1. At a Glance – Small Cap, Big Promises, Tiny Revenue
Market Cap: ₹224 Cr
Current Price: ₹57.9
3-Month Return: -30.9%
Price to Book: 0.39x
ROCE: 2.41%
ROE: 1.85%
Debt: ₹6.03 Cr
Q3 FY26 Sales: ₹1.30 Cr
Q3 FY26 PAT: ₹0.12 Cr
Annualised EPS (Q3 × 4): ₹0.16
Supreme Holdings & Hospitality is that real estate company which says it has built 1.5 million square feet and housed 350+ families… but currently reports quarterly revenue smaller than a decent Mumbai wedding budget. Sales have crashed 93% YoY. Profit is down 97% YoY. Operating margin is negative. Yet the market cap sits at ₹224 crore, and the stock trades at just 0.39 times book value.
Is this a deep-value land bank story? Or a case where the balance sheet is heavy but the income statement is on vacation?
Welcome to the most dramatic small-cap real estate episode of FY26.
2. Introduction – The Belmac Saga
Incorporated in 1992, Supreme Holdings & Hospitality India Ltd operates in land development and real estate. Pune. Panvel. Mumbai. Fancy names like Belmac Residences, Belmac Riverside, and Belmac Codename Skyline.
Sounds luxurious.
But numbers don’t care about branding.
Over the past decade, the company has had bursts of strong sales — ₹76.40 Cr in FY22, ₹73.11 Cr in FY23, ₹71.71 Cr in FY24. But FY25 dropped to ₹66.23 Cr. And now TTM revenue is just ₹1.73 Cr.
Yes. ₹1.73 Cr TTM.
Real estate is lumpy. But this isn’t lumpy. This is vanishing.
Over 5 years:
- Sales growth: -3.3%
- Profit growth: 9%
- ROE (5-year avg): 3%
The stock has given 31% CAGR over 5 years. But last 1 year? -37.5%.
So here’s the real question: Is the land sleeping… or the business?
3. Business Model – WTF Do They Even Do?
They buy land. They develop residential projects. They sell flats.
Simple.
Projects include:
Belmac Residences (Pune)
6-acre luxury project. 6 towers. 300 flats. 4 towers delivered. 2 under development.
Belmac Riverside (Panvel)
5.5
