Unitech Ltd Q2 FY26 – From Real Estate Royalty to Financial Reality Check: ₹136 Cr Sales, ₹-739 Cr PAT, and a Balance Sheet That Could Scare a Banker in His Sleep

1. At a Glance

Welcome toUnitech Ltd, the ghost of India’s real estate glory days that refuses to die — even when every ratio screams“please pull the plug.”Once the poster child of Gurgaon’s skyline, today it’s more famous for courtroom cameos than condominiums. As of21 November 2025, the stock trades at aroyal₹6.21 — down16% in 3 monthsand a full29% lower YoY.

With amarket cap of ₹1,620 crore,sales of ₹416 crore, and a staggeringPAT loss of ₹-2,051 crore, Unitech has managed to achieve the impossible — anOperating Profit Margin of 117%and yet aReturn on Capital Employed (ROCE)of-47.9%. In short, they’re “profitable” on paper and bankrupt in reality — the finance version of being fit in your Tinder bio but breathless on the first date.

Debt? A cool₹7,431 crore. Promoter holding? A humble5.13%— barely enough to order a coffee at DLF’s cafeteria. EPS?₹-7.84, which means even the calculator gets depressed. But hey, at least they have one thing in abundance —auditor qualifications, court hearings, and statutory violations.

2. Introduction

Remember the time when Unitech was India’s real estate darling, rubbing shoulders with DLF, Godrej Properties, and Prestige Estates? Those days are long gone — replaced by headlines about SEBI filings, loan defaults, and Supreme Court interventions.

Founded in 1971, Unitech started as a soil engineering firm — yes, literally studying dirt — and somehow ended up building skyscrapers. Somewhere between foundation tests and IPO glory, the company managed to lose its footing entirely.

Today, it juggles three lines of business:Real Estate, Power Transmission, and Hospitality— all of which seem to be contributing equally to its losses. If diversification were a crime, Unitech would be doing consecutive life sentences.

Its projects once defined luxury — fromCyber ParktoSignature Towers— but now, they stand as real estate reminders of what happens when ambition meets mismanagement. While competitors are launching premium projects with glossy Instagram campaigns, Unitech is busy filing audit qualification impact statements.

So, what went wrong? Or more accurately — whatdidn’tgo wrong?

3. Business Model – WTF Do They Even Do?

Let’s decode Unitech’s chaotic portfolio:

They started with soil and foundation consultancy — the boring but respectable part. Then they jumped into real estate — constructing residential colonies, IT/ITeS parks, SEZs, schools, malls, and even golf courses. Apparently, the plan was to build an empire that stretched from Gurgaon’s luxury villas to Noida’s malls to Dehradun’s holiday homes.

But soon,“diversification”became“disorientation.”The Power Transmission division (Unitech Power Transmission Ltd) was meant to add stability — instead, it was divested in FY25 after years of losses. The hospitality segment — featuring hotels and resorts — exists, but one suspects the only “guest check-ins” happening are from statutory auditors.

Their once-iconic properties —Nirvana Country,Vista Villas,Unitech Golf and Country Club,The Great India Place— now sound like monuments to nostalgia.

Projects span acrossAmbala, Bangalore, Bhopal, Chennai, Dehradun, Greater Noida, Gurgaon, Kolkata, Mohali, Noida, and Rewari, proving that losses too can be geographically diversified.

In short: Unitech builds real estate, transmits power (rarely), runs hotels (occasionally), and attends court hearings (religiously).

4. Financials Overview

Annualised EPS = ₹-8.76 → P/E not meaningful (negative earnings)

Commentary:Unitech’s P&L looks like a horror film directed by its own finance