Skyline Millars Limited

Real Estate — Real Estate - Development · BSE

₹8.90+₹0.18 (+2.06%)

DalalBaazaar Score

40 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Very High

Driven by negative free cash flow, 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. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:03 pm

Understanding the Business

Company site ↗

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

What does this company do?

Skyline Millars Limited engages in real estate business in India. The company was formerly known as Millars India Limited and changed its name to Skyline Millars Limited in October 2007. The company was incorporated in 1919 and is based in Mumbai, India.

IndustryReal Estate - Development

SectorReal Estate

Employees7

Annual revenue₹2 Cr

How does it make money?

Turns over ₹2 Cr a year. Of every ₹100 of sales, about ₹-55 reaches shareholders as profit, with ₹-70 left at the operating level before interest, tax and depreciation. Each of its 7 employees supports ₹27.4 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹27.4 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.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of -5.5% 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?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +1176% while net margin moved -95% 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+1176%

Margin effect-95%

DalalBaazaar Score

40/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Return on equity is negative

Quality vs. Valuation

Company Quality

42/ 100

Weak

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

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

EV/EBITDA

—

PEG

—

What's Good / What's Bad

🟢 What's Going Well2

Margins are improving
EBITDA margin is up from -1350.4% to -69.7% over 3 years.
Return on capital is rising
ROCE has improved from -7.6% to -5.5%.

🔴 What Needs Attention0

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

Red Flags

3 items require attention · 3 high

🔴Free cash flow negative for 4 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴The company is lossmakingFinancial
Net profit of -₹1 Cr in the latest reported year.
🔴Receivables growing faster than salesFinancial
Receivables up 3508% against revenue up 1176% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from -1350.4% to -69.7%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.

🔴 Bear CaseWhat could go wrong?

Sales are being booked faster than collected
Receivables are up 3508% against revenue up 1176%. 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 100% a year✓ 133.6% CAGR
Latest reported year was -9.9%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above -72%✓ -69.7%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹2 Cr
Profit that never becomes cash eventually stops being profit.
4ROCE stays above 8%✗ -5.5%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

3 / 10 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ 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

0 good · 4 neutral · 7 weak

Market Cap

₹36 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

1.58x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹-0.15

Loss-making

Negative earnings per share — the business is losing money

ROE

-4.5%

Weak

Weak capital efficiency

ROCE

-5.5%

Weak

Low return on total capital employed

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

-9.9%

Shrinking

Sales are contracting

Profit Growth (YoY)

-307.3%

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

-₹2 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

-90.3%

Weak

Thin margins leave little room for error

Net Margin

-72.6%

Weak

Very little revenue reaches the bottom line

Current Ratio

21.67

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.39

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

9.1 / 11.8

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

41.2

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹0 Cr	—	₹2 Cr	₹2 Cr	+133.6%
EBITDA	-₹2 Cr	-₹1 Cr	-₹1 Cr	-₹1 Cr	—
EBITDA Margin	-1350.4%	—	-43.8%	-69.7%	—
PAT (Net Profit)	-₹2 Cr	-₹1 Cr	-₹0 Cr	-₹1 Cr	—
EPS	₹-0.46	₹-0.25	₹-0.06	₹-0.26	—
ROE	-7.2%	-4.0%	-1.1%	-4.5%	—
ROCE	-7.6%	-5.5%	-2.9%	-5.5%	—
Free Cash Flow	-₹2 Cr	-₹1 Cr	-₹3 Cr	-₹2 Cr	—

🟢 Revenue has grown at 133.6% a year over 3 years.

🟢 EBITDA Margin has risen from -1350.4% to -69.7% over 3 years (+1280.7 pts).

🟢 ROE has risen from -7.2% to -4.5% over 3 years (+2.6 pts).

🟢 ROCE has risen from -7.6% to -5.5% over 3 years (+2.1 pts).

Balance Sheet & Cash Flow — FY2026

Total Assets

₹26 Cr

Total Liabilities

₹2 Cr

Total Debt

—

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹2 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

79.4%

Corporate Actions

Ex-Dividend Date

12 Sept 2013

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

2 mixed4 general

Skyline Millars Ltd. Peer Comparison – Compare with Others

Value Research, 31 Aug

Skyline Millars Limited Schedules Board Meeting for April 22, 2026 to Consider Q4 FY26 Financial Results

scanx.trade, 13 AprResults

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

Skyline Millars narrows Q1FY26 loss to ₹28.12 lakh on cost cuts

scanx.trade, 29 Jul

Prestige Estates Projects Ltd Falls 3.33%, BSE Realty index Drops 1.08%

Business Standard, 30 Jul

Parle Industries (BSE:532911) - Stock Analysis

Simply Wall Street, 28 Apr

Q4 results: Trent, SBI Life, Tech Mahindra, Bharat Coking Coal, Havells India, others to post earnings on April 22

Upstox, 22 AprResults

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

Watch Items

Revenue growth is negative (-9.9%) 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.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

StrongGrowth

MiddlingFinancial Health

WeakBusiness Quality · 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. 3 high-severity red flags sit above this conclusion and should be read first.

2 of 4 tripwires tripped — Free cash flow remains positive; ROCE stays above 8% · see Key things to watch ↑