Texmaco Infrastructure & Holdings Limited

Real Estate — Real Estate Services · NSE

₹128.10+₹4.12 (+3.32%)

DalalBaazaar Score

57 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Very High

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

In simple words: The business is earning a fairly low return on the money invested in it, 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 Texmaco Infrastructure & Holdings Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Texmaco Infrastructure & Holdings Limited engages in the business of real estate, hydro power generation, and job work services in India. It operates a mini hydel power project located in Neora, West Bengal.

IndustryReal Estate Services

SectorReal Estate

Employees28

Annual revenue₹17 Cr

How does it make money?

Turns over ₹17 Cr a year. Of every ₹100 of sales, about ₹63 reaches shareholders as profit, with ₹110 left at the operating level before interest, tax and depreciation. Each of its 28 employees supports ₹62.4 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹62.4 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 1.4% 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.

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 +6% while net margin moved +234% 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+6%

Margin effect+234%

DalalBaazaar Score

57/ 100

Moderate

Weighted across six categories. Every point is explained below.

✓ Beta of 0.20 — 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
✗ Trading within 10% of its 52-week high — entries here carry more pullback risk
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

58/ 100

Average

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

Valuation

43/ 100

Expensive

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

177.9x

3Y Median

259.1x

40 monthly readings · mean 297.0x · range 129.3x–596.0x

Sector Median

30.2x

median of 3 sector peers

🟢Current valuation is approximately 31% below its 3y median of 259.1x. 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 490% above the peer median of 30.2x.

vs. its own history

Cheap

259.1x median over 40 months · -31%

vs. sector peers

Expensive

30.2x median of 3 peers · +490%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

86.5x

PEG

3.41

What's Good / What's Bad

🟢 What's Going Well1

Margins are improving
EBITDA margin is up from 40.2% to 109.7% over 3 years.

🔴 What Needs Attention0

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

Red Flags

4 items require attention · 3 high · 1 watch

🔴High leverageFinancial
Debt/Equity of 2.63x — 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.
🔴Inventory building faster than salesFinancial
Inventory up 92879% against revenue up 6% — stock may not be moving.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹24 Cr in the latest year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 40.2% to 109.7%. 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 31% 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.

🔴 Bear CaseWhat could go wrong?

Leverage amplifies any setback
Debt/Equity of 2.63x. Interest is payable whether or not the business has a good year.
A premium to the sector to defend
It trades 490% above the peer median. That premium needs a reason that persists, or it closes.
Growth barely outpaces inflation
Revenue compounding at 1.8% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
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 108%✓ 109.7%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✗ -₹24 Cr
Profit that never becomes cash eventually stops being profit.
3Revenue growth stays above 4% a year✗ 1.8% CAGR
Latest reported year was -10.8%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
4Debt / EBITDA stays below 2x✓ 1.5x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 8%✗ 1.4%
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

2 good · 2 neutral · 7 weak

Market Cap

₹1,632 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

177.9x

Expensive

Expensive — verify against sector peers

P/B Ratio

1.46x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.72

Profitable

Profitable on a per-share basis

ROE

1.0%

Weak

Weak capital efficiency

ROCE

1.4%

Weak

Low return on total capital employed

Debt/Equity

2.63x

High

High leverage

Revenue Growth (YoY)

-10.8%

Shrinking

Sales are contracting

Profit Growth (YoY)

-50.0%

Falling

Profits are shrinking

Dividend Yield

0.12%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

-₹24 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

-64.9%

Weak

Thin margins leave little room for error

Net Margin

53.3%

Good

Strong bottom-line conversion

Current Ratio

1.76

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.20

Defensive

Steadier than the market

52W Range Position

98%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

119.5 / 115.3

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

63.7

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹17 Cr	₹16 Cr	₹16 Cr	₹17 Cr	+1.8%
EBITDA	₹7 Cr	₹6 Cr	₹10 Cr	₹19 Cr	+42.4%
EBITDA Margin	40.2%	37.2%	63.2%	109.7%	—
PAT (Net Profit)	₹3 Cr	₹5 Cr	-₹7 Cr	₹11 Cr	+52.2%
EPS	₹0.24	₹0.42	₹-0.57	₹0.86	+53.0%
ROE	0.5%	0.4%	-0.5%	1.0%	—
ROCE	0.7%	0.3%	0.5%	1.4%	—
Total Debt	₹30 Cr	₹32 Cr	₹30 Cr	₹28 Cr	-2.0%
Free Cash Flow	-₹2 Cr	-₹1 Cr	₹180 Cr	-₹24 Cr	—

🟡 Revenue has been broadly flat over 3 years (1.8% a year).

🟢 EBITDA has grown at 42.4% a year over 3 years.

🟢 EBITDA Margin has risen from 40.2% to 109.7% over 3 years (+69.5 pts).

🟢 PAT (Net Profit) has grown at 52.2% a year over 3 years.

🟢 EPS has grown at 53.0% a year over 3 years.

🟡 ROE has held roughly flat at 1.0% over 3 years.

🟡 ROCE has held roughly flat at 1.4% over 3 years.

🟡 Total Debt has been broadly flat over 3 years (-2.0% a year).

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,331 Cr

Total Liabilities

₹263 Cr

Cash & Equivalents

₹3 Cr

Operating Cash Flow

₹16 Cr

Capex

-₹40 Cr

Shareholding (proxy)

Institutional Holding

1.5%

Insider Holding

69.4%

Corporate Actions

Dividend Rate

₹0.15

Ex-Dividend Date

07 Sept 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

1 positive1 mixed4 general

Texmaco Infrastructure and Holdings vs Nifty 50 Return Comparison

Univest, 12 Oct

Texmaco Infrastructure & Holdings (TEXINFRA.NS) Edges Higher: Price Holds Above ₹120 as Trading Range Tightens - Algorithmic Stock Picks

siam.in, 05 Oct

Buzzing Stocks: Texmaco Infra gains 4% on block deal; Allcargo Terminals jumps on 6% rise in August...

Moneycontrol.com, 23 Sept

Texmaco Infra share price block deal: Stock jumps 4% on bulk buy

Alice Blue, 23 SeptPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Texmaco Infrastructure & Holdings Ltd is Rated Sell

MarketsMojo, 03 Oct

Texmaco Infra Revenue Rises 32% to ₹43.6M While Profit Drops 45% YoY

Sahi, 13 MayResults

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

Watch Items

Revenue growth is negative (-10.8%) on the latest reported period — check if this is one-off or a trend.
Trading very close to its 52-week high — momentum-driven entries here carry more mean-reversion risk.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality

MiddlingFinancial Health · Growth · Profitability · Valuation

WeakRisk

Points for each in the Score ↑

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

3 of 5 tripwires tripped — Free cash flow remains positive; Revenue growth stays above 4% a year; ROCE stays above 8% · see Key things to watch ↑