💰 Financial Performance

Revenue Growth by Segment

The company operates in a single business segment, Real Estate Development, which saw a total income decline of 53.71% YoY, falling from INR 98.47 Lacs in H1 FY25 to INR 45.58 Lacs in H1 FY26. This sharp decline is primarily due to reduced revenue from operations which dropped from INR 117.30 Lacs to INR 27.66 Lacs in the same period.

Geographic Revenue Split

Not disclosed in available documents, though the company's registered office is in New Delhi and its primary project interest is located in Karnal, Haryana.

Profitability Margins

Net Profit Margin improved from -387.70% in H1 FY25 to -8.67% in H1 FY26. While still negative, the margin 'improved' because the previous year included a massive one-time provision for credit losses that did not recur at the same scale.

EBITDA Margin

EBITDA margin for H1 FY26 stood at approximately 20.16% (INR 9.19 Lacs) compared to a pre-provision EBITDA margin of 72.82% in H1 FY25. The contraction is due to a 53.71% drop in revenue while fixed employee and administrative costs rose by 35.93% YoY.

Capital Expenditure

Not disclosed in available documents; however, the company maintains a static Property, Plant & Equipment base of INR 0.22 Lacs as of September 30, 2025.

Credit Rating & Borrowing

Not disclosed in available documents. The company appears to be debt-free with no reported interest-bearing long-term borrowings in the current liabilities or non-current liabilities sections.

⚙️ Operational Drivers

Raw Materials

Land and Development Rights represent the primary 'raw material' for the company, reflected in an inventory value of INR 1,070.22 Lacs, which constitutes 24.67% of total assets.

Import Sources

Not disclosed in available documents; sourcing is likely domestic (India) given the nature of real estate development in Karnal and New Delhi.

Capacity Expansion

The company's primary 'capacity' is its inventory of land/WIP valued at INR 1,070.22 Lacs. No specific expansion of the land bank was reported in the H1 FY26 period.

Raw Material Costs

Inventory costs remained stagnant at INR 1,070.22 Lacs from March 2025 to September 2025, indicating no new major land acquisitions or significant construction spend during the half-year.

Manufacturing Efficiency

Not applicable as the company is a real estate developer; however, employee benefit expenses as a percentage of total income rose from 10.47% in H1 FY25 to 39.78% in H1 FY26, indicating lower operational leverage.

📈 Strategic Growth

Expected Growth Rate

Not disclosed in available documents

Growth Strategy

The company's strategy focuses on the recovery and development of its interest in the Ansal Landmark (Karnal) Township. Growth is dependent on resolving the recoverability of INR 1,926.15 Lacs in net advances and potentially monetizing the INR 1,070.22 Lacs held in inventory through development or sale.

Products & Services

Real estate development projects, specifically residential or commercial plots and units within townships like the Ansal Landmark (Karnal) project.

Brand Portfolio

Landmark Property Development, Dalmia Group.

Strategic Alliances

The company has a significant business arrangement/advance with Ansal Landmark (Karnal) Township Pvt. Ltd. for space booking.

🌍 External Factors

Industry Trends

The real estate industry is shifting toward consolidated players with high transparency. LPDC is currently in a consolidation phase, focusing on cleaning up its balance sheet (provisioning INR 400 Lacs for credit losses) rather than aggressive expansion.

Competitive Landscape

Competes with other NCR-based developers like DLF and Ansal Properties in the residential township segment.

Competitive Moat

The company's moat is linked to its association with the Dalmia Group and its existing land/advance positions in the NCR region. However, this moat is currently weakened by the slow recovery of advances from partners.

Macro Economic Sensitivity

Highly sensitive to the Indian real estate market and interest rate cycles, which affect the valuation and liquidity of its INR 1,070.22 Lacs inventory.

Geopolitical Risks

Low, as assets and operations are concentrated in the National Capital Region (NCR) and Haryana, India.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to RERA (Real Estate Regulatory Authority) and local development norms in Haryana and Delhi. The company maintains adequate systems to monitor compliance as per the Secretarial Audit report.

Taxation Policy Impact

The company recorded a tax expense of INR 4.38 Lacs for H1 FY26, despite a pre-tax loss, likely due to deferred tax adjustments or taxes on interest income.

Legal Contingencies

The primary contingency involves the recoverability of space booking advances from Ansal Landmark (Karnal) Township Pvt. Ltd. totaling INR 3,526.15 Lacs (Gross). The company has provisioned INR 1,600 Lacs against this, leaving a net exposure of INR 1,926.15 Lacs.

⚠️ Risk Analysis

Key Uncertainties

The recoverability of the net advance of INR 1,926.15 Lacs is the single largest uncertainty, representing nearly half of the company's net worth.

Geographic Concentration Risk

100% of known projects and assets are concentrated in the North India region (NCR and Haryana).

Third Party Dependencies

High dependency on Ansal Landmark (Karnal) Township Pvt. Ltd. for the realization of its largest non-current asset.

Technology Obsolescence Risk

Low risk for real estate, though the company needs to adopt digital sales and project management tools to remain competitive.

Credit & Counterparty Risk

High risk; the company has already recognized a 'Provision for expected credit loss' of INR 400 Lacs in the previous year, signaling ongoing concerns about counterparty liquidity.