Coral India Finance & Housing is a debt-free company that runs two distinct engines - it builds and sells residential property while also holding commercial real estate for rental income, and it deploys its own capital into a disciplined mix of listed equities, mutual funds and secured lending. Incorporated in 1995 in Mumbai and listed on the BSE and NSE, the company has deliberately stayed lean, operating with just six permanent employees and no subsidiaries, while returning cash to shareholders through a consistent dividend track record. The recurring approach is financial conservatism: every activity, from a new housing project to a large related-party loan, is funded entirely from internal reserves rather than borrowed money.
Business segments
Two engines funded by the same debt-free balance sheet - a real estate business that develops and rents property, and an investment arm that lends and trades in securities - each drawing on the company's own reserves.
1. Investment: where the company puts its own capital to work
A treasury-style operation that earns interest on secured loans and gains on a portfolio of listed stocks and mutual funds, all run by a fortnightly committee and kept deliberately below the size that would require an NBFC licence.
- Lends to known borrowers - the company gives short-term and long-term loans to proprietors and private companies, backed by due diligence and proper documentation, with interest accrued as long as the accounts are regular.
- A related-party loan that builds real estate - the board approved an unsecured loan of up to ₹30 crores to Bezel Pharma Private Limited, a firm where the managing director and a non-executive director are members, to fund a commercial project in Kandivali, Mumbai, at 10% annual interest payable quarterly over three years.
- A portfolio of listed and unlisted bets - the company holds a significant quoted stake in Coral Laboratories Limited (713,351 shares carried at ₹1,821.19 lakhs as of March 2022) alongside mutual funds measured at fair value through profit and loss, and unquoted compulsory convertible debentures in Kubiz Capital.
2. Real estate: building homes and renting offices
A small-scale developer that constructs residential projects and holds commercial property for long-term rental income, with no debt on the buildings and a sales committee that decides when to sell or lease each unit.
- Builds homes on a fixed-price contract - the company recognises revenue from residential construction on the percentage-of-completion method, and its unsold flat inventory was valued at ₹985.44 lakhs as of March 2023.
- A Nasik project funded from reserves - in February 2021, the company started a roughly 40,000 sq. ft residential development of flats and bungalows at Deolali, Nasik, with a project cost of approximately ₹10 crores, paid entirely out of free reserves.
- An office property that earns rent - the company holds an investment property comprising Coral Square and an office premises purchase, carried at a cost of ₹1,648.78 lakhs but valued at ₹8,579.30 lakhs as of March 2024, with rental income recognised on a straight-line basis and supported by full occupancy and lease escalations.
- A committee decides what to sell or rent - a Sales and Rental Committee of the Chairman & Managing Director, Whole-time Director & Chief Financial Officer, Non-Executive Director & the Company Secretary meets as needed to approve the sale or renting of flats and office premises.
Group structure and partners
A standalone company with no subsidiaries or joint ventures, controlled by the Doshi family and cross-held with a listed pharma entity, where all related-party deals go through audit committee approval.
- The promoter and promoter group held 75% of the equity as of March 2022, with Navin Doshi (Chairman and Managing Director) holding 24.30% and Coral Laboratories Limited - a promoter body corporate - holding 16.12%.
- The company's most significant investment is its quoted stake in Coral Laboratories Limited, making that firm a related party; it also holds a small unquoted stake in Coral Classic Office Complex Society Ltd.
- The ₹30 crore loan to Bezel Pharma is a material related-party transaction because Navin Doshi and Meeta Sheth (Non-Executive Director, his daughter) are members of the borrower, requiring shareholder approval under listing regulations.
- The company voluntarily delisted from the Calcutta, Ahmedabad and Madras stock exchanges over time, and now trades only on BSE and NSE, with Link Intime India as its registrar and share transfer agent.