Emami Realty 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.

Emami Realty Ltd trades at ₹105, in a downtrend and 28 weeks into that stage. That is +24.3% against its own 200-day average. It sits at 76% of a 52-week range of ₹55 to ₹121. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 3 straight weeks.

Today the stock is in a downtrend — week 28 of stage 4, confirmed. At ₹105 it trades +24.3% versus its 200-day average and sits at 76% of its 52-week range (₹55–₹121).

Against the market, two honest reads. Cumulative: over the last 10.0 years the stock moved +139% while the NIFTY 500 moved +240% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 3 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.

Emami Realty Ltd trades at 18.9× P/E, near the bottom of its own range — cheaper only 23% of the time. Its long-run median P/E is 46.7×, 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 18.9× is near the bottom of its own range — cheaper only 23% of the time, against a long-run median of 46.7× 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 +18.7%/yr price move, ~−4.2%/yr came from earnings growth and ~+22.9 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 low against its own past, so the story rests on the earnings line underneath it, not the multiple.

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).

Emami Realty 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 9 quarters across 1 curve, on partial evidence.

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

The latest quarter’s profit carries a one-off item larger than the operating base, so the profit curve is shown but does not vote in the stage call.

The return-on-capital curve is not shown — net worth is negative, so a return on capital is not a meaningful number in any basis. This is a distressed balance sheet, and the stage is read from the growth curves alone.

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.

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

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

Emami Realty Ltd reported ₹5.0 Cr of revenue in the Dec 25 quarter, −91.2% year on year. Over 10 years it has compounded at 11.3% a year. The last full year, FY25, came in at ₹82.0 Cr. The last four reported quarters add to ₹34.0 Cr.

FY25 revenue came in at ₹82.0 Cr (+34.4% on the year), capping 10 years at 11.3% compound. The latest quarter (Dec 25) printed ₹5.0 Cr, −91.2% year on year.

Pace check: the last four quarters averaged −9.7% growth against the decade's 11.3% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew −60.0% over the last 4 quarters against −30.3%/yr over the last 8 — rolling over.

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.

Emami Realty Ltd's operating margin is −542.0% in the Dec 25 quarter, −527.0 percentage points against the same quarter a year ago. Across 11 fiscal years the operating margin has ranged −170.0% to 7,349.0%. The current quarter is running below every full year in that window.

The latest quarter's operating margin is −542.0%, −527.0 pp against the same quarter a year ago. Across 11 fiscal years the operating margin has ranged −170.0%–7,349.0%.

🚨 Why the margin moved: operating margin went −526.6 pp year on year while gross margin went +42.3 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.

Emami Realty Ltd posted a net loss of ₹37.0 Cr in the Dec 25 quarter. That quarter carries a one-off item larger than its own revenue, so the year-on-year figure is an artefact rather than a trading result. The full FY25 year was a loss of ₹126 Cr. That loss is 740.0% of the quarter's revenue.

Dec 25 profit was ₹−37.0 Cr, null year on year. On the full year, FY25 printed ₹−126 Cr (null).

🚨 Read this profit with care: at ₹−37.0 Cr it is larger than the whole quarter's revenue of ₹5.0 Cr — no operating business earns more than it sells, so this is a one-off item (a debt-to-equity conversion, a tax write-back or an asset sale), not money the business earned. The underlying operations are running at −542.0% operating margin; the year-on-year jump and any P/E built on this number are artefacts of the one-off, not a real earnings turn.

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 −1,690% of Emami Realty Ltd's reported profit arrived as operating cash — a gap worth watching. In FY25 that was ₹−75.0 Cr of operating cash against ₹−126 Cr of profit. After ₹1.0 Cr of capital spending, ₹−76.0 Cr was left as free cash.

FY25: operating cash of ₹−75.0 Cr against reported profit of ₹−126 Cr, leaving free cash of ₹−76.0 Cr after ₹1.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −1,690% 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 −1,690%: the cash cycle tightened 378 days between FY20 and FY25 — 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).

Emami Realty Ltd's cash conversion cycle runs 44 days in FY25, down from 422 days in FY20. Capital spending ran ₹−11.0 Cr over the last 3 years. At FY25 sales of ₹82.0 Cr each day of that cycle holds about ₹0.2 Cr, so roughly ₹10.0 Cr sits inside the business at any moment.

FY25: debtors at 44 days (an asset-light business — no inventory to speak of) — for a full cycle of 44 days, tighter than FY20's 422.

In money terms: at FY25 sales of ₹82.0 Cr, each day of the cycle holds about ₹0.2 Cr — so the 44-day loop keeps roughly ₹10.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹−11.0 Cr over the last 3 fiscal years against ₹3.0 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹0.0 Cr (FY25) — 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.

Emami Realty Ltd earns a ROCE of −2% in FY25. That is up from a trough of −4% in FY24. Return on invested capital clears the cost of that capital by −38.6 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is −153.7% net margin on 0.04× asset turns.

FY25 ROCE is −2%, recovered from a FY24 trough of −4% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY25): −153.7% net margin × 0.04× asset turns × −13.52× balance-sheet leverage ≈ 83.1% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: −26.6% − 12.0% = a −38.6 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

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.

Emami Realty Ltd's net worth is negative — it owes more than it owns — so a debt-to-equity ratio is not meaningful here. Operating profit covers the interest bill −1×. Over 5 years borrowings went from ₹2,454 Cr to ₹1,905 Cr. Capital spending ran ₹−11.0 Cr across the last 3 of those years.

FY25: borrowings of ₹1,905 Cr against equity of ₹−161 Cr — net worth is NEGATIVE: the company owes more than it owns, so a debt-to-equity ratio is not meaningful (it just goes negative). This is a balance sheet under water. Operating profit covers the interest bill −1×. Over 5 years borrowings went from ₹2,454 Cr to ₹1,905 Cr while capital spending ran ₹−11.0 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.

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.

Promoters added 10.0 points of Emami Realty Ltd over 8 quarters, the biggest move on the register. That takes promoters to 73.4% of the company. Foreign institutions moved −0.2 points over the same window, to 0.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: +10.0 points over 8 quarters to 73.4%; Foreign institutions: −0.2 points over 8 quarters to 0.0%; Domestic institutions: +0.1 points over 8 quarters to 0.1%.

Why the register moved: promoters drove it (+10.0 points) — steady accumulation by institutions reading the same numbers this page reads.

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.

Emami Realty Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Frequently asked questions