PANSARI - Pansari Develop.

📊 NSE: PANSARI 🏢 Construction 📅 Last Updated: 12/14/2025 10:51

💰 Financial Performance

Revenue Growth by Segment

Standalone total income decreased by 29.94% YoY to INR 41.05 Cr (from INR 58.59 Cr). Consolidated total income decreased by 27.29% YoY to INR 44.84 Cr (from INR 61.68 Cr). Specific segment-wise percentage splits for Fabrics or Trading were not provided for the current period.

Geographic Revenue Split

100% of operations and revenue are concentrated in India, specifically focused on the Eastern real estate corridor and Kolkata region.

Profitability Margins

Net Profit Margin improved by 110% YoY, rising from 0.10% to 0.21% according to management ratios, though absolute standalone net profit of INR 7.50 Cr on INR 41.05 Cr revenue suggests an operational net margin of approximately 18.27%.

EBITDA Margin

Profit before depreciation and tax stood at INR 13.14 Cr (Standalone) and INR 13.21 Cr (Consolidated). Standalone EBITDA margin is approximately 32.01% of total income.

Capital Expenditure

Not explicitly disclosed in absolute INR Cr for future periods; however, the company maintains a robust pipeline of residential and commercial projects in Kolkata.

Credit Rating & Borrowing

Debt Equity Ratio increased by 8.00% YoY to 0.54 (from 0.50), indicating a slight increase in leverage to fund ongoing project developments.

⚙️ Operational Drivers

Raw Materials

Construction materials including steel, cement, and bricks; specific percentage of total cost for each is not disclosed.

Import Sources

Sourced domestically within India, primarily from vendors serving the West Bengal and Eastern Indian construction markets.

Capacity Expansion

Current focus is on 'Purti' branded developments; expansion is tied to the pipeline of residential and commercial projects in the Eastern real estate corridor.

Raw Material Costs

Management identified material cost volatility as a key external risk; however, specific YoY cost change percentages were not provided.

Manufacturing Efficiency

Not applicable as a developer; however, the company employs 250 personnel to manage project execution and sales.

📈 Strategic Growth

Expected Growth Rate

Not disclosed

Growth Strategy

The company aims to achieve growth by leveraging the 'Purti' brand, focusing on integrated residential townships, mid-segment housing, and commercial real estate in the Eastern real estate corridor. Strategy includes maintaining operational agility to navigate regulatory reforms like RERA and GST.

Products & Services

Integrated residential townships, mid-segment housing units, and commercial real estate spaces.

Brand Portfolio

Purti

New Products/Services

New residential and commercial projects under the 'Purti' brand in Kolkata and surrounding areas.

Market Expansion

Targeting the Eastern real estate corridor with a focus on rising demand for integrated townships.

🌍 External Factors

Industry Trends

The real estate sector is seeing a shift toward organized developers and formalization due to RERA. Demand is rising for integrated townships and mid-segment housing in the Eastern region.

Competitive Landscape

Competes with other organized and unorganized developers in the West Bengal residential and commercial segments.

Competitive Moat

Brand equity through the 'Purti' name and localized expertise in the Kolkata real estate market serve as primary competitive advantages.

Macro Economic Sensitivity

Highly sensitive to interest rate cycles affecting home loans and regulatory transparency improvements from RERA/GST.

Consumer Behavior

Shift toward greater confidence in organized developers and demand for integrated living spaces.

Geopolitical Risks

Minimal direct impact due to localized real estate operations in Eastern India.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with RERA (Real Estate Regulatory Authority) and GST framework is mandatory for all project developments and sales.

Taxation Policy Impact

Standalone tax expense for FY 2024-25 was INR 2.47 Cr on a profit before tax of INR 9.97 Cr, representing an effective tax rate of approximately 24.77%.