Residential construction company: 100% of equity offered
Confidential Information Summary · turnkey individual houses · secondary sale
Executive summary
The company builds whole houses for owners who already hold land. Each house is a separate fixed-value contract paid in stages, so the contract book shows what the business has already sold. The promoters are offering all of the equity to a single buyer.
At a glance
Basis of preparation. FY2024 and FY2025 are audited; FY2026 is provisional and unaudited. EBITDA is profit before tax plus depreciation. Figures are for one standalone company; percentages are recomputed by the adviser. Contract figures are management's and are verified in the data room. FY2026 closed in March 2026, and no later accounts exist.
Investment highlights
A contract book that leads revenue
62 active fixed-value contracts total ₹39.78 Cr. ₹23.86 Cr is received; ₹15.92 Cr is still to be collected as work progresses, 3.2× FY2026 revenue.
₹15.92 Cr to be receivedRevenue up roughly 25× in two years
Revenue rose from ₹19.83 lakh in FY2024 to ₹492.52 lakh in FY2026P. FY2024 and FY2025 are audited; FY2026 is provisional.
24.8× FY2024 to FY2026PMargin rising from a low base
EBITDA margin moved from 2.2% to 7.1% over two years. PAT margin was 3.0% in FY2026P, against 3.1% in FY2025.
7.1% EBITDA marginNo large single contract
The largest contract is 5.3% of active value; the top five are 16.5% and the top ten 28.9%. The average contract is ₹0.64 Cr.
Largest = 5.3%Signed-up pipeline behind the book
Token amounts are held on 19 further projects, with expected value of ₹12.31 Cr, awaiting contracts. They are not in the contract book.
₹12.31 Cr expectedBusiness overview
The company sells whole-house construction to individual plot owners and delivers it with its own teams. Sales, engineering, project management and site supervision are in-house.
Ground-plus homes and extensions
G+1 to G+3 houses. This line is 98.1% of FY2026 revenue.
Villas and premium homes
The remaining 1.9% of FY2026 revenue.
Delivery model
In-house teams deliver each project across multiple cities.
Business model & economics
The company earns a fixed price per house and is paid in stages as construction advances. Customers supply the land, so the company funds only the build.
Each house is priced up front. Contracts average ₹0.64 Cr.
Advances of ₹9.95 Cr sit against work in progress of ₹9.52 Cr.
The documents show no land bank or unsold inventory.
Price is fixed per contract, so cost movements between signing and completion sit with the company; the documents do not describe input-cost clauses. Customers arrive through in-house sales and digital channels.
| Measure | Value |
|---|---|
| Receivable days, on FY2026P revenue | 46 |
| Customer advances ÷ work in progress | 1.05× |
| Cash | ₹0.02 Cr |
Contract book & pipeline
Contracts are signed house by house and paid in stages. The unreceived balance is the visible forward book, and token-stage projects sit behind it.
| Measure | Value |
|---|---|
| Active contracts | 62 |
| Contract value | ₹39.78 Cr |
| Received to date | ₹23.86 Cr (60.0%) |
| Balance to be received | ₹15.92 Cr (40.0%) |
| Average contract | ₹0.64 Cr |
| Token-stage projects | 19 · ₹12.31 Cr expected |
To be collected on signed contracts, 3.2× FY2026P revenue.
Customer mix & concentration
Customers are individual plot owners, each on a separate contract. The documents describe no corporate or repeat accounts.
The base, in numbers (share of active contract value)
Customer-level billing by year is not in the file, so the masked top-20 table and the concentration and movement charts are not shown. Customer-level detail will be provided in the data room. Concentration is low on active contract value; it is measured on contracts, not on revenue by year.
Financial snapshot
Revenue has grown each year from a small first-year base, and margins are rising from a low level.
| ₹ lakh | FY2024 | FY2025 | FY2026P |
|---|---|---|---|
| Revenue | 19.83 | 244.02 | 492.52 |
| Revenue growth | — | +1,130.6% | +101.8% |
| EBITDA | 0.44 | 10.95 | 34.81 |
| EBITDA margin | 2.2% | 4.5% | 7.1% |
| PAT | 0.33 | 7.61 | 14.84 |
| PAT margin | 1.7% | 3.1% | 3.0% |
Balance sheet, March 2026 (₹ Cr, selected lines)
Weakest metric: net worth. Net worth is ₹0.24 Cr against customer advances of ₹9.95 Cr and cash of ₹0.02 Cr. Customers' stage payments carry the balance sheet; equity does not.
Quality of earnings
EBITDA is profit before tax plus depreciation, with no add-backs claimed.
What the documents support
The last audited year is FY2025. A further half-year to September 2026 has closed with no accounts in the file.
Management & organisation
The company is promoter-owned and run by a team of 43 across sales, engineering, project management and site supervision.
| Role | Detail |
|---|---|
| Promoters | 100% shareholding |
| Employees | 43 in total |
| Functions | Sales, engineering, project management, site supervision |
Key-man. The promoters' day-to-day role in sales and delivery is not described. Because 100% is offered, any transition arrangement is a point for the process.
M&A proposition
The promoters offer 100% of the equity in a secondary sale, with value negotiable and deferred consideration open.
FY2026P revenue growth over FY2025.
To be collected on signed contracts.
Expected value across 19 token-stage projects.
Strategic buyers
Construction or real-estate groups adding a house-building team and its contract book.
Financial buyers
Investors taking control of a small, fast-growing contractor with a documented forward book.
Transaction parameters
Value-creation levers
- Convert the 19 token-stage projects into contracts.
- Collect the ₹15.92 Cr balance on active contracts.
- Lift EBITDA margin beyond 7.1%.
- Grow villas and premium homes from 1.9% of revenue.
Proceeds of a secondary sale go to the selling shareholders; no capital enters the company. The indicative value carries no weight from management projections, which are not included.
Risks & mitigants
Latest year is unaudited
FY2026 is provisional. Mitigant: the FY2026 audit and a data-room tie-out of contracts to accounts.
Thin equity and cash
Net worth is ₹0.24 Cr and cash ₹0.02 Cr. Mitigant: stage payments fund work; advances of ₹9.95 Cr sit against ₹9.52 Cr of work in progress.
Short track record
Incorporated in 2022, with revenue up 24.8× in two years. Mitigant: in-house delivery teams; site and completion data in the data room.
Fixed-price contracts
Cost overruns after signing sit with the company. Mitigant: contract schedule and cost-to-complete provided in the data room.
Promoter dependence
The promoters' operating role is not described. Mitigant: a transition arrangement can be agreed in the process.
Contract figures unverified
The book is management's figure. Mitigant: customer-level schedule and stage status verified in the data room.
One dominant product
Ground-plus homes are 98.1% of FY2026 revenue. Mitigant: a villas and premium line already exists.
Process & next steps
Direct all enquiries to CA Dhiraj Ostwal & Co. — Transaction Advisory. Do not contact the company, its promoters or its employees.
Disclaimer. This summary is confidential and was prepared from information supplied by the company, without independent verification. FY2026 figures are provisional and unaudited. The indicative value is not an offer, valuation or recommendation. No representation or warranty is given and no liability is accepted for its use. Recipients must conduct their own diligence.