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Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

Valuation
Financials (FY2018-19)
Investment Thesis
Pushpanjali Realms And Infratech Limited is Under CIRP since April 25, 2024 (NCLT Allahabad Bench under Section 7 IBC). NSE EMERGE listed real estate developer (Orchid Park, Dehradun). Revenue ₹13.69 Cr (FY2019); fell 53.9%. Promoters: Deepak Mittal & Rajpal Walia. CIN: L70102UR2013PLC000787.
Pros
Cons
Business Segments
Real Estate Development
Real estate builder & developer; developed "Orchid Park" residential project in Dehradun, Uttarakhand; NSE EMERGE listed; now under CIRP since April 2024.
Revenue Model
Revenue is derived from sale of developed residential and commercial properties, and potentially from leasing of own or acquired properties. The company may also earn from land development and infrastructure projects.
Detailed Analysis
Growth Plans
Growing interest in Dehradun as a residential destination due to infrastructure improvements and remote work trends
Uttarakhand government's push for tourism and real estate development
Industry Tailwinds
Growing interest in Dehradun as a residential destination due to infrastructure improvements and remote work trends
Uttarakhand government's push for tourism and real estate development
Recent Developments
NCLT Allahabad Bench (Prayagraj) admitted insolvency petition under Section 7 of IBC 2016; CIRP formally commenced April 28, 2024 with public announcement; claims process opened November 18, 2024.
April 25, 2024Revenue fell 53.9% and profit declined 178.14% in FY2019 — the last publicly available financials.
FY2018-19Comparable Companies
ELDEHSG · ~500 Cr
ANSALHSG
Frequently Asked Questions
About Pushpanjali Realms & Infratech
Pushpanjali Realms And Infratech Limited is a real estate development company based in Dehradun, Uttarakhand, incorporated on 12 July 2013. The company operates in the construction and development of residential apartments, commercial complexes, hotel and hospitality properties, and mixed-use real estate projects. Its primary market is the growing Uttarakhand real estate corridor, which has seen significant demand driven by tourism, government infrastructure spending, and inward migration from Tier-1 cities seeking hill-station lifestyle properties. The company's business model revolves around project-based revenue — acquiring land parcels in Dehradun and surrounding hill districts, obtaining construction permits, developing properties, and selling units to retail buyers and investors. Pushpanjali has also developed hospitality infrastructure, capitalising on Uttarakhand's booming tourism ecosystem including Rishikesh, Mussoorie, and Dehradun city corridors. Revenue is typically recognized upon handover of units to buyers, following the percentage-completion method for large projects. Founded in 2013 by a group of Uttarakhand-based promoters including Deepak Kumar and Rajpal Walia, the company was listed on the Metropoliton Stock Exchange of India (MSEI) and raised public capital with an authorized capital of Rs. 10.50 crore and paid-up capital of Rs. 10.01 crore. The company registered its office at Khasra No. 11, Tarla Nagal, near Helipad, Sahastradhara Road, Dehradun. However, the company ran into serious financial difficulties. On 25 April 2024, the Hon'ble National Company Law Tribunal (NCLT), Allahabad Bench, Prayagraj, admitted an insolvency petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) 2016 and initiated Corporate Insolvency Resolution Process (CIRP) against Pushpanjali Realms. Mr. Anurag Nirbhaya was appointed as the Interim Resolution Professional (IRP). The CIRP status represents a significant red flag for investors and makes this company a high-risk proposition. Creditors and homebuyers who had invested in the company's projects are now part of the Committee of Creditors (CoC) process.
Key Milestones
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You enquire
Takes 2 minutes
We source & quote
Typically within 1 business day
You accept the allocation
Quote valid for 3 days
You transfer the funds
Pay within 2 days of accepting
Shares reach your demat
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Unlisted shares are illiquid and carry higher risk. Pricing is indicative, not live, and these are private off-market transactions with no exchange settlement guarantee. Read the full risk disclosure.
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Industry Headwinds
Very low share price suggesting financial stress
Limited market size and seasonal demand in Uttarakhand real estate
Under Corporate Insolvency Resolution Process (CIRP) since April 2024 — NCLT Allahabad Bench order under IBC Section 7
Source: IBBI / MCA Public Records
Control transferred to Interim Resolution Professional; original management suspended
Source: Media Reports / Public Records
Homebuyers and financial creditors at risk of significant losses
Source: AlphaHub Research
Share price at ₹0.10 — far below face value — is a strong indicator of potential financial stress or minimal operational activity.
Uttarakhand's real estate market is relatively small and seasonal, with demand concentrated in tourist towns like Dehradun, Mussoorie, and Haridwar.
Real estate projects in hilly terrain face environmental and regulatory challenges from bodies like the Forest Department and National Green Tribunal (NGT).
Incorporated July 12, 2013 in Uttarakhand (CIN: L70102UR2013PLC000787) — Dehradun real estate developer
NSE EMERGE listed (PUSHPREALM); promoters Deepak Mittal & Rajpal Walia; 57.81% promoter holding (FY2019)
Developed "Orchid Park" residential project in Dehradun
Revenue ₹13.69 Cr (FY2019); fell 53.9%; profit -178.14%
CIRP initiated April 25, 2024 — NCLT Allahabad Bench under Section 7 IBC; IBBI claims process underway