💰 Financial Performance

Revenue Growth by Segment

The company operates in a single business segment. Standalone revenue from operations for H1 FY26 was INR 25.62 Lakhs, representing a 99.45% decline from INR 4,639.01 Lakhs in H1 FY25. This sharp decrease is characteristic of real estate revenue recognition cycles.

Geographic Revenue Split

Operations are concentrated in Maharashtra, India, with key project locations and offices in Pune and Panvel (Codename Infinity).

Profitability Margins

Net Profit Margin for FY25 was 15.70%, an improvement of 554 bps YoY. For H1 FY26, standalone Net Profit was INR 48.36 Lakhs, a 93.8% decrease from INR 779.09 Lakhs in H1 FY25, primarily sustained by other income of INR 223.02 Lakhs.

EBITDA Margin

Operating Profit before working capital changes for H1 FY26 was INR (167.10) Lakhs, a 118.7% decrease from INR 894.38 Lakhs in H1 FY25. Core operational profitability was impacted by the significant drop in revenue from operations.

Capital Expenditure

Purchase of Property, Plant, and Equipment (PPE) in H1 FY26 was INR 65.46 Lakhs, compared to INR 2.89 Lakhs in H1 FY25, indicating increased investment in fixed assets.

Credit Rating & Borrowing

Non-current borrowings stood at INR 25.94 Lakhs as of September 30, 2025, compared to nil as of March 31, 2025. Current borrowings were minimal at INR 0.05 Lakhs.

⚙️ Operational Drivers

Raw Materials

Construction materials including steel, cement, and aggregates required for real estate development projects like Belmac Panvel.

Import Sources

Primarily sourced from domestic suppliers within Maharashtra and other parts of India.

Key Suppliers

Not specifically named, but the company reported advances to contractors and suppliers totaling INR 133.35 Lakhs in H1 FY26.

Capacity Expansion

Ongoing development of real estate projects including 'Belmac Panvel' and the 'Codename Infinity' project in Panvel.

Raw Material Costs

Cost of sales and other operational expenses for H1 FY26 were INR 27.08 Lakhs, a 99.17% decrease from INR 3,285.24 Lakhs in H1 FY25, tracking the decline in recognized revenue.

Manufacturing Efficiency

The company reported significant changes (>25%) in inventory turnover and trade receivable turnover ratios due to the cyclical nature of real estate sales and revenue recognition.

📈 Strategic Growth

Expected Growth Rate

Not disclosed in available documents

Growth Strategy

The company focuses on the development and sale of residential and hospitality projects in Pune and Panvel. Growth is driven by project launches like 'Codename Infinity' and the execution of the 'Belmac' brand strategy.

Products & Services

Residential apartments, commercial spaces, and hospitality services.

Brand Portfolio

Belmac, Supreme Holdings & Hospitality.

New Products/Services

New real estate project phases under the 'Codename Infinity' brand in Panvel.

Market Expansion

Targeted expansion within the high-growth corridors of Panvel and Pune in Maharashtra.

Strategic Alliances

Subsidiaries include Helmet Traderz Limited, Belmaac City Developers Private Limited (100%), and Visana Infrastructure Private Limited.

🌍 External Factors

Industry Trends

The industry is shifting toward branded developers and integrated townships. Supreme is positioning itself through the 'Belmac' brand to capture demand for premium residential spaces.

Competitive Landscape

Competes with regional and national real estate developers in the Mumbai Metropolitan Region (MMR) and Pune markets.

Competitive Moat

Moat is based on brand recognition in the Pune/Panvel micro-markets and a strong asset base with total equity of INR 56,543.21 Lakhs.

Macro Economic Sensitivity

Highly sensitive to interest rate changes affecting home loan affordability and GDP growth influencing real estate demand in Maharashtra.

Consumer Behavior

Increasing consumer preference for branded developers with a track record of project delivery and modern amenities.

Geopolitical Risks

Minimal impact due to domestic focus, though global supply chain issues could indirectly affect construction material costs.

⚖️ Regulatory & Governance

Industry Regulations

Subject to RERA (Real Estate Regulatory Authority) norms, local municipal building codes, and environmental clearances for construction.

Taxation Policy Impact

Standalone current tax expense for H1 FY26 was INR 0.69 Lakhs compared to INR 243.94 Lakhs in H1 FY25.

Legal Contingencies

Pending litigation includes cases at the Appellate Authority (Commissioner level) involving an aggregate amount of INR 14.23 Lakhs.

⚠️ Risk Analysis

Key Uncertainties

Significant revenue volatility (99.45% YoY decline) due to the timing of project completions and revenue recognition under Ind-AS.

Geographic Concentration Risk

High concentration risk with projects primarily located in the Pune and Panvel regions of Maharashtra.

Third Party Dependencies

Heavy reliance on external contractors for project execution, with advances of INR 133.35 Lakhs paid to suppliers/contractors.

Technology Obsolescence Risk

Low risk for real estate, though the company must adapt to digital sales and modern construction technologies.

Credit & Counterparty Risk

Trade receivables stood at INR 2,609.45 Lakhs as of March 31, 2025, with the turnover ratio increasing due to higher receivables relative to turnover.