Yogi Limited

Real Estate — Real Estate - Development · NSE

₹160.00₹0.00 (0.00%)

DalalBaazaar Score

50 / 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: Strong business and financial position, but sales are shrinking. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:09 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 Yogi Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Yogi Limited engages in trading of machines and ancillary products in India. The company operates through Real Estate and Trading in Machinery segments.

IndustryReal Estate - Development

SectorReal Estate

Employees6

Annual revenue₹439 Cr

How does it make money?

Turns over ₹439 Cr a year. Of every ₹100 of sales, about ₹5 reaches shareholders as profit, with ₹8 left at the operating level before interest, tax and depreciation. Each of its 6 employees supports ₹73.24 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin7.7%

Net margin4.8%

Revenue / employee₹73.24 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 18.5% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

ROCE18.5%

ROE15.2%

Peer median ROE10.3%

DalalBaazaar Score

50/ 100

Moderate

Weighted across six categories. Every point is explained below.

✓ Beta of -0.13 — 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

54/ 100

Average

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

Valuation

28/ 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

56.1x

Sector Median

30.2x

median of 3 sector peers

⚠️Against its sector it trades 86% above the peer median of 30.2x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Expensive

30.2x median of 3 peers · +86%

vs. generic bands

Expensive

Above 35x

P/E (Trailing)

56.1x

P/B

4.97x

EV/EBITDA

26.9x

PEG

—

Dividend Yield

0.16%

What's Good / What's Bad

🟢 What's Going Well2

Return on equity is rising
ROE has improved from -1.7% to 15.2%.
Return on capital is rising
ROCE has improved from -2.3% to 18.5%.

🔴 What Needs Attention2

Debt is rising
Total debt is up 1427% over 3 years — worth checking what it funded.
Free cash flow is negative
The business is not currently covering its capital spending from operations.

Red Flags

5 items require attention · 4 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 1427% over 3 years, from ₹17 Cr to ₹259 Cr.
🔴High leverageFinancial
Debt/Equity of 1.78x — earnings must service borrowings before shareholders see anything.
🔴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.
🔴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.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 422% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 18.5% 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.

🔴 Bear CaseWhat could go wrong?

The debt load needs earnings to hold up
Debt is 7.6x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
A premium to the sector to defend
It trades 86% above the peer median. That premium needs a reason that persists, or it closes.
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
4 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 6%✓ 7.7%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 7.6x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
3Free cash flow remains positive✗ -₹192 Cr
Profit that never becomes cash eventually stops being profit.
4ROCE stays above 15%✓ 18.5%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Interest cover stays above 4x✓ 6.3x
How much operating profit can fall before interest stops being comfortably covered.

Investment Checklist

5 / 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
✗ 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

Price history

Quick Metrics

4 good · 3 neutral · 4 weak

Market Cap

₹691 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

56.1x

Expensive

Expensive — verify against sector peers

P/B Ratio

4.97x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹2.85

Profitable

Profitable on a per-share basis

ROE

15.2%

Strong

Strong capital efficiency

ROCE

18.5%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

1.78x

High

High leverage

Revenue Growth (YoY)

-45.1%

Shrinking

Sales are contracting

Profit Growth (YoY)

1346.3%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.16%

Modest

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

Free Cash Flow

-₹192 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹160

Operating Margin

4.8%

Weak

Thin margins leave little room for error

Net Margin

3.2%

Average

Average bottom-line conversion

Current Ratio

1.32

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.13

Defensive

Steadier than the market

52W Range Position

60%

Mid-range

Technical Snapshot

RSI (14)

48.3

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	—	—	₹111 Cr	₹439 Cr	—
EBITDA	-₹0 Cr	-₹1 Cr	₹2 Cr	₹34 Cr	—
EBITDA Margin	—	—	2.0%	7.7%	—
PAT (Net Profit)	-₹0 Cr	-₹0 Cr	₹1 Cr	₹21 Cr	—
EPS	₹-0.78	₹-0.27	₹0.53	₹4.61	—
ROE	-1.7%	-0.7%	1.3%	15.2%	—
ROCE	-2.3%	-0.7%	1.7%	18.5%	—
Total Debt	₹17 Cr	₹18 Cr	₹24 Cr	₹259 Cr	+148.1%
Free Cash Flow	-₹31 Cr	-₹29 Cr	-₹69 Cr	-₹192 Cr	—

🟢 EBITDA has turned positive, from -₹0 Cr to ₹34 Cr.

🟢 EBITDA Margin has risen from 2.0% to 7.7% over 3 years (+5.8 pts).

🟢 PAT (Net Profit) has turned positive, from -₹0 Cr to ₹21 Cr.

🟢 EPS has turned positive, from ₹-0.78 to ₹4.61.

🟢 ROE has risen from -1.7% to 15.2% over 3 years (+16.9 pts).

🟢 ROCE has risen from -2.3% to 18.5% over 3 years (+20.8 pts).

🔴 Total Debt has grown at 148.1% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹712 Cr

Total Liabilities

₹570 Cr

Total Debt

₹259 Cr

Cash & Equivalents

₹34 Cr

Operating Cash Flow

-₹192 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

85.4%

Corporate Actions

Dividend Rate

₹0.25

Ex-Dividend Date

18 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 positive5 general

Yogi highlights women’s safety and police representation in UP

Livemint, 12 Oct

YOGI SUNG-WON (INDIA) LTD. Share Price

Upstox, 05 May

Yogi Ltd schedules AGM for Sep 26, proposes ₹0.25 dividend

scanx.trade, 04 SeptCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Uttar Pradesh CM Yogi Adityanath assures no sugar shortage, details state stock availability

The Economic Times, 22 Aug

Yogi Reviews UP Sugar Stock Amid Price Rise: 179.38 Lakh Quintals Available | No Hoarding | News18

News18, 22 Aug

92 Stocks Exit Special Monitoring Board as IDX Tweaks Rules

Tempo.co English, 28 Sept

Watch Items

Revenue growth is negative (-45.1%) on the latest reported period — check if this is one-off or a trend.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟡Business QualityAdequate11.5/20

🔴Financial HealthStretched8.9/20

🟡GrowthModest10/20

🟢ProfitabilityStrong9.8/15

🔴ValuationDemanding5.7/15

🔴RiskHigh3.7/10

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

This thesis breaks if

✓EBITDA margin holds above 6%7.7%
✗Debt / EBITDA falls below 3x7.6x
✗Free cash flow remains positive-₹192 Cr
✓ROCE stays above 15%18.5%
✓Interest cover stays above 4x6.3x