AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Cessation 26 Sep - Mr. Rajeev RA resigned as Independent Director effective 25 September 2026.
Source: Bse
Valor Estate Limited (DBREALTY)
Micro CapReal Estate stocks · Micro cap · NSE
India’s largest listed land-backed real estate platform, an undisputed leader in brownfield land development in MMR. Focuses on land aggregation, entitlement, and monetization through strategic partnerships, aiming for capital-efficient, multi-segmented value creation from its 513+ acres land bank.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result14 Aug, 05:57 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
28Bearishfull bear SMA stack · SMA20 -9.8% / mo · MACD − · near 52W low · sector -6.4pp vs Nifty 500 (3M)
Stock trend: 18
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
DBREALTYD candles · FIT view-20.1%Latest close ₹82.84 on 2026-10-19
Bar
-5.0%
RSI
31
MACD hist
-0.22
52W pos
1%
2026-10-19O ₹87.20H ₹88.50L ₹82.11C ₹82.84Vol 6.6L 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
DBREALTYNifty RealtyNifty 500
- DBREALTY
- -27.9%
- Nifty 500
- -5.6%
- Nifty Realty
- -11.0%
- Vs Nifty 500
- -22.3 pp
Chart stats
19 Oct 2026- From 52W high
- -48.6%
- 52W range position
- 1%
- ATR (14)
- 5.0%
- Volume vs 20D
- 0.66x
- Avg traded value
- ₹9 Cr
- 20D price channel
- ₹82.1 - ₹104.3
₹161.2
₹82.1 - ₹161.2
₹4.1
Latest completed session
20-session average
46.5% 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
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED31
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -86.8% · PAT -109.7% YoY
Technical
Bearish28
Price trend and sector-relative-strength timing.
Valuation
Legacy model-801.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence51
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
Bad · 0/100Rev -87% YoY · PAT -110% YoY · margin expansion · +27% QoQ
Filed 14 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹110.8 Cr | -86.8% | +27.5% |
| EBITDA | ₹23.1 Cr | +177.0% | +129.3% |
| Operating margin | 20.8% | +2437 bps | +11146 bps |
| PAT | ₹-1.3 Cr | -109.7% | NDF |
| PAT margin | -1.2% | -283 bps | +6657 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- —
- P/B
- 1.16
- EV/EBITDA
- 65.29
- Market Cap
- 4733.00Cr
Profitability
- ROE
- -1.27%
- ROCE
- 1.55%
- ROA
- 0.19%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 130.00%
- EPS 5Y
- 13.00%
- Revenue 3Y
- 32.00%
- EPS 3Y
- 24.00%
Balance Sheet
- Debt/Equity
- 0.18
- Interest Coverage
- 0.69×
- Altman Z
- 2.44
- Book Value
- 75.40
Cash Flow
- FCF Yield
- 12.63%
- FCF Positive Y
- 5/5
- OCF
- 939.00 Cr
- EPS TTM
- 0.23
Shareholding
- Promoter Hold
- 47.17%
- Promoter Pledge
- 44.70%
- Momentum 52W
- 5%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 1,593+107.7% vs prev
Net Profit
₹ CrLatest: 27.0+122.9% vs prev
Return on Equity
%Latest: 5.0+272.3% 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 31. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~10.9% over last month) — short-term momentum negative.
- RSI(14) at 31 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & peers
U-Score 31 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 31 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation2/30
Growth14/25
Quality0/20
Balance Sheet3/15
Cash Flow8/10
Piotroski
6/9 (+3)
Penalties
1
Raw sum
31
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
31/100 · legacy band OVERVALUED
Positive drivers
- FCF yield is supportive at 12.6%.
- Cash flow contributes 8/10 to the score.
- Growth contributes 14/25 to the score.
Main drags
- Promoter pledge is 44.7%.
- Fair-value margin of safety is negative at -801.3%.
- Quality is weaker at 0/20; 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
1.2
EV/EBITDA
65.3
ROE
-1.3%
ROCE
1.6%
FCF Yield
12.6%
Debt/Equity
0.2
MoS
-801.3%
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
31
Previous: 31
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-801.3%
Previous: -801.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
30
31
31
31
31
31
31
31
31
31
31
31
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
₹19.75
-319.4% MoS
Growth-justified P/E
40.0
Growth-justified Value
₹9.19
-801.3% 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
SUNTECK
Micro
Sunteck Realty Limited
Real Estate
match 172
56
18.9
5.8%
+45%
FAIR VALUE
MANINFRA
Small
Man Infraconstruction Limited
Real Estate
match 172
43
23.1
9.2%
+37%
WATCHLIST
ASHIANA
Small
Ashiana Housing Limited
Real Estate
match 170
55
32.8
13.8%
+7%
FAIR VALUE
PSPPROJECT
Small
PSP Projects Limited
Real Estate
match 170
21
41.3
4.5%
-837%
OVERVALUED
GANESHHOU
Small
GANESH HOUSING LIMITED
Real Estate
match 169
62
22.1
16.0%
+36%
UNDERVALUED
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 2026-06-08T08:09:55.854Z
Management commentary snapshot
Q1 FY26 revenue from operations surged to INR 840.33 Crores, primarily driven by INR ~836.36 Crores from 'TEN BKC' revenue recognition. Company maintains a low debt-to-equity ratio of 0.21:1 and received INR 700 Crores project advance for Malad East (PAP).
Valor Estate's Q1 FY26 results show strong revenue recognition from TEN BKC and significant project advance for Malad East, validating its land monetization strategy. The demerger of the hospitality business is a strategic move to enhance focus. The extensive land bank and project pipeline support future growth, though execution timelines remain key.
Current business mix
GDV (VEL share) by Segment (Ongoing + Upcoming + Future)
Latest issuer-disclosed distribution across 2 reported categories.
Residential83.1%
Commercial & Retail (Saleable)16.9%
Growth engines
Extensive Land Bank
513+ acres of owned land bank in MMR and Lonavala, positioned for multi-generational value creation.
Strategic Partnerships
Execution via JDA, JV, DM with leading developers like Adani Realty, Macrotech (Lodha), Godrej Properties, L&T Realty, Prestige Estate.
Capital-Efficient Model
Low capital & minimal risk model, with initial land incubation capital of INR 50-100 Cr per asset and scaled investment post-viability.
Multi-Segment Monetization
Replicable strategy spanning residential (INR 28,350+ Cr GDV) and commercial/retail (INR 2,180+ Cr annuity, INR 5,760+ Cr saleable GDV).
Capacity and execution
Upcoming Residential Projects
6 projects with ~17.8 msf total saleable area and combined GDV of ~INR 37,680 Cr in planning/design stage.
Forthcoming Residential Projects
6 projects in pipeline with ~6.8 msf total saleable area and combined GDV of ~INR 11,700 Cr.
Upcoming Commercial Annuity Projects
2 projects (BKC 101, The Prestige Mahalaxmi) with 5.2 msf total leasable area, expected completion FY28-29.
Upcoming Saleable Commercial Projects
2 projects (Codename Bandra West, LIG BKC) with 6.4 msf total saleable area and GDV of INR 5,768+ Cr.
Tailwinds
Coastal Road Completion
Mira Road land parcel (247 acres) positioned for high-tech township development post Coastal North Road completion, reducing travel time significantly.
Demerger of Hospitality Business
Strategic separation allows Valor Estate to focus on core real estate competencies, enhancing operational efficiency.
Risk radar
Project Execution Timelines
Forward-looking statements acknowledge risks and uncertainties that could cause actual results to differ materially from projections.
Regulatory & Approval Complexities
Niche expertise in land aggregation and unlocking complexities implies inherent challenges in obtaining clear entitled land and approvals.
Market Dynamics & Realization
Expected monetization periods and GDV are based on current business plans, subject to change on account of market dynamics.
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
QoQ comparison is relevant for sequential momentum in project execution and revenue recognition, as seen with TEN BKC. YoY is crucial for assessing underlying business growth and comparing against seasonal or annual project cycles in real estate.
Sector KPIs management disclosed
Revenue from Operations
INR 840.33 Crores in Q1 FY26 vs INR 6.79 Crores in Q1 FY25 and INR 537.09 Crores in Q4 FY25.
EBITDA
INR 45.31 Crores in Q1 FY26 vs INR 5.13 Crores in Q1 FY25 and (INR 7.79) Crores in Q4 FY25.
PBT
INR 26.55 Crores in Q1 FY26 vs (INR 10.18) Crores in Q1 FY25 and (INR 20.76) Crores in Q4 FY25.
Debt-to-Equity Ratio
0.21:1 in Q1 FY26, stated as one of the lowest in the real estate sector.
Management forward view
Focus on Core Competencies
Demerger of hospitality business allows Valor Estate to focus on residential, commercial (incl retail) segments leveraging its land bank.
Long-Term Value Creation
Owned land bank positioned for multi-generational value creation, optimizing land assets for sustainable cash flows.
Strategic Land Monetization
Providing clear entitled land to Tier 1 developers, ensuring cost-effective & risk-mitigated execution.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| TEN BKC Balance Revenue Recognition | INR ~836.36 Crores recognized in Q1 FY26. | Recognition of balance ~INR 800 Crores. |
| Malad East Project Advance | INR 700 Crores received. | Further progress on the project and utilization of the credit note for 13,347 tenements. |
| AHIPL Trading Commencement | Final NCLT hearing completed on June 6, 2025. | Trading commencement of Advent International Hotels (AHIPL) in Sep 2025. |
| Mira Road Land Parcel Development | Land lease rental for casting yard till 2029. | Commencement of integrated hi-tech township development post Coastal North Road completion. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
51Limited 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 9th percentile of the scored universe and 18th percentile within Real Estate. Main check: results consistency is weak at 17/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
15 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
9th percentile
overall median 67 · Real Estate: 18th pctile, median 61 · Micro: 6th pctile, median 73
Evidence depth
Financial-only
15 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
35
weak · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
59
watch · leverage and solvency
Discipline
38
weak · capital discipline
Results
17
weak · quarterly consistency
Trust positives
- ▸FCF yield is 10.8%.
- ▸5 years of positive FCF.
Trust risks
- ▸Promoters have pledged 44.7% of holding.
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸Interest coverage is 0.7x.
- ▸ROCE is low at 1.6%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Valor 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 9 Sep - Intimation of newspaper publication for 20th Annual General Meeting
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 15 Aug - Intimation of Newspaper Advertisement of Unaudited Financial Results for the first quarter and three months ended 30th June, 2026
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 10 Jun - Intimation of Newspaper Advertisement of Notice of Postal Ballot and E-voting Information
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 31 May - Newspapers Publication of Financial Results of the fourth quarter and year ended 31.03.2026
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 29 May - FY26 revenue rose 108% to ₹1,593 crore; debt cut ₹1,136 crore; expects debt-free FY27.
Source: Bse
Announcement
Board Meeting Outcome for For Audited Standalone And Consolidated Financial Results For Fourth Quarter And Year Ended 31.03.2026 And Others 29 May - Board approved FY26 audited standalone and consolidated results; revised remuneration for executive chairman and vice-chairman.
Source: Bse
AnnouncementApr 2026
Apr 2026 · Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 1 May - Bombay High Court dismissed appeal on 30 Apr 2026, ending 40-year title dispute over 205-acre Bhayandar land.
Source: Bse
AnnouncementApr 2026
Apr 2026 · Shareholder Meeting / Postal Ballot-Scrutinizer"s Report 21 Apr
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 31 Mar - MIG to acquire 100% of Radius Estates for ₹383 crore; signed 30-Mar-2026; completion by Dec-2027.
Source: Bse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.