Veer Global Infraconstruction Limited

Real Estate — Real Estate - Development · BSE

₹142.80−₹1.10 (−0.76%)

DalalBaazaar Score

53 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Very High

Driven by high debt relative to equity, micro-cap size, which brings thin liquidity, a very high earnings multiple, which leaves little margin for disappointment.

In simple words: The business is earning a fairly low return on the money invested in it, though profits are falling even as sales grow. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:03 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 Veer Global Infraconstruction Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Veer Global Infraconstruction Limited engages in the location identification, acquisition, project planning, designing, and development of real estate properties in India.

IndustryReal Estate - Development

SectorReal Estate

Employees5

Annual revenue₹7 Cr

How does it make money?

Turns over ₹7 Cr a year. Of every ₹100 of sales, about ₹23 reaches shareholders as profit, with ₹63 left at the operating level before interest, tax and depreciation. Each of its 5 employees supports ₹1.38 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin63.1%

Net margin23.4%

Revenue / employee₹1.38 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?Little sign of one

Returns on capital of 9.6% 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.

ROCE9.6%

ROE4.5%

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 -39% while net margin moved +272% 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+272%

DalalBaazaar Score

53/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ P/E of 136.0x is demanding — it needs sustained high growth to justify
• P/E is close to its own historical median of 147.7x
✗ P/B of 6.40x is a steep premium to book

Quality vs. Valuation

Company Quality

58/ 100

Average

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

Valuation

32/ 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

136.0x

3Y Median

147.7x

40 monthly readings · mean 148.8x · range 67.5x–257.7x

Sector Median

30.2x

median of 3 sector peers

🟡Currently trading close to its 3y median of 147.7x — the market is paying about what it usually pays for this company.

⚠️Against its sector it trades 351% above the peer median of 30.2x.

vs. its own history

Fair

147.7x median over 40 months · -8%

vs. sector peers

Expensive

30.2x median of 3 peers · +351%

vs. generic bands

Expensive

Above 35x

P/E (Trailing)

136.0x

P/B

6.40x

EV/EBITDA

58.7x

PEG

4.36

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 9.4% to 63.1% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Return on capital is rising
ROCE has improved from 3.3% to 9.6%.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention3

Debt is rising
Total debt is up 3464% over 3 years — worth checking what it funded.
Receivables growing faster than sales
Receivables are up 35% against revenue growth of -39% — customers are taking longer to pay.
Inventory building faster than sales
Inventory is up 116% against revenue growth of -39% — stock may not be moving.

Red Flags

5 items require attention · 5 high

🔴Debt has risen sharplyFinancial
Total debt is up 3464% over 3 years, from ₹0 Cr to ₹13 Cr.
🔴High leverageFinancial
Debt/Equity of 8.69x — earnings must service borrowings before shareholders see anything.
🔴Thin interest coverageFinancial
Operating profit covers interest only 2.0x — little room if earnings dip.
🔴Receivables growing faster than salesFinancial
Receivables up 35% against revenue up -39% — sales are being booked faster than they are collected.
🔴Inventory building faster than salesFinancial
Inventory up 116% against revenue up -39% — stock may not be moving.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 9.4% to 63.1%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
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?

Leverage amplifies any setback
Debt/Equity of 8.69x. Interest is payable whether or not the business has a good year.
Sales are being booked faster than collected
Receivables are up 35% against revenue up -39%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
A premium to the sector to defend
It trades 351% above the peer median. That premium needs a reason that persists, or it closes.
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
5 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 61%✓ 63.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA stays below 2x✗ 2.9x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
3Interest cover stays above 3x✗ 2.0x
How much operating profit can fall before interest stops being comfortably covered.
4Free cash flow remains positive✓ ₹3 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 8%✓ 9.6%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

6 / 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

3 good · 3 neutral · 5 weak

Market Cap

₹243 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

136.0x

Expensive

Expensive — verify against sector peers

P/B Ratio

6.40x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹1.05

Profitable

Profitable on a per-share basis

ROE

4.5%

Weak

Weak capital efficiency

ROCE

9.6%

Moderate

Moderate return on the capital in the business

Debt/Equity

8.69x

High

High leverage

Revenue Growth (YoY)

87.6%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-54.5%

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

₹3 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹142.8

Operating Margin

33.6%

Good

Healthy core-business profitability

Net Margin

19.0%

Good

Strong bottom-line conversion

Current Ratio

2.31

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.12

Defensive

Steadier than the market

52W Range Position

85%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

143.2 / 139.3

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

38.7

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹11 Cr	₹15 Cr	₹12 Cr	₹7 Cr	-15.4%
EBITDA	₹1 Cr	₹2 Cr	₹4 Cr	₹4 Cr	+59.6%
EBITDA Margin	9.4%	13.7%	37.5%	63.1%	—
PAT (Net Profit)	₹1 Cr	₹1 Cr	₹2 Cr	₹2 Cr	+31.2%
EPS	₹0.88	₹0.9	₹1.12	₹1	+4.4%
ROE	2.3%	4.5%	5.3%	4.5%	—
ROCE	3.3%	4.9%	7.0%	9.6%	—
Total Debt	₹0 Cr	₹10 Cr	₹17 Cr	₹13 Cr	+229.1%
Free Cash Flow	-₹0 Cr	-₹8 Cr	-₹6 Cr	₹3 Cr	—

🔴 Revenue has shrunk at 15.4% a year over 3 years.

🟢 EBITDA has grown at 59.6% a year over 3 years.

🟢 EBITDA Margin has risen from 9.4% to 63.1% over 3 years (+53.7 pts).

🟢 PAT (Net Profit) has grown at 31.2% a year over 3 years.

🟢 EPS has grown at 4.4% a year over 3 years.

🟢 ROE has risen from 2.3% to 4.5% over 3 years (+2.2 pts).

🟢 ROCE has risen from 3.3% to 9.6% over 3 years (+6.3 pts).

🔴 Total Debt has grown at 229.1% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹0 Cr to ₹3 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹84 Cr

Total Liabilities

₹48 Cr

Total Debt

₹13 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹3 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

74.1%

Corporate Actions

Ex-Dividend Date

21 Oct 2022

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

Veer Global Infraconstruction Ltd. Upper Circuit: Price and Key Data

Univest, 25 Sept

Veer Global Infraconstruction profit rises to ₹7.89 lakh in Q1FY27

scanx.trade, 10 AugResults

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

TRIVENI POWER TRANSMISSION LTD. Stock/Share price , NSE/BSE Forecast News and Live Quotes

Equitymaster, 12 Oct

Veer Global Infraconstruction adds secretarial auditor appointment to AGM

scanx.trade, 11 Sept

Mysore Petro Chemicals reports consolidated net profit of Rs 9.56 crore in the June 2026 quarter

Business Standard, 10 AugResults

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

SEBI Slaps ₹30 Lakh Penalty on 11, including Directors, CS and CFO, for Manipulative Trading in Veer Global Infraconstruction

Moneylife, 23 Apr

Watch Items

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

DalalBaazaar Thesis

🟢Business QualityStrong14.3/20

🟡Financial HealthAdequate9.6/20

🟡GrowthModest10.5/20

🟡ProfitabilityModerate8.9/15

🔴ValuationDemanding5.3/15

🔴RiskHigh4.3/10

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

This thesis breaks if

✓EBITDA margin holds above 61%63.1%
✗Debt / EBITDA stays below 2x2.9x
✗Interest cover stays above 3x2.0x
✓Free cash flow remains positive₹3 Cr
✓ROCE stays above 8%9.6%