Skyline Millars is a century-old Indian company that has spent the last decade methodically dismantling its industrial past to become a pure real-estate developer - it once made concrete pipes and manhole systems, but shut those factories down one by one and is now a debt-free property business whose entire future hinges on a single stalled project in Mumbai. The recurring approach has been caution bordering on inertia: management describes its own policy as “wait and watch” during downturns, choosing to sell completed flats and dispose of idle land rather than break ground on new ventures, a stance it credits for keeping the company debt-free through difficult cycles. # Business segments Two engines, one active and one vestigial - a real-estate developer anchored by a long-stalled Mumbai project and a residual equipment-repair unit that barely registers. ## 1. Real estate: a stalled project and a land bank waiting for resolution **The company builds and sells flats and offices, but its main asset has been frozen for roughly 15 years awaiting defence clearance - everything else is small-scale sales and land divestment.** - **One project defines the business** - the Ghatkopar site in Mumbai has been stalled since roughly 2011 because the Ministry of Defence has not granted clearances; the company has filed a Special Leave Petition in the Supreme Court and describes the outcome as central to its future with significant profit potential. - **Half the office space is already sold** - out of 6,839.98 sqm of total project area at Ghatkopar, about 3,606.14 sqm of office space has been sold, leaving roughly 3,233.84 sqm that can be built only after the defence clearance comes through. - **A second project provides modest ongoing activity** - at Karjat, three residential wings are complete and construction of the ‘F’ Wing has started, with the company focused on selling the remaining flats. - **Land sales fill the gaps** - the company holds land at Wada, the site of its former pipe factory, and is in advanced stages of selling it at a market-determined price; the land, road and building assets are classified as held for sale at roughly ₹310 lakhs. ## 2. Construction equipment: a vestige of the manufacturing past **This division repairs machinery and generates negligible revenue - a rounding error kept alive in the segment note.** - **Barely active** - in FY25 the division recorded revenue of ₹1.33 lakhs, down from ₹0.13 lakhs in FY23 and ₹0.17 lakhs in FY20, when it represented 0.05% of total turnover. - **No disclosed plans** - no filing describes any growth strategy, investment, or operational role for this division; it is classified under NIC Code 331 for repair and installation of machinery and equipment. # Group structure and partners **The company stands alone - no subsidiaries, no joint ventures - but its promoter group has just been restructured through a demerger that split one key shareholder into three.** - **Standalone by design** - SML has no subsidiaries, associates, or joint ventures, making it a single-entity business with no corporate layers beneath it. - **Promoters hold nearly three-quarters** - the promoter group owns 71.68% of the shares and includes entities such as Dave Builders Private Limited, Skyline Vision Private Limited, and Millars Machinery Company Pvt Ltd. - **A recent demerger reshuffled the promoter block** - in September 2025, Dave Builders Private Limited was demerged under an NCLT-sanctioned scheme, and its 57.2 lakh shares in SML were split among three new companies: Dave Skyline Private Limited (14.3 lakh shares), Dave Star Private Limited (28.6 lakh shares), and Dave Symphony Private Limited (14.3 lakh shares). - **Related-party transactions are routine** - the company pays rent to Ankit Overseas and Glass Lined Equipment Co. Ltd, all entities linked to key managerial personnel or their relatives.