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1 — At a Glance
The market prices Unitech at ₹4.93 per share as of 9 June 2026, valuing the company at ₹1,290 crore. The company lost ₹3,018 crore in FY26 on revenues of ₹512 crore—a net margin of –527%. The auditor issued a disclaimer of opinion; going-concern language in filings refers to “material uncertainty.”
Equity is negative ₹9,889 crore. Debt stands at ₹7,519 crore (standalone). The auditor cannot opine on asset values, impairment, contingent liabilities, or the company’s ability to stay alive.
Between the four-year Supreme Court battle, 2,431 pending litigations, and borrowings in default since 2015, Unitech has become a reorganization theatre, not a business.
2 — The Setup: From Builder to Burial Ground
Unitech started in 1971 as a soil-engineering consultancy and diversified into real estate, power transmission, and hospitality. It held assets across Gurgaon (Nirvana Country, Cyber Park, Global Business Parks), Noida (Karma Lakelands, IT-SEZ), and a branch in Libya.
By 2020, the Hon’ble Supreme Court ordered the removal of the board on grounds of mismanagement and appointed a government nominee. The erstwhile management left behind a rubble of unfinished projects, loans in default, public deposits unpaid since 2015, and no books clean enough for an auditor to sign.
The company is supposed to complete 17,700 homebuyer units across 74 residential and 10 commercial projects. The board’s job is to finish buildings, not run a business.
3 — Business Model: WTF Do They Even Do?
Real estate, theoretically. But the company has morphed into a construction-completion agent under Supreme Court supervision.
The revenue mix FY26 shows ₹512 crore in standalone sales, up 59% YoY (from ₹322 crore). The jump is raw: flat construction billings on percentage-of-completion accounting, plus property management (₹167 crore of the ₹512), hospitality (₹35 crore), and residual transmission/power work.
Margins are fiction. Operating margin (EBITDA/Revenue): –1%. The company spends more on finance costs (₹2,745 crore) than it earns. Interest expense alone is 537% of revenue.
The order book exists on paper—₹X crore in committed buyer advances and ₹X crore in contractual rights to homebuyer installments—but realization depends on completion timelines the company does not control and Supreme Court directions it must obey.
4 — Financials Overview
Figures are consolidated, in ₹ crore.
Metric
FY26
FY25
YoY
Revenue
512.23
321.69
+59%
EBITDA
–6.39
–412.06
improved (less negative)
PAT
–3,018.14
–3,178.17
improved (less negative)
EPS (annualised)
₹–9.39
₹–9.91
improved
The headline: losses are shrinking, but from a base so low it means nothing. Revenue grew 59%, yet the company still lost ₹3,018 crore.
From the auditor’s report (28 May 2026): “Material uncertainty related to going concern.” The auditor cannot verify asset values, impairment tests, or the recoverability of ₹9,402 crore in “project-in-progress” inventory. No deferred tax asset created because “lack of reasonable certainty of having taxable
