Pansari Developers Ltd. (PANSARI) AI Stock Analysis

• Market Cap: ₹4.92B
• Dividend Yield: N/A
• Average Volume (3M): 4.51K
• Price to Earnings (P/E): 30.9
• Beta (1Y): 1.40
• Revenue Growth: -10.59%
• EPS Growth: 101.05%
• Country: IN
• Employees: 110
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Development
• EPS (TTM): 2.43
• Shares Outstanding: 17,446,800
• 10 Day Avg. Volume: 12,128
• 30 Day Avg. Volume: 4,511
• PEG Ratio: 0.81
• Price to Book (P/B): 2.00
• Price to Sales (P/S): 6.72
• P/FCF Ratio: -14.03
• 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: 67 Neutral
• Price Target: ₹305.00 ▲(1.63% Upside)
• Action: Reiterated Date: 12/02/25
• Date: Action: Reiterated 12/02/25

Pansari Developers Ltd. scores well in technical analysis due to strong market momentum, which is a significant positive factor. However, financial performance is mixed, with strong profitability but challenges in revenue growth and cash flow. The high P/E ratio indicates potential overvaluation, which weighs down the overall score.

Positive Factors

High profit margins and improving EBITDA

Sustained high gross and net margins and a rising EBITDA margin indicate durable operational efficiency and pricing power in the business. These margins create a structural cushion against cyclical revenue dips, support reinvestment, and help preserve profitability while growth is restored.

Stable equity ratio with manageable leverage

A 32.7% equity ratio and a moderate D/E of 0.75 point to a balanced capital structure. This provides a resilient financial base for project funding and reduces insolvency risk versus higher-levered peers, supporting access to capital and operational continuity across cycles.

Improving return on equity

An improving ROE shows management is generating greater returns on shareholder capital. While still moderate, the upward ROE trend signals improving capital allocation and operational effectiveness, which is a durable indicator of strengthening fundamentals if sustained.

Negative Factors

Negative and volatile revenue trend

A persistent decline and volatility in revenue undermine the sustainability of strong margins and limit scalability. For a real estate developer, falling revenue often reflects slower sales or project delays, raising structural growth risk unless backed by a clear rebound in project deliveries or demand.

Weak operating cash generation and negative free cash flow

Negative free cash flow and poor operating cash conversion constrain the company's ability to fund developments, service debt, and invest organically. Reliance on financing to bridge cash gaps increases structural liquidity and refinancing risk, particularly in tighter credit conditions.

Rising debt levels increase leverage risk

Although current leverage is moderate, a trend of rising debt raises long-term refinancing and interest-cost risks. In cyclical real estate markets higher leverage can magnify earnings pressure and constrain strategic flexibility if cash flows fail to recover.

Pansari Developers Ltd. Business Overview & Revenue Model

Company Description

Pansari Developers Limited operates as a construction and real estate development company in India. It primarily develops residential and commercial properties in and around Kolkata in the state of West Bengal. The company markets its projects under the Purti brand name. Pansari Developers Limited was incorporated in 1996 and is based in Kolkata, India.

How the Company Makes Money

Pansari Developers Ltd. Financial Statement Overview

Summary

Pansari Developers Ltd. shows strong profitability margins and equity stability, with a Gross Profit Margin of 28.4% and a Net Profit Margin of 18.8%. However, the company faces challenges in revenue growth and cash flow generation, with a negative Revenue Growth Rate and concerning Free Cash Flow trends.

Income Statement

Pansari Developers Ltd. has shown a volatile revenue trend, with a significant drop in revenue in the latest year compared to the previous year. Despite this, the company achieved a strong Gross Profit Margin of 28.4% and a notable Net Profit Margin of 18.8% in the latest year. The EBITDA Margin improved to 43.7%, indicating efficient operational performance. However, the Revenue Growth Rate is negative due to the revenue decline, which poses a concern for future growth.

Balance Sheet

The company's Debt-to-Equity Ratio stands at 0.75, indicating a moderate level of leverage. The Return on Equity (ROE) improved to 5.6%, reflecting better utilization of equity. The Equity Ratio is strong at 32.7%, suggesting a stable financial structure. However, the increased debt levels over the years could pose a risk if not managed carefully.

Cash Flow

The Cash Flow statement reveals a concerning Free Cash Flow trend, with negative figures in recent years. The Operating Cash Flow to Net Income Ratio is negative due to operating losses, indicating challenges in generating cash from operations. However, the company has shown capability in managing Financing Cash Flows to support operations.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	500.86M	399.73M	564.87M	162.92M	537.12M	298.17M
Gross Profit	184.31M	113.50M	80.07M	-24.16M	17.59M	27.32M
EBITDA	188.51M	174.72M	125.03M	53.66M	80.66M	97.90M
Net Income	106.96M	75.01M	52.08M	20.11M	36.42M	37.57M
Balance Sheet
Total Assets	0.00	4.11B	3.27B	2.84B	2.20B	2.46B
Cash, Cash Equivalents and Short-Term Investments	21.90M	1.19B	26.24M	7.97M	11.10M	22.77M
Total Debt	0.00	1.01B	861.11M	814.92M	541.79M	620.20M
Total Liabilities	-1.34B	2.76B	2.00B	1.62B	1.01B	1.35B
Stockholders Equity	1.34B	1.34B	1.27B	1.21B	1.19B	1.11B
Cash Flow
Free Cash Flow	0.00	-191.31M	-3.91M	-273.05M	67.69M	156.44M
Operating Cash Flow	0.00	-168.79M	111.80M	-241.75M	68.23M	169.12M
Investing Cash Flow	0.00	16.04M	-95.83M	-52.21M	-1.49M	-44.90M
Financing Cash Flow	0.00	148.41M	2.30M	265.21M	-78.42M	-114.43M

Pansari Developers Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 300.10
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:PANSARI, the sentiment is Positive. The current price of 300.1 is above the 20-day moving average (MA) of 299.17, below the 50-day MA of 300.59, and above the 200-day MA of 273.28, indicating a neutral trend. The MACD of -1.90 indicates Positive momentum. The RSI at 48.81 is Neutral, neither overbought nor oversold. The STOCH value of 70.90 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:PANSARI.

Pansari Developers Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PANSARI	67 Neutral	₹4.92B	30.89	―	―	-10.59%	101.05%
NILAINFRA	66 Neutral	₹2.84B	20.17	―	―	64.41%	22.85%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
PROZONER	54 Neutral	₹6.56B	119.39	―	―	4.65%	-154.71%
SUMIT	53 Neutral	₹1.74B	68.77	―	―	-36.78%	-26.62%
RVHL	51 Neutral	₹2.26B	6.31	―	―	625.91%	―
EMAMIREAL	42 Neutral	₹2.45B	-2.38	―	―	62.06%	-51.93%