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Skyline Millars Ltd

SKYLMILAR

BSE

₹9.22+7.84%19 Oct 2026

Reports

Construction Factories and Offices and Commercial

Skyline Millars Ltd

SKYLMILAR

BSE

₹9.22

+7.84%

19 Oct 2026

SOICxStockScans Reports

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Construction Factories and Offices and Commercial

Indices

Business Overview: What the company does, in plain English.

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.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹37Cr

Close Price

₹9.22

Industry

Construction Factories and Offices and Commercial

Price To Earnings

—

Price To Sales

26.87

Revenue

₹1Cr

Rev Gr TTM

Revenue Growth TTM

-48.31%

PAT Gr TTM

PAT Growth TTM

-138.10%

Upcoming Results on

22 Oct 2026

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	0	0	0	0	0	0	2	1	1	1	0	0
Growth YoY Revenue Growth YoY%											-100.0	-100.0
Expenses ExpensesCr	0	0	0	0	0	0	2	1	1	1	1	0
Operating Profit Operating ProfitCr	0	0	0	0	0	0	0	0	0	0	-1	0
OPM OPM%							0.0	-77.8	-42.9	-14.7
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	0	0	0	0	0	0	0	0	0	0	0	0
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	0	0	0	0	0	0	0	0	0	0	0	0
Growth YoY PAT Growth YoY%	64.4	50.0	72.1	55.0	19.1	36.8	210.5	-88.9	-35.3	75.0	-319.1	17.6
NPM NPM%							9.9	-63.0	-32.9	-4.4
EPS EPS₹	-0.1	0.0	-0.1	-0.1	0.0	0.0	0.1	-0.1	-0.1	0.0	-0.1	-0.1

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	0	0	0	0	0	0	2	1	1	1	0	0
Growth YoY Revenue Growth YoY%											-100.0	-100.0
Expenses ExpensesCr	0	0	0	0	0	0	2	1	1	1	1	0
Operating Profit Operating ProfitCr	0	0	0	0	0	0	0	0	0	0	-1	0
OPM OPM%							0.0	-77.8	-42.9	-14.7
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	0	0	0	0	0	0	0	0	0	0	0	0
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	0	0	0	0	0	0	0	0	0	0	0	0
Growth YoY PAT Growth YoY%	64.4	50.0	72.1	55.0	19.1	36.8	210.5	-88.9	-35.3	75.0	-319.1	17.6
NPM NPM%							9.9	-63.0	-32.9	-4.4
EPS EPS₹	-0.1	0.0	-0.1	-0.1	0.0	0.0	0.1	-0.1	-0.1	0.0	-0.1	-0.1

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	9	2	3	5	4	4	0	0	0	2	2	1
Growth Revenue Growth%	41.7	-76.4	47.2	48.2	-15.6	11.6	-100.0		-100.0		-9.9	-48.3
Expenses ExpensesCr	11	4	4	4	2	2	1	2	1	3	3	3
Operating Profit Operating ProfitCr	-2	-1	-1	0	2	2	-1	-2	-1	-1	-1	-1
OPM OPM%	-21.2	-72.0	-19.4	4.1	40.8	57.1		-1,350.4		-34.6	-69.7	-89.9
Other Income Other IncomeCr	0	2	-1	0	0	1	2	0	0	1	0	0
Interest Expense Interest ExpenseCr	1	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	1	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	-3	0	-2	0	2	3	1	-2	-1	0	-1	-1
Tax TaxCr	0	-2	0	0	0	0	0	0	0	0	0	0
PAT PATCr	-3	2	-2	0	2	3	1	-2	-1	0	-1	-1
Growth PAT Growth%	27.1	165.9	-196.8	107.0	1,110.7	45.8	-69.8	-294.3	41.0	79.5	-446.9	-138.1
NPM NPM%	-39.8	111.1	-73.1	3.5	49.6	64.8		-1,069.3		-9.1	-55.4	-72.5
EPS EPS₹	-0.9	-1.5	-0.8	-0.1	0.2	0.6	0.2	-0.5	-0.3	-0.1	-0.3	-0.3

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	9	2	3	5	4	4	0	0	0	2	2	1
Growth Revenue Growth%	41.7	-76.4	47.2	48.2	-15.6	11.6	-100.0		-100.0		-9.9	-48.3
Expenses ExpensesCr	11	4	4	4	2	2	1	2	1	3	3	3
Operating Profit Operating ProfitCr	-2	-1	-1	0	2	2	-1	-2	-1	-1	-1	-1
OPM OPM%	-21.2	-72.0	-19.4	4.1	40.8	57.1		-1,350.4		-34.6	-69.7	-89.9
Other Income Other IncomeCr	0	2	-1	0	0	1	2	0	0	1	0	0
Interest Expense Interest ExpenseCr	1	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	1	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	-3	0	-2	0	2	3	1	-2	-1	0	-1	-1
Tax TaxCr	0	-2	0	0	0	0	0	0	0	0	0	0
PAT PATCr	-3	2	-2	0	2	3	1	-2	-1	0	-1	-1
Growth PAT Growth%	27.1	165.9	-196.8	107.0	1,110.7	45.8	-69.8	-294.3	41.0	79.5	-446.9	-138.1
NPM NPM%	-39.8	111.1	-73.1	3.5	49.6	64.8		-1,069.3		-9.1	-55.4	-72.5
EPS EPS₹	-0.9	-1.5	-0.8	-0.1	0.2	0.6	0.2	-0.5	-0.3	-0.1	-0.3	-0.3

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	4	4	4	4	4	4	4	4	4	4	4
Reserves ReservesCr	29	23	20	20	20	23	24	22	21	20	19
Current Liabilities Current LiabilitiesCr	6	4	3	1	1	0	0	0	1	1	1
Non Current Liabilities Non Current LiabilitiesCr	7	2	2	2	1	1	1	1	1	1	1
Total Liabilities Total LiabilitiesCr	46	34	28	26	27	28	28	27	27	26	26
Current Assets Current AssetsCr	8	24	20	18	21	24	25	23	24	23	22
Non Current Assets Non Current AssetsCr	38	10	9	7	6	3	4	4	4	3	3
Total Assets Total AssetsCr	46	34	28	26	27	28	28	27	27	26	26

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	4	4	4	4	4	4	4	4	4	4	4
Reserves ReservesCr	29	23	20	20	20	23	24	22	21	20	19
Current Liabilities Current LiabilitiesCr	6	4	3	1	1	0	0	0	1	1	1
Non Current Liabilities Non Current LiabilitiesCr	7	2	2	2	1	1	1	1	1	1	1
Total Liabilities Total LiabilitiesCr	46	34	28	26	27	28	28	27	27	26	26
Current Assets Current AssetsCr	8	24	20	18	21	24	25	23	24	23	22
Non Current Assets Non Current AssetsCr	38	10	9	7	6	3	4	4	4	3	3
Total Assets Total AssetsCr	46	34	28	26	27	28	28	27	27	26	26

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	3	3	3	1	-2	-1	-3	-2
Investing Cash Flow Investing Cash FlowCr	0	0	0	0	2	2	3	1
Financing Cash Flow Financing Cash FlowCr	-2	0	0	0	0	0	0	0
Net Cash Flow Net Cash FlowCr	0	3	4	1	0	0	0	-1
Free Cash Flow Free Cash FlowCr	3	3	4	1	-2	-1	-2	-2
CFO To PAT CFO To PAT%	1,704.2	161.4	127.2	62.0	103.5	132.4	1,301.4	156.2
CFO To EBITDA CFO To EBITDA%	1,422.6	196.5	144.5	-41.8	82.0	89.6	343.6	124.2

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	3	3	3	1	-2	-1	-3	-2
Investing Cash Flow Investing Cash FlowCr	0	0	0	0	2	2	3	1
Financing Cash Flow Financing Cash FlowCr	-2	0	0	0	0	0	0	0
Net Cash Flow Net Cash FlowCr	0	3	4	1	0	0	0	-1
Free Cash Flow Free Cash FlowCr	3	3	4	1	-2	-1	-2	-2
CFO To PAT CFO To PAT%	1,704.2	161.4	127.2	62.0	103.5	132.4	1,301.4	156.2
CFO To EBITDA CFO To EBITDA%	1,422.6	196.5	144.5	-41.8	82.0	89.6	343.6	124.2

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	12	12	11	8	10	33	45	41	51	68	75	37
Price To Earnings Price To Earnings					10.0	13.8	58.3
Price To Sales Price To Sales	1.3	5.6	3.7	1.7	2.5	7.7		273.5		32.1	38.9	26.9
Price To Book Price To Book	0.4	0.4	0.5	0.3	0.4	1.2	1.6	1.6	2.1	2.8	3.2	1.6
EV To EBITDA EV To EBITDA	-7.6	-7.5	-22.4	37.9	3.7	10.4	-29.3	-16.4	-31.5	-86.0	-53.0	-24.8
Profitability Ratios Profitability Ratios
GPM GPM%	34.2	29.4	37.8	44.9	82.2	79.3		-279.2		36.9	6.8	6.8
OPM OPM%	-21.2	-72.0	-19.4	4.1	40.8	57.1		-1,350.4		-34.6	-69.7	-89.9
NPM NPM%	-39.8	111.1	-73.1	3.5	49.6	64.8		-1,069.3		-9.1	-55.4	-72.5
ROCE ROCE%	-6.8	1.8	-8.2	1.7	7.7	11.4	3.0	-6.3	-3.8	-0.8	-4.5	-4.5
ROE ROE%	-10.6	8.4	-9.3	0.7	7.7	10.2	3.0	-6.3	-3.8	-0.8	-4.5	-4.5
ROA ROA%	-7.6	6.8	-7.8	0.6	7.1	10.0	2.9	-6.0	-3.5	-0.8	-4.2	-4.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	12	12	11	8	10	33	45	41	51	68	75	37
Price To Earnings Price To Earnings					10.0	13.8	58.3
Price To Sales Price To Sales	1.3	5.6	3.7	1.7	2.5	7.7		273.5		32.1	38.9	26.9
Price To Book Price To Book	0.4	0.4	0.5	0.3	0.4	1.2	1.6	1.6	2.1	2.8	3.2	1.6
EV To EBITDA EV To EBITDA	-7.6	-7.5	-22.4	37.9	3.7	10.4	-29.3	-16.4	-31.5	-86.0	-53.0	-24.8
Profitability Ratios Profitability Ratios
GPM GPM%	34.2	29.4	37.8	44.9	82.2	79.3		-279.2		36.9	6.8	6.8
OPM OPM%	-21.2	-72.0	-19.4	4.1	40.8	57.1		-1,350.4		-34.6	-69.7	-89.9
NPM NPM%	-39.8	111.1	-73.1	3.5	49.6	64.8		-1,069.3		-9.1	-55.4	-72.5
ROCE ROCE%	-6.8	1.8	-8.2	1.7	7.7	11.4	3.0	-6.3	-3.8	-0.8	-4.5	-4.5
ROE ROE%	-10.6	8.4	-9.3	0.7	7.7	10.2	3.0	-6.3	-3.8	-0.8	-4.5	-4.5
ROA ROA%	-7.6	6.8	-7.8	0.6	7.1	10.0	2.9	-6.0	-3.5	-0.8	-4.2	-4.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	SIMPLXREA	GOLDENTOBC	SAMINDUS	SKYLMILAR	BHANDERI	ANSALHSG	MEDICAPQ
Market CapitalizationMkt CapCr	41	39	38	37	32	31	31
Close PriceClose₹	137.56	22.12	34.00	9.22	125.00	4.50	25.00
IndustryIndustry	Construction Factories and Offices and Commercial	Construction Factories and Offices and Commercial	Construction Factories and Offices and Commercial	Construction Factories and Offices and Commercial	Construction Factories and Offices and Commercial	Construction Factories and Offices and Commercial	Construction Factories and Offices and Commercial
Price To EarningsPE		5.61	10.09
Price To SalesPS	3.88	1.19	2.61	26.87	11.80	0.10	2.48
RevenueRevenueCr	11	33	14	1	3	304	13
Revenue Growth TTMRev Gr TTM%	222.5%	49.5%	9.3%	-48.3%	-47.6%	-27.6%	-42.8%
PAT Growth TTMPAT Gr TTM%	-243.8%	230.8%	15.5%	-138.1%	-77.7%	-68.9%	49.3%

	SIMPLXREA	GOLDENTOBC	SAMINDUS	SKYLMILAR	BHANDERI	ANSALHSG	MEDICAPQ
Market CapitalizationMkt CapCr	41	39	38	37	32	31	31
Close PriceClose₹	137.56	22.12	34.00	9.22	125.00	4.50	25.00
IndustryIndustry	Construction Factories and Offices and Commercial	Construction Factories and Offices and Commercial	Construction Factories and Offices and Commercial	Construction Factories and Offices and Commercial	Construction Factories and Offices and Commercial	Construction Factories and Offices and Commercial	Construction Factories and Offices and Commercial
Price To EarningsPE		5.61	10.09
Price To SalesPS	3.88	1.19	2.61	26.87	11.80	0.10	2.48
RevenueRevenueCr	11	33	14	1	3	304	13
Revenue Growth TTMRev Gr TTM%	222.5%	49.5%	9.3%	-48.3%	-47.6%	-27.6%	-42.8%
PAT Growth TTMPAT Gr TTM%	-243.8%	230.8%	15.5%	-138.1%	-77.7%	-68.9%	49.3%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26