DLF Ltd.
NSE: DLF
Real Estate · Real Estate - Development
₹657.00 last close on 23 Oct 2026 −0.94%
Research updated
Aditya Birla Real Estate Ltd.
NSE: ABRELReal EstateReal Estate Services
- Last close
- ₹1,042.40
- Day change
- −₹42.70 (−3.94%)vs
- Market cap
- ₹11,527 crIndian rupees
- Research updated
- 4 reports
Follow Aditya Birla Real Estate
Create an account, then follow this company for weekday briefs. You will return to Aditya Birla Real Estate after signing in.
About Aditya Birla Real Estate
Aditya Birla Real Estate Ltd. is a prominent entity in the real estate industry, focusing on the development of high-quality urban infrastructure and residential projects. As part of the Aditya Birla Group, a renowned multinational conglomerate with a legacy in diverse industries, the company's primary function is to develop and manage residential, commercial, and mixed-use properties. Aditya Birla Real Estate Ltd. is dedicated to creating sustainable and innovative living spaces that cater to modern urban demands. The company’s ventures predominantly influence sectors such as residential housing, office spaces, and retail complexes, emphasizing cutting-edge design and environmentally sustainable development practices. Aditya Birla Real Estate Ltd. holds a significant position in the market, leveraging its parent group's extensive financial and operational strengths to foster urban growth and meet the evolving needs of India’s rapidly expanding urban landscapes. Its efforts contribute significantly to urban development by enhancing infrastructure quality and providing contemporary lifestyle solutions.
- Sector
- Real Estate
- Industry
- Real Estate Services
- Listing
- NSE: ABREL
- Next results
- Chief executive
- Mr. Karat Tazhtetil Jithendran
- Employees
- 2,761
- Headquarters
- Mumbai, India
- ISIN
- INE055A01016
- Website
- adityabirlarealestate.com
Public research · Report of
Business model & financial foundation
ABREL (NSE: ABREL), Residential property development: revenue of ₹407.2 crore in FY26 (-66.6% on FY25), an EBITDA margin of -88.2%, net profit of ₹-103.2 crore and net debt of ₹3,204 crore.
- Revenue, FY26 (₹ crore)
- 407.2
- consolidated
- Revenue growth, FY26
- -66.6%
- on FY25
- EBITDA margin, FY26
- -88.2%
- EBITDA excluding other income - continuing / revenue
- Net profit, FY26 (₹ crore)
- -103.2
- to owners
- Return on equity, FY26
- -2.7%
- on average equity
- Net debt, FY26 (₹ crore)
- 3,204
- Company-defined net debt
- Market capitalisation (₹ crore)
- 11,527
- at the close of 26 Oct 2026
Company profile
ABREL, formerly Century Textiles, is transforming into a residential developer through wholly owned Birla Estates. Its projects span MMR, NCR, Bengaluru and Pune. Completed-contract accounting delays revenue and profit until handover, so bookings, collections and delivery schedules are more informative than near-term EPS. The pulp and paper business was sold to ITC on 1 August 2026.
| Item | Value |
|---|---|
| Legal name | Aditya Birla Real Estate Limited (formerly Century Textiles and Industries Limited) |
| Exchange and ticker | NSE: ABREL; BSE: 500040 |
| ISIN | INE055A01016 |
| CIN | L17120MH1897PLC000163 |
| Sector | Real Estate |
| Industry | Residential property development |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S R B C & Co LLP |
| Market capitalisation | ₹11,527 crore (26 Oct 2026) |
| Shares outstanding | 11.06 crore shares (FY26) |
| Price | ₹1,042 (close, 26 Oct 2026) |
| 52-week range | ₹1,002 - ₹1,914 (to 26 Oct 2026) |
| Website | https://www.adityabirlarealestate.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Birla Estates Private Limited | 100% | Residential and commercial property development |
| Vypak Properties Private Limited | 100% | Project development subsidiary of BEPL |
| Vardhita Properties Private Limited | 90% | Project joint venture |
| Birla Advanced Knits Private Limited | 50% | Discontinued knit-fabric joint venture with Grasim |
| Industry House Limited | 35.28% | Associate |
Other BEPL project subsidiaries/LLPs in FY26 report. Issued equity111695680 shares =11.169568 crore at31Mar2026 (S84:p228), not EPS denominator; ESOP trust1117836 shares. FY26 diluted EPS weighted shares110544819 (S84:p512). No identity share-count field in schema; issued count documented here. Project GDV can include partners' shares.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 50.21% | 50.21% | 50.21% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 8.96% | 9.04% | 9.26% | |
| Domestic institutions | 16.89% | 16.40% | 16.63% | |
| of which mutual funds | 14.67% | 14.77% | 15.08% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
ABREL develops residential and commercial real estate through Birla Estates. Completed-contract accounting delays revenue recognition, so project deliveries and sale conversion matter more than a single quarter's revenue. Pulp and Paper is discontinued after the ITC transfer completed in Q2 FY27.
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share | assets, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Real Estate | 345.3 | 10.0% | -380.7 | 13,579 | 80.7% | |
| Others | 59.1 | 1.7% | 30.1 | 200.7 | 1.2% | |
| Pulp and Paper (discontinued operations) | 3,063 | 88.3% | 177.6 | 3,040 | 18.1% | |
| Textiles (discontinued operations) | 0.00 | 0.0% | 32.7 | 3.98 | 0.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Godrej Properties (GODREJPROP) | Branded multi-city developer with a land/JDA acquisition pipeline |
| DLF (DLF) | NCR luxury residential development and annuity assets |
| Lodha / Macrotech Developers (LODHA) | MMR-focused residential developer |
| Prestige Estates Projects (PRESTIGE) | Multi-city residential and commercial developer |
| Oberoi Realty (OBEROIRLTY) | MMR luxury developer with investment property |
| Sobha (SOBHA) | Bengaluru residential developer |
| Brigade Enterprises (BRIGADE) | Bengaluru residential and annuity development |
| Mahindra Lifespace Developers (MAHLIFE) | Branded expanding residential platform |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations - continuing | 4,071 | 3,769 | 1,101 | 1,219 | 407.2 |
| Cost of revenue (vendor classification) * | 2,553 | 2,126 | 2,703 | 744.6 | 172.4 |
| Other operating costs (vendor classification) * | 790.0 | 856.1 | 814.5 | 235.3 | 320.6 |
| EBITDA (vendor classification) * | 485.4 | 622.5 | 727.0 | 210.3 | -329.8 |
| EBIT * | 256.8 | 529.7 | 485.4 | -133.3 | -412.7 |
| Finance costs - continuing | 52.2 | 34.2 | 29.9 | 45.8 | 64.4 |
| Profit before tax - continuing | 179.6 | -179.0 | -477.1 | ||
| Tax expense or credit - continuing | 50.4 | 172.9 | 51.3 | -30.3 | -139.0 |
| Total PAT - continuing and discontinued | 60.4 | -157.4 | -114.8 | ||
| Diluted EPS - continuing and discontinued (₹) | 14.91 | 24.34 | 4.56 | -14.24 | -9.33 |
| Other income | 48.1 | 38.5 | 52.0 | ||
| Cost of sales - continuing | 507.1 | 742.0 | 169.1 | ||
| Employee benefits expense - continuing | 140.3 | 171.5 | 228.7 | ||
| Other expenses - continuing | 210.5 | 275.8 | 368.6 | ||
| EBITDA excluding other income - continuing | 242.7 | 29.6 | -359.2 | ||
| Depreciation and amortisation - continuing | 59.0 | 63.8 | 67.5 | ||
| Exceptional items - signed effect on continuing profit | 0.00 | -124.0 | -24.8 | ||
| Share of profit or loss of JV and associates | -22.4 | -13.5 | -13.2 | ||
| Profit after tax - continuing | 128.3 | -148.7 | -338.1 | ||
| PAT from discontinued operations | -67.9 | -8.70 | 223.3 | ||
| Profit attributable to non-controlling interests | 9.85 | 3.84 | -11.6 | ||
| Total PAT attributable to owners | 50.5 | -161.3 | -103.2 | ||
| Basic EPS (₹) | -14.24 | -9.33 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including non-controlling interests | 3,877 | 4,039 | 4,095 | 3,888 | 3,699 |
| Current and non-current borrowings excluding lease liabilities | 1,336 | 1,059 | 2,482 | 4,997 | 5,636 |
| Cash and cash equivalents plus other bank balances | 401.5 | 1,001 | 1,399 | ||
| Trade receivables | 216.8 | 156.4 | 165.6 | 104.7 | 16.7 |
| Inventories | 2,331 | 3,256 | 4,726 | 8,943 | 11,060 |
| Trade payables (current) | 858.0 | 785.5 | 748.3 | 827.2 | 661.4 |
| Property, plant and equipment | 671.3 | 620.9 | |||
| Capital work in progress | 47.3 | 17.6 | |||
| Total assets | 7,739 | 8,452 | 10,510 | 16,533 | 20,233 |
| Company-defined net debt | n.r. | 3,575 | 3,204 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | -353.2 | 300.2 | -315.3 | -1,293 | 747.2 |
| Free cash flow (vendor definition) * | -179.6 | 149.7 | -496.2 | -1,580 | 534.8 |
| Dividends paid (an outflow is negative) | -11.5 | -44.7 | -55.4 | -55.3 | -22.2 |
| Purchase of PPE investment properties and intangibles | -125.8 | 12.1 | -180.9 | -286.1 | -212.4 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Implied EPS denominator: owners PAT / reported diluted EPS (crore shares) | 11.17 | 11.17 | 11.08 | 11.33 | 11.06 |
| Disclosed diluted weighted-average shares (EPS Note31) | 11.09 | 11.05 | 11.05 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations - continuing | 266.4 | 204.4 | 394.8 | 145.6 | 97.8 | 81.2 | 82.6 | 188.9 |
| Cost of revenue (vendor classification) * | 147.5 | 123.1 | 266.4 | 71.3 | 23.2 | 31.2 | 81.3 | |
| EBITDA (vendor classification) * | 36.4 | -13.8 | -17.6 | -30.5 | -81.5 | -150.0 | -39.8 | |
| EBIT * | 20.6 | -29.9 | -157.4 | -46.0 | -121.5 | -171.0 | -57.2 | |
| Finance costs - continuing | 15.5 | 7.75 | 11.5 | 7.06 | 17.7 | 19.0 | 20.6 | 25.8 |
| Profit before tax - continuing | 5.13 | -37.6 | -168.9 | -53.1 | -91.8 | -140.6 | -191.6 | -83.0 |
| Tax expense or credit - continuing | 6.41 | -7.43 | -41.9 | -5.80 | -18.7 | -33.2 | -81.3 | -16.0 |
| Total profit for period - continuing and discontinued | 2.82 | -42.4 | -135.2 | -27.1 | -17.8 | -75.3 | 5.39 | -34.6 |
| Diluted EPS - continuing and discontinued (₹) | 0.23 | -3.61 | -12.27 | -2.30 | -1.43 | -6.59 | 0.97 | -3.48 |
| Other operating costs (vendor classification) * | 54.0 | 60.9 | 203.8 | 87.4 | 152.5 | |||
| Other income | 9.44 | 4.20 | 13.0 | 11.9 | 15.4 | 9.16 | 15.6 | 16.9 |
| Cost of sales - continuing | 147.5 | 123.1 | 266.4 | 71.3 | 43.4 | 23.2 | 31.2 | 81.3 |
| Employee benefits expense - continuing | 43.4 | 43.3 | 47.4 | 50.4 | 59.7 | 59.6 | 59.1 | 59.8 |
| Other expenses - continuing | 48.5 | 56.0 | 105.9 | 63.8 | 64.9 | 87.4 | 152.5 | 103.1 |
| EBITDA excluding other income - continuing | 26.9 | -18.0 | -25.0 | -39.9 | -70.1 | -89.1 | -160.1 | -55.3 |
| Depreciation and amortisation - continuing | 15.7 | 16.1 | 15.8 | 15.5 | 15.7 | 17.8 | 18.5 | 17.4 |
| Exceptional items - signed effect on continuing profit | 0.00 | 0.00 | -124.0 | 0.00 | 0.00 | -22.3 | -2.50 | 0.00 |
| Share of profit or loss of JV and associates | 0.00 | 0.00 | -5.61 | -2.47 | -3.67 | -1.57 | -5.45 | -1.38 |
| Profit after tax - continuing | -1.28 | -30.2 | -127.0 | -47.3 | -73.1 | -107.4 | -110.3 | -67.0 |
| PAT from discontinued operations | 4.10 | -12.2 | -8.21 | 20.2 | 55.3 | 32.1 | 115.7 | 32.4 |
| Profit attributable to non-controlling interests | 0.24 | -1.78 | -4.19 | -1.61 | -2.08 | -2.46 | -5.45 | 3.96 |
| Total PAT attributable to owners | 2.58 | -40.6 | -131.0 | -25.5 | -15.7 | -72.9 | 10.8 | -38.6 |
| Basic EPS (₹) | -12.27 | -2.30 | -1.43 | -6.59 | 0.98 | -3.48 |
Consolidated, restated. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 58.6% | -7.4% | -70.8% | 10.7% | -66.6% |
| EBITDA margin | 22.1% | 2.4% | -88.2% | ||
| Net margin | 4.6% | -13.2% | -25.3% | ||
| Return on equity | 1.2% | -4.0% | -2.7% | ||
| Return on capital employed | 5.2% | 10.3% | 8.3% | -1.7% | -4.5% |
| Return on assets | 0.5% | -1.2% | -0.6% | ||
| Net debt (₹ crore) | 3,575 | 3,204 | |||
| Net debt / EBITDA | 120.8x | -8.92x | |||
| Interest cover | 4.92x | 15.5x | 16.3x | -2.91x | -6.41x |
| Asset turnover | 0.56x | 0.47x | 0.12x | 0.09x | 0.02x |
| Receivable days | 19 | 15 | 55 | 31 | 15 |
| Inventory days (on revenue) | 209 | 315 | 1,567 | 2,678 | 9,915 |
| Payable days (on revenue) | 77 | 76 | 248 | 248 | 593 |
| Cash conversion | -6.24x | 8.02x | -7.24x | ||
| Capex intensity | 3.1% | 0.3% | 16.4% | 23.5% | 52.2% |
| Free cash flow (₹ crore) | -479.0 | 288.1 | -496.2 | -1,580 | 534.8 |
| Dividend payout | 109.7% | -34.3% | -21.5% | ||
| EPS, diluted (₹) | 14.91 | 24.34 | 4.56 | -14.24 | -9.33 |
| Book value per share (₹) | 347.1 | 361.6 | 369.5 | 343.3 | 334.4 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excluding other income - continuing / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Company-defined net debt; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA excluding other income - continuing.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS - continuing and discontinued).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 4, information to 26 Oct 2026); market data at the close of 26 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
With Individual or above
What the full research on Aditya Birla Real Estate includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
See Mool’s call and the full research
Individual or above opens every piece of research Mool has published. A new account can start with 10 days of Pro, or of Firm on a work email address. No card needed.
Report history
Reports on Aditya Birla Real Estate
- Research reportLatest
- Research report
- Research report
- Research report
Same sector
More research in Real Estate
Macrotech Developers Ltd.
NSE: LODHA
Real Estate · Real Estate - Development
₹963.00 last close on 23 Oct 2026 −4.31%Research updated
Phoenix Mills Ltd.
NSE: PHOENIXLTD
Real Estate · Real Estate - Diversified
₹1,872.30 last close on 23 Oct 2026 −1.97%Research updated
Prestige Estates Projects Ltd.
NSE: PRESTIGE
Real Estate · Real Estate - Diversified
₹1,392.50 last close on 23 Oct 2026 −2.62%Research updated
Oberoi Realty Ltd.
NSE: OBEROIRLTY
Real Estate · Real Estate - Development
₹1,612.70 last close on 23 Oct 2026 −0.77%Research updated
Godrej Properties Ltd.
NSE: GODREJPROP
Real Estate · Real Estate - Development
₹1,496.50 last close on 23 Oct 2026 −4.38%Research updated
Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 26 Oct 2026; page updated 26 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.