Altman Z″
Needs current assets and current liabilities.
VEEGALAND · Construction - Real Estate · INE1JTV01015
Analyst mean 0.00 · 0 analysts · 0% bullishThis company listed within the last twelve months, so its prospectus is still the primary source. The figures below were extracted from the DRHP and RHP before listing and scored then, and they are shown here as they stand in the IPO record rather than restated.
Each flag is a fact read in the filing, shown with the context that makes it meaningful.
Stated objects, as worded in the offer document. Deployment against them is tracked separately.
Claims made in the offer document, to be read against what the company has reported since.
Veegaland Developers Limited specializes in multi-storied residential developments in Kerala, categorizing its residential portfolio into mid-premium, premium, ultra-premium, luxe-series, and ultra-luxury apartment segments. The company caters to diverse customer demographics, ranging from first-time homebuyers and young professionals to high-net-worth individuals, NRIs, and senior executives. Geographically, its operations are concentrated across key urban micro-markets in Kerala, primarily Kochi, Thiruvananthapuram, Kozhikode, and Thrissur. Veegaland operates an asset-light execution model where civil construction, architectural design, structural engineering, and MEP services are outsourced to independent third-party contractors and external consultants, while its in-house team of 45 engineers oversees project monitoring, quality control, and site execution. At scale, as of June 30, 2026, the company's portfolio comprises 10 Completed Projects (11.05 lakh sq. ft. saleable area), 12 Ongoing Projects (18.57 lakh sq. ft. saleable area across 994 units), and 3 Upcoming Projects (4.62 lakh sq. ft. estimated saleable area), alongside 6.51 acres of land reserves. In Fiscal 2026, Veegaland generated ₹ 250.98 Crore (₹ 25,097.62 lakh) in revenue from operations, achieving a sales value of ₹ 393.62 Crore (₹ 39,361.92 lakh) across 490,697 sq. ft. of area sold.
Veegaland's primary competitive moat stems from its strong brand heritage as part of the established V-Guard Group founded by Kochouseph Thomas Chittilappilly, alongside its ranking as Kerala's fastest-selling real estate developer. Its focus on biophilic design principles, 100% sales absorption track record across completed projects, robust K-RERA compliance, and localized execution capabilities across Kerala's core urban centers create strong buyer trust, high sales velocity, and referral-driven bookings.
Veegaland Developers Limited is a real estate development company engaged in the planning, development, and sale of multi-storied residential apartment projects in Kerala under the brand 'Veegaland Homes'. Formed as part of the V-Guard Group, the company focuses on building eco-friendly biophilic urban homes across core micro-markets including Kochi, Thiruvananthapuram, Kozhikode, and Thrissur.
Source: p.226, 231, 236, 238
Where the revenue came from, as the document splits it.
| Name | Pct | Source |
|---|---|---|
| Premium | 47.14 | p.55, 231 |
| Ultra-premium | 35.78 | p.55, 231 |
| Luxe-series | 9.53 | p.55, 231 |
| Mid-premium | 7.55 | p.55, 231 |
According to the ICRA Report, India's residential real estate market reached ₹ 239,000.00 Crore (₹ 23.90 trillion) in FY2026 and is projected to expand to ₹ 559,000.00 Crore (₹ 55.90 trillion) by FY2032, driven by rapid urbanization, rising disposable income, and nuclear family formation. Within Kerala, key urban centers like Kochi, Thiruvananthapuram, Kozhikode, and Thrissur are experiencing strong structural housing demand, supported by expanding IT parks, Global Capability Centers (GCCs), NRI investments, and major infrastructure developments such as Vizhinjam International Seaport and metro expansions. The market is witnessing a notable shift toward premium and biophilic residential apartments, with domestic end-users accounting for nearly 60% of home purchases in cities like Kochi.
Growth rate: 15.2% CAGR (FY2026-FY2032F for Indian residential real estate market)
Market size: ₹ 239,000.00 Crore (Indian residential real estate market in FY2026) / ₹ 394,400.00 Crore (Total Indian real estate market in FY2026)
Sector slug: real-estate
Source: p.166, 179, 180, 214
The comparable set the company chose, which is itself a disclosure.
| Name | Margin | Pb | Pe | Roe | Source |
|---|---|---|---|---|---|
| Shriram Properties Limited | 7.43 | 12.91 | 7.16 | p.151, 152, 223 | |
| Puravankara Limited | 1.48 | 84.24 | 3.23 | p.151, 152, 223 |
As presented in the offer document. Post-listing figures are in the statements above.
| Basis | Period | Related party revenue cr | Pat cr | Pat margin | Revenue cr | Pat margin derived | Cff cr |
|---|---|---|---|---|---|---|---|
| standalone | FY26 | 26.6146 | 10.6% | 250.9762 | yes | 77.9031 | |
| standalone | FY25 | 20.4259 | 10.62% | 192.3753 | yes | 51.7079 | |
| standalone | FY24 | 7.8688 | 7.1% | 110.7676 | yes | -7.0079 |
The measures this sector is actually judged on, as disclosed in the document. No feed supplies these.
Written before listing, answered from the document itself.
How will the ₹ 210.00 Crore Fresh Issue proceeds be utilized?
The company will deploy ₹ 119.83 Crore toward funding construction expenses for ongoing projects and the balance for strategic land acquisitions and general corporate purposes.
p.35, 129
What is the geographic concentration risk of the company's real estate portfolio?
100% of completed, ongoing, and upcoming projects are situated in Kerala across Kochi, Thiruvananthapuram, Kozhikode, and Thrissur.
p.41, 237
What drove the PAT growth to ₹ 26.61 Crore in Fiscal 2026?
PAT grew 30.30% in FY26 driven by 30.46% higher operational revenue from ongoing project handovers and fixed cost operating leverage.
p.238, 245
Why did operating cash flows turn deeply negative in FY26?
Operating cash flow was negative ₹ -74.26 Crore due to ₹ 21.03 Crore capex and substantial upfront cash deployment for land bank additions and ongoing construction ahead of billing milestones.
p.311, 351
What the issue priced at, on the figures in the document.
Pe basis: To be determined upon finalisation of Price Band based on Basic EPS of ₹8.77 and Diluted EPS of ₹8.77 for Fiscal 2026
The company selected listed peers in the residential real estate development industry in India, specifically Shriram Properties Limited and Puravankara Limited.
Source: p.150, 151, 152
How the book filled. A category that bid far above the rest is a different signal from a uniformly covered issue.
| Date | Name | Shares | Price per share | Category | Source |
|---|---|---|---|---|---|
| 2007-08-10 | Sheela Grace Kochouseph and Mithun Kochouseph Chittilappilly | 90000 | 10 | Initial Subscription | p.104, 105 |
| 2011-02-21 | Kochouseph Thomas Chittilappilly and others | 4910000 | 10 | Further Issue | p.105 |
| 2025-08-21 | Kochouseph Thomas Chittilappilly and K. Chittilappilly Trust | 1750000 | 1000 | Rights Issue | p.105, 126 |
| 2025-09-25 | Existing Shareholders | 27000000 | 0 | Bonus Issue (4:1) | p.106, 126 |
Ceo: Kochouseph Thomas Chittilappilly (Executive Director & Chairman) / Mithun Kochouseph Chittilappilly (Managing Director)
Pending proceedings involving Company: Tax proceedings of ₹ 0.35 Crore (₹ 35.20 lakh) and 1 criminal proceeding (Section 138 NI Act) with no quantifiable monetary liability. Pending proceedings involving Promoters/Directors: Tax proceedings of ₹ 0.56 Crore (₹ 55.90 lakh).
Auditor name: Walker Chandiok & Co LLP, Chartered Accountants
Skin in game: Promoters hold 31,050,000 Equity Shares representing 92.00% of the pre-Issue paid-up Equity Share capital.
Statutory Auditor Walker Chandiok & Co LLP issued unmodified examination reports on the Restated Standalone Financial Information for Fiscals 2026, 2025, and 2024. CARO 2020 reports noted minor statutory dues delays in Provident Fund deposit and technical delay in quarterly stock statement filing with working capital banks.
Source: p.108, 248, 250, 309, 351
Transactions with promoters, directors and their entities, as disclosed.
| Counterparty | Amount cr | Nature | Relationship | Core function | Source |
|---|---|---|---|---|---|
| Kochouseph Thomas Chittilappilly | 0.36 | Managerial Remuneration / Sitting Fees | Promoter / Chairman | Strategic leadership and corporate governance | p.362 |
| Mithun Kochouseph Chittilappilly | 0.3261 | Managerial Remuneration | Promoter / Managing Director | Executive management and business expansion | p.362 |
CARO reports disclosed minor delays in depositing Provident Fund dues (₹ 0.02 Crore in FY26), though no undisputed statutory dues were outstanding for more than six months as of March 31, 2026.
Source: p.248, 309
A change between the two filings is a disclosure in itself.
Numbered markers are corporate actions and, once the filings are read, capital and governance events. Prices are split-adjusted so the series is continuous.
What the numbers mean when read together — computed from the filings, not a score.
The business reported a profit, yet its operations drained cash rather than generating it. Profit that comes with negative operating cash is the single most important thing to understand here.
Why this reading: Flagged on a single year deliberately: negative operating cash alongside a reported profit is plain, material, and hard to explain benignly — exactly the kind of obvious signal that should never be smoothed over.
Operating cash flow ₹-74 cr against trailing net profit ₹27 cr. When operations consume cash while the P&L shows profit, ask whether receivables are ballooning, revenue is booked ahead of collection, or costs are being capitalised.
Free cash flow is negative — the business consumes more than it generates once capex is paid. Fine if it is deliberate growth investment; a problem if it is structural.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Latest free cash flow ₹-95 cr, negative in 2 of 4 years. Check whether the burn funds expansion (dark stores, plants, ports) or merely sustains operations.
Borrowings have fallen 28% over two years — the balance sheet is getting lighter.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Borrowings down to ₹86 cr from ₹120 cr. Falling debt reduces finance cost and financial risk.
Every score below is calculated here from the reported numbers — none of it is asserted. Open the notebook at the foot of the section to see each formula with this company's figures in it.
Needs current assets and current liabilities.
Piotroski F-Score — fundamental momentum — Joseph Piotroski, University of Chicago, 2000, in a study of whether accounting signals could improve returns among cheap stocks.
Nine yes-or-no tests across profitability, leverage and operating efficiency. Each pass scores one. It asks a narrow question: is this business getting better or worse on its own terms, year over year?
How to read it7 or more suggests improving fundamentals; 3 or fewer suggests deterioration. It measures direction, not quality — a weak company improving can score higher than a strong one holding steady.
Where it failsA single year of comparison, so one unusual year distorts it. Says nothing about valuation, competitive position or management. Piotroski designed it to rank already-cheap stocks, not to judge a company in isolation.
Needs trade receivables, current assets, other expenses.
Accruals are 24.9% of assets. Free cash flow negative in 2 of 4 years.
DuPont decomposition — Devised inside the DuPont Corporation in the 1920s and still the standard way to read a return on equity.
Splits return on equity into its three sources, so the same headline number can be traced to very different businesses.
How to read itA 20% ROE built on margin and turnover is a different proposition from a 20% ROE built on 3× leverage. The first survives a downturn; the second amplifies it.
Where it failsA single year. Negative equity makes it meaningless. Leverage is structural for lenders, so the third term carries no signal there.
Capital is going in far faster than revenue is coming out. For a business mid-build that is expected — the test is whether it converts.
cumulative operating cash flow ÷ cumulative net profit
₹-67 cr ÷ ₹70 cr, over 4 years
-0.96×
Below 1.0 and persistent means profit is being recognised before the cash arrives.(net profit − operating cash flow) ÷ average total assets
(₹27 − ₹-74) cr ÷ average assets
24.9%
The share of profit that is accounting entries rather than cash. Above ~10% is where accruals start to dominate.net margin × asset turnover × leverage
10.8% × 0.52 × 1.81
10.1%
Splits ROE into whether returns come from operations or from borrowing.EBIT ÷ finance cost
₹42 cr ÷ ₹6 cr
7.00×
How many times operating profit covers the interest bill.borrowings ÷ net worth
₹86 cr ÷ ₹267 cr
0.32×
Read against the sector — infrastructure carries more than software.growth in fixed assets + CWIP, against growth in revenue
capital +1,050% vs revenue +130%, FY2023 to FY2026
920pp gap
Money going in far faster than revenue coming out. For an incubator this is expected — the test is whether it eventually converts.Needs more balance-sheet detail (only 3 of 6 flags testable).
NOPAT over equity plus debt less cash, at a notional 25% tax. Incremental ROIC is the return on money put in since then — the number that decides whether growth creates value or consumes it.
Return on invested capital, and incremental ROIC — Standard in corporate finance; the incremental form was popularised by Michael Mauboussin as the test of whether growth creates value.
ROIC measures what the business earns on all the capital it employs — equity plus debt, less cash. Incremental ROIC asks a sharper question: what has it earned on the money put in since a chosen year?
How to read itROIC comfortably above the cost of capital — call it 11–13% in India — means growth compounds. Below it, growth consumes. Incremental below headline means recent investment is earning less than the legacy business.
Where it failsDistorted in the year of a large acquisition. Understated for companies mid-build, where capital is deployed but capacity has not yet been commissioned — an incubator will look poor until it does not.
Read downward. Cash can cover EBITDA and still not survive capex — the third rung is where a capital-hungry business shows itself.
The earnings quality ladder — Not a named model — the standard sequence an analyst walks when testing whether reported profit is real.
Three ratios read in order, each stricter than the last.
How to read itRead downward. Each rung failing where the one above passed tells you exactly where the cash is going.
Where it failsA single year of heavy capex depresses the third rung legitimately. Judge it across a cycle.
Against a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%.
Cost of debt — Interest expense over average borrowings — the effective rate the company actually pays.
What the lenders charge, which is a market verdict on credit quality that no rating agency delay affects.
How to read itAgainst a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%. Read the direction over years as much as the level.
Where it failsUnderstated where a large share of interest is capitalised into projects under construction. Not meaningful for lenders, where interest is cost of goods.
Models that need these lines are withheld rather than estimated: net worth, current assets, current liabilities, trade receivables, inventory, net block. Nothing on this page is back-solved from a figure the company did not publish.
Each framework below is a set of stated, mechanical criteria from published work, run against this company's own filed numbers. Passing or failing a screen is not a verdict — different frameworks disagree by design, and that disagreement is itself informative.
Benjamin Graham's stated criteria for a defensive stock, applied to the filed numbers. A company failing several is not disqualified — Graham designed these to be deliberately strict.
Two ratios only: what the business earns on its capital, and what you pay for those earnings. Designed to be ranked across a universe rather than read in isolation.
The fundamental half of William O'Neil's framework. The market and leadership components are judgement calls and are not scored here.
The characteristics long-term holders commonly look for: cash-backed earnings, high returns on capital, and debt that never forces a decision.
Median of the companies we hold in related sectors (Construction - Real Estate). Every figure on both sides is the live feed's trailing twelve months, so the two are measured the same way whatever depth of extraction this company has had. A number only means something next to something else — expensive against the market and cheap against peers are different facts.
Bars are revenue; the line is net margin. Revenue rising while the line falls is the shape worth noticing.
Operating cash first, then what the business spent and raised.
One year is a snapshot. These are the two lines that matter across a cycle.
Rising debtor or inventory days against flat sales is the earliest visible sign of stress.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
One canonical set of figures — the same numbers used everywhere else on this page and on the screener.
How the register has moved over recent quarters — the direction matters more than the level.
Promoter held steady from 63.69% to 63.69% across these quarters.
FII held steady from 0.55% to 0.55% across these quarters.
MF held steady from 0.73% to 0.73% across these quarters.
Other held steady from 35.03% to 35.03% across these quarters.
Where cash gets stuck. A rising inventory or debtor line against flat sales is the earliest sign of trouble in the numbers.
| Measure | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
| Debtor days
How long customers take to pay | 21 | 35 | 52 | 66 |
| Cash conversion cycle
Debtor + inventory − payable days | 21 | 35 | 52 | 66 |
| Working capital days | 103 | 339 | 242 | 284 |
| ROCE %
Return on capital employed | — | 10.0% | 16.0% | 14.0% |
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
| Revenue from operations | 109 | 111 | 192 | 251 |
| Other income | 1 | 4 | 4 | 3 |
| Depreciation | 0 | 0 | 0 | 1 |
| Finance cost | 4 | 5 | 5 | 6 |
| Profit before tax | 19 | 11 | 28 | 36 |
| Net profit (owners) | 15 | 8 | 20 | 27 |
| EPS (₹) | 29.06 | 15.74 | 40.86 | 7.88 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Item | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
| Equity Capital | 5 | 5 | 5 | 34 |
| Reserves | 32 | 40 | 60 | 233 |
| Borrowings | 122 | 120 | 177 | 86 |
| Net block | 2 | 2 | 3 | 23 |
| CWIP | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 |
| Total Assets | 196 | 221 | 327 | 484 |
| Line | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
| Cash from operations | 42 | 9 | -44 | -74 |
| Cash from investing | 1 | 2 | 0 | -20 |
| Cash from financing | -19 | -7 | 52 | 78 |
| Free cash flow | 42 | 8 | -45 | -95 |
| Net change in cash | 24 | 4 | 7 | -16 |
Cash from operations is the number profit has to answer to. Free cash flow is what remains after the business pays for its own growth.
These are coverage counts, not ratings. Each one asks a fixed set of questions of the filings and reports how many the company answered. A company that discloses nothing counts nothing here — that is a statement about the disclosure, not about the business.
The same read, applied to the companies this one competes with.