- Our view
- Buy
- Price at our call
- ₹ 364.00
- Target
- ₹ 442.00
- Since our call
- −4.64%
- Status
- Open
- Market cap then
- INR 1,035 Cr.
Crest Ventures Ltd. develops real estate and provides financial services and credit. The analysis values its ongoing and announced-start projects alongside financial investments and loans, indicating a derived NPV of INR 1,722 Cr. and potential base-case upside of ~67%; the note does not state a formal recommendation or target price.
About Crest Ventures
Crest Ventures Ltd. was incorporated in 1982 and develops real estate, with a track record of delivering projects covering over 10 million sq.ft. across India. Its business has two verticals: real estate and financial services/credit. The company is registered with the RBI as a non-deposit-taking NBFC and is listed on NSE and BSE. It has developed projects through partnerships with groups including Kalpataru and Phoenix Mills Ltd.
Investment Rationale
- Real estate and capital provision: Crest combines project capital provision with development activities, including design, planning and execution by its in-house team. The report describes this as a model combining developer agility with institutional financial discipline.
- Partnership-led, asset-light approach: Projects use JDAs and partnerships with structures such as revenue sharing, variable economic interests and PMC contracts. The report says this keeps capital at risk low and supports scalable expansion.
- Project selection and monitoring: The company selects projects in premium localities with clear demand and attractive risk-adjusted returns, then monitors each project on a standalone basis.
- Experienced leadership: Promoter and Managing Director Mr. Vijay Choraria has over 30 years’ experience in real estate and the financial sector.
- Completed project record: Completed work includes commercial, residential, redevelopment and township projects. In partnership with Phoenix Mills, CVL has built Phoenix MarketCity Lucknow, Bangalore and Pune.
Project Pipeline
The report lists ongoing projects in Mumbai, Jaipur and Raipur with cumulative GDV of INR 1,185 Cr. These include Crest 4 Pali Hill, Crest Oaks, Crest Uno, Project Hospital, Crest Park and Crest Greens Phase 2&3, with expected completion dates ranging from Q3 FY26 to Q2 FY29.
Upcoming projects in Mumbai and Raipur are listed with cumulative GDV of INR 8,210 Cr.+. Four projects with announced start dates—Crest Pantheon (Legacy), Crest Aspen, Project Saidale and Crest Golfshire—are included in the NPV computation. Project Lotus, Project Lalbaug and Project Central are excluded from the base case because their start dates are yet to be announced; the report identifies them as potential upside.
As of 30-Sep’25, the financial investments and loans summary lists investments at market value of 201.22, cash and cash equivalents of 78.97, ICDs and loans given of 325.07, properties at book value of 63.68, associates at book value of 121.38 and debt of (226.12), all in INR Cr. The reported total is 564.2.
Crest Ventures Key Financials
| Particulars | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Operating Revenues | 56.9 | 650.5 | 183.6 | 204.3 |
| EBITDA | (17.3) | 568.9 | 85.4 | 116.6 |
| PAT | 12.1 | 395.9 | 62.1 | 90.2 |
The historical table shows FY25 operating revenues of 204.3 and PAT of 90.2, compared with 183.6 and 62.1 respectively in FY24.
Valuation and Target Price
The valuation uses NPV of project cash flows and capital returns for ongoing projects and upcoming projects with announced start dates. Real estate assets are discounted at 13.5%, cash flows are considered at project completion, and the period considered is FY26 to FY30. Financial investments and loans are adjusted for real estate assets held by associates and financial liabilities are reduced. The resulting derived NPV is INR 1,722 Cr., against a current market cap of INR 1,035 Cr., with potential upside (base case) of ~67%. The report does not give a formal recommendation or a per-share target price.
- INR 364/-
- CMP (20-Nov’25)
- INR 1,722 Cr.
- Derived NPV
- ~67%
- Potential upside (Base Case)
The base case excludes potential upside of ~INR 200 Cr. to 250 Cr. from multiple upcoming projects for which start dates are yet to be announced.
Key Risks
- Real estate market exposure: The sector is linked to the macroeconomic environment, interest rates and disposable income. A slowdown in sales or lower realizations in Mumbai is identified as a key risk.
- ICD repayment and liquidity: Liquidity depends on property markets, which do not provide stable revenue generation; this creates a risk of non-repayment of ICDs.
- Volatile income: Income from management fees, lending, real estate and related activities is exposed to market vulnerabilities. Income stability also depends on subsidiary performance and opportunities to liquidate investments.
- Unsecured lending: The company extends ICDs, including unsecured lending to group and non-group companies. The report says ICDs to non-group companies are usually given to entities known to the promoters.
Management
The company is led by promoter and Managing Director Mr. Vijay Choraria, who has over 30 years’ experience in real estate and the financial sector. The report describes the core team as including a CEO, COO and Project Director, and notes partnerships with architects, planners, construction firms and marketing teams.
Our View
The valuation case combines project NPV with the value of financial investments and loans less debt, and indicates potential base-case upside of ~67%. The report also identifies Mumbai real estate demand, ICD repayment and volatility in lending and investment returns as key risks. It does not state a formal recommendation or target price.
Standard disclosures
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Regulatory disclosures
Minerva Capital Research Solutions is an independent investment advisory firm founded by Nishant Gupta(SEBI registration no. INH000018896).
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Rating rationale
Minerva Capital Research Solutions endeavors to provide objective opinions and recommendations. Ratings are assigned to stocks according to their fair value vs current market price and then categorizes them as Buy, Hold, Reduce, Sell. The performance horizon is one year unless specified and fair value is defined as analyst’s valuation for a stock.
- Buy:> 15%
- Hold: -5% to 15%
- Reduce: -15% to -5%
- Sell: <-15%