Transindia Real Estate Limited

Real Estate — Real Estate Services · NSE

₹26.00+₹0.47 (+1.84%)

DalalBaazaar Score

58 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Moderate

Driven by 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, with modest growth. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:46 pm

Understanding the Business

Company site ↗

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

What does this company do?

Transindia Real Estate Limited, a a diversified real estate and infrastructure development company, invests in, develops, owns, leases, and manages logistics parks, warehousing infrastructure, commercial office spaces, container freight stations (CFS), inland container depots (ICD), and private freight terminals in India.

IndustryReal Estate Services

SectorReal Estate

Employees41

Annual revenue₹84 Cr

How does it make money?

Turns over ₹84 Cr a year. Of every ₹100 of sales, about ₹44 reaches shareholders as profit, with ₹65 left at the operating level before interest, tax and depreciation. Each of its 41 employees supports ₹2.04 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹2.04 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.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 3.8% 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 -39% while net margin moved +118% 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-39%

Margin effect+118%

DalalBaazaar Score

58/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 15.0% a year
• Profit CAGR of 10.2%

Quality vs. Valuation

Company Quality

57/ 100

Average

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

Valuation

65/ 100

Fair

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

15.7x

3Y Median

13.4x

40 monthly readings · mean 18.9x · range 2.8x–49.8x

Sector Median

30.2x

median of 3 sector peers

⚠️Current valuation is approximately 17% above its 3y median of 13.4x. Paying more than usual needs a reason — faster growth, a better balance sheet, or a re-rating you believe in.

🟢Against its sector it trades 48% below the peer median of 30.2x.

vs. its own history

Fair

13.4x median over 40 months · +17%

vs. sector peers

Cheap

30.2x median of 3 peers · -48%

vs. generic bands

Fair

15x–35x

EV/EBITDA

11.8x

PEG

1.54

What's Good / What's Bad

🟢 What's Going Well1

Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

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

Red Flags

2 items require attention · 2 high

🔴Free cash flow negative for 3 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 35.1 points, from 99.6% to 64.5%.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Cheaper than its peers
It trades 48% 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?

Margins are being competed away
EBITDA margin has fallen from 99.6% to 64.5%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
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
2 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

1EBITDA margin holds above 63%✓ 64.5%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✗ -₹50 Cr
Profit that never becomes cash eventually stops being profit.
3ROCE stays above 8%✗ 3.8%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
4Valuation vs its own median of 13.4x✓ 15.7x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

7 / 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

3 good · 5 neutral · 3 weak

Market Cap

₹639 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

15.7x

Fair

Fairly valued against the generic band

P/B Ratio

0.50x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹1.66

Profitable

Profitable on a per-share basis

ROE

2.9%

Weak

Weak capital efficiency

ROCE

3.8%

Weak

Low return on total capital employed

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

4.2%

Modest

Modest growth

Profit Growth (YoY)

51.6%

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

-₹50 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

34.8%

Good

Healthy core-business profitability

Net Margin

48.4%

Good

Strong bottom-line conversion

Current Ratio

4.62

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.02

Defensive

Steadier than the market

52W Range Position

43%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

27.1 / 26.9

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

28.6

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹136 Cr	₹97 Cr	₹82 Cr	₹84 Cr	-15.0%
EBITDA	₹136 Cr	₹72 Cr	₹49 Cr	₹54 Cr	-26.4%
EBITDA Margin	99.6%	74.6%	59.5%	64.5%	—
PAT (Net Profit)	₹28 Cr	₹250 Cr	₹53 Cr	₹37 Cr	+10.2%
EPS	₹1.12	₹10.2	₹2.14	₹1.5	+10.1%
ROE	2.9%	20.6%	4.2%	2.9%	—
ROCE	4.4%	26.4%	6.0%	3.8%	—
Total Debt	₹108 Cr	₹58 Cr	—	—	—
Free Cash Flow	₹33 Cr	-₹182 Cr	-₹284 Cr	-₹50 Cr	—

🔴 Revenue has shrunk at 15.0% a year over 3 years.

🔴 EBITDA has shrunk at 26.4% a year over 3 years.

🔴 EBITDA Margin has fallen from 99.6% to 64.5% over 3 years (-35.1 pts).

🟢 PAT (Net Profit) has grown at 10.2% a year over 3 years.

🟢 EPS has grown at 10.1% a year over 3 years.

🟡 ROE has held roughly flat at 2.9% over 3 years.

🟡 ROCE has held roughly flat at 3.8% over 3 years.

🔴 Free Cash Flow has turned negative, from ₹33 Cr to -₹50 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,373 Cr

Total Liabilities

₹94 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

₹43 Cr

Capex

-₹93 Cr

Shareholding (proxy)

Institutional Holding

5.2%

Insider Holding

74.9%

Corporate Actions

Ex-Dividend Date

16 Aug 2024

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 positive3 mixed2 general

Transindia Real Estate completes acquisition of 48.28% stake in Comptech Solutions for ₹24 cr

scanx.trade, 15 OctM&A

🟡Mixed / dependsAcquisitions change the balance sheet before they change the earnings. Look at what was paid, how it was funded, and whether debt rose.

Transindia Real Estate Share Price Update After 8.77% Drop

Univest, 21 Sept

Transindia Real Estate's (NSE:TREL) Weak Earnings May Only Reveal A Part Of The Whole Picture

Simply Wall Street, 25 MayResults

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

TransIndia Real Estate consolidated net profit rises 54.09% in the June 2026 quarter

Business Standard, 07 AugResults

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

TransIndia Real Estate Issues Shareholder Notice for Amalgamation of Madanahatti Logistics and Industrial Parks

scanx.trade, 29 Jul

Transindia Real Estate Share Price: Price Rise Analysis

Univest, 10 AugPrice 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.

Watch Items

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.
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

StrongBusiness Quality · Financial Health · Valuation

MiddlingProfitability

WeakGrowth · Risk

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. 2 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 ↑