Aditya Birla Real Estate Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Aditya Birla Real Estate Ltd trades at ₹1,418, in a downtrend and 50 weeks into that stage. That is −3.8% against its own 200-day average. It sits at 38% of a 52-week range of ₹1,131 to ₹1,887. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 4 straight weeks.

Today the stock is in a downtrend — week 50 of stage 4, confirmed. At ₹1,418 it trades −3.8% versus its 200-day average and sits at 38% of its 52-week range (₹1,131–₹1,887).

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +633% while the NIFTY 500 moved +282% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 4 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Aditya Birla Real Estate Ltd trades at 167.3× P/E, at the pricey end of its own range (88th percentile). Its long-run median P/E is 52.5×, measured across 6.5 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 167.3× is at the pricey end of its own range (88th percentile), against a long-run median of 52.5× measured over 6.5 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

The price move, decomposed: over 5y, of the +12.2%/yr price move, ~−21.4%/yr came from earnings growth and ~+33.6 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources disagree by up to 605% on reported income across 12 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Aditya Birla Real Estate Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 10 quarters across 2 curves, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

20.7/100 — rank 7 of 7 in Realty - National · 61% evidence confidence

Aditya Birla Real Estate Ltd scores 20.7 out of 100 against the 7 companies it is compared with in Realty - National, ranking 7. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 6.7 + 3 + 10 + 1 = 20.7. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Aditya Birla Real Estate Ltd reported ₹82.6 Cr of revenue in the Mar 26 quarter, −79.1% year on year. Over 9 years it has compounded at −27.8% a year. The last full year, FY26, came in at ₹407 Cr. The last four reported quarters add to ₹407 Cr.

FY26 revenue came in at ₹407 Cr (−66.6% on the year), capping 9 years at −27.8% compound. The latest quarter (Mar 26) printed ₹82.6 Cr, −79.1% year on year.

Pace check: the last four quarters averaged −65.4% growth against the decade's −27.8% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew −66.6% over the last 4 quarters against −66.6%/yr over the last 8 — stabilising.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Aditya Birla Real Estate Ltd's operating margin is −200.4% in the Mar 26 quarter, −192.7 percentage points against the same quarter a year ago. Across 10 fiscal years the operating margin has ranged −90.0% to 24.0%. The current quarter is running below every full year in that window.

The latest quarter's operating margin is −200.4%, −192.7 pp against the same quarter a year ago. Across 10 fiscal years the operating margin has ranged −90.0%–24.0%.

🚨 Why the margin moved: operating margin went −192.7 pp year on year while gross margin went +29.8 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Aditya Birla Real Estate Ltd earned ₹5.4 Cr of net profit in the Mar 26 quarter. The full FY26 year was a loss of ₹115 Cr. That is 6.5% of the quarter's revenue. The same quarter a year earlier lost ₹135 Cr. 7 of the last 12 reported quarters were loss-making.

Mar 26 profit was ₹5.4 Cr, null year on year. On the full year, FY26 printed ₹−115 Cr (null).

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years −20% of Aditya Birla Real Estate Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹747 Cr of operating cash against ₹−115 Cr of profit. After ₹−10.0 Cr of capital spending, ₹757 Cr was left as free cash.

FY26: operating cash of ₹747 Cr against reported profit of ₹−115 Cr, leaving free cash of ₹757 Cr after ₹−10.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −20% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at −20%: the cash cycle tightened 293 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Aditya Birla Real Estate Ltd's cash conversion cycle runs 15 days in FY26, down from 308 days in FY21. Capital spending ran ₹−2,566 Cr over the last 3 years. At FY26 sales of ₹407 Cr each day of that cycle holds about ₹1.1 Cr, so roughly ₹17.0 Cr sits inside the business at any moment.

FY26: debtors at 15 days, inventory at 23,880 days — roughly 785.5 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 15 days, tighter than FY21's 308.

The full loop: cash goes out to suppliers and production on day 0; stock waits 23,880 days to sell; customers pay about 15 days after that; and suppliers themselves are paid at 1,428 days — netting out to the 15-day cycle.

In money terms: at FY26 sales of ₹407 Cr, each day of the cycle holds about ₹1.1 Cr — so the 15-day loop keeps roughly ₹17.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹−2,566 Cr over the last 3 fiscal years against ₹191 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹19.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Aditya Birla Real Estate Ltd earns a ROCE of −4% in FY26. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is −28.3% net margin on 0.02× asset turns.

FY26 ROCE is −4%.

Why the return is what it is — the wiring (FY26): −28.3% net margin × 0.02× asset turns × 5.47× balance-sheet leverage ≈ −3.1% on equity. Margin does its share; leverage is a meaningful part of the equation.

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 605% on reported income across 12 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Aditya Birla Real Estate Ltd carries ₹5,636 Cr of borrowings against ₹3,701 Cr of equity in FY26, a debt-to-equity of 1.52. Operating profit covers the interest bill −6×. Over 5 years borrowings went from ₹1,049 Cr to ₹5,636 Cr. Capital spending ran ₹−2,566 Cr across the last 3 of those years.

FY26: borrowings of ₹5,636 Cr against equity of ₹3,701 Cr — a debt-to-equity of 1.52. Operating profit covers the interest bill −6×. Over 5 years borrowings went from ₹1,049 Cr to ₹5,636 Cr while capital spending ran ₹−2,566 Cr in just the last 3 — part of the build-out is riding on borrowed money.

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 605% on reported income across 12 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Aditya Birla Real Estate Ltd moved a full percentage point over the last two years — the register is quiet. Foreign institutions moved +0.7 points over the same window, to 9.3%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +0.9 points over 8 quarters to 16.6%; Foreign institutions: +0.7 points over 8 quarters to 9.3%; Promoters: +0.0 points over 8 quarters to 50.2%.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Aditya Birla Real Estate Ltd: the Z-score is withheld — it comes from the second data source this page could not reconcile, and a solvency score is not worth printing on a number two sources dispute. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

The safety line in one sentence: the Z-score is withheld — it comes from the second data source this page could not reconcile, and a solvency score is not worth printing on a number two sources dispute.

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