I'm tracking this company, very closely .. I studied my CA course in Chennai from 2011-16...
I have collected the inputs from CARE Ratings, motilal oswal & piramal group also invested in the SPR Binny project ( they are secured ).. I was sure that project will fetch at least 800cr to binny ltd in 5-6 year's, now revenue recognization method changed for real estate companies, every one aware of that..
Now what's the market cap 800cr ... Company will get 800 cr revenue in next 6 year's, by considering the time value of money . It's over priced..
There is an uncertainty , company not declaring the Dividend & diverted the funds to promoter related companies.
Just attend the Annual General meeting, ask the question to board, what you're going to do with Profits, what they will tell ?
They want to utilize this funds to New businesss... What's the point in buying this company?
I need to wait for 6 -10 year's for revenue , as per Binny -SPR JV, they are planning to complete the project in phased manner...
I'm not seeing any value in this deal, since it's already appreciated..
Check the promoter integrity & previous track record sir ...
Un accounted cash transactions also are very common in real estate, Even after demonetization.
Considering the 6-10 year's time line , new windmill business, Releated party transactions which are not fairly priced, I'm cautioning all you people to don't burn your fingers.