Emami Realty Limited (EMAMIREAL) AI Stock Analysis

• Market Cap: ₹3.02B
• Dividend Yield: N/A
• Average Volume (3M): 2.26K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.77
• Revenue Growth: 62.06%
• EPS Growth: -51.93%
• Country: IN
• Employees: 115
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Development
• EPS (TTM): -8.11
• 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: 39 Underperform
• Price Target: ₹65.00 ▼(-20.30% Downside)

Emami Realty Limited is facing significant financial challenges, with declining revenues, persistent losses, and a heavily leveraged balance sheet. The technical indicators suggest a bearish trend, and the valuation metrics are unattractive due to negative earnings and lack of dividends. These factors collectively result in a low overall stock score.

Positive Factors

Diversified revenue streams

Having both project sales and potential leasing income creates durable revenue optionality. Sales provide large one-time inflows when projects close, while retained assets leased out can generate recurring rental cash flows, supporting longer-term cash stability if execution and occupancy improve.

Progress-based revenue recognition

Recognizing revenue tied to project progress and regulatory milestones reduces the risk of premature sales recognition and aligns reported revenue with delivery. This practice supports financial transparency and helps prevent overstated performance, fostering more reliable long-term forecasting and stakeholder trust.

Improvement in investing cash flow in 2025

An improvement in investing cash flow can reflect asset monetization or reduced capital expenditure, which may relieve near-term liquidity stress. If sustained, this shift can provide resources to shore up operations or reduce debt, improving structural liquidity and strategic flexibility over months.

Negative Factors

Negative equity and high leverage

Negative equity and heavy leverage are structural constraints that limit financial flexibility, increase default and covenant risk, and make refinancing difficult. Over the medium term, high indebtedness curtails investment, forces asset disposals, and raises the cost of capital for any recovery plan.

Steep revenue decline (2020–2025)

A multi-year collapse in revenue dramatically reduces scale and ability to absorb fixed costs, indicating either lost sales, project delays, or market share erosion. Restoring top-line momentum is essential for margin recovery; until then, operational leverage will pressure profitability and cash generation.

Negative operating and free cash flow

Persistent negative operating and free cash flows erode liquidity and force dependence on external financing or asset sales. This structural cash shortfall limits the company's ability to fund projects, service debt, or invest in growth without recurring capital raises, raising long-term viability concerns.

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 generates revenue through multiple channels, predominantly from the sale of residential and commercial properties. The company's revenue model is built around the development of real estate projects, where it earns income from property sales, leasing, and rental agreements. Additionally, Emami Realty may engage in joint ventures and partnerships with other developers and investors, which can enhance its project reach and profitability. The company also benefits from strategic collaborations that enable access to land and resources, further contributing to its financial performance. Factors such as market demand, location of developments, and economic conditions significantly influence its revenue streams.

Emami Realty Limited Financial Statement Overview

Summary

Emami Realty Limited's financial statements indicate significant financial distress, characterized by declining revenues, persistent losses, a heavily leveraged balance sheet, and negative cash flows. The company faces considerable challenges in improving its profitability and financial stability, with immediate attention needed to address its high debt levels and improve operational efficiency.

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	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	828.87M	823.10M	614.60M	961.50M	1.92B	1.82B
Gross Profit	25.82M	37.30M	-766.80M	-195.60M	767.80M	758.90M
EBITDA	-742.86M	-325.80M	-690.60M	56.50M	1.72B	2.61B
Net Income	-1.63B	-1.26B	-1.23B	-386.30M	150.40M	6.10M
Balance Sheet
Total Assets	0.00	21.76B	22.74B	19.74B	18.67B	19.68B
Cash, Cash Equivalents and Short-Term Investments	308.50M	4.59B	1.08B	478.30M	206.80M	788.20M
Total Debt	0.00	19.05B	19.16B	15.87B	15.28B	16.73B
Total Liabilities	1.62B	23.38B	23.09B	18.87B	17.40B	18.55B
Stockholders Equity	-1.62B	-1.62B	-356.80M	871.80M	1.27B	1.13B
Cash Flow
Free Cash Flow	0.00	-764.20M	-371.20M	721.70M	1.12B	-2.69B
Operating Cash Flow	0.00	-754.00M	-359.50M	729.20M	1.18B	-2.66B
Investing Cash Flow	0.00	1.84B	-1.89B	-665.70M	926.40M	12.04B
Financing Cash Flow	0.00	-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: Positive
• 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 74.33, above the 50-day MA of 79.34, and below the 200-day MA of 102.65, indicating a bearish trend. The MACD of -3.84 indicates Positive momentum. The RSI at 34.96 is Neutral, neither overbought nor oversold. The STOCH value of 28.45 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	₹5.05B	47.19	―	―	-10.59%	101.05%
NILAINFRA	66 Neutral	₹3.21B	14.10	―	―	64.41%	22.85%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
SUMIT	56 Neutral	₹2.39B	20.71	―	―	-36.78%	-26.62%
PROZONER	54 Neutral	₹7.60B	-25.54	―	―	4.65%	-154.71%
EXCEL	42 Neutral	₹1.72B	-162.67	―	―	181.64%	-93.08%
EMAMIREAL	39 Underperform	₹3.02B	-1.50	―	―	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.

Emami Realty Initiates Postal Ballot for Shareholder Resolutions

Emami Realty Limited has announced a Postal Ballot Notice seeking shareholder approval through remote e-voting for certain resolutions. This move aligns with regulatory compliance and emphasizes the company’s commitment to engaging shareholders in decision-making processes, potentially impacting its governance and operational strategies.

Emami Realty’s Strategic Related Party Transactions Approved

Emami Realty Limited has announced that its Board of Directors has approved entering into Related Party Transactions with Orbit Projects Private Limited and Swanhousing & Infra Private Limited, exceeding the materiality threshold set by SEBI regulations. These transactions are subject to shareholder approval, and the company plans to seek this through a postal ballot or e-voting process, indicating a strategic move to strengthen its operational capabilities and partnerships.