1. At a Glance – The ₹175 Cr Company With ₹0 Sales
Let’s start with the headline: ₹0 sales. Again.
Tulive Developers Ltd is currently sitting at:
- Market Cap: ₹175 Cr
- Current Price: ₹812
- 3-Month Return: -2.63%
- 6-Month Return: -16.3%
- Book Value: ₹215
- Price to Book: 3.77x
- ROCE: -2.74%
- ROE: -2.78%
- Debt: ₹0 Cr
- Sales (TTM): ₹0 Cr
- PAT (TTM): ₹-1.04 Cr
And the latest Q3 FY26 (Dec 2025) result?
- Quarterly Sales: ₹0 Cr
- Quarterly PAT: ₹-0.27 Cr
- EPS (Q3): ₹-1.25
Yes. The company builds IT parks, 5-star hotels, residential homes… but currently builds mostly quarterly losses.
And yet the stock trades at ₹812.
Meanwhile, promoters are proposing a voluntary delisting at ₹750 indicative price.
So the market says ₹812. Promoters say ₹750.
Company says ₹0 revenue.
Ladies and gentlemen, welcome to real estate theatre.
2. Introduction – A 1962 Vintage That Forgot to Sell
Tulive Developers Ltd was incorporated in 1962. That means this company is older than most housing societies it probably planned to build.
Its parent is G K Shetty Builders, and it operates in real estate and construction – IT parks, hotels, residential complexes, infrastructure.
On paper, it sounds glamorous:
- IT Parks
- 5-Star Hotels
- National Infrastructure
- Residential Towers
In reality?
The last several years show zero revenue generation. Not “low revenue.” Not “cyclical slowdown.” Not “muted sales.”
Zero. Zilch. Nada.
Let me ask you something:
How does a real estate company survive with no sales?
Answer: Balance sheet leftovers, other income, and investor imagination.
The quarterly P&L is basically:
- No revenue
- Some expenses
- Occasional other income
- Consistent losses
And yet… this company has delivered:
- 65% return in 3 years
- 33% return in 5 years
How does a loss-making, zero-revenue company deliver multi-year stock returns?
Ah. That’s where the delisting drama begins.
3. Business Model – WTF Do They Even Do?
Tulive claims involvement in:
- IT Parks
- 5-Star Hotels
- Residential Homes
- Commercial Complexes
- National Infrastructure
They are also partners in:
- Tulive Estate
- Tulive Builders
Project portfolio includes:
- Ecstasea – 16 floors, 64 flats
- Horizon – 196 units
- Urbanville – 104 units
- Sky
