ALFA Finder
| Market Cap | ₹677.62 CrSmall Cap |
|---|---|
| Annual Revenue | ₹250.98 CrFY24 Growth: 29.5% |
| Net Profit | ₹26.61 CrFY24 Growth: 30.3% |
| P/B Ratio | 2.4xAdjusted BV |
Key highlights
- Acquisition of 11,00,000 equity shares via open market transactions
- Individual promoter stake increased by 2.26% to reach 48.82%
- Purchases executed on September 18 (8 lakh shares) and September 21 (3 lakh shares)
- Total promoter group holding, including PAC, rose to 65.95%
- Company maintains a zero-pledge position for promoter holdings
What the Promoters Bought
Kochouseph Thomas Chittilappilly, a promoter of Veegaland Developers Limited, executed a multi-day acquisition of 11,00,000 equity shares through the open market. The transaction was split into two tranches, with 8,00,000 shares acquired on September 18, 2026, followed by an additional 3,00,000 shares on September 21, 2026. This acquisition represents 2.26% of the total equity share capital of the company.
Following these transactions, the acquirer's personal stake rose from 2,26,98,500 shares (46.56%) to 2,37,98,500 shares (48.82%). No transaction price was disclosed in the regulatory filing, though the shares carry a face value of ₹10 each.
Shareholding Picture
- Individual promoter holding increased from 46.56% to 48.82% post-acquisition
- K. Chittilappilly Trust, acting as a Person Acting in Concert (PAC), maintains 83,50,000 shares (17.13%)
- Combined promoter and PAC holding shifted from 63.69% to 65.95%
- The promoter group reports zero encumbrances or pledged shares
- Institutional holding for the current quarter stands at 15.37%, including 0.73% by Mutual Funds
- Total diluted voting capital remains unchanged at 4,87,50,000 equity shares
Business Overview
Veegaland Developers Limited, headquartered in Kochi, is a prominent real estate player in the Kerala market. Originally established as Veegaland Developers Private Limited, the company specializes in the construction of high-end residential apartments and luxury villa projects. It is part of the business group founded by Kochouseph Chittilappilly, who is also the architect behind major Indian brands like V-Guard Industries and Wonderla Holidays.
The company focuses on urban residential development in South India, specifically targeting the growing demand for quality housing in Kerala's major commercial hubs like Ernakulam and Thrikkakara.
Financial Context and Industry Landscape
Veegaland Developers reported an annual operating revenue of ₹250.98 crore for the latest financial year, marking a year-on-year growth of 29.53%. Net profit for the same period reached ₹26.61 crore, a 30.3% increase. The company operates in a sector currently experiencing a 14.9% quarterly revenue growth and 22.39% profit growth on a year-on-year basis.
With an annual Return on Equity (ROE) of 9.97% and a Return on Assets (ROA) of 5.5%, the firm maintains a Price to Book (P/B) ratio of 2.4. This compares to an industry Price-to-Earnings (P/E) multiple of 35.42, reflecting broader trends in the Indian realty sector.
| Share price | ₹139 |
|---|---|
| Market capitalisation | ₹677.62 Cr |
| Revenue (annual) | ₹250.98 Cr |
| Net profit (annual) | ₹26.61 Cr |
| Promoter holding | 63.69% |
| FII holding | 0.55%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by Veegaland Developers Limited announcing a substantial acquisition of shares under Regulation 29(2) of SEBI SAST Regulations. Market figures from a third-party data provider.
