Emami Realty Limited (EMAMIREAL) AI Stock Analysis

• Market Cap: ₹2.64B
• Dividend Yield: N/A
• Average Volume (3M): 2.26K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.78
• Revenue Growth: 62.06%
• EPS Growth: -51.93%
• Country: IN
• Employees: 115
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Development
• EPS (TTM): -8.50
• Shares Outstanding: 43,833,890
• 10 Day Avg. Volume: 1,311
• 30 Day Avg. Volume: 2,256
• PEG Ratio: -1.33
• Price to Book (P/B): -2.82
• Price to Sales (P/S): 5.54
• P/FCF Ratio: -5.97
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 42 Neutral
• Price Target: ₹54.00 ▼(-33.79% Downside)
• Action: Upgraded Date: 03/14/26
• Date: Action: Upgraded 03/14/26

The score is weighed down primarily by weak financial performance—persistent losses, negative equity, and negative operating/free cash flow. Technicals also point to a strong downtrend (below all key moving averages), with oversold readings offering only limited near-term support. Valuation is constrained by a negative P/E driven by losses and no provided dividend yield.

Positive Factors

Diversified revenue sources

Emami Realty's core model includes unit sales, potential leasing/licensing and ancillary project receipts. Having multiple legal revenue streams provides durable flexibility in cash generation as projects move from construction to completion and hold, reducing single-channel dependency over a 2–6 month horizon.

Integrated project capability

The company undertakes end-to-end development activities (planning through delivery). Integrated execution capability supports control over timelines, quality and cost, which can sustainably improve project completion rates and margins versus firms dependent on external contractors over the medium term.

Improving investing cash flow in 2025

The noted improvement in investing cash flow in 2025 suggests management actions (asset sales, reduced capex or better timing) that freed cash. If sustained, this shift can help relieve liquidity stress, support project funding and reduce reliance on external financing over the coming months.

Negative Factors

Negative equity / high leverage

The balance sheet shows negative shareholder equity and elevated leverage, indicating liabilities exceed assets. This structural solvency weakness restricts financing options, raises refinancing risk and can force distressed asset sales or creditor concessions, impairing long-term project delivery and growth.

Sharp revenue decline

A multi-year collapse in revenue from 10.37bn to 823.1m signals loss of scale and market traction. Reduced top-line undermines fixed-cost absorption, compresses margins and limits reinvestment capacity, making it harder to return to sustainable profitability or complete revenue-accretive projects.

Persistent negative operating and free cash flow

Sustained negative operating and free cash flow indicate the business is not generating sufficient internal cash to fund operations or invest. This chronic cash deficit increases default and execution risk, likely forcing external financing, delaying projects or reducing investment in quality and completion rates.

Emami Realty Limited Business Overview & Revenue Model

Company Description

Emami Realty Limited engages in the construction and real estate development business in India. It undertakes projects in residential, commercial, and retail sectors. The company was formerly known as Emami Infrastructure Limited and changed its name to Emami Realty Limited in October 2018. Emami Realty Limited was incorporated in 2006 and is based in Kolkata, India.

How the Company Makes Money

Emami Realty Limited primarily makes money through revenue generated from real estate development projects. Key revenue streams typically include (1) sale of real estate units (e.g., apartments or other developed properties) to customers, where revenue is recognized based on project progress and/or upon meeting applicable accounting and regulatory conditions; and (2) income related to completed properties, which may include leasing or licensing of space if the company retains ownership of certain assets for rental yield. Additional earnings may come from ancillary real-estate-related receipts tied to projects (such as amenities, maintenance-related collections, or other customer charges) where applicable. Specific details on the company’s project mix, the relative contribution of sales vs. leasing, or named partnerships/joint ventures are null because they are not provided here.

Emami Realty Limited Financial Statement Overview

Summary

Financials indicate severe stress: revenues have sharply declined (2020–2025), profitability remains negative with weak EBIT/EBITDA margins, equity is negative (liabilities exceed assets), and operating/free cash flow has been negative in recent years—raising solvency and liquidity risk.

Income Statement

Emami Realty Limited has experienced declining revenues from 2020 to 2025, with total revenue dropping from 10.37 billion to 823.1 million. The net profit margin has been negative, reflecting ongoing losses, and the company has struggled with negative EBIT and EBITDA margins, indicating operational inefficiencies and challenges in generating profit.

Balance Sheet

The balance sheet reveals a concerning level of leverage with a negative equity, indicating the company is highly indebted with liabilities exceeding assets. The debt-to-equity ratio is irrelevant as equity is negative, and stockholder equity has deteriorated significantly over the years, posing a risk to financial stability.

Cash Flow

Cash flow analysis shows negative operating cash flows in recent years, indicating challenges in generating cash from operations. Free cash flow is also negative, highlighting liquidity issues, although there was improvement in investing cash flow in 2025. The inability to consistently generate positive free cash flow is a concern.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	860.56M	823.10M	614.60M	961.50M	1.92B	1.82B
Gross Profit	20.28M	37.30M	-766.80M	-195.60M	767.80M	758.90M
EBITDA	-1.00B	-325.80M	-690.60M	56.50M	1.72B	2.61B
Net Income	-1.85B	-1.26B	-1.23B	-386.30M	150.40M	6.10M
Balance Sheet
Total Assets	22.51B	21.76B	22.74B	19.74B	18.67B	19.68B
Cash, Cash Equivalents and Short-Term Investments	4.42B	4.59B	1.08B	478.30M	206.80M	788.20M
Total Debt	19.10B	19.05B	19.16B	15.87B	15.28B	16.73B
Total Liabilities	23.96B	23.38B	23.09B	18.87B	17.40B	18.55B
Stockholders Equity	-1.45B	-1.62B	-356.80M	871.80M	1.27B	1.13B
Cash Flow
Free Cash Flow	-579.97M	-764.20M	-371.20M	721.70M	1.12B	-2.69B
Operating Cash Flow	-578.82M	-754.00M	-359.50M	729.20M	1.18B	-2.66B
Investing Cash Flow	-9.57M	1.84B	-1.89B	-665.70M	926.40M	12.04B
Financing Cash Flow	599.35M	-1.24B	2.32B	-4.70M	-2.13B	-9.40B

Emami Realty Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 81.56
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:EMAMIREAL, the sentiment is Negative. The current price of 81.56 is above the 20-day moving average (MA) of 61.50, above the 50-day MA of 68.53, and below the 200-day MA of 94.70, indicating a bearish trend. The MACD of -3.30 indicates Negative momentum. The RSI at 41.85 is Neutral, neither overbought nor oversold. The STOCH value of 42.54 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:EMAMIREAL.

Emami Realty Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PANSARI	67 Neutral	₹4.82B	30.89	―	―	-10.59%	101.05%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
NILAINFRA	64 Neutral	₹2.80B	20.17	―	―	64.41%	22.85%
PROZONER	54 Neutral	₹6.82B	119.39	―	―	4.65%	-154.71%
SUMIT	54 Neutral	₹2.02B	68.77	―	―	-36.78%	-26.62%
EXCEL	45 Neutral	₹1.44B	-189.52	―	―	181.64%	-93.08%
EMAMIREAL	42 Neutral	₹2.64B	-2.38	―	―	62.06%	-51.93%

Emami Realty Limited Corporate Events

India Ratings Affirms Emami Realty’s Long-Term Bank Facilities at ‘IND A-/Stable’

Emami Realty Limited announced that India Ratings and Research has affirmed the company’s long-term bank loan facilities rating at ‘IND A-/Stable’ while noting a reduction in the rated loan size to INR 3,650 million from INR 4,100 million. The affirmation of the A- rating with a stable outlook signals continued confidence from the rating agency in Emami Realty’s credit profile, supporting the company’s access to bank financing and potentially reinforcing its standing with lenders and investors in the real estate sector.