Unitech financials and balance sheet

NSE: UNITECHBSE: 507878RealtySmall Cap

₹3.59₹0.14 (3.75%)BSE ₹3.59

Share price at the NSE close on 23 Oct 2026. Previous close ₹3.73.

52-week range of traded prices to 23 Oct 2026

₹3.10Low, 30 Mar 2026₹7.29High, 3 Nov 2025

Market cap: ₹939 Cr1,364th largest listed
P/E: Lossover the last 12 months
P/B: Net worth zero or below
Dividend yield: Nonein the last 12 months
ROE: Net worth zero or below
Debt to equity: Net worth zero or below
Volume, NSE: 40,98,73361.1% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Unitech annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹2,163 Cr, year to Mar 2018A loss in 10 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue512
Materials and goods−263
Employee costs−32
Other expenses−223
Operating profit−5.7
Depreciation−4.3
Other income+55
One-off items−318
Finance costs−2,745
Profit before tax−3,018
Tax0.0
Net profit−3,018

What the company owns

Plant, investments and other assets₹21,610 Cr
Inventory₹2,815 Cr
Receivables₹614 Cr
Cash and bank₹319 Cr
Current investments₹1 Cr

What pays for it: net worth and liabilities

Other liabilities₹16,686 Cr
Borrowings₹7,516 Cr
Owed to suppliers₹1,157 Cr

Unitech business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Unitech segment results by quarter

Revenue by segment

₹567 CrTotal

Real Estate & Related Activities₹364 Cr64.3% of total
Property Management₹166 Cr29.3% of total
Hospitality₹35 Cr6.2% of total
Investment & Other Activities₹1 Cr0.2% of total

Profit by segment

Hospitality₹4.45 Cr82.4% of total
Investment & Other Activities₹0.95 Cr17.6% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Real Estate & Related Activities
Revenue, ₹ crore
634
1,186
141
158
284
189
364
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−233
−441
−3
49
−750
−395
−276
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Property Management
Revenue, ₹ crore
211
198
90
105
137
150
160
166
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
27
−13
27
26
21
24
19
−3
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Hospitality
Revenue, ₹ crore
25
25
9
17
30
33
34
35
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−2
0
−3
1
7
6
6
4
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Investment & Other Activities
Revenue, ₹ crore
0
0
0
0
0
0
13
1
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−1
−1
0
0
0
0
13
1
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	1,337	1,755	561	597	492	515	397	567
Company revenue, as in its results	1,337	1,716	548	533	406	477	322	512
Revenue	634	1,186	–	141	158	284	189	364
Revenue growth	–	87.3%	–	–	12.0%	79.5%	−33.3%	92.3%
Profit	−233	−441	–	−3	49	−750	−395	−276
Margin	−36.8%	−37.2%	–	−2.1%	31.1%	−264.1%	−208.4%	−75.7%
Return on capital	–	−10.1%	–	−0.2%	–	–	–	–
Assets	–	24,716	–	25,561	25,771	25,404	25,458	24,383
Liabilities	–	20,359	–	23,803	27,153	30,571	33,735	35,712
Capital employed	–	4,357	–	1,758	−1,382	−5,167	−8,277	−11,329
Revenue	211	198	90	105	137	150	160	166
Revenue growth	–	−6.4%	−54.7%	17.3%	30.4%	9.9%	6.2%	4.0%
Profit	27	−13	27	26	21	24	19	−3
Profit growth	–	–	–	−2.9%	−18.7%	14.6%	−22.2%	–
Margin	12.7%	−6.7%	29.8%	24.7%	15.4%	16.0%	11.8%	−1.8%
Assets	–	342	346	363	390	427	405	399
Liabilities	–	342	365	389	424	479	513	562
Capital employed	–	−1	−18	−26	−33	−52	−108	−163
Revenue	25	25	9	17	30	33	34	35
Revenue growth	–	1.7%	−64.4%	87.9%	74.4%	10.0%	5.4%	2.8%
Profit	−2	0	−3	1	7	6	6	4
Profit growth	–	–	–	–	952.9%	−7.2%	−10.2%	−21.3%
Margin	−8.3%	−0.4%	−30.8%	3.8%	22.9%	19.3%	16.5%	12.6%
Assets	–	162	163	169	178	187	195	200
Liabilities	–	274	282	295	305	315	324	335
Capital employed	–	−112	−119	−126	−127	−128	−130	−135
Revenue	0	0	0	0	0	0	13	1
Revenue growth	–	–	–	–	–	–	–	−92.2%
Profit	−1	−1	0	0	0	0	13	1
Profit growth	–	–	–	–	–	–	–	−92.7%
Margin	–	−1,605.0%	−97.4%	–	–	–	97.9%	91.5%
Return on capital	–	−0.4%	0.0%	0.0%	0.0%	0.0%	3.8%	0.3%
Assets	–	358	358	358	360	360	379	376
Liabilities	–	36	36	36	38	38	32	29
Capital employed	–	322	322	322	322	322	347	347
Revenue	468	345	331	334	167	48	0	–
Revenue growth	–	−26.2%	−4.0%	0.9%	−49.9%	−71.1%	−100.0%	–
Profit	21	16	11	2	−24	−15	0	–
Profit growth	–	−24.5%	−32.7%	−81.2%	–	–	–	–
Margin	4.6%	4.7%	3.3%	0.6%	−14.5%	−30.6%	–	–
Return on capital	–	15.4%	10.0%	2.0%	−30.2%	−23.3%	–	–
Assets	–	299	311	283	186	142	0	–
Liabilities	–	194	203	179	106	79	0	–
Capital employed	–	104	108	104	80	63	0	–
Revenue	–	–	131	–	–	–	–	–
Profit	–	–	−128	–	–	–	–	–
Margin	–	–	−97.1%	–	–	–	–	–
Return on capital	–	–	−4.6%	–	–	–	–	–
Assets	–	–	24,700	–	–	–	–	–
Liabilities	–	–	21,913	–	–	–	–	–
Capital employed	–	–	2,787	–	–	–	–	–
	–	0	–	–	–	–	–	–
Profit	–	−343	–	–	–	–	–	–
Assets	–	0	–	–	–	–	–	–
Liabilities	–	0	–	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Unitech quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 21 Jul	Mar 2020Filed 20 Nov	Mar 2021Filed 17 Jun	Mar 2022Filed 2 Mar	Mar 2023Filed 30 Aug	Mar 2024Filed 19 Jul	Mar 2025Filed 13 Jun	Mar 2026Filed 28 May
Revenue from operations	1,730	2,163	1,337	1,716	548	533	406	477	322	512
	1,987	2,229	1,537	2,188	646	565	436	1,244	750	518
Materials and goods bought	428	273	1,193	1,504	−1	2	271	1,027	508	263
Employee costs	–	–	91	85	59	49	44	40	29	32
Other expenses	–	–	252	598	589	515	121	178	212	223
Operating profit before depreciation	−257	−66	−199	−471	−98	−32	−31	−767	−428	−6
Operating margin	−14.8%	−3.1%	−14.9%	−27.5%	−17.9%	−6.0%	−7.6%	−160.7%	−133.2%	−1.1%
Materials, % of revenue	–	–	89.2%	87.7%	−0.2%	0.3%	66.7%	215.2%	158.0%	51.3%
Employee costs, % of revenue	–	–	6.8%	5.0%	10.7%	9.1%	10.9%	8.3%	9.1%	6.3%
Other expenses, % of revenue	–	–	18.8%	34.8%	107.4%	96.5%	30.0%	37.2%	66.0%	43.5%
Depreciation and amortisation	12	9	9	7	7	6	6	6	4	4
Operating profit after depreciation	−269	−75	−208	−478	−105	−38	−37	−773	−432	−10
Other income	46	47	34	49	13	64	86	38	75	55
Finance costs	305	319	584	759	886	1,007	3,163	3,088	2,672	2,745
Profit before one-off items and tax	−528	−347	−759	−1,189	−978	−981	−3,114	−3,823	−3,029	−2,700
One-off items	0	−985	−75	−343	−330	0	0	0	0	−318
Profit before tax	−528	−1,332	−834	−1,531	−1,308	−981	−3,114	−3,823	−3,029	−3,018
	−89	−14	−41	50	255	13	−10	−16	149	0
Current tax	19	–	13	20	7	14	5	6	18	2
Deferred tax	−108	–	−54	30	248	0	−16	−22	131	−2
Share of profit of joint ventures and associates	–	–	2	20	−32	−32	–	–	–	–
	−403	−1,275	−791	−1,562	−1,594	−1,026	−3,103	−3,807	−3,178	−3,018
Belonging to the company's shareholders	−403	−1,275	−791	−1,562	−1,594	−1,026	−3,103	−3,807	−2,593	−2,456
Belonging to outside owners of subsidiaries	–	–	0	0	–	0	–	–	−585	−562
Other comprehensive income	–	–	−48	2	6	2	1	−1	−1	1
Total comprehensive income	–	–	−839	−1,560	−1,588	−1,024	−3,102	−3,808	−3,180	−3,017
Net margin	−23.3%	−59.0%	−59.1%	−91.0%	−290.8%	−192.4%	−765.3%	−797.7%	−988.0%	−589.2%
Net margin without joint ventures and associates	–	–	−59.3%	−92.2%	−285.0%	−186.4%	–	–	–	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 21 Jul	Mar 2020Filed 20 Nov	Mar 2021Filed 17 Jun	Mar 2022Filed 2 Mar	Mar 2023Filed 30 Aug	Mar 2024Filed 19 Jul	Mar 2025Filed 13 Jun	Mar 2026Filed 28 May
	6,322	4,671	3,080	2,032	−1,140	−4,961	−8,168	−11,279
	6,240	4,612	3,080	2,002	−854	−4,195	−6,818	−9,365
Share capital	523	523	523	523	523	523	523	523
Reserves	5,717	4,089	2,557	1,479	−1,378	−4,718	−7,341	−9,888
Belonging to outside owners of subsidiaries	82	59	–	30	−285	−766	−1,351	−1,915
	2,261	2,122	1,938	6,987	7,170	7,230	7,321	7,516
Repayable after a year	1,802	1,116	1,024	49	44	40	41	40
Repayable within a year	459	1,007	914	6,938	7,126	7,190	7,280	7,476
	18,686	19,800	21,477	24,378	27,770	31,251	34,000	36,089
Trade payables	1,035	1,143	1,068	1,063	1,058	1,103	1,146	1,157
Other financial liabilities	8,356	7,407	8,242	4,040	6,193	7,742	8,703	9,844
Other liabilities	8,832	10,145	11,207	12,286	13,351	15,174	16,902	17,653
Provisions	5	2	2	2	2	2	2	3
Tax owed	0	95	44	49	40	39	−34	−45
	1,902	1,212	1,119	144	149	151	605	549
Other financial liabilities	16	5	5	1	5	4	4	4
Other liabilities	69	75	82	88	95	101	103	105
Provisions	16	16	8	6	6	6	456	402
Liabilities going with businesses held for sale	224	194	203	179	106	79	–	–
	27,135	25,877	25,880	26,733	26,886	26,520	26,436	25,359
Held for sale or for a demerger	322	299	311	283	186	142	–	–
	3,457	3,116	2,760	2,758	2,839	2,875	2,781	2,867
Plant in use, after depreciation	87	74	70	68	67	64	63	63
Plant being built	185	193	180	186	191	196	201	203
Intangible assets	0	0	0	0	0	0	1	1
Goodwill	741	403	384	384	384	384	384	384
Intangible assets being developed	0	–	0	0	0	1	1	0
Property held to earn rent	0	12	12	12	12	11	11	11
Investments	2,000	2,042	1,980	1,972	2,033	2,039	2,059	2,141
Loans given	52	28	25	0	0	0	0	0
Other financial assets	19	21	21	48	50	53	59	60
Deferred tax	369	340	86	85	100	124	0	2
Other assets	2	2	2	2	2	2	3	2
	23,356	22,462	22,808	23,692	23,860	23,503	23,655	22,492
Inventories	2,967	2,842	2,843	2,843	2,783	2,813	2,814	2,815
Trade receivables	1,076	663	698	725	708	682	601	614
Cash and cash equivalents	61	77	57	70	300	318	313	211
Other bank balances	60	14	111	376	93	114	277	108
Current investments	0	1	1	1	1	1	1	1
Loans given	191	85	174	174	160	160	160	160
Other financial assets	315	792	485	486	486	486	495	495
Tax paid in advance	155	30	0	0	0	0	0	0
Other assets	18,532	17,958	18,438	19,017	19,328	18,928	18,992	18,087
Net debt	2,140	2,031	1,768	6,540	6,776	6,797	6,730	7,195

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2020Filed 20 Nov	Mar 2021Filed 17 Jun	Mar 2022Filed 2 Mar	Mar 2023Filed 30 Aug	Mar 2024Filed 19 Jul	Mar 2025Filed 13 Jun	Mar 2026Filed 28 May
	−129	−34	−14	251	15	−73	−116
	−242	−7	−4	265	22	−280	−104
	262	82	21	276	772	127	315
Receivables	413	−34	−36	14	26	79	−17
Inventories	125	−1	0	60	−30	−1	0
Payables	−963	478	871	120	361	156	−659
Other working capital	687	−361	−814	81	416	−107	991
Tax paid	113	−27	−10	−14	−7	206	−13
Capital spending	9	6	5	4	2	4	5
Free cash flow	−138	−40	−19	247	13	−77	−121
	−22	68	58	4	13	74	14
Plant and property sold	0	4	0	0	0	1	0
Interest received	30	0	55	68	22	46	19
Dividends received	0	8	0	0	0	0	0
	167	−54	−32	−25	−10	−6	0
Borrowings raised	19	0	11	0	0	0	0
Borrowings repaid	−38	−17	−13	−10	−10	−6	0
Interest paid	−62	−36	−2	−1	0	0	0
Dividends paid	0	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0	0
Net change in cash	16	−20	13	230	18	−5	−102

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018 and Mar 2019.

Consolidated, ₹ per share, years to March.Unitech dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 21 Jul	Mar 2020Filed 20 Nov	Mar 2021Filed 17 Jun	Mar 2022Filed 2 Mar	Mar 2023Filed 30 Aug	Mar 2024Filed 19 Jul	Mar 2025Filed 13 Jun	Mar 2026Filed 28 May
Earnings per share	−₹1.54	−₹4.87	−₹3.02	−₹5.97	−₹6.10	−₹3.91	–	–	−₹9.91	−₹9.39
Diluted earnings per share	−₹1.54	−₹4.87	−₹3.02	−₹5.97	−₹6.10	−₹3.91	–	–	−₹9.91	−₹9.39
Book value per share	–	–	₹23.85	₹17.63	₹11.77	₹7.65	−₹3.27	−₹16.03	−₹26.06	−₹35.79
Shareholder yield	–	–	–	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Market cap at the year end (₹ crore)	1,465	1,452	353	327	432	523	301	2,917	1,546	827

Earnings per share is left blank for the years to Mar 2023 and Mar 2024: the earnings per share stated does not match any profit the filing states over the shares in issue, and the share count barely moved during the period.

Ratios

Consolidated, years to March.Unitech PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 21 Jul	Mar 2020Filed 20 Nov	Mar 2021Filed 17 Jun	Mar 2022Filed 2 Mar	Mar 2023Filed 30 Aug	Mar 2024Filed 19 Jul	Mar 2025Filed 13 Jun	Mar 2026Filed 28 May
Revenue growth	−13.8%	25.0%	−38.2%	28.3%	−68.1%	−2.7%	−24.0%	17.7%	−32.6%	59.2%
	–	–	−12.7%	−28.8%	−41.4%	−40.4%	−540.9%	150.8%	47.1%	30.4%
	–	–	–	−16.1 pts	−12.7 pts	1.1 pts	−500.5 pts	691.7 pts	−103.7 pts	−16.8 pts
From the net margin	–	–	–	−6.8 pts	−63.2 pts	14.0 pts	−120.3 pts	−22.9 pts	1.6 pts	−19.1 pts
From asset turnover	–	–	–	−6.1 pts	61.9 pts	1.2 pts	40.8 pts	−102.4 pts	−48.8 pts	17.6 pts
From borrowing	–	–	–	−3.2 pts	−11.4 pts	−14.1 pts	−421.1 pts	817.1 pts	−56.5 pts	−15.2 pts
Return on capital employed	–	–	−2.4%	−7.0%	−2.1%	−0.4%	−0.6%	−34.1%	–	–
Debt to equity	–	–	0.36	0.45	0.63	3.44	–	–	–	–
Receivable days	–	–	294	141	465	496	637	521	682	438
Inventory days	–	–	907	690	−8,13,801	5,56,988	3,753	1,000	2,021	3,911
Payable days	–	–	316	277	−3,05,678	2,08,379	1,427	392	823	1,608
Cash conversion cycle, days	–	–	885	553	−5,07,658	3,49,105	2,963	1,129	1,880	2,741
Working capital days	–	–	1,367	761	1,381	3,971	2,539	−758	−4,149	−4,589
Asset turnover	–	–	0.05	0.06	0.02	0.02	0.02	0.02	0.01	0.02
Assets per rupee of net worth	–	–	4.35	4.89	6.73	10.35	46.73	−10.58	−4.81	−3.20
Sales per rupee of plant	–	–	15.41	23.25	7.88	7.80	6.03	7.42	5.09	8.09
Capital spending to depreciation	–	–	–	1.27	0.89	0.83	0.59	0.34	1.01	1.11
Plant being built, % of plant in use	–	–	213.2%	262.0%	259.5%	272.3%	283.9%	304.4%	317.8%	321.0%

Interest cover is left blank for the years to Mar 2017, Mar 2018, Mar 2019, Mar 2020, Mar 2021, Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill. Debt to equity is left blank for the years to Mar 2023, Mar 2024, Mar 2025 and Mar 2026: net worth is below zero, so there is no shareholders' money to set the borrowings against. Return on capital employed is left blank for the years to Mar 2025 and Mar 2026: net worth and borrowings together come to nought or less, so there is no money employed to set the operating profit against. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: −9.5%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	−12.8%	−1.3%	8.1%
Return on equity, average	–	−70.6%	76.1%
Operating margin, average	−38.7%	−61.7%	−98.3%
Net margin, average	−385.6%	−666.5%	−791.6%
Asset turnover, average	–	0.02	0.02
Cash conversion cycle, days, average	–	71,564	1,917

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	63	−175	−116
Cash from investing	163	101	14
Cash from financing	−73	−16	0
Capital spending	20	11	5
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	11	0	0
Borrowings repaid	39	16	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	4	4	4	5	4	5
Altman Z-scorePublished threshold 1.1	2.07	1.22	0.69	0.10	−1.15	−2.85	−3.81	−5.18
Beneish M-scorePublished threshold −1.78	–	−3.23	−2.17	−2.70	−1.92	−3.91	−2.71	−3.94
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	−5.32	−6.29	−4.07	−12.53	−14.36	−12.01	−11.26
Receivables growth less revenue growthOur threshold 0 percentage points	–	−66.69	73.30	6.55	21.63	−21.41	20.81	−57.04
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	−30.26	100.11	−246.11	−14,429.94	−278.41	50.56	48.33
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	−12.88	26.13	108.66	76.71	−83.74	22.67	−176.65
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	66.16	35.25	37.33	60.50	73.05	45.77

A threshold marked as ours has no published figure; it is the line we read the check against.