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 ₹ 3,175 Cr.
- Current Price ₹ 1,134
- High / Low ₹ 1,287 / 520
- Stock P/E 173
- 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 23.4 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Promoter holding has decreased over last quarter: -2.74%
- 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
Quarterly 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 | |
|---|---|---|---|---|---|---|---|
| 0 | 0 | 1 | 8 | 15 | 53 | 81 | |
| 0 | 1 | 1 | 4 | 14 | 39 | 56 | |
| Operating Profit | 0 | -0 | 0 | 5 | 1 | 14 | 25 |
| OPM % | 21% | -6% | 0% | 55% | 7% | 27% | 30% |
| 0 | 0 | 0 | 1 | 0 | 1 | 2 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Profit before tax | 0 | 0 | 0 | 5 | 1 | 14 | 25 |
| Tax % | 50% | 25% | 50% | 28% | 27% | 28% | 26% |
| 0 | 0 | 0 | 4 | 1 | 10 | 19 | |
| EPS in Rs | 0.50 | 2.00 | 0.50 | 181.50 | 0.32 | 4.07 | 7.49 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| 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: | 301% |
| 1 Year: | 88% |
| 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 | 4 | 25 | 25 | 25 |
| Reserves | -1 | -1 | -1 | 3 | 16 | 5 | 23 | 95 |
| 2 | 2 | 3 | 2 | 2 | 22 | 27 | 29 | |
| 1 | 1 | 2 | 4 | 10 | 48 | 21 | 57 | |
| Total Liabilities | 2 | 2 | 4 | 9 | 32 | 99 | 95 | 206 |
| 0 | 0 | 1 | 1 | 1 | 1 | 3 | 6 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 0 |
| 2 | 2 | 3 | 8 | 31 | 96 | 92 | 200 | |
| Total Assets | 2 | 2 | 4 | 9 | 32 | 99 | 95 | 206 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| 0 | 0 | 1 | 2 | -10 | 9 | -10 | |
| -0 | -0 | -1 | 1 | 0 | -1 | 1 | |
| -0 | -0 | 1 | 0 | 15 | 19 | 4 | |
| Net Cash Flow | 0 | 0 | 0 | 3 | 6 | 27 | -5 |
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 | 46 | 19 | 77 | 37 | 17 | 6 |
| Inventory Days | 520 | 438 | 731 | 382 | |||
| Days Payable | 6 | 0 | 378 | 23 | |||
| Cash Conversion Cycle | 115 | 46 | 19 | 592 | 476 | 370 | 365 |
| Working Capital Days | 2,670 | 958 | 271 | 82 | 310 | -56 | 57 |
| ROCE % | 3% | 1% | 147% | 9% | 39% | 40% |
Insights
In beta| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Inventory - Stock of Land (Cost) ₹ in Lacs |
|
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| Number of Major Projects Number |
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| Inventory - Development Cost (WIP) ₹ in Lacs |
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| Completed Projects - Total Area sq. ft. |
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| Ongoing & Upcoming Projects - Total Area sq. ft. |
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| Project Completion Speed (ahead of schedule) Months |
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| Project Pipeline / Development Potential sq. ft. |
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Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Acquisition
10 Mar - Kesar's Dubai WOS formed Oriole Trading FZ-LLC on Feb 27, 2026; AED 50,000 capital; WOS holds 99%.
-
Announcement under Regulation 30 (LODR)-Allotment
28 Feb - Allotment of 5,74,319 shares on 28-Feb-2026 (warrants at ₹350); paid-up capital ₹28,57,32,290.
- Announcement under Regulation 30 (LODR)-Newspaper Publication 15 Feb
-
Announcement under Regulation 30 (LODR)-Monitoring Agency Report
14 Feb - Crisil monitoring report for quarter ended Dec 31, 2025: preferential issue proceeds revised to Rs2,73,71,94,950; Rs154,66,97,600 received; Rs46,97,79,028 unutilized.
-
Statement Of Utilization Of The Proceeds Of The Preferential Issue Of The Company.
14 Feb - No deviation in utilization of preferential issue proceeds for quarter and nine months ended Dec 31, 2025.
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