PANSARI - Pansari Develop.
📢 Recent Corporate Announcements
Pansari Developers reported a strong performance for the quarter ended December 31, 2025, with standalone total income reaching ₹589.59 Lakhs, a 125% increase from ₹261.21 Lakhs in the previous year. Standalone net profit grew to ₹28.53 Lakhs compared to ₹21.41 Lakhs in the same quarter last year. Revenue from operations saw a significant sequential jump to ₹275.68 Lakhs from just ₹12.85 Lakhs in the preceding quarter. The company's auditors provided an unmodified opinion on both standalone and consolidated results.
- Standalone Total Income surged 125% YoY to ₹589.59 Lakhs in Q3 FY26.
- Standalone Net Profit increased by 33.2% YoY to ₹28.53 Lakhs.
- Revenue from operations grew to ₹275.68 Lakhs in Q3 FY26 from ₹12.85 Lakhs in Q2 FY26.
- Quarterly Earnings Per Share (EPS) stood at ₹0.16.
- Consolidated results included a share of net profit of ₹14.99 Lakhs from jointly controlled entities.
NSE has issued a notice to Pansari Developers Limited for non-compliance with Regulation 33 of SEBI (LODR) Regulations for the quarter ended September 30, 2025. The company delayed its financial result submission by 25 days, leading to a total fine of ₹1,47,500 including GST. Failure to address these lapses could result in severe actions such as freezing promoter shareholdings or shifting the stock to the 'Z' category (Trade for Trade). The company is required to present these findings to its Board and provide comments to the exchange.
- Total fine of ₹1,47,500 imposed by NSE, including ₹1,25,000 principal and ₹22,500 GST
- Non-compliance relates to Regulation 33 (Financial Results) for the quarter ended September 30, 2025
- The delay in compliance was recorded as 25 days at a rate of ₹5,000 per day
- Potential consequences for further default include freezing of promoter demat accounts and 'Z' category trading status
Pansari Developers Limited has officially submitted its financial results for the third quarter of the 2025-26 fiscal year. The board meeting held on February 14, 2026, finalized the accounts for the period ending December 31, 2025. This routine regulatory filing ensures transparency regarding the company's recent fiscal performance. Investors should look for specific growth trends in the real estate and development segments within the full report.
- Board approved financial results for the period ended December 31, 2025.
- The meeting and documentation were finalized on February 14, 2026.
- Compliance with SEBI (Listing Obligations and Disclosure Requirements) confirmed.
Pansari Developers Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Limited, confirms that all dematerialization requests for the quarter ended December 31, 2025, were processed within the prescribed timelines. It verifies that security certificates were mutilated, cancelled, and the names of depositories were updated in the register of members. This is a standard administrative filing ensuring the integrity of the company's shareholding records.
- Compliance certificate submitted for the quarter ended December 31, 2025.
- Confirmation that securities received for dematerialization were listed on stock exchanges.
- Verification that physical certificates were mutilated and cancelled after due verification.
- Registrar MUFG Intime India Private Limited confirmed adherence to SEBI timelines.
Pansari Developers Limited has informed the stock exchange regarding the closure of its trading window for all designated persons and their immediate relatives. This move is a standard regulatory requirement under the SEBI (Prohibition of Insider Trading) Regulations, 2015. The closure is effective in anticipation of the declaration of financial results for the quarter ending December 31, 2025. The trading window will remain closed until 48 hours after the financial results are made public.
- Trading window closed for all designated persons and immediate relatives as per SEBI regulations.
- Closure is in connection with the upcoming financial results for the quarter ending December 31, 2025.
- Compliance filing dated December 22, 2025, submitted to the exchange.
- Standard 48-hour cooling-off period will apply after the results announcement before trading resumes.
Pansari Developers Limited has submitted a clarification to the Exchange regarding its financial results for the quarter ended September 30, 2025. The Exchange had previously noted the absence of mandatory consolidated documents, including the Balance Sheet, Profit and Loss Statement, and Cash Flow Statement. This inquiry was made under Regulation 33 of the SEBI (LODR) Regulations, 2015. Investors should note that the company is now addressing these reporting gaps to ensure regulatory compliance.
- Exchange flagged missing consolidated financial statements for the quarter ended September 30, 2025.
- Missing items included the Consolidated Balance Sheet and Consolidated Profit and Loss Statement.
- The Consolidated Statement of Cash Flow was also omitted from the initial regulatory filing.
- The company has now submitted a formal response to address these compliance gaps under SEBI Regulation 33.
Financial Performance
Revenue Growth by Segment
Standalone total income decreased by 29.94% YoY to INR 41.05 Cr (from INR 58.59 Cr). Consolidated total income decreased by 27.29% YoY to INR 44.84 Cr (from INR 61.68 Cr). Specific segment-wise percentage splits for Fabrics or Trading were not provided for the current period.
Geographic Revenue Split
100% of operations and revenue are concentrated in India, specifically focused on the Eastern real estate corridor and Kolkata region.
Profitability Margins
Net Profit Margin improved by 110% YoY, rising from 0.10% to 0.21% according to management ratios, though absolute standalone net profit of INR 7.50 Cr on INR 41.05 Cr revenue suggests an operational net margin of approximately 18.27%.
EBITDA Margin
Profit before depreciation and tax stood at INR 13.14 Cr (Standalone) and INR 13.21 Cr (Consolidated). Standalone EBITDA margin is approximately 32.01% of total income.
Capital Expenditure
Not explicitly disclosed in absolute INR Cr for future periods; however, the company maintains a robust pipeline of residential and commercial projects in Kolkata.
Credit Rating & Borrowing
Debt Equity Ratio increased by 8.00% YoY to 0.54 (from 0.50), indicating a slight increase in leverage to fund ongoing project developments.
Operational Drivers
Raw Materials
Construction materials including steel, cement, and bricks; specific percentage of total cost for each is not disclosed.
Import Sources
Sourced domestically within India, primarily from vendors serving the West Bengal and Eastern Indian construction markets.
Capacity Expansion
Current focus is on 'Purti' branded developments; expansion is tied to the pipeline of residential and commercial projects in the Eastern real estate corridor.
Raw Material Costs
Management identified material cost volatility as a key external risk; however, specific YoY cost change percentages were not provided.
Manufacturing Efficiency
Not applicable as a developer; however, the company employs 250 personnel to manage project execution and sales.
Strategic Growth
Growth Strategy
The company aims to achieve growth by leveraging the 'Purti' brand, focusing on integrated residential townships, mid-segment housing, and commercial real estate in the Eastern real estate corridor. Strategy includes maintaining operational agility to navigate regulatory reforms like RERA and GST.
Products & Services
Integrated residential townships, mid-segment housing units, and commercial real estate spaces.
Brand Portfolio
Purti
New Products/Services
New residential and commercial projects under the 'Purti' brand in Kolkata and surrounding areas.
Market Expansion
Targeting the Eastern real estate corridor with a focus on rising demand for integrated townships.
External Factors
Industry Trends
The real estate sector is seeing a shift toward organized developers and formalization due to RERA. Demand is rising for integrated townships and mid-segment housing in the Eastern region.
Competitive Landscape
Competes with other organized and unorganized developers in the West Bengal residential and commercial segments.
Competitive Moat
Brand equity through the 'Purti' name and localized expertise in the Kolkata real estate market serve as primary competitive advantages.
Macro Economic Sensitivity
Highly sensitive to interest rate cycles affecting home loans and regulatory transparency improvements from RERA/GST.
Consumer Behavior
Shift toward greater confidence in organized developers and demand for integrated living spaces.
Geopolitical Risks
Minimal direct impact due to localized real estate operations in Eastern India.
Regulatory & Governance
Industry Regulations
Compliance with RERA (Real Estate Regulatory Authority) and GST framework is mandatory for all project developments and sales.
Taxation Policy Impact
Standalone tax expense for FY 2024-25 was INR 2.47 Cr on a profit before tax of INR 9.97 Cr, representing an effective tax rate of approximately 24.77%.
Risk Analysis
Key Uncertainties
Material cost volatility and evolving regulatory dynamics are cited as principal risks that could impact project profitability.
Geographic Concentration Risk
100% of project pipeline and revenue is concentrated in Kolkata and the Eastern Indian corridor.
Third Party Dependencies
Dependent on construction contractors and material suppliers; specific dependency percentages are not disclosed.
Technology Obsolescence Risk
Low risk, but the company monitors internal financial controls and audit processes to maintain operational efficiency.
Credit & Counterparty Risk
Debtors Turnover Ratio improved significantly by 510.73% to 79.15, indicating high quality of receivables and efficient collection from buyers.