Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 1 Oct - CARE reaffirmed ABREL ratings on ₹500 crore debentures and ₹1,825 crore loans; outlook revised positive.
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result13 Aug, 01:22 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Real Estate P/E 22.2 (n=72)
Technical timing lens
Trend score and candlestick chart
32Bearishfull bear SMA stack · SMA20 -16.7% / mo · MACD + · near 52W low · sector -6.4pp vs Nifty 500 (3M)
Stock trend: 24
Sector RS: 44
Sector 3M: -12.0% vs Nifty 500 -5.6%
Real Estate FPI tailwindBuilding
Latest FPI flow is positive, but a second consecutive positive fortnight is still required. View sector evidence
Technical chart
ABRELD candles · FIT view-22.3%Latest close ₹1098.50 on 2026-10-19
Bar
-1.9%
RSI
40
MACD hist
10.65
52W pos
11%
2026-10-19O ₹1120.20H ₹1130.00L ₹1095.00C ₹1098.50Vol 59,459 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ABRELNifty RealtyNifty 500
- ABREL
- -23.8%
- Nifty 500
- -5.6%
- Nifty Realty
- -11.0%
- Vs Nifty 500
- -18.2 pp
Chart stats
19 Oct 2026- From 52W high
- -42.6%
- 52W range position
- 11%
- ATR (14)
- 4.1%
- Volume vs 20D
- 0.23x
- Avg traded value
- ₹27.6 Cr
- 20D price channel
- ₹1,002.3 - ₹1,288.7
₹1,914
₹1,002.3 - ₹1,914
₹45.5
Latest completed session
20-session average
35.9% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Verify management risk first
Do not let cheap valuation override weak Trust or governance evidence.
U-Score
Legacy · OVERVALUED13
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average32
Revenue +29.4% · PAT NDF YoY
Technical
Bearish32
Price trend and sector-relative-strength timing.
Valuation
Legacy model—
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence49
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 32/100margin compression · Rev +29% YoY · +128% QoQ
Filed 13 Aug 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- —
- P/B
- 3.37
- EV/EBITDA
- —
- Market Cap
- 12476.00Cr
Profitability
- ROE
- -2.64%
- ROCE
- -4.48%
- ROA
- -0.60%
- Dividend Y
- 0.22%
Growth (CAGR)
- Revenue 5Y
- -31.00%
- EPS 5Y
- 3.00%
- Revenue 3Y
- -53.00%
- EPS 3Y
- -2.00%
Balance Sheet
- Debt/Equity
- 1.52
- Interest Coverage
- -4.66×
- Altman Z
- 0.73
- Book Value
- 331.00
Cash Flow
- FCF Yield
- 1.27%
- FCF Positive Y
- 6/5
- OCF
- 747.00 Cr
- EPS TTM
- -10.41
Shareholding
- Promoter Hold
- 50.21%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 13%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 407-66.6% vs prev
Net Profit
₹ CrLatest: -115+26.8% vs prev
Return on Equity
%Latest: -3.1+24.0% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 40. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~20.1% over last month) — short-term momentum negative.
- RSI(14) at 40 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 43% off 52W high · 10% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
5
RS percentile
Stage 4 Downtrend
1M return
-13.2%
3M return
-23.8%
6M return
-22.3%
1Y return
-35.2%
RS 1D
0
RS 20D
-19
Sector rank
#12
Industry rank
#18
Stage evidence
- Price is 16.2% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.0%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 64.93-0.93%
RS vs Nifty 50065
Valuation & peers
U-Score 13 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 13 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · OVERVALUEDValuation2/30
Growth4/25
Quality0/20
Balance Sheet0/15
Cash Flow5/10
Piotroski
3/9 (+1)
Penalties
1
Raw sum
13
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
13/100 · legacy band OVERVALUED
Positive drivers
- Cash flow contributes 5/10 to the score.
- Growth contributes 4/25 to the score.
- Valuation contributes 2/30 to the score.
Main drags
- Altman Z is 0.7, in distress territory.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Balance sheet is weaker at 0/15; verify the latest quarterly trend.
Sector valuation model
Real estate valuation: NAV, pre-sales, debt, and inventory quality
Real estate valuation depends more on project economics and balance sheet than simple PE.
Primary lens
NAV and market cap versus project pipeline and pre-sales.
Secondary checks
Inventory age, net debt, collections, execution record.
Main risk check
Book value can overstate value if inventory is slow or debt is high.
PE
—
PB
3.4
EV/EBITDA
—
ROE
-2.6%
ROCE
-4.5%
FCF Yield
1.3%
Debt/Equity
1.5
MoS
—
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
13
Previous: 13
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
—
No stored baseline yet
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
24
24
24
24
24
24
22
13
13
13
13
13
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
—
Growth-justified P/E
9.8
Growth-justified Value
—
— MoS
PEG
—
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
MAXESTATES
Small
Max Estates Limited
Real Estate
match 165
14
1465.0
-1.3%
-4174%
OVERVALUED
SIGNATURE
Small
Signatureglobal (India) Limited
Real Estate
match 164
42
—
-30.3%
+71%
WATCHLIST
RUSTOMJEE
Small
Keystone Realtors Limited
Real Estate
match 161
16
39.6
2.8%
-1722%
OVERVALUED
MAHLIFE
Small
Mahindra Lifespace Developers Limited
Real Estate
match 161
44
24.1
9.9%
+34%
WATCHLIST
BRIGADE
Small
Brigade Enterprises Limited
Real Estate
match 161
34
27.5
10.5%
+19%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-04T08:24:48.389Z
Management commentary snapshot
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.
Current business mix
Region Wise Booking Value contribution (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
NCR46.0%
MMR24.0%
Bengaluru22.0%
Pune8.0%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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).
Management forward view
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.
Thesis monitor
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.
Trust Score
49Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 6th percentile of the scored universe and 15th percentile within Real Estate. Main check: results consistency is weak at 5/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
125 docs text-extracted · 44 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
6th percentile
overall median 67 · Real Estate: 15th pctile, median 61 · Small: 7th pctile, median 66
Evidence depth
Financial-only
125 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read 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.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
35
weak · leverage and solvency
Discipline
32
weak · capital discipline
Results
5
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.3%.
- ▸6 years of positive FCF.
Trust risks
- ▸Altman Z is 0.73.
- ▸4 latest quarters had PAT decline worse than 25% YoY.
- ▸Debt/equity is 1.52.
- ▸ROCE is low at -4.5%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Aditya Birla Real Estate Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 19 Aug - Newspaper Advertisement regarding Special Window - Re-lodgement for transfer and dematerialisation of physical shares
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 14 Aug - Company clarifies CRISIL ratings remain unchanged at AA/Stable and A1+.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 13 Aug - Crisil reaffirmed ABREL’s AA/Stable and A1+ ratings for debt and short-term facilities.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Jul - Newspaper publication regarding 129th Annual General Meeting and e-voting information of the Company
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.