There’s a fine line between reincarnation and rebranding—and Yogi Ltd seems to be walking that tightrope in full designer gear. Once a sleepy NBFC called Parsharti Investment Ltd, the company is now a self-proclaimed “real estate developer,” constructing dreams and, possibly, balance sheets.
At ₹162 per share, Yogi Ltd commands a market cap of ₹701 crore with a TTM PAT of ₹17.3 crore and an EPS of ₹4.02. But here’s the kicker: two years ago, this same company couldn’t generate any sales revenue—just “other income” made up of interest, capital gains, and fixed deposit interest. Fast forward to FY25-26, and boom! ₹336 crore in sales and 484% profit growth.
The company’s P/E of 40.5 might make you think it’s walking in Bajaj Finance’s shoes—but remember, its ROE of 1.73% and ROCE of 1.92% scream, “We’re still learning construction.” The real estate dream is real, but so is the debt—₹154 crore worth of it. With promoter holding now 61.1%, and frequent related party transactions worth ₹90 crore, Yogi Ltd’s transformation is equal parts ambition and adventure.
2. Introduction
Some companies are born real estate developers; others have real estate thrust upon them. Yogi Ltd belongs to the second category. Established in 1994, this entity spent most of its life dabbling in investments and loans until one fine June day in 2022 when it decided, “Enough advisory—let’s build something tangible!”
The metamorphosis from Parsharti Investment Ltd to Yogi Ltd wasn’t just cosmetic. The company rewrote its business objectives, issued crores worth of preferential shares and warrants, and began sprinkling capital across its “Yogi-branded” real estate ecosystem—Yogi Homes, Yogi Realtors, and Farewell Real Estates. If this were a Netflix series, it’d be called “The Yogi Universe: From Shares to Squares.”
But what makes Yogi Ltd’s story interesting isn’t just the pivot—it’s the speed of its financial resurrection. In FY23, it made nothing but other income. By FY25, it was reporting ₹336 crore in sales and ₹17 crore profit. How? Through what appears to be large industrial component orders from Companion Vinimay—a name that’s popped up in half a dozen BSE filings. If that’s not divine intervention, it’s definitely divine networking.
3. Business Model – WTF Do They Even Do?
So, what exactly does Yogi Ltd do now? According to their filings, they’re involved in everything from real estate development, construction, town planning, and engineering, to renting, leasing, and even trading movable and immovable properties. If it has a land registry or an invoice, Yogi wants a piece of it.
They also claim to “deal in” machinery, ships, aircraft, and computers—because, why stop at real estate when you can also sell vessels and laptops?
But the real meat lies in their real estate partnerships and intra-group dealings. In FY24, Yogi Ltd entered material related party transactions worth ₹90 crore:
₹20 crore with Yogi Realtors LLP
₹20 crore with Yogi Homes Pvt Ltd
₹50 crore with Farewell Real Estates Pvt Ltd
And just to seal the familial deal, they later acquired 100% of Yogi Homes Pvt Ltd for ₹3 crore in FY26.
So yes, Yogi Ltd isn’t just building real estate—it’s building an ecosystem of Yogis trading with Yogis. At this point, the group could start its own stock exchange.
4. Financials Overview
Quarterly Performance Table (₹ in crore):
Metric
Sep 2025 (Latest Qtr)
Sep 2024 (YoY)
Jun 2025 (QoQ)
YoY %
QoQ %
Revenue
134.6
90.3
111.1
49.0%
21.1%
EBITDA
12.7
7.7
8.5
65.0%
49.4%
PAT
9.3
6.3
6.3
47.6%
47.6%
EPS (₹)
2.15
1.46
1.46
47.3%
47.3%
Annualized EPS = ₹2.15 × 4 = ₹8.6 At CMP ₹162, that’s a forward P/E of ~18.8x—far saner than its TTM 40x.
Commentary: From -₹0.17 EPS in Mar 2024 to ₹8.6 annualized EPS now, this turnaround is as dramatic as a daily soap twist. But with such a sharp rebound, one can’t help but ask—did Yogi really find gold in construction, or is this still largely accounting yoga?
5. Valuation Discussion – Fair Value Range
Let’s calculate three fair value ranges—purely educational, of course.
A. P/E Method:
EPS (TTM): ₹4.02
Industry P/E: 21.1
Fair Value = ₹4.02 × 21.1 = ₹84.8
B. EV/EBITDA Method:
EV = ₹814 Cr
EBITDA (TTM) = ₹23.6 Cr (approx)
EV/EBITDA = 34.5 Fair value range assuming sector average 20–25x = ₹470–₹590 Cr → ₹108–₹136 per share
C. Simplified DCF (5% growth, 10% discount rate): Fair value ≈ ₹100–₹130 range
🎯 Fair Value Range (Educational Only): ₹100 – ₹135 per share. (This range is for educational purposes only and is not investment advice.)
6. What’s Cooking – News, Triggers, Drama
You know a company’s on a mission when it gets new orders every fortnight. Between July and November 2025 alone, Yogi Ltd received:
₹80 crore PO from Companion Vinimay (July 7)
₹46.2 crore PO (July 21)
₹37.5 crore PO (Sept 25)
₹50.8 crore PO (Sept 30)
₹19.7 crore PO (Nov 20)
₹18.8 crore PO (Nov 27)
That’s roughly ₹253 crore in purchase orders within four months—from the same client.
Additionally, Yogi acquired Yogi Homes Pvt Ltd for ₹3 crore, invested ₹45 crore in Farewell Real Estate Pvt Ltd, and
