Prozone Realty Limited (PROZONER)
₹54.32 +0.95% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Prozone Realty's revenue was ₹15.2 Cr (-60.1% year on year, -71.0% on the previous quarter), and net profit ₹1.3 Cr (-65.5% year on year); the operating margin was -35.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹15.2 | -60.1% | -71.0% |
| Operating profit | ₹-5.4 | to loss | to loss |
| Net profit | ₹1.3 | -65.5% | -66.6% |
| EPS (₹) | 0.09 | +80.0% | -79.5% |
| Operating margin | -35.6% | — | — |
PROZONER delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 64.72% of the PROZONER shares traded on NSE were taken to delivery, against the stock's own 20-session average of 64.7%. That is close to its usual level. Turnover was only ₹48 lakh, so a handful of trades can move this figure. Volume was 0.2 times its average, well below normal. 3 bulk or block deals were reported in PROZONER in the last 60 days: ₹7 Cr bought and ₹6 Cr sold.
Delivery in the last 5 sessions: 54.6% · 65.7% · 54.2% · 52.9% · 64.7%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 30 Sep | Buy | Apax Trust | ₹6.50 Cr | ₹56.60 | 1,148,300 | Bulk |
| 30 Sep | Sell | Sarita Jain | ₹5.80 Cr | ₹56.59 | 1,025,000 | Bulk |
| 30 Sep | Buy | Sarita Jain | ₹0.11 Cr | ₹56.31 | 20,000 | Bulk |
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
Prozone Realty Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate received from Registrar and Share Transfer Agent MUFG Intime India Pvt. Ltd. confirms adherence to dematerialisation procedures. Notably, the RTA stated that no dematerialisation requests were received from shareholders during the period from July 1, 2026 to September 30, 2026. This is a standard quarterly administrative filing with no financial impact.
- Compliance certificate submitted under Regulation 74(5) for the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Pvt. Ltd. (formerly Link Intime India Pvt. Ltd.)
- Zero demat requests received from shareholders between 01.07.2026 and 30.09.2026
Prozone Realty Limited has submitted the notice for its 19th Annual General Meeting (AGM) along with its Annual Report for FY 2025-26. The meeting will be conducted via Video Conferencing on September 30, 2026, at 11:30 AM IST. Key ordinary business items include adopting the audited standalone and consolidated financial statements for the year ended March 31, 2026, and the reappointment of retiring director Mr. Salil Chaturvedi. Standalone disclosures in the report highlight borrowings of ₹33,112.75 lakhs (₹331.13 cr) as of March 31, 2026, against total consolidated net worth of ₹1,163 cr.
- 19th Annual General Meeting scheduled for September 30, 2026, at 11:30 AM IST via VC/OAVM
- Notice dispatch based on voting eligibility cut-off date of August 28, 2026
- Re-appointment of director Mr. Salil Chaturvedi (DIN: 00004768) who retires by rotation
- Standalone total borrowings reported at ₹33,112.75 lakhs as of March 31, 2026, including ₹6,958.50 lakhs from subsidiary Empire Mall Pvt Ltd
Prozone Realty Limited announced the passing of a special resolution via postal ballot approving the waiver of recovery of managerial remuneration paid to Deputy Managing Director Mr. Salil Anupendra Chaturvedi for the period February 27, 2020, to September 10, 2024. Total votes polled stood at 8.38 crore shares (54.90% of outstanding capital), with 94.62% voting in favor. Notably, public institutional shareholders voted 99.29% against the waiver (44.77 lakh shares against), but the resolution sailed through on 100% promoter support (7.91 crore shares). The exact financial amount of the waived remuneration was not disclosed in the filing.
- Special resolution passed with 94.62% overall votes in favour (7,92,44,411 votes) and 5.38% against (45,09,620 votes)
- Promoter and Promoter Group voted 100% in favour (7,91,30,828 votes)
- Public Institutional holders voted 99.29% against the resolution (44,77,105 votes against vs 32,065 votes in favour)
- Total voting turnout was 54.90% representing 8,37,54,031 votes polled out of 15,26,02,883 shares
Prozone Realty Limited announced that shareholders have approved a special resolution via postal ballot to waive the recovery of managerial remuneration paid to Deputy Managing Director Mr. Salil Anupendra Chaturvedi for the period from 27 February 2020 to 10 September 2024. The special resolution passed with 94.64% of total votes polled in favor. Notably, 99.29% of public institutional votes were cast against the proposal, though strong promoter backing (100% in favor) ensured passage. The exact monetary quantum of the waived remuneration was not disclosed in the filing.
- Special resolution passed with 94.64% of total votes in favor (7,92,44,411 votes) and 5.36% against (45,09,620 votes)
- Resolution waives recovery of managerial remuneration paid to DMD Salil Anupendra Chaturvedi from 27 Feb 2020 to 10 Sep 2024
- Promoter group voted 100% in favor (7,91,30,828 votes polled)
- Public institutional shareholders heavily opposed the resolution, voting 99.29% against (44,77,105 votes against)
Prozone Realty has completed the transfer of 100% direct and indirect equity stakes in Kruti Realtors, Alliance Mall Developers, and Empire Mall to Inorbit Malls (India) Pvt Ltd on August 24, 2026. The gross transaction value stands firm at ₹1,242.50 crore with no closing adjustments post-due diligence, representing nearly 3x the company's market cap of ₹419 crore. The divestment monetises operational mall assets while the company retains key land parcels (including 6.4 and 9.82 acres in hive-off, 41 acres in Nagpur, and 43 acres in Indore). Prozone aims to deploy proceeds toward debt reduction and developing residential and commercial real estate with a focus on MMR.
- Completed 100% direct/indirect equity transfer of Kruti Realtors, Alliance Mall Developers, and Empire Mall to Inorbit Malls on August 24, 2026.
- Gross transaction consideration finalised at ₹1,242.50 crore with zero closing adjustments post due diligence.
- Retained 6.4 acres and 9.82 acres of land parcels via Hagwood Commercial and Prozone Horizons under an ongoing hive-off process.
- Company retains significant development pipeline including ~41 acres in Nagpur, ~43 acres in Indore, and a 26.82% stake in a 9.63-acre Oshiwara project.
Prozone Realty reported its Q1 FY27 investor update featuring a planned strategic disinvestment of 100% shares in its two operational malls (Chhatrapati Sambhaji Nagar and Coimbatore) for a gross valuation of ₹1,242.5 Cr. The transaction is projected to generate ₹800+ Cr in net cash proceeds, which the company intends to redeploy into prime Mumbai Metropolitan Region (MMR) Grade-A commercial and retail projects. Consolidated Total PAT for Q1 FY27 stood at ₹1.30 Cr (PAT after minority interest of ₹1.36 Cr), supported by ₹8.14 Cr PAT from discontinued mall operations, while continuing real estate operations posted a net loss of ₹6.84 Cr on revenue of ₹15.24 Cr (up 106% YoY).
- Monetizing 100% of operational malls at a gross consideration of ₹1,242.5 Cr, expected to unlock ₹800+ Cr in net cash proceeds.
- Gross disinvestment value of ₹1,242.5 Cr represents ~186% of the company's current market capitalization of ₹669 Cr.
- Q1 FY27 consolidated PAT after minority interest stood at ₹1.36 Cr, with discontinued mall operations contributing ₹8.14 Cr in PAT.
- Continuing real estate operations revenue rose 106% YoY to ₹15.24 Cr with an EBITDA loss of ₹4.90 Cr.
- Operating malls achieved combined retailer sales of ₹240 Cr (₹2.4 bn), footfall of 5.3 mn, and peak occupancy rates of 96% and 95%.
Prozone Realty announced a strategic plan to disinvest 100% equity in its two operating malls (Chhatrapati Sambhaji Nagar and Coimbatore) at a gross valuation of Rs 1,242.5 Cr, expecting net cash proceeds exceeding Rs 800 Cr to redeploy into premium Mumbai (MMR) projects. For Q1 FY27, consolidated PAT stood at Rs 1.30 Cr (down from Rs 3.78 Cr in Q1 FY26), supported by Rs 8.14 Cr PAT from discontinued mall operations, while continuing real estate operations posted a net loss of Rs 6.84 Cr on revenue of Rs 15.24 Cr. The operating malls operated near peak occupancy (95-96%) with quarterly retailer sales of Rs 240 Cr before the planned exit.
- Planned 100% stake sale in Ch Sambhaji Nagar and Coimbatore malls at a gross valuation of INR 1,242.5 Cr (expected net cash proceeds of Rs 800+ Cr).
- Net monetization proceeds (>Rs 800 Cr) represent ~120% of the company's current market cap (Rs 669 Cr).
- Consolidated Q1 FY27 PAT came in at Rs 1.30 Cr, with discontinued operations contributing Rs 8.14 Cr and continuing operations losing Rs 6.84 Cr.
- Continuing operations revenue grew 106% YoY to Rs 15.24 Cr with EBITDA at negative Rs 4.90 Cr.
- Residential updates: Coimbatore Phase 1 has achieved 412 unit sales (Rs 236.3 Cr value) and Nagpur project has sold 254 units (Rs 178.0 Cr value).
Prozone Realty reported standalone revenue from operations of Rs 8.40 Cr (Rs 839.55 lakhs) for Q1 ended June 30, 2026, rising 287% YoY from Rs 2.17 Cr (Rs 217.13 lakhs) in Q1 FY26. Standalone net profit grew 217% YoY to Rs 1.58 Cr (Rs 158.47 lakhs) compared to Rs 0.50 Cr (Rs 49.97 lakhs) in the prior-year period. The company is actively working on closing conditions precedent for divesting three subsidiaries (Alliance Mall, Empire Mall, Kruti Realtors) to Inorbit Malls following shareholder approval. Meanwhile, an auditor emphasis of matter highlights a postal ballot seeking waiver for Rs 5.12 Cr remuneration paid to its erstwhile Deputy MD following an MCA rejection.
- Standalone revenue from operations surged 286.6% YoY to Rs 839.55 lakhs in Q1 ended June 30, 2026, vs Rs 217.13 lakhs in Q1 FY26.
- Standalone net profit reached Rs 158.47 lakhs, registering a 217.1% YoY increase from Rs 49.97 lakhs in Q1 FY26.
- Finance costs expanded sharply to Rs 687.71 lakhs during the quarter compared to Rs 37.63 lakhs in Q1 FY26.
- Proposed divestment of subsidiaries (Kruti Realtors, Alliance Mall, Empire Mall) to Inorbit Malls is currently progressing through conditions precedent.
- Company issued a postal ballot notice on August 7, 2026, seeking waiver of recovery of Rs 512.37 lakhs remuneration and expects refund of Rs 169.63 lakhs salary advance from erstwhile Deputy MD.
The National Stock Exchange (NSE) has closed Prozone Realty's application to reclassify four members of the promoter group to the 'Public' category. The application, originally filed on November 17, 2025, involved 35,85,796 shares (2.35% of total equity) held by the Rakesh Rawat Family Trust and three individuals. The NSE returned the application because the company failed to address queries and clarifications despite multiple follow-ups over several months. While the company can re-apply, this represents a procedural failure in regulatory compliance.
- NSE closed the reclassification application on August 12, 2026, due to prolonged non-response from the company.
- The application involved the Rakesh Rawat Family Trust, which holds 35,85,796 shares (2.35% stake).
- Three other individuals (Ghanshyam Rawat, Vandana Vaidh, Pushpalata Rawat) were part of the request, though two hold zero shares.
- The original application was submitted to the exchange on November 17, 2025, indicating a delay of nearly 9 months before closure.
- NSE has stated the company must submit a fresh application with new fees if they wish to pursue the reclassification.
Prozone Realty has issued a postal ballot notice seeking shareholder approval to waive the recovery of ₹5.12 crore paid to Mr. Salil Anupendra Chaturvedi. This remuneration was paid during his tenure as Deputy Managing Director from February 27, 2020, to September 10, 2024, a period during which his appointment was ultimately rejected by the Central Government. The waiver amount is significant, representing approximately 64% of the company's TTM PAT of ₹8 crore. Shareholders are invited to vote on this special resolution via electronic means between August 8 and September 6, 2026.
- Waiver sought for ₹5,12,36,782 in remuneration paid over a period of approximately 4.5 years.
- The Ministry of Corporate Affairs (MCA) rejected the appointment of the Deputy Managing Director on September 10, 2024.
- The waiver amount of ₹5.12 crore is equivalent to ~5.3% of the company's TTM Revenue of ₹96 crore.
- Remote e-voting period is scheduled from August 8, 2026, to September 6, 2026.
- The appointee, Mr. Salil Anupendra Chaturvedi, is a co-promoter and brother of the Managing Director.
Prozone Realty is increasing its equity stake in Downtown Retail Malls Private Limited from 9.21% to 26.80%. The acquisition involves 1,751 shares for a nominal cash consideration of INR 17,510. Although the target entity reported zero turnover for FY25, it holds a net worth of Rs 58.39 Cr, which is approximately 5% of Prozone Realty's consolidated net worth. The transaction is expected to be completed within 15 days of approval.
- Acquisition of 17.51% equity stake (1,751 shares) in Downtown Retail Malls Private Limited
- Aggregate shareholding in the target entity increases from 9.21% to 26.80%
- Target entity reported a net worth of Rs 58.39 Cr for FY 2024-25
- Acquisition cost is a nominal INR 17,510, priced at Rs 10 per share
- Target entity turnover was Rs Nil for the financial year 2024-25
Prozone Realty is increasing its equity stake in Downtown Retail Malls Private Limited from 9.21% to 26.80%. The acquisition involves 1,751 shares for a nominal cash consideration of Rs 17,510. While the cost is negligible, the target entity holds a net worth of Rs 58.39 Cr (as of FY25), which is approximately 5% of Prozone's total net worth. The target company is currently in the development phase and reported zero turnover for FY25.
- Acquisition of 17.51% additional equity stake in Downtown Retail Malls Private Limited.
- Total shareholding to increase from 9.21% to 26.80% post-transaction.
- Target entity reported a net worth of Rs 58.39 Cr for the financial year 2024-25.
- Acquisition cost is fixed at Rs 10 per share, totaling Rs 17,510.
- Target company reported Nil turnover for FY 2024-25 and FY 2023-24.
Prozone Realty's step-down subsidiary, Empire Mall Private Limited, has acquired a 100% stake in Festivalvalley Developers Private Limited (FVDPL) for a nominal cash consideration of Rs 1,00,000. FVDPL is a real estate development entity that has reported zero turnover for the last three financial years (FY24-FY26) and carries a negative net worth of Rs 2,724.10. The acquisition, completed on July 20, 2026, aligns with Prozone's strategy to expand its real estate portfolio. Given the extremely small deal size relative to Prozone's Rs 680 Cr market cap, the immediate financial impact is negligible.
- Acquisition of 10,000 equity shares representing 100% control of FVDPL
- Total cash consideration of Rs 1,00,000 paid for the entire stake
- Target company reported Rs Nil turnover for FY24, FY25, and FY26
- FVDPL has a negative net worth of Rs 2,724.10 as of FY 2025-26
- Acquisition completed within 15 days of board approval from the subsidiary
Prozone Realty Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The company's Registrar and Share Transfer Agent (RTA), MUFG Intime India Pvt. Ltd., confirmed that no dematerialization or rematerialization requests were received during the period from April 1, 2026, to June 30, 2026. This is a standard administrative filing confirming the integrity of the share register and compliance with depository guidelines. There is no impact on the company's financial position or operations.
- Zero (0) demat or remat requests were received during the quarter ended June 30, 2026
- Compliance certificate issued by RTA MUFG Intime India Private Limited (formerly Link Intime)
- Reporting period covers 01.04.2026 to 30.06.2026
- Filing confirms substitution of depository names in the register of members where applicable for earlier periods
Prozone Realty Limited has successfully completed the acquisition of a 17.507% equity stake in Gajaanan Property Developers Private Limited. The stake was purchased from Festival Valley Developers Private Limited, following an initial announcement made on April 28, 2026. While the transaction value was not disclosed in this filing, the move aligns with Prozone's strategy to leverage its Rs 1,163 Cr net worth for real estate expansion. This acquisition adds to the company's existing portfolio which includes a 15.33 million sq. ft. land bank.
- Acquisition of 17.507% equity stake in M/s Gajaanan Property Developers Private Limited.
- Transaction successfully completed on July 3, 2026.
- Stake acquired from Festival Valley Developers Private Limited.
- Follows the initial material update provided to exchanges on April 28, 2026.
Financial Performance
Revenue Growth by Segment
Lease Rental and Related Income grew by 7.49% to INR 120.38 Cr (FY25), while Real Estate Project revenue declined by 19.56% to INR 58.34 Cr (FY25).
Geographic Revenue Split
Not disclosed in available documents; operations are focused on India's fast-growing urban centers.
Profitability Margins
Net Profit Ratio declined from 1.55% in FY24 to -30.42% in FY25, primarily due to a one-time tax remeasurement expense of INR 52.11 Cr.
EBITDA Margin
EBITDA margin stood at 30.13% (INR 57.62 Cr) in FY25, a decrease from 35.82% (INR 72.41 Cr) in FY24 due to lower contributions from real estate projects.
Capital Expenditure
In H1 FY26, the company invested INR 3.27 Cr in property, plant, and equipment and INR 1.58 Cr in investment property under construction.
Credit Rating & Borrowing
The Debt-Equity ratio is 0.9x as of FY25. Total consolidated borrowings are INR 421.89 Cr, comprising INR 379.72 Cr in non-current and INR 42.17 Cr in current borrowings.
Operational Drivers
Raw Materials
Land (fully paid-up land bank of 15.33 million sq. ft.) and construction materials (steel, cement, and aggregates for development).
Import Sources
Not disclosed in available documents; typically sourced from domestic Indian markets for real estate development.
Capacity Expansion
Current developed area is 2.10 million sq. ft., with 13.23 million sq. ft. at various stages of development across the land bank.
Raw Material Costs
Not disclosed as a specific % of revenue; however, total consolidated expenditure was INR 194.27 Cr in FY25.
Manufacturing Efficiency
Not applicable; real estate efficiency is measured by an Inventory Turnover of 0.45x and Trade Receivables Turnover of 13.99x.
Strategic Growth
Growth Strategy
The company follows an 'Anchor Asset' model where 1/3 of land is developed as retail centers for annuity income and 2/3 for residential/commercial sales. Growth is driven by developing the 13.23 million sq. ft. land bank and incorporating new subsidiaries for expansion.
Products & Services
Lease rentals from retail malls, residential apartment sales, and commercial office space development.
Brand Portfolio
Prozone Realty, Prozone Mall.
New Products/Services
The Board approved the incorporation of a new wholly-owned subsidiary on November 12, 2025, to explore new business avenues.
Market Expansion
Actively exploring geographic diversification and new revenue streams to reduce dependency on single economic drivers.
Strategic Alliances
Strategic partnerships with Intu Properties (UK), Old Mutual (South Africa), and Lewis Trust Group (UK).
External Factors
Industry Trends
Shift toward mixed-use developments and 'Build & Long-Term Lease' models to ensure stable annuity income amidst volatile real estate sales cycles.
Competitive Landscape
Operates in a highly regulated and competitive retail and residential sector in urban India.
Competitive Moat
Moat is built on a 100% paid-up land bank of 15.33 million sq. ft., low leverage (0.9x D/E), and strong global pedigree with UK and South African investors.
Macro Economic Sensitivity
Sensitive to interest rates (affecting DSCR which fell to 1.23x) and global economic volatility impacting consumer spending.
Consumer Behavior
Shifting preferences toward sustainable 'green' buildings and large-format retail destinations.
Geopolitical Risks
Geopolitical tensions are cited as a risk factor for global economic volatility and supply chain disruptions.
Regulatory & Governance
Industry Regulations
Operations are subject to the Finance Act 2024 and RERA-related urban development regulations.
Environmental Compliance
Adopting green building standards and energy-efficient technologies; specific ESG costs not disclosed.
Taxation Policy Impact
The Finance Act 2024 revised LTCG tax from 20% to 12.5% without indexation, resulting in a one-time tax remeasurement of INR 52.11 Cr.
Risk Analysis
Key Uncertainties
Regulatory changes in tax laws and economic volatility impacting consumer demand for retail and residential assets.
Geographic Concentration Risk
Concentrated in Indian urban centers; specific city-wise revenue % not disclosed.
Third Party Dependencies
Dependency on joint venture partners like Calendula Commerce Private Limited for specific project developments.
Technology Obsolescence Risk
Risk of not adopting energy-efficient and sustainable building technologies in a shifting regulatory landscape.
Credit & Counterparty Risk
Trade receivables turnover of 13.99x indicates stable collections, though reversal of expected credit loss of INR 0.67 Cr was noted in H1 FY26.
