💰 Financial Performance

Revenue Growth by Segment

Total revenue from operations for H1 FY26 was INR 11.14 Cr, representing a decline of 22.8% compared to INR 14.43 Cr in H1 FY25. Q2 FY26 revenue stood at INR 4.58 Cr, a 29.7% decrease from INR 6.52 Cr in Q2 FY25. Segment-specific percentage splits were not detailed in the provided summary tables.

Geographic Revenue Split

The company is based in Mumbai, Maharashtra, with its registered office at Nariman Point. 100% of operations and revenue are concentrated within the Indian market, primarily the Mumbai metropolitan region.

Profitability Margins

Profit Before Tax (PBT) margin for H1 FY26 remained high at 86.1% (INR 9.84 Cr PBT on INR 11.43 Cr total income), compared to 86.3% in H1 FY25. Net Profit margin for H1 FY26 was 73.0% (INR 8.34 Cr Net Profit), down from 71.3% in H1 FY25 due to lower tax provisions.

EBITDA Margin

EBITDA margin for H1 FY26 was approximately 86.4%, calculated from a PBT of INR 9.84 Cr plus depreciation of INR 0.037 Cr and negligible finance costs of INR 0.0003 Cr. This reflects a high core profitability from investment and financing activities.

Capital Expenditure

Historical Capex is minimal as evidenced by a low depreciation expense of INR 0.037 Cr for H1 FY26. Planned capital expenditure for new housing projects was not disclosed in absolute INR Cr values in the provided documents.

Credit Rating & Borrowing

The company has not issued any debt instruments and does not have any fixed deposit programmes as of March 31, 2025. Finance costs were nearly zero (INR 0.0003 Cr in H1 FY26), indicating a virtually debt-free status.

⚙️ Operational Drivers

Raw Materials

As a housing and finance company, primary inputs for the housing division include cement, steel, and construction labor, though these are not itemized as raw material costs in the standalone finance-heavy P&L. 'Changes in inventories' of INR 0.246 Cr for H1 FY26 reflects project work-in-progress.

Import Sources

Not disclosed in available documents; however, construction materials are typically sourced locally within Maharashtra or neighboring Indian states.

Capacity Expansion

Current capacity is tied to real estate inventory and loan book size. Planned expansion details regarding specific new project acreage or units were not disclosed.

Raw Material Costs

Raw material consumption was reported as INR 0 in the standalone results for H1 FY26, as costs are likely capitalized into inventory (Work-in-Progress) which saw a change of INR 0.246 Cr.

Manufacturing Efficiency

Not applicable as the company operates in the finance and housing sectors rather than traditional manufacturing.

Logistics & Distribution

Not applicable to the company's core services of housing finance and real estate development.

📈 Strategic Growth

Expected Growth Rate

Not disclosed

Growth Strategy

The company aims to achieve growth through its dual focus on housing development and finance. Strategy includes maintaining a debt-free balance sheet to fund new projects internally and leveraging its established brand in the Mumbai real estate market to drive residential sales.

Products & Services

Residential housing units, housing finance loans, and investment services.

Brand Portfolio

Coral India Finance and Housing Limited (CIFHL).

Market Expansion

The company continues to focus on the Mumbai and Maharashtra regions for its housing and finance operations.

🌍 External Factors

Industry Trends

The industry is shifting toward affordable housing and stricter regulatory compliance under RERA. The company is positioned as a debt-free player, allowing it to navigate liquidity crunches that affect more leveraged competitors.

Competitive Landscape

Competes with major NBFCs (e.g., HDFC, LIC Housing Finance) and local Mumbai real estate developers.

Competitive Moat

The company's moat is its debt-free status and long-standing presence in the Mumbai market. This financial stability is sustainable as it avoids the high interest-burden risks faced by other real estate and finance firms.

Macro Economic Sensitivity

Highly sensitive to interest rate cycles and urban housing demand. A 1% change in interest rates significantly impacts the affordability of its housing products.

Consumer Behavior

Increasing preference for ready-to-move-in homes and transparent financing options in the post-RERA environment.

Geopolitical Risks

Minimal direct impact as operations are domestic; however, global commodity price spikes (steel/cement) could indirectly raise construction costs.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the National Housing Bank (NHB) regulations for the finance arm and RERA for the housing development arm.

Taxation Policy Impact

The company provided INR 1.50 Cr for current tax in H1 FY26 against a PBT of INR 9.84 Cr, reflecting an effective tax rate of approximately 15.2%.

Legal Contingencies

The company reported zero pending litigations as of March 31, 2025, that would impact its financial position.

⚠️ Risk Analysis

Key Uncertainties

Fluctuations in the Mumbai real estate market (potential 10-15% impact on revenue) and regulatory changes in housing finance norms.

Geographic Concentration Risk

100% of revenue and assets are concentrated in India, specifically the Mumbai region, creating high sensitivity to local economic conditions.

Third Party Dependencies

Dependency on M/s MUFG Intime India Private Limited for share registry services and local contractors for construction.

Technology Obsolescence Risk

Low risk for real estate; however, the finance arm faces digital transformation pressure from fintech competitors.

Credit & Counterparty Risk

Credit risk is managed through collateralized housing loans, though specific Non-Performing Asset (NPA) percentages were not disclosed in the summary.