Valor Estate Limited (formerly D B Realty Limited) has reported a significant turnaround in its financial performance for the second quarter. The real estate developer posted a consolidated net profit of 101.00 crore rupees, reversing from a loss of 110.00 crore rupees in the same period last year.

Revenue Surge and Profitability

The company's revenue from operations saw a substantial increase, rising to 1,368.50 crore rupees from 34.80 crore rupees in the corresponding quarter of the previous year. This remarkable growth was primarily driven by the recognition of income from a conveyance agreement for Malad land and the receipt of Transferable Development Rights (TDRs) for a resettlement housing project.

Operational Performance

Valor Estate's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) turned positive at 448.00 crore rupees, compared to a loss of 232.00 crore rupees in the corresponding quarter of the previous year. The EBITDA margin improved significantly to 32.73%.

Key Developments

1. Resettlement Housing Project: The company obtained approval from the Brihanmumbai Municipal Corporation for developing approximately 13,374 Project Affected Persons (PAP) tenements. Valor Estate received TDRs aggregating to 72,840 sq. m., recognizing 896.00 crore rupees as a contract liability.

2. Malad Land Agreement: The company recognized an income of 75.55 crore rupees from a conveyance agreement for Malad land during the quarter.

3. Corporate Restructuring: Valor Estate announced an intra-group restructuring involving the transfer of a 45% stake in Worli Urban Development Project LLP between its wholly-owned subsidiaries.

Management Commentary

Shahid Balwa, Vice Chairman & Managing Director, stated, "Our Q2 results reflect the positive momentum in our business operations. The significant revenue growth and return to profitability demonstrate the effectiveness of our strategic initiatives and the underlying strength of our project portfolio."

Financial Position

As of September 30, Valor Estate reported total assets of 7,136.35 crore rupees. The company's equity share capital stood at 539.20 crore rupees, with total equity (including reserves) of 4,051.34 crore rupees.

Future Outlook

While the company has shown a strong recovery, it continues to face challenges in the real estate sector. Valor Estate remains focused on executing its ongoing projects and capitalizing on new opportunities in the Mumbai real estate market.

Note: All figures are based on consolidated financial results for the quarter ended September 30.

Valor Estate Limited has announced a significant corporate action involving the listing of shares for its newly demerged hospitality business, Advent Hotels International Limited. This move comes as part of a composite scheme of amalgamation and arrangement sanctioned by the National Company Law Tribunal (NCLT), Mumbai Bench.

Key Details of the Listing

• Listing Date: November 13, 2025
• Exchanges: BSE and NSE
• Number of Shares: 53,942,887 equity shares
• Face Value: ₹10 per share
• BSE Scrip Code: 544446
• NSE Symbol: ADVENTHTL

Demerger and Share Allocation

The hospitality undertaking of Valor Estate has been demerged and transferred to Advent Hotels International Limited. As per the scheme:

• Shareholders of Valor Estate received 1 fully paid-up equity share of Advent Hotels for every 10 equity shares held in Valor Estate.
• The record date for this allocation was set as July 18, 2025.
• No cash consideration was involved in this transaction.

Trading Information

BSE has admitted the shares for trading under the trade-for-trade segment initially, while NSE has permitted trading in the regular market segment.

Implications for Shareholders

Eligible shareholders of Valor Estate who have been allotted shares of Advent Hotels based on the specified ratio can now trade these shares on both BSE and NSE. This demerger allows Valor Estate to streamline its operations while potentially unlocking value for shareholders through the separate listing of its hospitality business.

Investors are advised to refer to the Information Memorandum and other relevant documents hosted on the respective exchange websites for detailed particulars about Advent Hotels International Limited and the demerger process.

This corporate action represents a significant development for Valor Estate Limited and its shareholders, potentially impacting the company's structure and future strategic direction in the real estate and hospitality sectors.