UNITECH - Unitech

📊 NSE: UNITECH 🏢 Construction 📅 Last Updated: 12/14/2025 14:44

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue for H1 FY26 was INR 268.16 Cr. Segment contributions: Real Estate & Related Activities INR 155.45 Cr (58% of total), Property Management INR 98.60 Cr (36.8%), Hospitality INR 13.61 Cr (5.1%), and Investment & Other Activities INR 0.50 Cr (0.1%).

Geographic Revenue Split

100% of revenue is generated within India, representing a single geographical segment.

Profitability Margins

Net Profit Margin is severely negative at -550.94% for H1 FY26, with a net loss of INR 1,477.38 Cr on revenue of INR 268.16 Cr. This is driven by massive finance costs exceeding total revenue by 5.5x.

EBITDA Margin

Operating loss before working capital changes was INR 9.28 Cr for H1 FY26, representing an EBITDA margin of -3.46%.

Capital Expenditure

Capital expenditure for H1 FY26 was INR 1.95 Cr, primarily for the purchase of Property, Plant, and Equipment including capital work in progress.

Credit Rating & Borrowing

Not disclosed in available documents; however, the company is in NPA status with penalties on NPA accounts totaling INR 752.80 Cr and current borrowings of INR 7,378.20 Cr.

⚙️ Operational Drivers

Raw Materials

Steel, cement, bricks, and sand, which are standard for real estate construction and development.

Import Sources

Sourced domestically within India.

Key Suppliers

Primarily MSME vendors and construction service providers.

Capacity Expansion

Not disclosed in terms of units; operations are focused on completing stalled projects rather than expanding new capacity.

Raw Material Costs

Not disclosed as a specific percentage of revenue due to the stalled nature of construction projects.

Manufacturing Efficiency

Not applicable for real estate development; however, the company is focused on verifying maintenance charges and mapping resident payments.

Logistics & Distribution

Not disclosed.

📈 Strategic Growth

Expected Growth Rate

Not disclosed

Growth Strategy

Growth is entirely dependent on the Supreme Court's approval and implementation of the Resolution Framework (RF), which aims to restructure INR 36,138.71 Cr in total liabilities and restart stalled residential and commercial projects.

Products & Services

Residential apartments, commercial office spaces, hotel services, and property management services.

Brand Portfolio

Unitech

New Products/Services

Not disclosed.

Market Expansion

Not disclosed.

Market Share & Ranking

Not disclosed; market position is currently distressed.

Strategic Alliances

The company operates through 185 Indian subsidiaries, 17 Joint Ventures, and 4 Associates.

🌍 External Factors

Industry Trends

The Indian real estate sector is consolidating toward organized, reliable developers; Unitech is currently positioned as a distressed asset awaiting a government-led turnaround.

Competitive Landscape

Key competitors include DLF, Godrej Properties, and Macrotech, who are capturing market share while Unitech's projects remain stalled.

Competitive Moat

Historical moat was a large land bank, but this is currently unsustainable due to a negative net worth of INR 9,679.79 Cr and massive litigation.

Macro Economic Sensitivity

Highly sensitive to interest rate fluctuations due to INR 7,378.20 Cr in current borrowings and judicial outcomes regarding the Resolution Framework.

Consumer Behavior

Homebuyers have shifted preference toward developers with high execution certainty, negatively impacting demand for Unitech's legacy projects.

Geopolitical Risks

Low, as operations are 100% domestic within India.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Real Estate (Regulation and Development) Act (RERA) and specific Supreme Court mandates that superseded the previous Board of Directors.

Environmental Compliance

Not disclosed.

Taxation Policy Impact

The company has not recognized deferred tax assets due to a lack of reasonable certainty regarding future taxable profits.

Legal Contingencies

Total contingent liabilities of INR 9,050.16 Cr, including claims from the Noida Authority (INR 3,006.08 Cr), NPA penalties (INR 752.80 Cr), and corporate guarantees (INR 1,413.43 Cr).