Rodium Realty Limited

Real Estate — Real Estate - Diversified · BSE

₹135.00+₹5.00 (+3.85%)

DalalBaazaar Score

69 / 100

🟢 Good

Verdict

REASONABLE

Risk

High

Driven by high debt relative to equity, negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with modest growth. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:07 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

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

What does this company do?

Rodium Realty Limited, together with its subsidiaries, engages in the real estate construction, development, and other related activities in India. It constructs and develops residential and commercial projects.

IndustryReal Estate - Diversified

SectorReal Estate

Employees12

Annual revenue₹70 Cr

How does it make money?

Turns over ₹70 Cr a year. Of every ₹100 of sales, about ₹10 reaches shareholders as profit, with ₹21 left at the operating level before interest, tax and depreciation. Each of its 12 employees supports ₹5.85 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin20.6%

Net margin10.2%

Revenue / employee₹5.85 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?Some evidence

ROCE of 18.9% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

ROCE18.9%

ROE28.6%

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 +67% while net margin moved +1362% 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+67%

Margin effect+1362%

DalalBaazaar Score

69/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.05 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ High leverage magnifies any downturn in earnings
✗ 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

71/ 100

Good

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

Valuation

81/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

7.3x

3Y Median

58.4x

40 monthly readings · mean 57.5x · range 6.1x–139.5x

Sector Median

30.2x

median of 3 sector peers

🟢Current valuation is approximately 87% below its 3y median of 58.4x. 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 76% below the peer median of 30.2x.

vs. its own history

Cheap

58.4x median over 40 months · -87%

vs. sector peers

Cheap

30.2x median of 3 peers · -76%

vs. generic bands

Cheap

Below 15x

P/E (Trailing)

7.3x

P/B

1.75x

EV/EBITDA

10.4x

PEG

0.04

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well5

Margins are improving
EBITDA margin is up from 10.0% to 20.6% over 3 years.
Return on equity is rising
ROE has improved from 2.2% to 28.6%.
Return on capital is rising
ROCE has improved from 9.4% to 18.9%.
Valuation below its historical average
At 7.3x the stock trades 87% below its own median of 58.4x.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Free cash flow is negative
The business is not currently covering its capital spending from operations.
Receivables growing faster than sales
Receivables are up 187% against revenue growth of 67% — customers are taking longer to pay.

Red Flags

4 items require attention · 3 high · 1 watch

🔴High leverageFinancial
Debt/Equity of 3.83x — earnings must service borrowings before shareholders see anything.
🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🔴Receivables growing faster than salesFinancial
Receivables up 187% against revenue up 67% — sales are being booked faster than they are collected.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹0 Cr in the latest year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 18.9% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 10.0% to 20.6%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 87% 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 76% 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?

The debt load needs earnings to hold up
Debt is 7.3x 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 187% against revenue up 67%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
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.
Several serious flags at once
3 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 14% a year✓ 18.6% CAGR
Latest reported year was 0.4%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 19%✓ 20.6%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 7.3x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
4Free cash flow remains positive✗ -₹0 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 16%✓ 18.9%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

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

5 good · 4 neutral · 2 weak

Market Cap

₹50 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

7.3x

Cheap

Cheap against the generic band

P/B Ratio

1.75x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹18.44

Profitable

Profitable on a per-share basis

ROE

28.6%

Strong

Strong capital efficiency

ROCE

18.9%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

3.83x

High

High leverage

Revenue Growth (YoY)

0.4%

Modest

Modest growth

Profit Growth (YoY)

167.4%

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

-₹0 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹135

Operating Margin

3.6%

Weak

Thin margins leave little room for error

Net Margin

8.5%

Average

Average bottom-line conversion

Current Ratio

1.53

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.05

Defensive

Steadier than the market

52W Range Position

10%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

139.4 / 145.3

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

31.7

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹42 Cr	₹48 Cr	₹62 Cr	₹70 Cr	+18.6%
EBITDA	₹4 Cr	₹5 Cr	₹9 Cr	₹14 Cr	+51.0%
EBITDA Margin	10.0%	11.2%	15.0%	20.6%	—
PAT (Net Profit)	₹0 Cr	₹1 Cr	₹3 Cr	₹7 Cr	+190.0%
EPS	₹0.9	₹1.65	₹8.25	₹22.05	+190.0%
ROE	2.2%	3.8%	15.1%	28.6%	—
ROCE	9.4%	12.3%	12.6%	18.9%	—
Total Debt	₹94 Cr	₹98 Cr	₹104 Cr	₹106 Cr	+4.1%
Free Cash Flow	-₹2 Cr	₹2 Cr	₹3 Cr	-₹0 Cr	—

🟢 Revenue has grown at 18.6% a year over 3 years.

🟢 EBITDA has grown at 51.0% a year over 3 years.

🟢 EBITDA Margin has risen from 10.0% to 20.6% over 3 years (+10.6 pts).

🟢 PAT (Net Profit) has grown at 190.0% a year over 3 years.

🟢 EPS has grown at 190.0% a year over 3 years.

🟢 ROE has risen from 2.2% to 28.6% over 3 years (+26.5 pts).

🟢 ROCE has risen from 9.4% to 18.9% over 3 years (+9.6 pts).

🔴 Total Debt has grown at 4.1% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹179 Cr

Total Liabilities

₹152 Cr

Total Debt

₹106 Cr

Cash & Equivalents

₹6 Cr

Operating Cash Flow

₹1 Cr

Capex

-₹2 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

80.8%

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 positive1 mixed4 general

Rodium Realty Ltd. Financials – Balance Sheet, Profit & Loss, Cash Flow

Value Research, 09 Oct

Rodium Realty Ltd Faces NCLT Petition from Financial Creditors

scanx.trade, 12 Dec

Cambridge Technology Enterprises consolidated net profit rises 1100.00% in the June 2026 quarter

Business Standard, 15 AugResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Spice Lounge Food Works reports consolidated net profit of Rs 4.81 crore in the June 2026 quarter

Business Standard, 15 AugResults

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

RODIUM Stock Price and Chart — BSE:RODIUM

TradingView, 12 Aug

Rodium Realty Balance Sheets, Financial Statements

The Economic Times, 17 Apr

Watch Items

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

DalalBaazaar Thesis

🟢Business QualityStrong15.8/20

🟡Financial HealthAdequate10.6/20

🟢GrowthStrong14.9/20

🟢ProfitabilityStrong11.8/15

🟢ValuationAttractive11.8/15

🔴RiskHigh3.7/10

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 3 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 14% a year18.6% CAGR
✓EBITDA margin holds above 19%20.6%
✗Debt / EBITDA falls below 3x7.3x
✗Free cash flow remains positive-₹0 Cr
✓ROCE stays above 16%18.9%