1. At a Glance – Blink and You’ll Miss the Business
₹152 crore market cap. ₹93.8 stock price. Sales of just ₹8.95 crore on a TTM basis. And yet, the market has decided to slap a P/E of ~92× on it — higher than some premium FMCG names who at least sell toothpaste every morning.
Veer Global Infraconstruction Ltd (VGIL) is a micro-cap real estate developer operating primarily in the Mumbai peripheral belt — Vasai, Virar, Palghar, Boisar — the kind of places where real estate cycles are either very rewarding or emotionally damaging.
Latest Q3 FY26 numbers (Dec 2025):
- Revenue: ₹2.05 Cr (YoY down, QoQ modest bounce)
- PAT: ₹0.33 Cr
- EPS: ₹0.20
- Operating Margin: 29.3%
- ROE: 7.3%
- Debt: ₹6.49 Cr
- Debtor days: 797 days (yes, days… not hours)
Stock performance?
- –32% in 3 months
- –39% in 1 year
- +38% in 5 years (long-term holders aged prematurely)
This stock looks like it wants to be premium real estate, but the numbers keep dragging it back to affordable housing reality. Curious? You should be.
2. Introduction – Real Estate with a Side of Adrenaline
Veer Global Infraconstruction Ltd was incorporated in 2012 and has spent over a decade in the classic Indian real estate grind: acquire land, build apartments, wait for approvals, wait for buyers, wait for cash, repeat.
The company claims presence across residential, commercial, retail, integrated townships, and even hotels and entertainment parks. In practice, FY23 revenue was ~99% from sale of flats/buildings. The rest? Basically chai-paani money classified as “Other Income”.
The company has:
- Migrated from BSE SME to Main Board (FY23)
- Issued 1:1 bonus shares
- Increased authorised share capital
- Aggressively expanded its balance sheet
- Aggressively expanded… GST notices and regulatory paperwork
In the last 18 months alone, VGIL has seen:
- CFO resignation
- GST demands exceeding ₹22 crore
- ED summons under PMLA (cyber fraud probe)
- Board approvals for ₹50 crore fund raise
- Entry into solar power & car dismantling businesses (because… why not?)
This is not boring
real estate. This is Bollywood real estate.
3. Business Model – WTF Do They Even Do?
At heart, VGIL is a project-based real estate developer.
The model:
- Acquire land (often via development agreements)
- Construct residential or mixed-use buildings
- Sell units
- Pray collections come before interest bills
Key project highlight:
- “Veer One” — a 23-storey residential building in Vasai East
Geographic focus:
- Mumbai
- Vasai–Virar
- Palghar
- Boisar
- Umroli
- Shahada
This is not luxury South Mumbai real estate. This is volume-driven, affordability-sensitive housing where:
- Cash flows matter more than margins
- Speed matters more than scale
- And execution delays can wipe out profits faster than a monsoon pothole
The business is heavily working-capital intensive, which explains why:
- Debtor days are 797
- Cash from operations has been negative for years
Would you run a real estate business without positive operating cash flow?
VGIL says: “Hold my building plans.”
4. Financials Overview – Numbers That Need Therapy
Quarterly Performance Table (₹ Crore)
| Metric | Latest Qtr (Dec-25) | YoY Qtr | Prev Qtr (Sep-25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 2.05 | 3.07 | 1.57 | –33.2% | +30.6% |
| EBITDA | 0.60 | 0.41 | 0.87 | +46.3% | –31.0% |
| PAT | 0.33 | 1.21 | 0.69 | –72.7% | –52.2% |
| EPS (₹) | 0.20 | 0.74 | 0.42 | –73.0% | –52.4% |
Annualised EPS (Q3 rule):
Average of Q1, Q2, Q3 EPS × 4 ≈ ₹1.02 (matches TTM EPS)
Commentary:
Margins swing wildly. Revenue swings harder. Profit consistency is optional. This is not earnings compounding — this is earnings parkour.
Question for you: How much valuation premium should a cyclical, project-based developer get for
