💰 Financial Performance

Revenue Growth by Segment

The company operates primarily in the real estate segment, reporting total revenues of INR 5,839.54 lakhs in FY24, representing a significant growth of 115.7% compared to INR 2,706.93 lakhs in FY23.

Geographic Revenue Split

100% of revenue is derived from the Mumbai Metropolitan Region (MMR), with key project locations in Kalyan, Badlapur, and Chembur.

Profitability Margins

Net Profit Ratio improved from -2.60 in FY23 to -0.73 in FY24. Despite the improvement, the company reported a Net Loss of INR 4,243.04 lakhs in FY24, which is an 8.9% reduction from the INR 4,656.50 lakhs loss in FY23.

EBITDA Margin

EBITDA turned positive at INR 2,096.02 lakhs (35.9% margin) in FY24, a significant recovery from an EBITDA loss of INR 2,170.90 lakhs in FY23.

Capital Expenditure

Non-current assets stood at INR 17,938.13 lakhs in FY24, a marginal increase of 2.7% from INR 17,460.48 lakhs in FY23, reflecting ongoing project investments.

Credit Rating & Borrowing

The credit rating was IVR BBB-/Stable as of January 2022, but was withdrawn in December 2022 at the company's request following the receipt of a No Dues Certificate from YES Bank. Finance costs surged 92.4% YoY to INR 7,732.13 lakhs in FY24.

⚙️ Operational Drivers

Raw Materials

Land acquisition costs, approval costs, and construction materials (steel, cement, and labor) constitute the primary costs. Land is often held via MoUs to reduce upfront costs.

Import Sources

Sourced locally within Maharashtra, specifically for projects in the Mumbai Metropolitan Region (MMR).

Key Suppliers

Key financial and strategic partners include Aditya Birla, KRG, STCI, and the Promoter Group for funding and development support.

Capacity Expansion

The company has delivered over 5,000 apartments in the last 10 years. Current ongoing projects include Poddar Riviera (Kalyan), Poddar Wondercity (Badlapur), and Samruddhi Evergreens (Badlapur).

Raw Material Costs

Cost of construction was INR 111.62 Cr in FY22. In FY24, the company focused on mitigating raw material price volatility through well-defined procurement plans and key vendor tie-ups.

Manufacturing Efficiency

Efficiency is measured by project completion timelines; the company received UDCPR approval for Poddar Riviera to optimize FSI utilization.

📈 Strategic Growth

Expected Growth Rate

Not disclosed in available documents

Growth Strategy

Growth is targeted through the development of affordable housing in the MMR region, leveraging Joint Ventures for funding, and utilizing a land bank held through MoUs to minimize capital lock-in. The company is also focusing on selling off land banks and completing ongoing projects like Poddar Riviera Phase II.

Products & Services

Affordable housing units, mid-income apartments, and studio flats.

Brand Portfolio

Poddar Housing, Poddar Riviera, Poddar Wondercity, Samruddhi Evergreens, Spraha Diamond.

New Products/Services

Upcoming projects include developments in Goregaon, Kandivali-Apna Nagar, Tisgaon, and Dhayari.

Market Expansion

Expansion is focused on deepening penetration within the Mumbai Metropolitan Region (MMR) through new phases of existing projects.

Market Share & Ranking

Pioneer in affordable housing in the MMR region with a legacy dating back to 1982.

Strategic Alliances

The company utilizes Joint Ventures with strategic partners to mitigate funding risks and manage large-scale project developments.

🌍 External Factors

Industry Trends

The industry is shifting toward larger homes post-pandemic. The company is positioning itself by optimizing FSI under new UDCPR regulations to meet this demand while maintaining affordability.

Competitive Landscape

Competes with other affordable housing developers in the MMR region; market dynamics are driven by interest rates and government housing policies.

Competitive Moat

Moat is built on a 40-year family legacy and specialized expertise in the low-cost housing niche in MMR, which is difficult for new entrants to replicate at scale.

Macro Economic Sensitivity

Highly sensitive to interest rate cycles and economic slowdowns in India, which decelerate demand for housing.

Consumer Behavior

Shift toward demand for larger homes and integrated townships with better amenities in suburban locations like Kalyan and Badlapur.

Geopolitical Risks

Minimal direct impact, though global economic trends affect national inflation and material costs.

⚖️ Regulatory & Governance

Industry Regulations

Subject to RERA regulations, UDCPR (Unified Development Control and Promotion Regulations) for FSI approvals, and local municipal norms.

Taxation Policy Impact

Follows Ind AS accounting standards under Section 133 of the Companies Act, 2013.

Legal Contingencies

The company received a Show Cause Notice from the National Stock Exchange (NSE) on October 20, 2025, regarding the proposed delisting of its equity shares due to non-compliances.

⚠️ Risk Analysis

Key Uncertainties

Material uncertainty exists regarding the 'Going Concern' assumption as the company had net current assets of INR -2,506 lakhs as of March 31, 2024, and incurred cash losses of INR 5,670 lakhs.

Geographic Concentration Risk

100% of projects are concentrated in the Mumbai Metropolitan Region, making the company vulnerable to regional economic or regulatory shifts.

Third Party Dependencies

High dependency on lenders and JV partners for project funding, as evidenced by the reliance on 'available lines of credit' to meet obligations.

Technology Obsolescence Risk

Low risk, but the company is adopting technological domain knowledge to enhance competitiveness in construction.

Credit & Counterparty Risk

Trade Receivables Turnover Ratio was 2.94 in FY24, a decrease from 2.44 in FY23, indicating a slight slowdown in collection efficiency relative to revenue.