Emami Realty Limited (EMAMIREAL)
₹68.50 -0.44% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Emami Realty's revenue was ₹5.7 Cr (-5.7% year on year, -92.2% on the previous quarter), and net profit ₹-16.8 Cr (a smaller loss than a year earlier); the operating margin was -75.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹5.7 | -5.7% | -92.2% |
| Operating profit | ₹-4.3 | loss narrowed | loss narrowed |
| Net profit | ₹-16.8 | loss narrowed | loss narrowed |
| EPS (₹) | -3.27 | loss narrowed | loss narrowed |
| Operating margin | -75.7% | — | — |
EMAMIREAL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 90.15% of the EMAMIREAL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 85.98%. That is close to its usual level. Turnover was only ₹3 lakh, so a handful of trades can move this figure. Volume was 0.3 times its average, well below normal. It closed at a price band (circuit) on 1 session in about the last 20.
Delivery in the last 5 sessions: 86.1% · 99.2% · 100.0% · 95.8% · 90.2%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Emami Realty Limited has announced the resignation of Mr. Tarun Kanti Mukherjee from the position of National Head – Sales & Marketing, effective January 11, 2027. Mr. Mukherjee tendered his resignation on October 12, 2026, to pursue outside professional opportunities and will serve a 90-day notice period. The company operates under severe financial strain, reporting a TTM net loss of Rs 156 Cr and negative net worth of Rs -259 Cr. A leadership change in sales poses execution risks for monetizing its Rs 1,011.21 Cr inventory pipeline.
- Resignation tendered on October 12, 2026, by Tarun Kanti Mukherjee, National Head – Sales & Marketing
- Cessation effective date confirmed as January 11, 2027
- Full notice period of 90 days being served to ensure operational transition
- Resignation cited as being due to pursuit of new professional opportunities
Emami Realty Limited has announced the resignation of Mr. Tarun Kanti Mukherjee from the position of National Head – Sales & Marketing, effective January 11, 2027. Mr. Mukherjee tendered his resignation on October 12, 2026, to pursue outside professional opportunities and will serve a 90-day notice period. The company operates under severe financial strain, reporting a TTM net loss of Rs 156 Cr and negative net worth of Rs -259 Cr. A leadership change in sales poses execution risks for monetizing its Rs 1,011.21 Cr inventory pipeline.
- Resignation tendered on October 12, 2026, by Tarun Kanti Mukherjee, National Head – Sales & Marketing
- Cessation effective date confirmed as January 11, 2027
- Full notice period of 90 days being served to ensure operational transition
- Resignation cited as being due to pursuit of new professional opportunities
Emami Realty Limited has announced the resignation of Mr. Tarun Kanti Mukherjee from the position of National Head – Sales & Marketing, effective January 11, 2027. Mr. Mukherjee tendered his resignation on October 12, 2026, to pursue outside professional opportunities and will serve a 90-day notice period. The company operates under severe financial strain, reporting a TTM net loss of Rs 156 Cr and negative net worth of Rs -259 Cr. A leadership change in sales poses execution risks for monetizing its Rs 1,011.21 Cr inventory pipeline.
- Resignation tendered on October 12, 2026, by Tarun Kanti Mukherjee, National Head – Sales & Marketing
- Cessation effective date confirmed as January 11, 2027
- Full notice period of 90 days being served to ensure operational transition
- Resignation cited as being due to pursuit of new professional opportunities
Emami Realty Limited has announced the resignation of Mr. Tarun Kanti Mukherjee from the position of National Head – Sales & Marketing, effective January 11, 2027. Mr. Mukherjee tendered his resignation on October 12, 2026, to pursue outside professional opportunities and will serve a 90-day notice period. The company operates under severe financial strain, reporting a TTM net loss of Rs 156 Cr and negative net worth of Rs -259 Cr. A leadership change in sales poses execution risks for monetizing its Rs 1,011.21 Cr inventory pipeline.
- Resignation tendered on October 12, 2026, by Tarun Kanti Mukherjee, National Head – Sales & Marketing
- Cessation effective date confirmed as January 11, 2027
- Full notice period of 90 days being served to ensure operational transition
- Resignation cited as being due to pursuit of new professional opportunities
Emami Realty announced the receipt of a resignation letter from Whole-time Director Rajesh Bansal on October 9, 2026. The resignation letter was dated September 21, 2026, and the company noted that Mr. Bansal appears to have already filed Form DIR-11 with the ROC reflecting that date. The Board will consider the resignation at its next meeting pursuant to the appointment agreement dated May 30, 2024. The sudden executive exit comes as the company continues to face severe financial distress, having recorded a net loss of Rs 156 Cr on TTM revenue of Rs 93 Cr.
- Whole-time Director Rajesh Bansal tendered his resignation via letter dated 21/09/2026.
- The resignation letter was received by the company via email on 09/10/2026 at 01:09 PM.
- Form DIR-11 has already been filed by Mr. Bansal with the ROC with effective date 21/09/2026.
- Resignation terms are subject to an Agreement dated 30th May, 2024, to be considered at the next board meeting.
Emami Realty has submitted the minutes of its 18th Annual General Meeting held on September 29, 2026, confirming that all nine resolutions passed with requisite majorities. Shareholders approved an enabling borrowing power limit of up to ₹5,000 crore under Section 180(1)(c), alongside corresponding asset charging limits. The meeting also ratified a related-party slump sale of a project undertaking to Orbit Projects Pvt Ltd for ₹28.50 crore (vs ₹27.00 crore approved earlier), representing ~30.6% of FY26 revenue (₹93.07 crore). Additionally, the MD & CEO outlined plans to launch three upcoming projects: Emami Miraai (Chennai), Emami Vana (Jhansi), and Emami Avaan (Liluah).
- Shareholders approved borrowing powers and creation of charges up to an aggregate limit of ₹5,000 Crores (99.99% votes in favour).
- Ratified related party transaction for slump sale of a project undertaking to Orbit Projects Pvt Ltd for ₹28.50 Crores, exceeding the previously approved ₹27.00 Crores.
- Announced upcoming launch plans for 3 new projects: Emami Miraai (SIPCOT, Chennai), Emami Vana (Buda, Jhansi), and Emami Avaan (Liluah), subject to approvals.
- Approved revised remuneration for Managing Director & CEO Dr. Nitesh Kumar Gupta effective April 1, 2026.
Emami Realty announced the results of its 18th Annual General Meeting held on September 29, 2026, where all 9 resolutions were passed with requisite majorities. Key approvals included setting the Board's borrowing and asset encumbrance limits up to ₹5,000 Crores under Sections 180(1)(c) and 180(1)(a). Shareholders also ratified a related-party slump sale of a project undertaking to Orbit Projects Private Limited for ₹28.50 Crores (exceeding earlier approval of ₹27.00 Crores). The ₹5,000 Crore borrowing headroom is substantial relative to the company's current total debt of ₹1,989 Crores and market capitalization of ₹305 Crores.
- Approved Board borrowing limit up to ₹5,000 Crores u/s 180(1)(c) with 99.9963% votes in favour
- Approved creation of mortgages/charges to secure debt up to ₹5,000 Crores u/s 180(1)(a)
- Ratified related party slump sale to Orbit Projects Pvt Ltd for ₹28.50 Crores, exceeding previous ₹27.00 Crore limit
- All 9 resolutions passed, including MD & CEO remuneration revision effective April 1, 2026
Emami Realty concluded its 18th Annual General Meeting on September 29, 2026. Key special resolutions presented for shareholder approval include increasing borrowing limits up to Rs 5,000 Crores and creating encumbrances on company assets up to Rs 5,000 Crores. For perspective, the Rs 5,000 Crore limit is significant against the company's existing debt of Rs 1,989 Crores, market cap of Rs 295 Crores, and negative net worth of Rs -259 Crores. Ordinary resolutions also included ratifying related party transactions with Orbit Projects Private Limited (regarding slump sale/transfer of a project undertaking) and Vijaybhan Investments and Consultancy.
- AGM held on September 29, 2026, commencing at 11:30 AM and concluding at 12:56 PM
- Special resolution proposed to authorize total outstanding borrowings up to Rs 5,000 Crores
- Special resolution proposed to create security/charges on company assets up to Rs 5,000 Crores
- Proposed ratification of slump sale/transfer of a project undertaking to related party Orbit Projects Private Limited
Emami Realty Limited has informed the exchanges regarding the closure of its trading window pursuant to SEBI PIT Regulations. The trading window will remain closed from October 1, 2026, until 48 hours post the declaration of the unaudited financial results for the quarter and half-year ended September 30, 2026. The restriction applies to designated persons and their immediate relatives. The specific date for the board meeting to consider the results will be announced separately.
- Trading window closes effective October 1, 2026
- Closure covers Q2 and half-year ended September 30, 2026 results
- Trading window to reopen 48 hours after financial results announcement
- Notice issued on September 28, 2026
Emami Realty Limited announced the resignation of Priyankar Dasgupta from the position of Vice President - Legal. The resignation letter was submitted on 18 September 2026 to pursue new professional opportunities and was accepted with immediate effect on 24 September 2026, superseding an initially proposed 90-day notice period running through 17 December 2026. Given the company's financial strain with a TTM net loss of Rs 156 Cr and net debt exceeding Rs 1,989 Cr, key personnel departures in operational and compliance roles warrant basic tracking.
- Priyankar Dasgupta resigned from the post of Vice President - Legal via letter dated 18 September 2026.
- Resignation was formally accepted effective 24 September 2026 as per HR policy.
- Original proposed final working day was 17 December 2026 under a 90-day notice period.
- Reason cited for the departure is pursuing new professional opportunities.
Emami Realty Limited has informed the exchanges that it has sent letters containing the web-link for its FY25-26 Annual Report to members whose email addresses are not registered. The 18th Annual General Meeting is scheduled for September 29, 2026, via Video Conferencing. E-voting will begin on September 24, 2026, and end on September 28, 2026, with the cut-off date fixed at September 22, 2026.
- 18th Annual General Meeting set for Tuesday, 29th September, 2026 at 11:30 a.m. IST
- Cut-off date for e-voting is Tuesday, 22nd September, 2026
- Remote e-voting window runs from 24th September, 2026 (10:00 a.m. IST) to 28th September, 2026 (5:00 p.m. IST)
- Intimation sent pursuant to Regulation 36(1)(b) of the SEBI Listing Regulations
SEBI has levied a penalty of Rs 2,00,000 on Emami Realty Limited via an adjudication order dated September 11, 2026. The violations include misclassifying investments in subsidiary equity and convertible debentures as inventories in standalone financials for FY22 and FY23. Additionally, the company failed to obtain prior Audit Committee approval for a related party transaction with Lohitka Properties LLP dating back to 2016. The financial impact is negligible relative to the company's Rs 93 Cr TTM revenue and Rs 321 Cr market capitalization.
- SEBI imposed a fine of Rs 2,00,000 under Section 15-I of the SEBI Act, 1992.
- Order received on September 11, 2026 under Adjudication Order No. Order/JS/RJ/2026-27/32718.
- Accounting lapse involves misclassifying subsidiary equity and convertible debentures of PUPL as inventory in FY22 and FY23.
- Non-compliance with Regulation 23(2) regarding lack of prior audit committee approval for RPT between July 22, 2016 and August 10, 2016.
Emami Realty Limited has scheduled its 18th Annual General Meeting (AGM) for Tuesday, September 29, 2026, via video conferencing. The company has fixed September 22, 2026, as the cut-off date to determine shareholder voting eligibility. The register of members and share transfer books will remain closed from September 23, 2026, to September 29, 2026, for AGM purposes. Electronic dispatch of the FY26 Annual Report and AGM Notice was completed on September 7, 2026.
- 18th Annual General Meeting scheduled for September 29, 2026, at 11:30 AM IST
- Book closure period fixed from September 23, 2026, to September 29, 2026
- E-voting cut-off eligibility date set as September 22, 2026
- Electronic dispatch of FY25-26 Annual Report completed on September 7, 2026
Emami Realty Limited has issued the notice for its 18th Annual General Meeting scheduled for September 29, 2026. Key special resolutions include reaffirming borrowing powers under Section 180(1)(c) up to ₹5,000 crore and powers to create mortgages/charges under Section 180(1)(a) up to ₹5,000 crore. The borrowing ceiling of ₹5,000 crore dwarfs its current market capitalization of ₹302 crore and total debt of ₹1,989 crore, while the company continues to carry negative net worth (-₹259 crore). Additionally, the e-voting cut-off date is set for September 22, 2026.
- 18th AGM to be held virtually on September 29, 2026, with cut-off date set as September 22, 2026
- Special resolution proposed to borrow funds up to an aggregate limit of ₹5,000 crore
- Special resolution proposed to create charges/mortgages on company assets up to ₹5,000 crore
- Book closure scheduled from September 23, 2026 to September 29, 2026
M/s S K Agrawal & Co Chartered Accountants LLP has resigned as statutory auditor for Emami Realty's material subsidiaries, Sneha Ashiana Private Limited and Delta PV Private Limited, effective August 12, 2026. The firm was appointed on September 26, 2024, with a tenure originally scheduled to run through September 30, 2029. The cited reason for resignation is preoccupation with other assignments, and the auditor confirmed no concerns were raised regarding the subsidiaries' affairs. Prior to exiting, the auditor submitted limited review reports on August 8, 2026, for the quarter ended June 30, 2026.
- Resignation of M/s S K Agrawal & Co LLP from 2 material subsidiaries effective August 12, 2026.
- Early departure ahead of scheduled tenure expiry on September 30, 2029 (appointed September 26, 2024).
- Latest limited review reports for quarter ended June 30, 2026 were submitted on August 8, 2026.
- Auditor cited preoccupation with other assignments, confirming no unaddressed concerns or non-cooperation.
Financial Performance
Revenue Growth by Segment
Real Estate Development is the sole segment. Standalone revenue from operations grew 80.4% YoY to INR 76.70 Cr in FY25, while consolidated total revenue grew 36.1% YoY to INR 135.16 Cr.
Geographic Revenue Split
100% of revenue is generated within India, exposing the company entirely to domestic economic cycles and regulatory changes.
Profitability Margins
Net profit margin improved from -123.73% in FY24 to -93.40% in FY25. Despite the improvement, the company remains deeply loss-making with a consolidated net loss of INR 126.24 Cr.
EBITDA Margin
Consolidated EBITDA margin improved significantly from -72% in FY24 to -24% in FY25, reflecting a 48 percentage point improvement in core operational efficiency.
Capital Expenditure
Standalone Property, Plant and Equipment (PPE) stood at INR 2.18 Cr as of March 31, 2025, a decrease from INR 2.61 Cr in the previous year.
Credit Rating & Borrowing
Not disclosed in available documents; however, standalone finance costs reached INR 112.32 Cr in FY25, an 18.8% increase YoY.
Operational Drivers
Raw Materials
Construction materials (implied under Project Expenses) such as steel, cement, and bricks; specific percentage breakdown per material is not disclosed.
Capacity Expansion
The company leverages its project pipeline represented by an inventory of INR 1,011.21 Cr as of March 31, 2025, up 8.6% from INR 931.07 Cr in FY24.
Raw Material Costs
Project expenses stood at INR 151.05 Cr in FY25, representing 111.7% of consolidated total revenue, which is a primary driver of the net loss.
Manufacturing Efficiency
Not applicable for real estate; however, the inventory turnover ratio is low at 0.07, indicating a long project lifecycle and high capital lock-up.
Strategic Growth
Growth Strategy
The company aims to leverage its existing project pipeline and market presence in the residential sector, driven by urbanization and housing needs in India.
Products & Services
Residential and commercial units, specifically flats and plots.
Brand Portfolio
Emami Realty.
Market Expansion
Focus on leveraging market presence within India; specific new regions or timelines are not disclosed.
Strategic Alliances
Subsidiaries include Sneha Ashiana, New Age Realty, and Delta PV; Associates include Roseview Developers, Bengal Emami Housing, and Swan Housing.
External Factors
Industry Trends
The Indian real estate industry is seeing a shift towards organized players and continued demand in the residential sector, growing alongside urbanization.
Competitive Moat
The 'Emami' brand provides a durable trust-based moat in a fragmented market; sustainability depends on timely project delivery and maintaining quality standards.
Macro Economic Sensitivity
Highly sensitive to urbanization trends and housing demand; also sensitive to interest rate cycles affecting home loan affordability for customers.
Consumer Behavior
Increasing preference for urban housing and residential units driven by changing lifestyle needs and urbanization.
Geopolitical Risks
Limited direct impact due to domestic focus, though global commodity price spikes (steel/fuel) indirectly raise construction costs.
Regulatory & Governance
Industry Regulations
Strict compliance with Ind AS 115 for revenue recognition and RERA for project approvals and customer protection is required.
Taxation Policy Impact
The company has a Deferred Tax Asset (Net) of INR 99.35 Cr as of March 31, 2025, which can be used to offset future taxable profits.
Legal Contingencies
The company reports zero pending litigations as of the audit date (May 22, 2025), which is a significant operational advantage.
Risk Analysis
Key Uncertainties
The negative interest coverage ratio of -0.19 and negative equity position pose a significant risk to the company's status as a going concern.
Geographic Concentration Risk
100% of revenue is concentrated in India, leaving the company vulnerable to country-specific regulatory and economic shifts.
Third Party Dependencies
Dependency on external contractors for construction and related parties for financial support and project execution.
Technology Obsolescence Risk
Low risk in physical construction, but the company must adopt digital sales and project management tools to remain competitive.
Credit & Counterparty Risk
High risk indicated by the INR 55.88 Cr impairment on loans given in H1 FY26, suggesting potential non-recovery of financial assets.
