Aditya Birla Real Estate Limited (ABREL)
Small CapReal Estate stocks · Small cap · NSE
Aditya Birla Real Estate Limited (ABREL), operating under 'Birla Estates' since 2016, is a diversified real estate developer with a portfolio across India’s top 4 high-growth markets: MMR, Bengaluru, NCR, and Pune. It focuses on premium residential and strategically scaling commercial properties, leveraging a 125-year legacy of trust.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 32/100margin compression · Rev +29% YoY · +128% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹189 Cr | +29.4% | +127.7% |
| EBITDA | ₹-57 Cr | -35.7% | +65.7% |
| Operating margin | -30.0% | -100 bps | +17000 bps |
| PAT | ₹-35 Cr | NDF | -800.0% |
| PAT margin | -18.5% | -3 bps | -2454 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
ABREL reported strong FY26 booking value of ₹81,363 Mn, with Q4 FY26 booking value up 69% QoQ to ₹42,882 Mn. Collections increased 23% YoY to ₹33,409 Mn in FY26. The company launched 8 projects in FY26, including a significant redevelopment project in Mumbai.
ABREL demonstrated robust operational performance in FY26 with strong booking and collection growth, driven by successful new launches and sustenance sales across key markets. However, reported PBT and PAT remain negative, influenced by accounting methods and upfront project costs. The strategic divestment of Century Pulp & Paper aims to sharpen focus on real estate.
Region Wise Booking Value contribution (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Strong Project Launches
8 launches in FY26, including Birla Arika Phase 2 (NCR) with 97% inventory sold out (₹16,002 Mn booking value).
Strategic Partnerships
Alliances with Mitsubishi Estate (₹5,600 Mn JV) and IFC (₹4,200 Mn investment) for project funding and development.
Diversified Portfolio
Presence in top 4 high-growth markets (MMR, Bengaluru, NCR, Pune) and strategically scaling commercial portfolio.
Redevelopment Projects
First redevelopment project in Mumbai (Khar W) with potential GDV of ~₹17,000 Mn and 2.9 lakh sq ft saleable area.
FY27 Project Launch Pipeline
Planned launch of 3.3 Mn Sq ft saleable area with an estimated GDV of ₹95,960 Mn in FY27.
Total Project Portfolio
Total project portfolio with a revenue potential of ~₹739 Billion across 34.7 Mn Sq ft total saleable area.
Resilient Residential Market
India’s residential real estate sector remains resilient, supported by stable macroeconomic fundamentals, rising urban incomes, and sustained end-user demand.
Demand for Trusted Developers
Demand is increasingly focused on well-designed projects in prime locations backed by trusted developers.
Price Growth Across Markets
Healthy YoY price growth in FY26 across MMR (7.4%), Pune (6.0%), Bengaluru (13.9%), and NCR (8.5%).
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Real estate is seasonal, making YoY important for overall trends like annual bookings and collections. QoQ is crucial for tracking sequential momentum from new launches and project execution, as seen in the Q4 booking value surge.
Booking Value
FY26: ₹81,363 Mn (vs FY25: ₹80,875 Mn, +0.6% YoY). Q4 FY26: ₹42,882 Mn (vs Q3 FY26: ₹25,361 Mn, +69% QoQ).
Collection Value
FY26: ₹33,409 Mn (vs FY25: ₹27,063 Mn, +23% YoY). Q4 FY26: ₹9,937 Mn.
Collection Efficiency
FY26: 99% (vs FY25: 98%).
Area Sold
FY26: 5.5 Mn Sq ft (vs FY25: 5.1 Mn Sq ft, +7.8% YoY).
Strategic Focus
Strategic portfolio realignment to focus on core real estate business through the divestment of Century Pulp & Paper.
Sustainability & Technology
Sustainability and Technology are becoming central to both buyer choices, investor preferences, and policy direction.
Aspirational Brand
Poised to be among India’s most aspirational real estate brands.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| FY27 Project Launch Pipeline Execution | ₹95,960 Mn GDV, 3.3 Mn Sq ft saleable area planned for launch. | Timely launches and strong booking rates for planned FY27 projects. |
| Collection Efficiency | 99% in FY26. | Sustained high collection efficiency to support cash flow. |
| Net Debt Reduction | ₹32,040 Mn as of Mar'26. | Continued reduction in net debt post strategic divestment. |
| Commercial Portfolio Scaling | Existing commercial projects 100% occupied. | Strategic expansion and performance of the commercial portfolio. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
26Bearishfull bear SMA stack · SMA20 -1.7% / mo · MACD −
Technical chart
ABRELdaily · 1Y · AUTO+11.4%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 47.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~1.8% over last month) — short-term momentum negative.
- RSI(14) at 47 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 30% off 52W high · 27% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- 28.9% below the 52-week closing high after prior strength.
- The 30-week proxy has stalled (+0.3% over 20 sessions).
- Price has not yet confirmed a full Stage 4 downtrend.
Valuation & score drivers
U-Score 19 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 19 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Growth contributes 11/25 to the score.
- Cash flow contributes 4/10 to the score.
- Quality contributes 1/20 to the score.
Main drags
- Altman Z is 1.7, in distress territory.
- Fair-value margin of safety is negative at -16.7%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Real estate valuation: NAV, pre-sales, debt, and inventory quality
Real estate valuation depends more on project economics and balance sheet than simple PE.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +3 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Weak Trust: Claim history is still being built. It ranks around the 10th percentile of the scored universe and 22nd percentile within Real Estate. Main check: results consistency is weak at 5/100.
Mixed Trust Lite: Promoter pledge is zero. Key concern: Altman Z is 1.69.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Real Estate: 22nd pctile, median 61 · Small: 12th pctile, median 66
125 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Weak Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.8%.
- ▸7 years of positive FCF.
Trust risks
- ▸Altman Z is 1.69.
- ▸4 latest quarters had PAT decline worse than 25% YoY.
- ▸Interest coverage is 0.6x.
- ▸ROCE is low at 3.7%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 99.00
- P/B
- 3.27
- EV/EBITDA
- 118.26
- Market Cap
- 15343.00Cr
Profitability
- ROE
- 8.07%
- ROCE
- 3.66%
- ROA
- 2.72%
- Dividend Y
- 0.18%
Growth (CAGR)
- Revenue 5Y
- -37.00%
- EPS 5Y
- 63.00%
- Revenue 3Y
- -62.00%
- EPS 3Y
- 10.00%
Balance Sheet
- Debt/Equity
- 0.89
- Interest Coverage
- 0.63×
- Altman Z
- 1.69
- Book Value
- 420.00
Cash Flow
- FCF Yield
- 0.82%
- FCF Positive Y
- 7/5
- OCF
- 607.00 Cr
- EPS TTM
- 32.91
Shareholding
- Promoter Hold
- 50.21%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 33%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Real Estate, ranked by similarity
Peers
Business-comparable names in Real Estate, ranked by similarity
Peers
Business-comparable peers in Real Estate — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.