Equinox India Developments Ltd

₹ 122 0.63%

10 Oct - close price

indiabulls.com; www.indiabulls.com/realestate BSE: 532832 NSE: EMBDL

About

The Co. has a presence in residential real estate development from Affordable to Premium & Uber-luxury space. It mainly focuses on the construction and development of residential, commercial and SEZ projects across the Indian metro cities. Geographically, the Company’s strategic focus is in key markets of MMR and NCR Region. ^[1] ^[2]

Key Points

Project Portfolio
The company has a total of 16 projects in 6 cities with a built-up area of 12.3 Mn Sq. ft (10.5 Residential and 1.8 Commercial). ^[1]

Website BSE NSE

Market Cap ₹ 7,748 Cr.
Current Price ₹ 122
High / Low ₹ 164 / 69.0
Stock P/E
Book Value ₹ 43.0
Dividend Yield 0.00 %
ROCE -10.9 %
ROE -15.0 %
Face Value ₹ 2.00

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Pros

Company is expected to give good quarter

Cons

Stock is trading at 2.83 times its book value
Company has low interest coverage ratio.
The company has delivered a poor sales growth of -39.1% over past five years.
Company has a low return on equity of -10.0% over last 3 years.
Company might be capitalizing the interest cost

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Realty Industry: Construction

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024
	520	349	323	253	152	194	133	108	196	96	101	21	387
	479	327	379	261	188	103	378	463	254	119	134	335	418
Operating Profit	41	22	-56	-8	-36	91	-245	-355	-58	-23	-33	-314	-31
OPM %	8%	6%	-17%	-3%	-24%	47%	-185%	-328%	-29%	-24%	-33%	-1,496%	-8%
	12	32	33	20	13	9	15	-14	-616	12	11	19	16
Interest	29	28	29	24	17	6	3	1	1	3	4	2	5
Depreciation	3	3	3	3	3	3	3	3	3	3	3	3	3
Profit before tax	21	23	-55	-16	-44	90	-236	-373	-677	-16	-28	-301	-22
Tax %	77%	76%	57%	271%	17%	37%	0%	1%	0%	11%	36%	0%	26%
	5	6	-87	-61	-52	57	-237	-376	-679	-18	-38	-302	-28
EPS in Rs	0.10	0.12	-1.91	-1.31	-0.96	1.04	-4.38	-6.94	-12.55	-0.34	-0.71	-5.58	-0.45
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	1,301	1,736	2,641	2,959	2,320	4,503	4,944	3,271	1,521	1,445	587	414	605
	851	1,225	2,030	2,062	1,667	1,197	3,897	2,472	1,341	1,446	942	839	1,007
Operating Profit	449	511	611	898	653	3,306	1,047	799	180	-1	-356	-425	-401
OPM %	35%	29%	23%	30%	28%	73%	21%	24%	12%	-0%	-61%	-103%	-66%
	46	64	95	137	518	229	278	90	140	96	-167	-577	58
Interest	227	220	336	501	561	744	464	481	228	110	28	9	13
Depreciation	20	21	20	69	71	97	17	31	17	12	12	11	11
Profit before tax	248	334	351	464	539	2,694	844	378	75	-27	-563	-1,023	-368
Tax %	37%	39%	23%	31%	34%	12%	40%	68%	94%	409%	8%	2%
	156	203	271	321	357	2,360	504	121	5	-137	-608	-1,038	-387
EPS in Rs	4.11	5.28	5.84	6.41	8.30	49.99	11.19	2.65	0.09	-3.00	-11.23	-19.17	-7.08
Dividend Payout %	49%	57%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	-13%
5 Years:	-39%
3 Years:	-35%
TTM:	-4%

Compounded Profit Growth
10 Years:	%
5 Years:	%
3 Years:	%
TTM:	32%

Stock Price CAGR
10 Years:	6%
5 Years:	23%
3 Years:	-7%
1 Year:	49%

Return on Equity
10 Years:	7%
5 Years:	-5%
3 Years:	-10%
Last Year:	-15%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity Capital	85	85	85	92	87	95	90	91	90	91	108	108
Reserves	6,694	6,789	7,085	3,609	3,956	2,850	2,860	3,467	3,392	3,324	3,122	2,220
	2,761	2,977	6,544	8,903	9,410	7,648	7,033	2,737	1,223	1,329	693	732
	3,295	3,617	3,130	5,518	5,115	9,487	6,209	4,992	4,051	3,007	2,664	2,855
Total Liabilities	12,834	13,469	16,844	18,122	18,568	20,080	16,192	11,287	8,757	7,751	6,587	5,915
	317	304	112	112	3,787	952	189	135	86	96	83	72
CWIP	72	88	127	0	1	0	0	0	0	0	0	0
Investments	5,262	5,566	5,829	2,989	875	3,859	2,568	132	145	269	157	158
	7,184	7,510	10,776	15,021	13,904	15,269	13,434	11,020	8,526	7,385	6,347	5,685
Total Assets	12,834	13,469	16,844	18,122	18,568	20,080	16,192	11,287	8,757	7,751	6,587	5,915

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	818	578	-2,830	973	639	-891	-1,159	-432	853	-248	-343	-97
	-94	-1,337	-81	235	-541	155	1,784	1,768	971	280	661	96
	-397	529	3,315	-695	-834	2,057	-1,695	-1,890	-1,791	-64	-331	-8
Net Cash Flow	328	-230	403	513	-735	1,321	-1,071	-555	33	-31	-13	-10

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	203	21	22	408	602	1	20	9	72	69	47	56
Inventory Days	13,702	6,711			10,926		2,377	5,051	2,595
Days Payable	164	209			432		217	320	126
Cash Conversion Cycle	13,741	6,522	22	408	11,096	1	2,180	4,740	2,541	69	47	56
Working Capital Days	846	705	748	926	1,174	19	294	386	967	1,034	2,248	2,441
ROCE %	5%	6%	6%	7%	7%	27%	13%	11%	5%	2%	-7%	-11%

Shareholding Pattern

Numbers in percentages

1 Recently

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024
	6.15%	0.26%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	19.43%	19.88%	18.39%	22.36%	22.44%	22.74%	21.43%	22.58%	23.59%	23.11%	24.58%	28.90%
	3.66%	4.05%	4.86%	5.71%	4.35%	2.44%	1.37%	0.89%	1.07%	1.78%	0.41%	3.42%
	70.07%	75.12%	76.03%	71.59%	73.10%	74.72%	77.10%	76.41%	75.23%	75.01%	74.89%	67.60%
	0.69%	0.69%	0.69%	0.33%	0.11%	0.11%	0.11%	0.11%	0.11%	0.11%	0.11%	0.09%
No. of Shareholders	2,14,469	2,70,565	3,10,512	3,32,141	3,29,807	3,15,294	3,14,158	3,06,438	3,16,665	3,12,356	3,04,762	3,59,479

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Jun 2024
	50.35%	36.93%	38.90%	23.38%	11.99%	0.03%	0.00%	0.00%	0.00%
	18.08%	24.81%	28.50%	21.09%	15.90%	18.39%	21.43%	24.58%	28.90%
	2.72%	0.45%	0.32%	0.32%	1.80%	4.86%	1.37%	0.41%	3.42%
	28.86%	37.81%	32.28%	55.21%	69.63%	76.03%	77.10%	74.89%	67.60%
	0.00%	0.00%	0.00%	0.00%	0.69%	0.69%	0.11%	0.11%	0.09%
No. of Shareholders	87,596	96,053	1,17,373	1,05,628	1,53,856	3,10,512	3,14,158	3,04,762	3,59,479

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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