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Omaxe Limited (OMAXE)

₹113.94 +4.82% last close, 16 Oct

📊 NSE: OMAXE 🏢 Construction 📢 Latest filing: 16 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Omaxe's revenue was ₹406 Cr (+43.9% year on year, +16.5% on the previous quarter), and net profit ₹1.3 Cr (against a loss a year earlier); the operating margin was 1.8%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹406	+43.9%	+16.5%
Operating profit	₹7.3	from loss	from loss
Net profit	₹1.3	from loss	from loss
EPS (₹)	0.05	from loss	from loss
Operating margin	1.8%	—	—

Full quarterly financials → Results calendar →

OMAXE delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 30.05% of the OMAXE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 36.51%. That is close to its usual level. It traded 2.2 times its average daily volume. It closed at its upper price band (circuit) on 16 Oct.

30.05%Delivery, 16 Oct

36.51%Own 20-session average

2.2×Volume vs its average

₹113.94NSE close · +4.82%

Delivery in the last 5 sessions: 42.7% · 37.7% · 49.0% · 42.9% · 30.1%

Delivery across the market →Unusual volume today →Circuit stocks →

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

Omaxe Inks MoU with Lemon Tree for 10 Hotels (4,000 Keys) at ₹4,000 Cr Investment

🔵 WATCH ⭐ 9/10

EXPANSION 📅 16 Oct 2026, 01:54 PM

Omaxe has signed an MoU with Lemon Tree Hotels' subsidiary, Carnation Hotels, to operate 10 hotel projects comprising 4,000 keys across India. The projects entail an estimated investment of ~₹4,000 crore, representing ~290% of Omaxe's TTM revenue of ₹1,377 crore and exceeding its current market cap of ₹1,930 crore. The initiative is part of Omaxe's broader ₹6,200 crore hospitality rollout covering 19 hotels. Omaxe plans to utilize a sale-led development model to fund completion via sales proceeds without relying on project loan debt.

MoU signed to operate 10 hotel projects comprising 4,000 keys across locations including Lucknow, Vrindavan, Amritsar, and Greater Noida
Estimated investment in these 10 projects is approximately ₹4,000 crore, compared to Omaxe's TTM revenue of ₹1,377 crore
Part of an overall ₹6,200 crore hospitality expansion plan involving 19 hotels across five states
Commissioning and development timelines span between 9 months and 5 years
Funded via a sale-led development model intended to avoid incremental loan funding

💡 Track conversion of this MoU into binding definitive agreements and monitor pre-sales cash flow generation to ensure execution without exacerbating the company's existing balance sheet stress.

CARE Reaffirms Omaxe's Bank Facilities Rating at CARE BB+; Stable / CARE A4+

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 12 Oct 2026, 06:27 PM

CARE Ratings Limited has reaffirmed Omaxe Limited's credit ratings for its bank facilities. Long-term bank facilities have been reaffirmed at 'CARE BB+; Stable', and long-term/short-term facilities at 'CARE BB+; Stable / CARE A4+'. The reaffirmation reflects an unchanged credit profile for the real estate developer, which carries Rs 506 Cr in total debt and posted a TTM net loss of Rs 510 Cr.

CARE Ratings reaffirmed long-term bank facilities at CARE BB+ with a Stable outlook
Long-term / short-term bank facilities reaffirmed at CARE BB+; Stable / CARE A4+
Intimation submitted under Regulation 30 of SEBI LODR Regulations on October 12, 2026
Company carries total debt of Rs 506 Cr against a net worth of Rs 461 Cr (D/E of 1.10)

💡 Track the detailed rationale from CARE Ratings for debt service coverage metrics and observe upcoming quarterly earnings for sustained operational profitability.

Infomerics Reaffirms and Withdraws Omaxe's Long-Term Rating of 'IVR BB+/Stable'

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 06 Oct 2026, 06:31 PM

Infomerics Valuation and Ratings Limited has reaffirmed and simultaneously withdrawn the long-term credit rating of Omaxe Limited with immediate effect. The rating prior to withdrawal was reaffirmed at 'IVR BB+/Stable'. The withdrawal was communicated via a rating withdrawal letter dated October 06, 2026. The company carries a total debt of Rs 506 Cr against a net worth of Rs 461 Cr, with a D/E ratio of 1.10.

Infomerics issued a rating withdrawal letter dated October 06, 2026
Long-term ratings reaffirmed at 'IVR BB+/Stable' prior to immediate withdrawal
Ratings withdrawn with immediate effect as of October 06, 2026
Company holds debt of Rs 506 Cr against a market cap of Rs 1,968 Cr

💡 Monitor any replacement ratings by other credit rating agencies and check future quarterly cash flows to track debt servicing capability.

Omaxe Subsidiary Divests Entire 40% Stake in Aquarise Developers for ₹7.84 Lakh

🟡 NEUTRAL ⭐ 3/10

M&A 📅 01 Oct 2026, 06:15 PM

Omaxe Limited's step-down wholly owned subsidiary, Dinkar Realcon Private Limited, has entered into an agreement to sell its entire 40% equity stake in associate company Aquarise Developers Private Limited. The transaction involves 4,000 equity shares sold at ₹196 per share for a total consideration of ₹7.84 lakh. The buyers are Mr. Bhupendra Singh, a director in Omaxe subsidiary companies, and his spouse, Mrs. Manju Singh, making this a related-party transaction conducted at arm's length. Aquarise Developers contributed nil turnover and net worth to Omaxe in the last financial year.

Dinkar Realcon sold its entire 40% stake (4,000 equity shares) in Aquarise Developers Private Limited
Total consideration received is ₹7,84,000 at a sale price of ₹196 per share
3,900 shares sold to Mr. Bhupendra Singh for ₹7,64,400 and 100 shares to Mrs. Manju Singh for ₹19,600
Aquarise Developers contributed Nil revenue and net worth to Omaxe during the last financial year
Sale completed on October 01, 2026, causing Aquarise to cease being an associate company

💡 Monitor upcoming quarterly disclosures for any related-party accounting adjustments or final profit/loss on disposal of this associate.

Omaxe Shareholders Approve All 37th AGM Resolutions With Over 99.9% Majority

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 25 Sep 2026, 07:18 PM

Omaxe Limited has submitted the voting results and Scrutinizer's Report for its 37th Annual General Meeting held on September 25, 2026. All four resolutions were passed with over 99.9% approval. Key resolutions included the adoption of FY26 financial statements, the reappointment of retiring director Mr. Vinit Goyal, cost auditor remuneration ratification, and a special resolution approving Chairman Rohtaas Goel's remuneration for FY27. Total votes polled stood at 13,40,44,235, representing 73.29% of outstanding shares.

All 4 resolutions passed with >=99.99% majority of votes cast
Overall voter turnout represented 73.2880% of total outstanding shares (13,40,44,235 votes polled)
Resolution 4 passed as a special resolution approving FY27 remuneration for Chairman & Non-Executive Director Rohtaas Goel
Adopted audited financial statements for the financial year ended March 31, 2026

💡 Track the upcoming Q2 FY27 operational updates and financial results to assess if cash flows and profitability are stabilizing following the FY26 net loss of Rs 696.81 Cr.

SEBI Debars Omaxe for 3 Months, Promoters for 1 Year; Levies Rs 27 Lakh Penalty

🔴 NEGATIVE ⭐ 9/10

REGULATORY 📅 25 Sep 2026, 06:15 PM

SEBI has issued an order dated September 24, 2026, restraining Omaxe Limited from accessing the securities market and prohibiting it from dealing in securities for three months over non-compliance with Minimum Public Shareholding (MPS) and PFUTP regulations. Key promoters and associated entities, including Rohtaas Goel and Sunil Goel, have been restrained from the securities market for one year. SEBI also imposed a monetary penalty of Rs 27 lakh on Omaxe and between Rs 27 lakh to Rs 37 lakh on other noticees. The company stated it is evaluating legal remedies against the order.

Omaxe Limited restrained from accessing the securities market and dealing in securities for 3 months
Promoters and key noticees restrained from the securities market for a period of 1 year
Penalty of Rs 27 lakh imposed on Omaxe Limited (Noticee No. 1)
Penalties of Rs 37 lakh each levied on promoters Mr. Rohtaas Goel, Mr. Sunil Goel, and Mr. Jai Bhagwan Goel
Violations pertain to Minimum Public Shareholding (MPS) rules, SEBI LODR, and PFUTP Regulations, 2003

💡 Track whether the company or promoters appeal the order before the Securities Appellate Tribunal (SAT) to seek an interim stay, and assess any resulting constraints on corporate financing.

Omaxe Closes Trading Window from October 1, 2026 for Q2 & H1 FY27 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 21 Sep 2026, 05:55 PM

Omaxe Limited has informed the exchanges that its trading window for dealing in company securities will remain closed starting October 1, 2026. The closure applies to designated persons and their immediate relatives under SEBI Insider Trading regulations. The window will reopen 48 hours after the declaration of the standalone and consolidated financial results for the quarter and half-year ending September 30, 2026. The specific date for the board meeting to approve these results will be intimated separately.

Trading window closure effective from Thursday, October 1, 2026
Applies ahead of standalone and consolidated financial results for the period ending September 30, 2026
Trading window to reopen 48 hours after financial results are declared
Board meeting date for earnings approval to be intimated in due course

💡 Track the upcoming corporate announcement regarding the specific date of the Board Meeting to consider Q2/H1 FY27 financial results.

Omaxe Announces Resignation of Neeraj Arora, Vice President (PMO)

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 11 Sep 2026, 04:53 PM

Omaxe Limited has informed the exchanges that Neeraj Arora has resigned from his position as Vice President (PMO) citing unavoidable personal reasons. The resignation letter is dated August 26, 2026, with the official intimation submitted on September 11, 2026. The outgoing executive will serve the prescribed notice period to ensure an orderly handover. The company reported a net profit of Rs 1.30 Cr on revenue of Rs 406.17 Cr for the quarter ended June 2026.

Neeraj Arora tendered resignation from the position of Vice President (PMO) dated 26/08/2026.
Executive cited unavoidable personal reasons for stepping down.
The executive agreed to serve the standard notice period to support handover.
Omaxe reported Q1 FY27 revenue of Rs 406.17 Cr compared to Rs 282.24 Cr in Q1 FY26.

💡 Monitor upcoming filings for the appointment of a replacement to head the Project Management Office, alongside delivery execution across ongoing large-scale projects.

Omaxe Announces Resignation of Senior Management Personnel Neeraj Arora (VP - PMO)

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 11 Sep 2026, 04:51 PM

Omaxe Limited has disclosed the resignation of Senior Management Personnel Mr. Neeraj Arora from his role as Vice President – PMO due to unavoidable personal reasons. The resignation letter was tendered on August 26, 2026, and officially notified with the letter enclosure on September 11, 2026. Mr. Arora will serve the prescribed notice period to ensure an orderly handover. This comes as the company manages high leverage (Debt of ₹506 Cr against Net Worth of ₹461 Cr) and attempts to turn profitable following a narrow ₹1.3 Cr PAT in Q1 FY27.

Neeraj Arora resigned as Vice President – PMO (Senior Management Personnel) citing unavoidable personal reasons
Resignation letter submitted on August 26, 2026, and enclosed to exchanges on September 11, 2026
Executive will serve the full prescribed notice period to support handover

💡 Monitor any subsequent disclosure of an appointed replacement to lead the Project Management Office, as smooth project execution is critical given the company's large pipeline.

Omaxe Announces Resignation of Senior Management Personnel Neeraj Arora Effective Sep 10, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 11 Sep 2026, 12:17 PM

Omaxe Limited has informed the exchanges that Mr. Neeraj Arora, Vice President – Project Management Office (PMO) and a Senior Management Personnel, has resigned due to personal reasons. The cessation took effect on September 10, 2026. The company recently reported a turnaround net profit of ₹1.3 crore in Q1 FY27 (June 2026) following a TTM loss of ₹510 crore. This management departure is an operational personnel change and does not affect board composition.

Mr. Neeraj Arora resigned from the position of Vice President – PMO (Senior Management Personnel)
Resignation was effective from September 10, 2026
Reason cited for the resignation is personal reasons
Company reported TTM revenue of ₹1,377 crore and debt of ₹506 crore

💡 Track the appointment of a successor to head the Project Management Office, especially given Omaxe's ongoing execution of major commercial projects like Dwarka and Omaxe Chowk.

SAT Dismisses Omaxe & Promoters' Appeal Against July 2024 SEBI Order on Alleged PFUTP Violations

🔴 NEGATIVE ⭐ 8/10

LEGAL 📅 02 Sep 2026, 06:37 PM

The Securities Appellate Tribunal (SAT) in Mumbai, via an order dated September 1, 2026, has dismissed Appeal No. 568 of 2024 filed by Omaxe Limited, promoters, and key executives against a July 30, 2024 SEBI order. The underlying SEBI allegations pertain to violations of SEBI PFUTP regulations, Listing Regulations, the Companies Act, and applicable Accounting Standards. Omaxe stated it is evaluating legal remedies, noting no new material financial impact beyond previous disclosures.

SAT dismissed Appeal No. 568 of 2024 and Misc. Application No. 1296 of 2024 on September 1, 2026.
Appeal was filed jointly by Omaxe Ltd along with key individuals including Rohtaas Goel and Mohit Goel.
The underlying SEBI order dated July 30, 2024 involved alleged violations of SEBI PFUTP Regulations 2003, Listing Regulations, and Accounting Standards.
Order was received by the company on September 2, 2026, with no costs awarded by SAT.

💡 Track whether Omaxe and its promoters appeal the SAT dismissal before the Supreme Court of India and monitor any regulatory restrictions or penalties enforced post-dismissal.

Omaxe Submits Business Responsibility and Sustainability Report for FY 2025-26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 01 Sep 2026, 09:44 PM

Omaxe Limited has submitted its standalone Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 pursuant to Regulation 34 of SEBI LODR Regulations. The filing outlines ESG disclosures, noting that core real estate activities account for 91.23% of entity turnover across 31 offices in 8 Indian states. The company reported a total permanent employee headcount of 468, alongside 403 non-permanent workers, with nil consumer complaints regarding data privacy or essential services in FY26.

Core real estate activities contributed 91.23% of standalone turnover in FY 2025-26
Operations span 31 offices across 8 states within India, with no international presence
Permanent workforce stood at 468 employees (10.04% female), with 403 non-permanent workers
Turnover rate for permanent employees reported at 19.75% in FY 2025-26 versus 9.07% in FY 2024-25
Zero consumer complaints reported regarding data privacy, cyber-security, or delivery of essential services

💡 This is a standard statutory disclosure with no financial or operational forecast impact. Investors should continue tracking quarterly execution and cash flow generation from major commercial projects like Omaxe Chowk and Dwarka.

Omaxe Clarifies SAT Pronounced Order in SEBI Financial Misstatement Appeal; Copy Awaited

🔵 WATCH ⭐ 8/10

LEGAL 📅 01 Sep 2026, 08:51 PM

Omaxe Limited clarified to exchanges following news reports that the Securities Appellate Tribunal (SAT) pronounced its order on September 1, 2026, regarding the company's appeal against SEBI's July 30, 2024 order. The original SEBI order alleged misstatements and financial irregularities against Omaxe, its Chairman, and others, against which SAT had granted an interim stay on October 1, 2024 following penalty deposit. Omaxe confirmed that the formal written order has not yet been uploaded or received, meaning the exact directives and financial/operational implications remain pending assessment.

SAT pronounced its order on September 1, 2026 in Omaxe's appeal against SEBI's July 30, 2024 order
The proceedings relate to alleged misstatements and financial statement irregularities against the company and Chairman
Company previously deposited penalty amount under SAT's interim stay order dated October 1, 2024
Detailed written copy of the SAT order is awaited before exact impact can be evaluated

💡 Watch for the company's detailed disclosure once the written SAT order is uploaded, specifically checking for any management debarment, financial penalties, or appeal plans before the Supreme Court.

Omaxe Schedules 37th AGM for September 25, 2026, Releases FY26 Annual Report Link

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 01 Sep 2026, 08:02 PM

Omaxe Limited has issued an intimation under Regulation 36(1)(b) of SEBI LODR Regulations providing the weblink and path to access its FY 2025-26 Annual Report for shareholders without registered email addresses. The 37th Annual General Meeting (AGM) is scheduled to be held on Friday, September 25, 2026, at 12:00 Noon IST via Video Conferencing. The filing also reminds physical security holders to complete KYC requirements and notes a special window for re-lodgement of physical share transfer requests active through February 4, 2027.

37th Annual General Meeting scheduled for Friday, September 25, 2026, at 12:00 Noon IST via Video Conferencing
Annual Report for FY 2025-26 made available via website path: https://www.omaxe.com/ > Investor > Annual Reports > 2025-26
Special window for re-lodgement of physical share transfer requests open from February 5, 2026, to February 4, 2027

💡 Shareholders holding physical shares should complete mandatory KYC updates with the RTA and review the AGM notice ahead of the September 25, 2026 meeting.

Omaxe Convenes 37th AGM on September 25, 2026; Sets September 18 Cut-Off Date

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 01 Sep 2026, 06:48 PM

Omaxe Limited has issued the notice for its 37th Annual General Meeting (AGM), scheduled to be held on Friday, September 25, 2026, at 12:00 Noon IST via Video Conferencing. The cut-off date to determine shareholder voting eligibility has been fixed as Friday, September 18, 2026. Key agenda items include the adoption of FY26 audited financial statements, ratification of Rs 2,00,000 remuneration for cost auditors for FY27, and approval of remuneration for Chairman & Non-Executive Director Mr. Rohtaas Goel exceeding 50% of total non-executive director remuneration.

37th Annual General Meeting scheduled for September 25, 2026 at 12:00 Noon IST via Video Conferencing
Cut-off date for remote e-voting and AGM attendance set as September 18, 2026
Notice and FY26 Annual Report dispatched electronically to shareholders holding equity as of August 28, 2026
Special business includes ratification of Rs 2,00,000 remuneration plus taxes/expenses for Cost Auditors for FY27
Special Resolution proposed for remuneration to Chairman Mr. Rohtaas Goel exceeding 50% of total NED remuneration

💡 Eligible shareholders as of September 18, 2026 can participate in remote e-voting and attend the AGM on September 25, 2026.

View All OMAXE Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue from operations decreased by 3.3% YoY to INR 1,560.99 Cr in FY25 from INR 1,614.32 Cr. Standalone revenue saw a sharper decline of 44.7% YoY, falling to INR 389.85 Cr from INR 705.35 Cr, primarily due to the timing of project handovers and revenue recognition cycles.

Geographic Revenue Split

The company operates across 8 states including Punjab, Haryana, Uttar Pradesh, Madhya Pradesh, Rajasthan, Delhi, Uttarakhand, and Himachal Pradesh, with a significant focus on North and Central India across 31 cities.

Profitability Margins

The company reported a consolidated net loss of INR 685.40 Cr in FY25, widening by 68.8% from a loss of INR 405.91 Cr in FY24. Standalone net loss also increased to INR 217.03 Cr from INR 140.32 Cr, driven by high finance costs and lower revenue recognition relative to incurred expenses.

EBITDA Margin

Core profitability remains negative with a consolidated loss before tax of INR 764.02 Cr in FY25 compared to INR 507.07 Cr in FY24. This 50.7% increase in losses is attributed to a 49.8% spike in finance costs and a 12.4% rise in operating expenditures.

Capital Expenditure

Landmark capital allocations include a INR 1,500 Cr investment in 'The Omaxe State' in Dwarka, Delhi, and a INR 600 Cr investment in the 'New Amritsar' project. The group has a massive upcoming project pipeline totaling over INR 20,000 Cr.

Credit Rating & Borrowing

CARE Ratings reaffirmed 'CARE BB+; Stable' for long-term bank facilities. Borrowing costs are high, ranging between 14% and 15%, which the company is actively working to reduce through long-term debt restructuring.

⚙️ Operational Drivers

Raw Materials

Primary raw materials include steel, cement, bricks, and sand, which constitute the bulk of construction costs. Specific percentage breakdowns for each material were not disclosed.

Import Sources

Materials are primarily sourced domestically within India, specifically from states where projects are located such as Haryana, Punjab, and Uttar Pradesh to optimize logistics.

Capacity Expansion

The company has delivered 140.17 million sq. ft. to date. Current expansion includes launching projects with a total value exceeding INR 20,000 Cr, including the 127-acre Omaxe New Amritsar Integrated Township.

Raw Material Costs

Operating expenditure, which includes raw material and construction costs, rose 12.4% YoY to INR 2,010.84 Cr on a consolidated basis, reflecting increased construction activity despite lower recognized revenue.

Manufacturing Efficiency

At a standalone level, ~70% of projects by cost were completed as of December 2024. Consolidated sold status stands at 56% by value, with 73% of the sold value already collected.

📈 Strategic Growth

Expected Growth Rate

20-25%

Growth Strategy

Growth is targeted through a strategic pivot toward high-value commercial and retail infrastructure in Tier 1 cities, exemplified by the Dwarka project (projected INR 2,500 Cr retail revenue) and Omaxe Chowk (INR 2,500 Cr potential). The company is also deleveraging, having repaid INR 700+ Cr to Samman Capital and fully settling SWAMIH Fund obligations to strengthen the balance sheet.

Products & Services

Integrated townships, residential apartments, commercial offices, retail hubs, hospitality spaces, and multi-sports stadiums.

Brand Portfolio

Omaxe, World Street (Faridabad), Omaxe Chowk (Delhi), The Omaxe State (Dwarka), Royal Residency (Ludhiana).

New Products/Services

India’s first integrated multi-sports stadium and retail hub in Dwarka, and the Omaxe New Amritsar Integrated Township.

Market Expansion

Expansion is focused on under-served regions in Tier 2/3 cities and premium commercial hubs in Metro/Tier 1 cities like Delhi and Chandigarh.

Strategic Alliances

Joint ventures include Giant Dragon Mart Private Limited (50% stake) and various project-specific subsidiaries like Omaxe Be Together for busport developments.

🌍 External Factors

Industry Trends

The industry is shifting toward integrated living and mixed-use destinations. Omaxe is positioning itself by moving from pure residential to large-scale retail and hospitality hubs to diversify revenue streams.

Competitive Landscape

Operates in a highly fragmented and regulated market with competition from both national developers and local players in Tier 2 cities.

Competitive Moat

Moat is built on a 38-year track record, a massive delivery of 140 million sq. ft., and significant land holdings in high-growth corridors. This is sustainable due to the high entry barriers and regulatory complexities (RERA) of the Indian real estate market.

Macro Economic Sensitivity

Highly sensitive to interest rate fluctuations and GDP growth, as these directly impact consumer credit availability and demand for real estate.

Consumer Behavior

Increasing consumer preference for 'all-in-one' environments (live-work-play) is driving the company's township and mixed-use strategy.

Geopolitical Risks

Minimal direct impact due to domestic focus, though global commodity price spikes (steel/cement) affect construction costs.

⚖️ Regulatory & Governance

Industry Regulations

Strict adherence to RERA (Real Estate Regulatory Authority) is required; for example, the Faridabad project is registered under HRERA-PKL-FBD-791-2025.

Taxation Policy Impact

The company faces a fresh tax demand notice of INR 298.31 Cr. Total tax-related contingent liabilities stand at INR 351.29 Cr.

Legal Contingencies

Total contingent liabilities are INR 685.61 Cr. This includes an arbitration case with Patiala Urban Planning & Development Authority (PUDA) with an estimated liability of ~INR 85 Cr, for which INR 145 Cr has been placed in escrow.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the timing of revenue recognition, which depends on project completion and possession. Adverse outcomes in ongoing litigations could impact liquidity by up to INR 685 Cr.