Current ratio of 0.25 — near-term obligations exceed near-term assets.

Red Flags

1 item require attention · 1 watch

🟡Short-term liquidity is tightFinancial
Current ratio of 0.25 — 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 96.5% to 106.1%. 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 81% 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 50% 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 63% 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?

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 104%✓ 106.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✓ ₹46 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%✗ 6.4%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Valuation vs its own median of 22.2x✓ 11.2x today
A re-rating above its own history needs a reason; without one it is just a higher price.

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

5 good · 3 neutral · 3 weak

Market Cap

₹511 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

11.2x

Cheap

Cheap against the generic band

P/B Ratio

0.61x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹3.45

Profitable

Profitable on a per-share basis

ROE

5.5%

Weak

Weak capital efficiency

ROCE

6.4%

Weak

Low return on total capital employed

Debt/Equity

0.64x

Moderate

Moderate leverage

Revenue Growth (YoY)

0.0%

Modest

Modest growth

Profit Growth (YoY)

-5.7%

Falling

Profits are shrinking

Dividend Yield

6.48%

Healthy

Meaningful cash return while you hold the stock

Free Cash Flow

₹46 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹38.57

P/E (Forward)

6.6x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

83.9%

Good

Healthy core-business profitability

Net Margin

71.0%

Good

Strong bottom-line conversion

Current Ratio

0.25

Tight

Tight short-term liquidity

Beta (vs Nifty)

0.03

Defensive

Steadier than the market

52W Range Position

32%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

38.2 / 38.4

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

54.3

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹64 Cr	₹64 Cr	₹64 Cr	₹64 Cr	+0.0%
EBITDA	₹62 Cr	₹61 Cr	₹65 Cr	₹68 Cr	+3.2%
EBITDA Margin	96.5%	95.5%	101.1%	106.1%	—
PAT (Net Profit)	₹23 Cr	₹24 Cr	₹36 Cr	₹46 Cr	+25.6%
EPS	₹1.76	₹1.78	₹2.74	₹3.49	+25.6%
ROE	3.3%	2.8%	4.3%	5.5%	—
ROCE	6.5%	5.5%	6.0%	6.4%	—
Total Debt	₹28 Cr	₹21 Cr	₹13 Cr	₹5 Cr	-42.4%
Free Cash Flow	₹41 Cr	₹21 Cr	₹26 Cr	₹46 Cr	+3.4%

🟡 Revenue has been broadly flat over 3 years (0.0% a year).

🟢 EBITDA has grown at 3.2% a year over 3 years.

🟢 EBITDA Margin has risen from 96.5% to 106.1% over 3 years (+9.5 pts).

🟢 PAT (Net Profit) has grown at 25.6% a year over 3 years.

🟢 EPS has grown at 25.6% a year over 3 years.

🟢 ROE has risen from 3.3% to 5.5% over 3 years (+2.2 pts).

🟡 ROCE has held roughly flat at 6.4% over 3 years.

🟢 Total Debt has shrunk at 42.4% a year over 3 years.

🟢 Free Cash Flow has grown at 3.4% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,058 Cr

Total Liabilities

₹215 Cr

Total Debt

₹5 Cr

Cash & Equivalents

₹3 Cr

Operating Cash Flow

₹46 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

78.4%

Corporate Actions

Dividend Rate

₹2.5

Ex-Dividend Date

10 Jul 2026

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

3 positive1 negative2 general

Dividend champions of auto ancillaries: Majestic Auto, PTL, or Banco Products - Who drives home the highest yield?

Livemint, 16 OctCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Do These 3 Checks Before Buying PTL Enterprises Limited (NSE:PTL) For Its Upcoming Dividend

Simply Wall Street, 06 JulCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Is PTL Enterprises the Best Stock in Its Sector? A Look at the Numbers

Univest, 06 Oct

PTL Enterprises Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 31 Aug

PTL Enterprises - Top 10 stocks with 7-14% dividend yields. Do you own any?

The Economic Times, 04 AugCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

PTL Enterprises Q1 Standalone Net Profit Declines To 88M Rupees; Revenue Flat At 161M Rupees

Sahi, 06 AugResults

🔴Potentially negativeReported deterioration, which feeds the growth and margin inputs on this page directly.

Watch Items

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

DalalBaazaar Thesis

🟢Business QualityStrong13/20

🟢Financial HealthStrong14.1/20

🟡GrowthModest10.5/20

🟡ProfitabilityModerate8.9/15

🟢ValuationAttractive12.8/15

🟡RiskModerate5.2/10

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.

This thesis breaks if

✓EBITDA margin holds above 104%106.1%
✓Free cash flow remains positive₹46 Cr
✓Debt / EBITDA stays below 2x0.1x
✗ROCE stays above 8%6.4%
✓Valuation vs its own median of 22.2x11.2x today