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Shri Krishna Devcon Ltd

SHRIKRISH

NSE

₹33.05-3.62%19 Oct 2026

Reports

Construction Housing

Shri Krishna Devcon Ltd

SHRIKRISH

NSE

₹33.05

-3.62%

19 Oct 2026

SOICxStockScans Reports

Ask AI

Construction Housing

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.

Shri Krishna Devcon Ltd is a family-run real estate developer that buys land, builds residential colonies and commercial projects on it, and sells the finished units - a single-line business that has been doing this for over two decades, mainly in Indore and Mumbai. The company was founded and is still steered by the Jain family, with a managing director, and it operates with a deliberately lean core of just 9 permanent employees, outsourcing everything from architecture to construction to contractors and consultants. That recurring approach - keep the fixed base tiny, use partnership firms to hold project investments, and focus on the two cities the family knows best - explains how the business is structured and why it looks the way it does in every filing.

Business segments

A single real estate engine operating in two distinct geographies - Indore for plotted colonies and Mumbai for commercial redevelopment - with project investments routed through a network of associate partnership firms.

1. Real estate development: buying land, building homes and shops, and selling them

The company makes money by turning raw land into saleable residential plots and commercial spaces, recognising revenue gradually as construction progresses rather than only at the end.

Full control from land to sale - the company handles the entire lifecycle itself: it identifies and acquires land, plans the layout, executes construction through hired contractors, and markets the finished units to buyers, which means it captures the margin at every stage rather than handing off part of the value chain to someone else.
Two cities, two playbooks - in Indore, the business is built around “Colony” developments, which are large plotted residential schemes where buyers purchase land parcels and build homes themselves; in Mumbai, the focus is on commercial projects like Avani Signature, and earlier on residential redevelopment in dense suburbs such as Andheri and Ghatkopar. This geographic split gives the company a foothold in both a growing Tier-2 market and India’s most expensive property city.
Revenue trickles in as work gets done - because the company’s projects are custom-built for specific buyers and it has a legal right to payment for work completed, revenue is recognised over time rather than in a lump sum at handover, so the income statement reflects construction progress rather than a boom-and-bust cycle of completions.
Inventory is the balance-sheet engine - the company carries three kinds of stock: trading stock (land and flats bought for quick resale), work-in-progress (projects under construction, where land cost, materials, labour and borrowing costs pile up until sale), and finished goods (unsold units in completed projects), all valued at the lower of what they cost and what they could fetch. This inventory is where most of the company’s capital sits.
A 9-person core, a web of outsiders - with only 9 permanent employees as of March 2025, the company engages third-party contractors, sub-contractors, architects, interior designers and landscape consultants in addition to its employees to execute its projects, keeping fixed costs low but making it dependent on the availability and pricing of outside labour and materials.

Group structure and partners

The company does not build everything on its own books - it co-invests through a circle of associate partnership firms, each holding a slice of specific projects, with the Jain family and long-standing business partners on the other side of the table.

Four associate firms, no subsidiaries - as of March 2025, the company holds profit-sharing stakes in four partnership firms: Avani Buildcon (25%), Maa Shipra Enterprises (25%), Rose Builtech (40%), and Shrikrishna Buildcon (28.5%), with a combined investment of Rs. 2,161.33 lakhs. Shrikrishna Buildcon was a 60%-owned subsidiary until September 2024, when a reconstitution of the partnership reduced the company’s share and turned it into an associate.
Partners bring capital and local know-how - the other partners in these firms include individuals and entities like Shri Krishna Devcon Limited (25% in Avani Buildcon) and a roster of named individuals holding 10-25% stakes across the firms, suggesting the structure is used to pool funds and share risk on specific projects rather than to consolidate control.
Family ties run through the cap table - the managing director Sunil Kumar Jain holds 6.86% of the company, his brothers Mukesh Kumar Jain and Naveen Kumar Jain sit on the board as non-executive directors, and a next-generation family member serves as women director, making this a tightly held family enterprise where related parties are also a source of flexible, on-demand funding.
Related-party borrowings act as a shock absorber - loans from related parties carry no fixed repayment schedule, and the filings state explicitly that these parties are always ready to support the company if liquidity gets tight, so the family network doubles as an informal credit line.

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

₹93Cr

Close Price

₹33.05

Industry

Construction Housing

Price To Earnings

22.79

Price To Sales

4.54

Revenue

₹20Cr

Rev Gr TTM

Revenue Growth TTM

-18.67%

PAT Gr TTM

PAT Growth TTM

-19.80%

Consolidated

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	8	4	7	7	4	6	10	5	4	6	6	4
Growth YoY Revenue Growth YoY%	125.6	-42.9	-62.6	2.3	-52.5	53.0	54.6	-27.4	8.3	3.2	-40.5	-20.7
Expenses ExpensesCr	5	4	4	4	3	4	7	2	3	4	4	2
Operating Profit Operating ProfitCr	4	0	3	2	1	2	4	2	2	2	2	2
OPM OPM%	43.5	9.1	44.2	37.2	23.4	34.5	34.3	51.0	35.5	39.3	34.7	55.5
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense Interest ExpenseCr	1	1	1	1	1	1	1	1	1	1	1	1
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	3	-1	2	2	0	1	3	2	1	2	2	1
Tax TaxCr	1	0	1	0	0	0	1	0	0	0	0	0
PAT PATCr	2	0	1	1	0	1	2	1	1	1	1	1
Growth YoY PAT Growth YoY%	331.8	-141.1	-72.6	-6.5	-92.7	430.0	88.6	9.2	353.3	32.3	-54.2	-35.2
NPM NPM%	24.4	-7.8	19.7	19.5	3.8	16.8	24.0	29.3	15.8	21.6	18.5	24.0
EPS EPS₹	0.7	-0.1	0.5	0.5	0.1	0.3	0.9	0.5	0.2	0.5	0.4	0.3

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	8	4	7	7	4	6	10	5	4	6	6	4
Growth YoY Revenue Growth YoY%	125.6	-42.9	-62.6	2.3	-52.5	53.0	54.6	-27.4	8.3	3.2	-40.5	-20.7
Expenses ExpensesCr	5	4	4	4	3	4	7	2	3	4	4	2
Operating Profit Operating ProfitCr	4	0	3	2	1	2	4	2	2	2	2	2
OPM OPM%	43.5	9.1	44.2	37.2	23.4	34.5	34.3	51.0	35.5	39.3	34.7	55.5
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense Interest ExpenseCr	1	1	1	1	1	1	1	1	1	1	1	1
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	3	-1	2	2	0	1	3	2	1	2	2	1
Tax TaxCr	1	0	1	0	0	0	1	0	0	0	0	0
PAT PATCr	2	0	1	1	0	1	2	1	1	1	1	1
Growth YoY PAT Growth YoY%	331.8	-141.1	-72.6	-6.5	-92.7	430.0	88.6	9.2	353.3	32.3	-54.2	-35.2
NPM NPM%	24.4	-7.8	19.7	19.5	3.8	16.8	24.0	29.3	15.8	21.6	18.5	24.0
EPS EPS₹	0.7	-0.1	0.5	0.5	0.1	0.3	0.9	0.5	0.2	0.5	0.4	0.3

Consolidated

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	22	22	33	17	17	20	20	31	25	27	21	20
Growth Revenue Growth%	174.7	0.7	48.6	-48.3	-0.1	18.2	0.6	55.3	-18.7	5.7	-20.5	-18.7
Expenses ExpensesCr	17	17	25	11	12	13	15	22	16	18	13	12
Operating Profit Operating ProfitCr	5	6	8	6	5	7	5	9	9	9	9	8
OPM OPM%	23.0	24.9	23.6	34.1	29.1	35.9	26.6	28.3	37.0	33.4	39.8	40.2
Other Income Other IncomeCr	1	0	0	0	0	1	1	1	0	1	0	0
Interest Expense Interest ExpenseCr	2	3	4	3	3	3	3	3	3	3	3	3
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	4	3	4	3	2	5	4	7	6	7	6	5
Tax TaxCr	1	1	1	1	0	1	1	2	2	2	1	1
PAT PATCr	2	2	3	2	1	4	3	5	4	5	5	4
Growth PAT Growth%	160.4	-16.5	49.1	-35.6	-37.6	195.4	-21.7	74.0	-7.7	10.7	-7.4	-19.8
NPM NPM%	10.9	9.1	9.1	11.3	7.1	17.7	13.8	15.4	17.5	18.3	21.3	19.9
EPS EPS₹	0.9	0.7	1.1	0.7	0.4	1.3	1.0	1.7	1.6	1.8	1.6	1.4

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	22	22	33	17	17	20	20	31	25	27	21	20
Growth Revenue Growth%	174.7	0.7	48.6	-48.3	-0.1	18.2	0.6	55.3	-18.7	5.7	-20.5	-18.7
Expenses ExpensesCr	17	17	25	11	12	13	15	22	16	18	13	12
Operating Profit Operating ProfitCr	5	6	8	6	5	7	5	9	9	9	9	8
OPM OPM%	23.0	24.9	23.6	34.1	29.1	35.9	26.6	28.3	37.0	33.4	39.8	40.2
Other Income Other IncomeCr	1	0	0	0	0	1	1	1	0	1	0	0
Interest Expense Interest ExpenseCr	2	3	4	3	3	3	3	3	3	3	3	3
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	4	3	4	3	2	5	4	7	6	7	6	5
Tax TaxCr	1	1	1	1	0	1	1	2	2	2	1	1
PAT PATCr	2	2	3	2	1	4	3	5	4	5	5	4
Growth PAT Growth%	160.4	-16.5	49.1	-35.6	-37.6	195.4	-21.7	74.0	-7.7	10.7	-7.4	-19.8
NPM NPM%	10.9	9.1	9.1	11.3	7.1	17.7	13.8	15.4	17.5	18.3	21.3	19.9
EPS EPS₹	0.9	0.7	1.1	0.7	0.4	1.3	1.0	1.7	1.6	1.8	1.6	1.4

Consolidated

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	28	28	28	28	28	28	28	28	28	28	28
Reserves ReservesCr	31	33	36	37	38	42	44	49	54	59	63
Current Liabilities Current LiabilitiesCr	75	63	63	66	72	76	78	96	95	91	108
Non Current Liabilities Non Current LiabilitiesCr	17	30	30	30	24	23	23	23	20	19	13
Total Liabilities Total LiabilitiesCr	153	155	158	162	163	170	175	198	198	196	212
Current Assets Current AssetsCr	143	134	137	140	141	148	152	173	170	171	187
Non Current Assets Non Current AssetsCr	9	21	21	22	22	22	23	24	28	25	25
Total Assets Total AssetsCr	153	155	158	162	163	170	175	198	198	196	212

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	28	28	28	28	28	28	28	28	28	28	28
Reserves ReservesCr	31	33	36	37	38	42	44	49	54	59	63
Current Liabilities Current LiabilitiesCr	75	63	63	66	72	76	78	96	95	91	108
Non Current Liabilities Non Current LiabilitiesCr	17	30	30	30	24	23	23	23	20	19	13
Total Liabilities Total LiabilitiesCr	153	155	158	162	163	170	175	198	198	196	212
Current Assets Current AssetsCr	143	134	137	140	141	148	152	173	170	171	187
Non Current Assets Non Current AssetsCr	9	21	21	22	22	22	23	24	28	25	25
Total Assets Total AssetsCr	153	155	158	162	163	170	175	198	198	196	212

Consolidated

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
Operating Cash Flow Operating Cash FlowCr	3	-4	1	4	10	-2	-1	13	-2	13	-5
Investing Cash Flow Investing Cash FlowCr	4	0	0	0	0	0	0	0	-5	4	-1
Financing Cash Flow Financing Cash FlowCr	-3	-1	-2	-4	-7	4	1	-2	-7	-16	4
Net Cash Flow Net Cash FlowCr	4	-5	-1	0	4	2	0	11	-14	1	-1
Free Cash Flow Free Cash FlowCr	3	-4	1	4	10	-2	-1	13	-2	13	-5
CFO To PAT CFO To PAT%	113.0	-197.0	48.8	218.7	858.6	-61.1	-24.8	266.9	-51.2	268.1	-100.0
CFO To EBITDA CFO To EBITDA%	53.8	-71.6	18.8	72.5	208.3	-30.1	-12.8	145.2	-24.2	146.9	-53.5

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	3	-4	1	4	10	-2	-1	13	-2	13	-5
Investing Cash Flow Investing Cash FlowCr	4	0	0	0	0	0	0	0	-5	4	-1
Financing Cash Flow Financing Cash FlowCr	-3	-1	-2	-4	-7	4	1	-2	-7	-16	4
Net Cash Flow Net Cash FlowCr	4	-5	-1	0	4	2	0	11	-14	1	-1
Free Cash Flow Free Cash FlowCr	3	-4	1	4	10	-2	-1	13	-2	13	-5
CFO To PAT CFO To PAT%	113.0	-197.0	48.8	218.7	858.6	-61.1	-24.8	266.9	-51.2	268.1	-100.0
CFO To EBITDA CFO To EBITDA%	53.8	-71.6	18.8	72.5	208.3	-30.1	-12.8	145.2	-24.2	146.9	-53.5

Consolidated

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	33	42	57	64	67	44	70	56	101	92	101	93
Price To Earnings Price To Earnings	13.9	21.1	18.9	33.0	55.5	12.6	25.2	11.5	22.7	18.8	22.1	22.8
Price To Sales Price To Sales	1.5	1.9	1.7	3.8	3.9	2.2	3.5	1.8	4.0	3.4	4.7	4.5
Price To Book Price To Book	0.6	0.7	0.9	1.0	1.0	0.6	1.0	0.7	1.2	1.1	1.1	1.0
EV To EBITDA EV To EBITDA	13.7	15.0	12.9	18.5	20.9	12.1	21.6	10.4	15.7	14.1	16.6	16.7
Profitability Ratios Profitability Ratios
GPM GPM%	37.8	45.2	39.2	60.4	53.0	51.8	40.1	42.6	56.4	48.7	59.1	59.1
OPM OPM%	23.0	24.9	23.6	34.1	29.1	35.9	26.6	28.3	37.0	33.4	39.8	40.2
NPM NPM%	10.9	9.1	9.1	11.3	7.1	17.7	13.8	15.4	17.5	18.3	21.3	19.9
ROCE ROCE%	5.6	5.2	7.2	5.5	4.8	6.3	5.0	7.2	7.2	7.4	6.4	6.4
ROE ROE%	4.1	3.3	4.7	3.0	1.8	5.1	3.8	6.3	5.5	5.7	5.0	5.0
ROA ROA%	1.6	1.3	1.9	1.2	0.7	2.1	1.6	2.4	2.2	2.5	2.1	2.1
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	33	42	57	64	67	44	70	56	101	92	101	93
Price To Earnings Price To Earnings	13.9	21.1	18.9	33.0	55.5	12.6	25.2	11.5	22.7	18.8	22.1	22.8
Price To Sales Price To Sales	1.5	1.9	1.7	3.8	3.9	2.2	3.5	1.8	4.0	3.4	4.7	4.5
Price To Book Price To Book	0.6	0.7	0.9	1.0	1.0	0.6	1.0	0.7	1.2	1.1	1.1	1.0
EV To EBITDA EV To EBITDA	13.7	15.0	12.9	18.5	20.9	12.1	21.6	10.4	15.7	14.1	16.6	16.7
Profitability Ratios Profitability Ratios
GPM GPM%	37.8	45.2	39.2	60.4	53.0	51.8	40.1	42.6	56.4	48.7	59.1	59.1
OPM OPM%	23.0	24.9	23.6	34.1	29.1	35.9	26.6	28.3	37.0	33.4	39.8	40.2
NPM NPM%	10.9	9.1	9.1	11.3	7.1	17.7	13.8	15.4	17.5	18.3	21.3	19.9
ROCE ROCE%	5.6	5.2	7.2	5.5	4.8	6.3	5.0	7.2	7.2	7.4	6.4	6.4
ROE ROE%	4.1	3.3	4.7	3.0	1.8	5.1	3.8	6.3	5.5	5.7	5.0	5.0
ROA ROA%	1.6	1.3	1.9	1.2	0.7	2.1	1.6	2.4	2.2	2.5	2.1	2.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	MRIL	THAKDEV	ARTNIRMAN	SHRIKRISH	PRERINFRA	LPDC	VICTMILL
Market CapitalizationMkt CapCr	126	121	99	93	83	83	77
Close PriceClose₹	57.00	133.90	39.72	33.05	23.07	6.15	7,800.00
IndustryIndustry	Construction Housing	Construction Housing	Construction Housing	Construction Housing	Construction Housing	Construction Housing	Construction Housing
Price To EarningsPE	7.06	8.82	248.25	22.79	23.07	9.61	9.88
Price To SalesPS	0.93	2.74	2.93	4.54	7.56	5.05	1.37
RevenueRevenueCr	136	44	34	20	11	16	56
Revenue Growth TTMRev Gr TTM%		20.8%	44.7%	-18.7%	42.9%	2,051.3%	75.0%
PAT Growth TTMPAT Gr TTM%		65.2%	-74.2%	-19.8%	18,650.0%	322.6%	538.5%

	MRIL	THAKDEV	ARTNIRMAN	SHRIKRISH	PRERINFRA	LPDC	VICTMILL
Market CapitalizationMkt CapCr	126	121	99	93	83	83	77
Close PriceClose₹	57.00	133.90	39.72	33.05	23.07	6.15	7,800.00
IndustryIndustry	Construction Housing	Construction Housing	Construction Housing	Construction Housing	Construction Housing	Construction Housing	Construction Housing
Price To EarningsPE	7.06	8.82	248.25	22.79	23.07	9.61	9.88
Price To SalesPS	0.93	2.74	2.93	4.54	7.56	5.05	1.37
RevenueRevenueCr	136	44	34	20	11	16	56
Revenue Growth TTMRev Gr TTM%		20.8%	44.7%	-18.7%	42.9%	2,051.3%	75.0%
PAT Growth TTMPAT Gr TTM%		65.2%	-74.2%	-19.8%	18,650.0%	322.6%	538.5%

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