Kesar India Ltd
Incorporated in 2002, Kesar Lands Ltd is
in the business of real estate development and constructing residential and commercial projects, industrial buildings, factory buildings, workshop buildings, etc. All the projects are marketed under the brand name, "Kesar Lands".
- Market Cap ₹ 3,047 Cr.
- Current Price ₹ 1,229
- High / Low ₹ 1,287 / 476
- Stock P/E 789
- Book Value ₹ 48.4
- Dividend Yield 0.00 %
- ROCE 39.6 %
- ROE 46.2 %
- Face Value ₹ 10.0
Pros
- Company has a good return on equity (ROE) track record: 3 Years ROE 38.8%
- Company's working capital requirements have reduced from 104 days to 56.9 days
Cons
- Stock is trading at 25.5 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company might be capitalizing the interest cost
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Consumer Discretionary Realty Realty Residential, Commercial Projects
Half Yearly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 0.19 | 0.48 | 1.16 | 8.41 | 15.19 | 52.63 | 80.66 | 59.98 | |
| 0.15 | 0.51 | 1.16 | 3.75 | 14.10 | 38.65 | 56.14 | 52.24 | |
| Operating Profit | 0.04 | -0.03 | -0.00 | 4.66 | 1.09 | 13.98 | 24.52 | 7.74 |
| OPM % | 21.05% | -6.25% | -0.00% | 55.41% | 7.18% | 26.56% | 30.40% | 12.90% |
| -0.00 | 0.09 | 0.04 | 0.68 | 0.25 | 0.58 | 2.05 | 0.96 | |
| Interest | -0.00 | -0.00 | -0.00 | 0.09 | 0.08 | 0.14 | 0.98 | 1.83 |
| Depreciation | 0.02 | 0.02 | 0.02 | 0.18 | 0.19 | 0.36 | 0.69 | 1.44 |
| Profit before tax | 0.02 | 0.04 | 0.02 | 5.07 | 1.07 | 14.06 | 24.90 | 5.43 |
| Tax % | 50.00% | 25.00% | 50.00% | 28.40% | 27.10% | 28.38% | 25.58% | |
| 0.01 | 0.04 | 0.01 | 3.63 | 0.78 | 10.07 | 18.52 | 3.86 | |
| EPS in Rs | 0.50 | 2.00 | 0.50 | 181.50 | 0.32 | 4.07 | 7.49 | 1.56 |
| Dividend Payout % | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 179% |
| 3 Years: | 112% |
| TTM: | -27% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 239% |
| 3 Years: | 70% |
| TTM: | -80% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 267% |
| 1 Year: | 73% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 39% |
| Last Year: | 46% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.03 | 0.03 | 0.03 | 0.03 | 3.53 | 24.71 | 24.71 | 24.80 |
| Reserves | -0.86 | -0.82 | -0.81 | 2.82 | 15.64 | 4.53 | 23.13 | 95.10 |
| 2.11 | 1.98 | 2.64 | 2.32 | 2.15 | 21.72 | 26.97 | 29.23 | |
| 0.93 | 1.24 | 1.89 | 3.90 | 10.24 | 47.96 | 20.52 | 57.31 | |
| Total Liabilities | 2.21 | 2.43 | 3.75 | 9.07 | 31.56 | 98.92 | 95.33 | 206.44 |
| 0.06 | 0.05 | 1.11 | 1.02 | 1.04 | 0.70 | 2.74 | 6.00 | |
| CWIP | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 |
| Investments | -0.00 | 0.17 | 0.05 | -0.00 | -0.00 | 1.72 | 0.28 | 0.28 |
| 2.15 | 2.21 | 2.59 | 8.05 | 30.52 | 96.50 | 92.31 | 200.16 | |
| Total Assets | 2.21 | 2.43 | 3.75 | 9.07 | 31.56 | 98.92 | 95.33 | 206.44 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| 0.36 | 0.24 | 0.80 | 2.30 | -9.62 | 9.17 | -9.99 | |
| -0.08 | -0.11 | -0.96 | 0.58 | 0.04 | -1.17 | 0.82 | |
| -0.03 | -0.13 | 0.66 | 0.10 | 15.18 | 19.41 | 4.08 | |
| Net Cash Flow | 0.25 | -0.00 | 0.49 | 2.98 | 5.60 | 27.41 | -5.08 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 115.26 | 45.62 | 18.88 | 77.25 | 37.49 | 17.13 | 6.24 |
| Inventory Days | 519.85 | 438.46 | 731.17 | 381.58 | |||
| Days Payable | 5.53 | -0.00 | 378.01 | 22.59 | |||
| Cash Conversion Cycle | 115.26 | 45.62 | 18.88 | 591.57 | 475.95 | 370.29 | 365.23 |
| Working Capital Days | 2,670.26 | 958.12 | 270.60 | 81.59 | 310.21 | -55.69 | 56.88 |
| ROCE % | 3.24% | 1.31% | 146.80% | 8.68% | 39.29% | 39.60% |
Documents
Announcements
-
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
6 Jan - Certificate under Regulation 74(5) confirming demat/remat details for quarter ended Dec 31, 2025.
-
Purchase Of Land Admeasuring 4 Hectares (9.88 Acres) At Nagpur, Maharashtra
29 Dec - Acquired ~4 hectares (9.88 acres) land at Mouza Sumthana, Hingna, Nagpur on Dec 29, 2025.
-
Closure of Trading Window
27 Dec - Trading window closed Jan 1, 2026 until 48 hours after unaudited results for quarter/nine months ending Dec 31, 2025.
-
Announcement under Regulation 30 (LODR)-Acquisition
20 Dec - Kesar India increases Trinity Buildcorp LLP stake from 30% to 37% via Rs.7,000 cash contribution.
-
Announcement under Regulation 30 (LODR)-Allotment
10 Dec 2025 - 31,98,473 shares allotted on Dec 10, 2025 at ₹350 each (≈₹111.95 crore); paid-up capital ₹27,99,81,290.
Business Overview:[1]
Kesar India is a real estate development company specializing in luxury residential, commercial, and leisure projects. The company is ISO 9001:2008 certified and a member of CREDAI, IGBC, NAREDCO, and BAI. It is focused on developing the Nagpur real estate market through various projects under six distinct business lines