HDIL - H D I L

📊 NSE: HDIL 🏢 Construction 📅 Last Updated: 12/13/2025 22:44

💰 Financial Performance

Revenue Growth by Segment

Portfolio mix as of March 31, 2019: Residential 43.15%, SRA 43.09%, and Commercial/Retail 13.76%. Major profit contributors include project sales, Transfer of Development Rights (TDR), and FSI sales.

Geographic Revenue Split

Primarily focused on Maharashtra, with project registrations under MahaRERA and newspaper publications in Mumbai, Pune, and Nasik.

Profitability Margins

Profit for the period ended March 31, 2025, was a loss of INR 0.0113 Cr, a significant improvement from a loss of INR 10.32 Cr in 2024. Operating profit before working capital changes turned positive to INR 2.91 Cr in 2025 from a loss of INR 8.00 Cr in 2024.

EBITDA Margin

Operating profit before working capital changes was INR 2.91 Cr for FY2025, representing a recovery from a negative INR 8.00 Cr in FY2024.

Capital Expenditure

Property, Plant and Equipment stood at INR 96.05 Cr as of March 31, 2025. Investment property was valued at INR 107.51 Cr.

Credit Rating & Borrowing

Not disclosed in available documents; however, the company is subject to proceedings under the Insolvency and Bankruptcy Code, 2016, and is managed by a Resolution Professional.

⚙️ Operational Drivers

Raw Materials

Steel, cement, and land (implied by real estate operations). Specific percentage of total cost not disclosed.

Capacity Expansion

Portfolio mix includes 43.15% Residential and 43.09% SRA. The company has managed to register all ongoing projects with MahaRERA.

Raw Material Costs

Procurement strategy involves all-inclusive construction contracts with built-in mechanisms for price moderation to manage commodity price risk.

📈 Strategic Growth

Expected Growth Rate

Not disclosed

Growth Strategy

Focus on value addition through Transfer of Development Rights (TDR) and FSI sales. Strategy includes nurturing industry talent (286 employees as of 2019) and maintaining an engaging human resource culture to explore talent capabilities.

Products & Services

Residential units, commercial spaces, retail spaces, Slum Rehabilitation Authority (SRA) projects, Transfer of Development Rights (TDR), and FSI sales.

Brand Portfolio

HDIL (Housing Development and Infrastructure Limited).

🌍 External Factors

Industry Trends

Shift toward strict regulatory compliance under MahaRERA. The industry is evolving with a focus on Slum Rehabilitation (SRA) and infrastructure-linked development.

Competitive Landscape

Key competitors not named, but the company faces competition in the residential and commercial segments in the Mumbai Metropolitan Region.

Competitive Moat

Moat includes expertise in SRA projects (43.09% of portfolio) and the ability to generate value through TDR/FSI sales in the Mumbai market.

Macro Economic Sensitivity

Sensitive to general election results and government policy changes regarding real estate liquidity and approval timelines.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with MahaRERA (Maharashtra Real Estate Regulatory Authority) for project registrations and SEBI (LODR) Regulations for corporate governance reporting.

Legal Contingencies

The company is currently a 'Corporate Debtor' under the Insolvency and Bankruptcy Code, 2016. Financial results for 2025 were taken on record by the Resolution Professional (RP) without representations on accuracy due to reliance on available staff statements.

⚠️ Risk Analysis

Key Uncertainties

Ability to manage growth, competition, and time/cost overruns on contracts. The primary uncertainty is the outcome of the insolvency resolution process.