💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue from operations grew by 2,384% YoY to INR 17,829.71 Lakh in FY25 from INR 717.75 Lakh in FY24, primarily driven by changes in accounting policies and the consolidation of partnership firms (IITL-Nimbus projects). Standalone revenue declined by 74.25% to INR 151.12 Lakh from INR 586.98 Lakh.

Geographic Revenue Split

100% of revenue is derived from the Noida, Greater Noida, and Yamuna Expressway regions in Uttar Pradesh, India, where the company's primary residential and commercial projects are located.

Profitability Margins

Consolidated Net Profit Margin collapsed from 12.97% in FY24 to 0.36% in FY25. Standalone Net Profit Margin turned negative at -8.44% compared to 0.88% in the previous year, reflecting significantly higher operational and interest costs relative to revenue.

EBITDA Margin

Not disclosed in available documents; however, consolidated profit for the year was INR 6,367.50 Lakh, a 31.6% decrease from INR 9,312.14 Lakh in FY24.

Credit Rating & Borrowing

Borrowing costs are high as evidenced by the Interest Coverage Ratio falling from 41.96 to 0.76 YoY, and the Debt-Equity Ratio increasing by 816% from 0.06 to 0.55.

⚙️ Operational Drivers

Raw Materials

Not disclosed in available documents, though the company mentions long-term relationships with vendors for streamlined raw material supply for construction.

Capacity Expansion

The company holds a total leasehold area of approximately 2,65,000 sq. meters. It recently expanded its portfolio by becoming a lead promoter for Sunworld Arista Phase-2, adding 10,957 sq. meters of development area with a project end date of January 23, 2030.

📈 Strategic Growth

Expected Growth Rate

Not disclosed

Growth Strategy

The company is focusing on reviving stalled projects, such as Sunworld Arista Phase-2, where it was appointed Lead Promoter by RERA. It is also leveraging prime locations near the upcoming Noida International Airport (The Palm Village) and has restructured its partnerships, with Nimbus Propmart Private Limited replacing IITL Projects in several key SPVs to streamline project execution.

Products & Services

Residential flats (high-rise and low-rise), commercial shops, and club facilities.

Brand Portfolio

Express Park View, The Hyde Park, The Palm Village, The Park Street, and Sunworld Arista.

New Products/Services

Launched Low Rise Apartments (310 units) and took over development of Sunworld Arista Phase-2 (Towers 5, 7, 8, 9 & Club).

Market Expansion

Focusing on the Yamuna Expressway region to capitalize on infrastructure developments like the Noida International Airport.

Strategic Alliances

Partnerships with Sunworld Residency Private Limited and Nimbus Propmart Private Limited for joint project development.

🌍 External Factors

Industry Trends

The Indian real estate market is projected to reach $1 trillion by 2030. Current trends show a shift toward primary transactions (57% of total) and a growing demand for sustainable, well-connected urban spaces.

Competitive Landscape

Operates in a highly competitive NCR market against developers like Sunworld Residency, though it often uses a collaborative co-promoter model to mitigate competition.

Competitive Moat

The company's moat is built on superior location selection (proximity to Noida International Airport and Metro) and a trusted brand reputation in the NCR region. These are sustainable due to the long-term nature of land leases (90 years) and high barriers to entry in large-scale urban development.

Macro Economic Sensitivity

Highly sensitive to interest rate fluctuations and GDP growth, as residential sales in major cities surged 77% between FY19 and FY25, tracking India's economic recovery.

Consumer Behavior

Post-pandemic shift toward homeownership and demand for amenities like parking, common areas, and proximity to transport hubs.

⚖️ Regulatory & Governance

Industry Regulations

Strict compliance with RERA (Real Estate Regulatory Authority) for project registrations (e.g., UPRERAPRJ558356/04/2024) and adherence to the Benami Transactions Act and local authority (YEIDA/NOIDA) layout approvals.

Legal Contingencies

The company is involved in the execution of sub-lease deeds (1,211 executed for EPV-II) and has obtained project extensions from RERA until 2030 for stalled projects. Specific values for pending litigation are not disclosed.

⚠️ Risk Analysis

Key Uncertainties

Regulatory hurdles and legal complexities in land titles, rising interest rates impacting buyer affordability, and economic volatility affecting the $1 trillion market projection.

Geographic Concentration Risk

High risk due to 100% revenue concentration in the Noida/Greater Noida/Yamuna Expressway belt.

Third Party Dependencies

Significant dependency on partnership firms and co-promoters (e.g., Sunworld Residency) for project completion and financial stability.

Technology Obsolescence Risk

Risk of falling behind in property management technology and sustainable construction practices, which are identified as growing market opportunities.

Credit & Counterparty Risk

Debtors Turnover Ratio of 17.74 indicates efficient collection from allottees, but the low Interest Coverage Ratio (0.76) suggests high counterparty risk regarding debt obligations.