Note: listed Sep 2022 - FY22 left blank; FY26 profit includes about Rs 1,355 Cr of one-off other income booked in Q4 FY26, not run-rate; Screener shows no P/E
Market cap, ratios, CAGR and revenue: company table snapshot as of 30 Oct 2026 (the same figures on every page). Price: snapshot as of 30 Oct 2026. Not investment advice.
Where it fits
Buys land outright or signs joint-development deals with land owners, gets approvals, launches projects, sells units off-plan, collects instalments as the tower rises and hands over homes 3-5 years later.
Why it matters
Developers turn land, materials and capital into homes, and their launches set demand for every layer below. Under RERA, 70% of buyer collections must stay in a project escrow, which has pushed buyers toward large, well-funded developers.
Where the value pool sits
Listed leaders earn roughly 25-35% project-level EBITDA margins, but profit is recognised only on completion, so pre-sales, collections and operating cash flow are the numbers that matter in the near term. Margins come mostly from land bought or partnered cheaply and from pricing power in premium segments.
Key drivers
Premium and luxury demand (₹2-5 Cr sales up 19% in Jan-Sep 2026, Knight Frank)
Consolidation toward listed brands post-RERA
Infrastructure opening new micro-markets (metros, expressways, airports)
Home-loan rates
Potential bottlenecks
Approvals and environmental clearances can take 1-2 years before launch
Land in core city areas is scarce and expensive
Construction labour shortages and seasonal bans (e.g. Delhi-NCR winter pollution curbs)