Emaar India Limited (Emaar India) Return Comparision with Primex 40 Index

Periods	1 Week	1 Month	3 Months	6 Months	1 Year	3 Years	All Time
Primex-40
Emaar India Limited

Emaar India Limited Consolidated Balance Sheet (Rs in Millions)

Particulars	31-03-2025	31-03-2024
Non-current assets
Plant, property and equipment	1,663.61	1,645.12
Capital work in progress	177.12	19.59
Investment property	289.80	445.69
Intangible assets	98.57	56.17
Right of use assets	136.57	140.03
Investment accounted for using equity method	31.47	32.20
Investment	0.12	0.02
Other bank balances	97.06	43.05
Other financial assets	1,871.33	1,876.46
Income tax assets	749.69	453.31
Deferred tax assets	2.16	1.19
Other non-current assets	451.46	435.56
Current assets
Inventories	79,813.23	65,414.32
Investments	1,700.36	1,260.19
Trade receivables	1,803.92	1,779.33
Cash and cash equivalent	3,021.82	1,440.95
Bank balances other than cash and cash equivalent	8,361.21	6,073.61
Other financial assets	5,994.77	733.41
Other current assets	11,295.70	9,871.97
Total assets	1,17,559.89	91,742.07
Equity
Equity share capital	1,693.87	1,693.87
Other equity	-28,784.60	-35,979.87
Non-controlling interest	2,153.93	1,285.47
Non-current liabilities
Borrowings	44,024.30	50,362.88
Lease liabilities	106.98	128.26
Provisions	97.06	79.63
Deferred tax liabilities	43.09	41.93
Current liabilities
Borrowings	31,042.63	28,469.39
Lease liabilities	59.92	46.61
Total outstanding dues of micro and small enterprises	47.55	119.37
Total outstanding dues other than above micro and small enterprises	6,889.79	8,230.83
Other financial liabilities	6,175.26	6,486.13
Other current liabilities	50,920.78	26,842.37
Provisions	3,086.58	3,921.18
Current tax liabilities	2.55	13.82
Total equity and liabilities	117,559.89	91,742.07

Emaar India Limited Consolidated Profit & Loss Statement (Rs in Millions)

Particulars	31-03-2025	31-03-2024
Income
Revenue from Operations	20,080.44	27,892.71
Other Income	2,426.84	1,235.53
Total Income	22,507.28	29,128.23
Expenses
Cost of revenue incurred during the year	21,045.52	11,704.14
Decrease in inventories of plots, real estate and development rights	-14,398.93	6,190.52
Employee benefits expense	1,138.24	1,131.82
Finance costs	6,858.67	6,774.27
Depreciation & amortization expense	138.07	115.79
Other Expenses	3,352.61	4,517.40
Total Expenses	18,134.18	30,433.95
Profit/ Loss before exceptional items and share in profit of joint venture	4,373.10	-1,305.71
Share in loss of joint venture	-0.72	-0.37
Exceptional items	4,035.18	-
Profit/Loss Before Tax	8,407.56	-1,306.08
Current Tax	45.51	33.68
Tax expense related to earlier years	-	-0.75
Deferred Tax expense	0.19	1.83
Profit/ Loss after tax for the period	8,361.86	-1,340.84
Other comprehensive income
Other comprehensive income not to be reclassified to profit or loss :
Remeasurement (loss)/gain on defined benefit plans	-0.05	2.12
Total comprehensive income for the period	8,361.81	-1,338.72
Earning per share
Basic	49.37	-2.48
Diluted	49.37	-2.48

Emaar India Limited Consolidated Cash Flow Statement (Rs in Millions)

Particulars	31-03-2025	31-03-2024
Cash Flow from Operating Activities
Net Profit/(loss) Before Tax after exceptional items	8,407.56	-1,306.08
Adjustments:
Depreciation and amortization	138.07	115.79
Unrealised foreign exchange gains	-20.59	-12.68
Share in profits of joint venture	0.72	0.37
(gain)/loss on disposal of PPE	-0.96	8.73
Net gain on sale of current investment	-24.28	-20.52
Gain on exchange of lands	-5,645.71	-1,179.23
Interest income	-105.62	-90.18
Finance costs excluding interest on lease liabilities	6,841.85	6,762.48
Interest on lease liabilities	16.83	11.79
Amounts written off	46.42	153.73
Income from forfeiture of customer advances	44.93	-42.11
Provisions for doubtful advances	154.35	1,083.35
Unclaimed balances and excess provisions written back	-395.16	-742.16
Working capital adjustments:
Trade payables and other financial liabilities	-1,306.45	1,738.92
Other current liabilities	24,033.48	-2,578.76
Provisions	-817.22	-755.57
Inventories	-8,688.80	7,500.94
Trade receivables	-24.60	-285.57
Other financial assets and other assets	-6,866.12	-1,736.01
Net Cash from/(used in) Operating Activities	15,788.70	8,627.19
Income tax refund/(paid)	-353.16	-113.11
Net cash from operating activities	15,435.54	8,514.09
Cash Flow from Investing Activities
Purchase of plant, property and equipment (including WIP)	-132.66	-187.47
Proceeds from Sale of PPE	24.66	23.35
Purchase of intangible assets	-61.07	-4.45
Purchase of current investment	-415.89	-453.30
Purchase of long term investment	-0.11	-0.01
Movement in bank deposits with maturity more than three months	-2,341.71	-1,279.10
Interest income received	94.28	82.95
Net Cash from / (used in) Investing Activities	-2,832.50	-1,818.02
Cash Flow from Financing Activities
(Conversion)/proceeds from issue of compulsory convertible debentures	-298.07	48.07
Proceeds from non-current borrowing	1,754.94	3,543.99
Repayments of non-current borrowing	-9,522.73	-14,103.56
Movement in current borrowing	2,959.34	9,269.61
Finance cost paid	-6,914.63	-7,036.75
Principle payment of lease liabilities	-27.32	-24.70
Interest paid on lease liabilities	-16.83	-11.79
Net Cash from/(used in) Financing Activities	-12,065.30	-8,315.13
Net Increase/decrease in Cash & cash equivalents	537.75	-1,619.06
Cash and cash equivalents at the beginning of the year	1,440.95	1,423.12
Cash and cash equivalents at the end of the year	1,978.70	-195.94

Summary of the Cash Flow Statement for the years 2025 and 2024:

Cash Flow from Operating Activities:
The company reported strong net cash from operating activities of ₹15,435.54 million in FY25 compared to ₹8,514.09 million in FY24. This improvement was mainly driven by a turnaround in profitability (PBT of ₹8,407.56 million against prior year loss) and significant working capital inflows, particularly a sharp increase in other current liabilities (₹24,033.48 million). However, a large portion of profit included non-cash gains such as gain on exchange of lands, which were adjusted. High finance costs (over ₹6,850 million including lease interest) continue to weigh on earnings, while increases in inventories and other assets absorbed cash. Overall, operating performance and working capital support led to strong cash generation.

Cash Flow from Investing Activities:
Net cash used in investing activities was ₹2,832.50 million, higher than FY24. The major outflow was movement in bank deposits with maturity over three months (₹2,341.71 million), along with investments in plant, equipment, intangibles, and current investments. Inflows from sale of PPE and interest income were relatively small. The pattern indicates moderate capital expenditure and strategic deployment of surplus funds into deposits and investments.

Cash Flow from Financing Activities:
Financing activities resulted in a net outflow of ₹12,065.30 million, higher than the previous year’s outflow. Although the company raised non-current borrowings (₹1,754.94 million) and increased current borrowings, these were offset by substantial repayment of long-term borrowings (₹9,522.73 million) and heavy finance cost payments (₹6,914.63 million). This suggests active debt repayment and deleveraging, though interest burden remains significant.

Net Change in Cash & Cash Equivalents:
Despite heavy financing outflows, strong operating cash flows led to a net increase of ₹537.75 million in cash and cash equivalents during FY25, compared to a decline in FY24. Closing cash balance improved to ₹1,978.70 million, reflecting better liquidity position and improved internal cash generation during the year.

Financial Ratios of Emaar India Limited

Particulars	2025	2024
Current ratio	1.10	1.14
Debt-equity ratio	-2.19	-1.90
Debt service coverage ratio	0.44	0.10
Return on equity ratio	24.62%	6.67%
Inventory turnover ratio	0.13	0.38
Trade receivables turnover ratio	20.30	20.68
Trade payables turnover ratio	1.31	2.82
Net capital turnover ratio	1.83	2.64
Net profit ratio	43.64%	-8.84%
Return on capital employed	32.77%	10.16%
Return on investment	0.37%	0.55%

Summary of the Financial Ratios for the years 2025 and 2024:

Current Ratio:
The current ratio slightly declined to 1.10 in 2025 from 1.14 in 2024, remaining just above 1. This indicates that the company has marginally adequate short-term assets to cover its short-term liabilities, but the liquidity cushion is thin. Any delay in receivables or unexpected liability could create pressure on working capital management.

Debt–Equity Ratio:
The debt-equity ratio stands at -2.19 in 2025 compared to -1.90 in 2024. A negative ratio generally indicates negative shareholders’ equity, meaning accumulated losses exceed net worth. Although profitability improved in 2025, the capital structure remains weak and financially risky, reflecting high dependence on borrowed funds relative to net worth.

Debt Service Coverage Ratio:
The DSCR improved significantly to 0.44 from 0.10, but it is still below 1. This means operating earnings are insufficient to comfortably cover interest and principal repayment obligations. While there is improvement, the company continues to face debt servicing pressure.

Return on Equity:
ROE sharply increased to 24.62% from 6.67%, reflecting strong improvement in profitability during 2025. However, since equity is negative, the high percentage may be distorted and should be interpreted cautiously. The rise mainly indicates a turnaround in earnings performance.

Inventory Turnover Ratio:
The inventory turnover ratio declined to 0.13 from 0.38, indicating very slow inventory movement. This suggests higher holding periods, potential overstocking, or slow sales conversion, which may increase carrying costs and working capital blockage.

Trade Receivables Turnover Ratio:
The ratio remained stable at 20.30 (vs. 20.68), indicating efficient collection of receivables and strong credit management. The company continues to convert receivables into cash quickly, supporting liquidity.

Trade Payables Turnover Ratio:
The payables turnover declined to 1.31 from 2.82, indicating the company is taking longer to pay its suppliers. While this may help conserve cash in the short term, it could strain supplier relationships if prolonged.

Net Capital Turnover Ratio:
This ratio fell to 1.83 from 2.64, suggesting lower efficiency in utilizing working capital to generate revenue. It indicates relatively higher working capital requirement or slower operational cycles compared to the previous year.

Net Profit Ratio:
The net profit ratio improved dramatically to 43.64% from -8.84%, showing a significant turnaround from loss to strong profitability. This reflects improved cost control, revenue growth, or exceptional gains during the year.

Return on Capital Employed:
ROCE increased substantially to 32.77% from 10.16%, indicating much better utilization of total capital (debt and equity) to generate operating profits. This signals stronger operational efficiency in 2025.

Return on Investment:
ROI slightly declined to 0.37% from 0.55%, indicating relatively low returns on investments made. Despite improved operating performance, returns from specific investments remain modest.