HB Estate Developers Ltd

NSE: HBESD BSE: 532334Infra

Incorporated in 1994, HB Estate Developers Ltd is engaged in the business of owning and managing hotels and real estate properties.

₹78

52W: ₹56.8 — ₹111

PE 14.1 · Book ₹78.3 · +-0% vs book

Market Cap₹179 Cr

Stock P/E14.1Price to Earnings

ROCE8.2%Return on Capital

ROE6.6%Return on Equity

Div. Yield0%Face Value ₹10

Strengths

−Though the company is reporting repeated profits, it is not paying out dividend
−Company has a low return on equity of 0.54% over last 3 years.
−Company might be capitalizing the interest cost

Promoters67.42%

FIIs0%

DIIs0.01%

Public32.56%

Category	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	69.1%	69.1%	69.1%	71.98%▲2.9	71.98%	69.69%▼2.3	67.42%▼2.3	67.42%
FIIs	0%	0%	0%	0%	0%	0%	0%	0%
DIIs	0.01%	0.01%	0.01%	0.02%▲0.0	0.02%	0.01%▼0.0	0.01%	0.01%
Public	30.86%	30.86%	30.88%▲0.0	27.98%▼2.9	28%▲0.0	30.28%▲2.3	32.56%▲2.3	32.56%

Metric	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	24.38	29.73	31.36	25.64	27.41	31.41	33.23	23.76	26.73	33.46
Expenses	17.21	18.06	18.53	17.02	18.98	18.65	19.97	17.22	18.66	18.22
Operating Profit	7.17	11.67	12.83	8.62	8.43	12.76	13.26	6.54	8.07	15.24
OPM %	29.41%	39.25%	40.91%	33.62%	30.76%	40.62%	39.9%	27.53%	30.19%	45.55%
Net Profit	-0.93	1.51	4.52	0.91	0.49	4.82	4.58	0.38	1.27	6.5
EPS ₹	-0.48	0.78	2.32	0.47	0.25	2.48	2.13	0.18	0.57	2.83

Revenue Trend

TTM revenue at ₹117Cr, up 0.9% YoY. OPM at 37%.

Debt Position

Borrowings at ₹268Cr. Debt-to-equity ratio: 1.71x. High leverage — monitor closely.

Institutional Flow

DIIs: 0.01% (+0.00pp change). FIIs: 0% (+0.00pp change). Promoters hold 67.42%.

Margin & Efficiency

ROCE improving from -2% (Mar 2014) to 8% (Mar 2025). Working capital days: -123.

Valuation

PE 14.1x with 8.2% ROCE. Price is -0% above book value of ₹78.3. Dividend yield: 0%.