Indian Real Estate Cos & REITs Companies in Financial Distress (October 2026)
As of 09 October 2026, 24 of 85 Indian Real Estate Cos & REITs companies analysed (28%) show financial-distress indicators: 9 very weak, 7 weak and 8 on watch. The most common red flags in this sector are operating profit does not cover interest, liabilities exceed assets (negative equity), market-implied default probability >20% and revenue collapse.
What drives financial distress in Real Estate Cos & REITs
Developers, REITs and property services — refinancing risk, interest cover and occupancy-driven cash flow. For housing prices, switch to Real Estate on the left.
Most common red flags today: Operating profit does not cover interest · Liabilities exceed assets (negative equity) · Market-implied default probability >20% · Revenue collapse
Real Estate Cos & REITs companies with distress signals
| # | Ticker | Company / industry | Distress score | Band | Ohlson PD | Merton PD | From 52w high | Key indicators | |
|---|---|---|---|---|---|---|---|---|---|
| 1 | EMAMIREAL | Emami Realty Limited Real Estate - Development |
Very weak | 94% | 82.0% | -39% | Liabilities exceed assets (negative equity)Operating profit does not cover interestCash runway under 12 months |
Details → | |
| 2 | EUROTEXIND | Eurotex Industries and Exports Limited Real Estate - Development |
Very weak | 100% | 15.7% | -32% | Liabilities exceed assets (negative equity)Operating profit does not cover interestCash runway under 12 months |
Details → | |
| 3 | PARSVNATH | Parsvnath Developers Limited Real Estate - Development |
Very weak | 98% | 100.0% | -87% | Liabilities exceed assets (negative equity)Operating profit does not cover interestMarket-implied default probability >20% |
Details → | |
| 4 | UNITECH | Unitech Limited Real Estate - Diversified |
Very weak | 99% | 91.9% | -46% | Liabilities exceed assets (negative equity)Operating profit does not cover interestMarket-implied default probability >20% |
Details → | |
| 5 | HDIL | Housing Development and Infrastructure Limited Real Estate - Diversified |
Very weak | 100% | 100.0% | -54% | Liabilities exceed assets (negative equity)Market-implied default probability >20%Severe working-capital shortfall |
Details → | |
| 6 | PENINLAND | Peninsula Land Limited Real Estate - Development |
Very weak | 99% | 5.7% | -59% | Operating profit does not cover interestRevenue collapseMaterial debt with no EBITDA |
Details → | |
| 7 | OMAXE | Omaxe Limited Real Estate - Development |
Very weak | 81% | 0.1% | -22% | Liabilities exceed assets (negative equity)Operating profit does not cover interestLosses in each of the last 3 years |
Details → | |
| 8 | HEMIPROP | Hemisphere Properties India Limited Real Estate - Diversified |
Very weak | 94% | 0.0% | -39% | Operating profit does not cover interestCash runway under 12 monthsSevere working-capital shortfall |
Details → | |
| 9 | DSKULKARNI | D S Kulkarni Developers Limited Real Estate - Development |
Very weak | 92% | 0.0% | +0% | Liabilities exceed assets (negative equity)Operating profit does not cover interestRevenue collapse |
Details → | |
| 10 | ASHIMASYN | Ashima Limited Real Estate - Development |
Weak | 69% | 0.9% | -38% | Operating profit does not cover interestVery high leverageOperations consume cash |
Details → | |
| 11 | INDIQUBE | IndiQube Spaces Limited Real Estate Services |
Weak | 92% | 5.3% | -18% | Operating profit does not cover interestSevere working-capital shortfallLosses in each of the last 3 years |
Details → | |
| 12 | ABREL | Aditya Birla Real Estate Limited Real Estate Services |
Weak | 72% | 0.2% | -44% | Operating profit does not cover interestRevenue collapseOperations consume cash |
Details → | |
| 13 | ROLLT | Rollatainers Limited Real Estate Services |
Weak | 88% | 0.0% | -15% | Operating profit does not cover interestSevere working-capital shortfallOhlson O-score signals likely failure |
Details → | |
| 14 | PRAENG | Prajay Engineers Syndicate Limited Real Estate - Development |
Weak | 42% | 7.2% | -42% | Operating profit does not cover interestLosses in each of the last 3 yearsRevenue collapse |
Details → | |
| 15 | DHARAN | Dharan Infra-EPC Limited Real Estate - Development |
Weak | 10% | 42.4% | -77% | Market-implied default probability >20%Massive shareholder dilutionSteep revenue decline |
Details → | |
| 16 | VIPULLTD | Vipul Limited Real Estate - Diversified |
Weak | 82% | 2.4% | -45% | Operating profit does not cover interestRevenue collapseOhlson O-score signals likely failure |
Details → | |
| 17 | FMNL | Future Market Networks Limited Real Estate Services |
Watch | 88% | 56.5% | -39% | Operating profit does not cover interestMarket-implied default probability >20%Current liabilities exceed current assets |
Details → | |
| 18 | PURVA | Puravankara Limited Real Estate - Development |
Watch | 78% | 9.3% | -25% | Operating profit does not cover interestVery high leverageCurrent liabilities exceed current assets |
Details → | |
| 19 | EMBDL | Embassy Developments Limited Real Estate - Diversified |
Watch | 38% | 5.3% | -42% | Operating profit does not cover interestLosses in 2 of the last 3 yearsSteep revenue decline |
Details → | |
| 20 | GODREJPROP | Godrej Properties Limited Real Estate - Development |
Watch | 50% | 0.0% | -32% | Operating profit does not cover interestVery high leverageOhlson O-score signals likely failure |
Details → | |
| 21 | KALPATARU | Kalpataru Limited Real Estate - Development |
Watch | 52% | 24.8% | -35% | Market-implied default probability >20%Thin interest coverageVery high leverage |
Details → | |
| 22 | KOLTEPATIL | Kolte-Patil Developers Limited Real Estate - Development |
Watch | — | 0.0% | -16% | Operating profit does not cover interestRevenue collapseLosses in 2 of the last 3 years |
Details → | |
| 23 | MAXESTATES | Max Estates Limited Real Estate - Development |
Watch | 72% | 0.0% | -11% | Operating profit does not cover interestVery high leverageOhlson O-score signals likely failure |
Details → | |
| 24 | RUSTOMJEE | Keystone Realtors Limited Real Estate - Development |
Watch | 52% | 0.0% | -39% | Thin interest coverageVery high leverageOhlson O-score signals likely failure |
Details → |
Frequently asked questions
Which Real Estate Cos & REITs companies are in financial distress?
As of 2026-10-09, 24 Indian Real Estate Cos & REITs companies show financial-distress indicators (9 very weak, 7 weak and 8 on watch). The table on this page ranks them by score with the indicators behind each one. These are statistical signals, not predictions that any company will file.
How many Real Estate Cos & REITs companies are in financial trouble?
24 of 85 analysed (28%); 9 are in the 'Very weak' band.
What are the biggest financial risks for Real Estate Cos & REITs companies?
Developers, REITs and property services — refinancing risk, interest cover and occupancy-driven cash flow. For housing prices, switch to Real Estate on the left. Right now the most frequent red flags are operating profit does not cover interest, liabilities exceed assets (negative equity), market-implied default probability >20% and revenue collapse.
What happens to shareholders if a company becomes insolvent?
Under the IBC the Committee of Creditors controls the resolution; the §53 waterfall pays secured creditors and workers first and equity last. In most resolution plans existing shareholders are wiped out or left with a token stake, and the company may be delisted.