B-Right Real - B-Right Real

📊 BSE: 543543 🏢 Residential, Commercial Projects 📅 Last Updated: 11/13/2025 15:25

💰 Financial Performance

Revenue Growth by Segment

The company operates primarily in real estate development. Standalone Total Operating Income grew by 49.86% YoY, increasing from INR 3.51 Cr in FY23 to INR 5.26 Cr in FY24. Operational performance for 9M FY26 shows massive scaling with Pre-Sales reaching INR 208.42 Cr.

Geographic Revenue Split

100% of revenue and project operations are concentrated in Mumbai and surrounding areas like Lonavala, Maharashtra.

Profitability Margins

Standalone PAT margin improved slightly from 35.98% in FY23 to 36.37% in FY24. Gross profitability is driven by high-margin residential and commercial projects in premium Mumbai micro-markets.

EBITDA Margin

Standalone EBITDA margin saw a significant increase of 20.82 percentage points, rising from 49.01% in FY23 to 69.83% in FY24, reflecting improved operational efficiency and project mix.

Capital Expenditure

While specific fixed asset capex is not detailed, the company invested in business development by adding two new project sites in Q3 FY26 with a cumulative Gross Development Value (GDV) of INR 352.63 Cr.

Credit Rating & Borrowing

The credit rating was upgraded to IVR BBB-/Stable in December 2024 from IVR BB+/Negative. Total debt as of December 31, 2025, stood at INR 57.90 Cr, including a Q3 FY26 addition of INR 30 Cr for expansion.

⚙️ Operational Drivers

Raw Materials

Key raw materials include steel, cement, sand, bricks, and labor, which typically constitute 60-70% of total construction costs in the real estate sector.

Import Sources

Sourced locally within Maharashtra and India to minimize logistics costs for Mumbai-based projects.

Key Suppliers

Not specifically named in the documents, but involves standard construction material vendors and contractors.

Capacity Expansion

The company expanded its development pipeline in Q3 FY26 by adding two new sites with a GDV of INR 352.63 Cr. Current execution includes projects where ~86% of total saleable units have already been sold as of late 2024.

Raw Material Costs

Construction costs are managed through a centralized procurement team; however, specific YoY cost percentage changes for materials were not disclosed.

Manufacturing Efficiency

Focuses on innovative architecture and cost-efficient construction management to realize procurement efficiencies.

Logistics & Distribution

Not applicable as a traditional manufacturing metric, but project site logistics are managed locally in Mumbai.

📈 Strategic Growth

Expected Growth Rate

25-30%

Growth Strategy

Growth is driven by aggressive project pipeline expansion, evidenced by the INR 352.63 Cr GDV addition in Q3 FY26. The strategy focuses on high-demand Mumbai micro-markets, improving collection efficiency (INR 40.31 Cr in Q3 FY26), and leveraging the 'B-Right' brand for pre-sales momentum.

Products & Services

Residential apartments, commercial office spaces, and integrated real estate development projects.

Brand Portfolio

B-Right Realestate, B-Right Group.

New Products/Services

Addition of two new project sites in Q3 FY26 expected to contribute significantly to the long-term GDV and revenue pipeline.

Market Expansion

Expansion within Mumbai's residential micro-markets and Lonavala for leisure/residential projects.

Market Share & Ranking

Niche player in the Mumbai real estate market; specific industry ranking not disclosed.

Strategic Alliances

Operates through various subsidiaries and LLPs like B-Right Realestate Ventures LLP and Jaliyan B-Right Developers Private Limited for specific project execution.

🌍 External Factors

Industry Trends

The Indian real estate sector is witnessing high growth; Mumbai remains a financial hub with sustained residential demand. The industry is shifting toward organized players with strong execution track records.

Competitive Landscape

Competes with other Mumbai-based developers; differentiated by its integrated construction management and customer-centric financing model.

Competitive Moat

Moat is built on a successful track record in the complex Mumbai market, high pre-sale velocity (86% sold), and a robust internal financial control system that minimizes malpractice risks.

Macro Economic Sensitivity

Highly sensitive to India's GDP growth (projected at 6.5% for FY25) and urban housing demand in Mumbai.

Consumer Behavior

Shift toward branded developers and quality construction with modern amenities in Mumbai.

Geopolitical Risks

Low direct impact, though global commodity price fluctuations (steel/oil) affect local construction material costs.

⚖️ Regulatory & Governance

Industry Regulations

Subject to RERA compliance, Mumbai municipal building codes, and labor safety standards. The company confirmed it does not fall under the 'Large Corporate' category for SEBI debt issuance frameworks for FY25.

Environmental Compliance

Must adhere to RERA (Real Estate Regulatory Authority) and local municipal environmental norms for construction.

Taxation Policy Impact

Effective tax rate is reflected in the PAT margin of 36.37% on standalone operations.

Legal Contingencies

The Independent Auditor's Report for FY25 did not report any material misstatements or significant pending legal contingencies that would impair the 'true and fair view' of the financial statements.

⚠️ Risk Analysis

Key Uncertainties

Project execution risk and saleability risk are primary; however, 86% pre-sales mitigate this. Cyclicality in real estate could impact future GDV realization by 10-15%.

Geographic Concentration Risk

100% of projects are in and around Mumbai, making the company vulnerable to local regulatory changes or economic downturns in the Mumbai Metropolitan Region.