Square Four Projects India Ltd (526532)
🎯 Key Takeaways
- Square Four Projects India Ltd is in a distressed phase, marked by prolonged operational suspension, consistent financial losses, and no revenue generation, despite being debt-free and promoter-backed. The company has not resumed real estate activities and relies on fresh equity infusions to potentially restart operations, but faces significant structural and governance risks.
- ⚠️ 1) Persistent operational suspension with zero revenue and no visible order pipeline. 2) Qualified audit opinion and material weakness in internal con
📖 The Story
Square Four Projects India Ltd is in a distressed phase, marked by prolonged operational suspension, consistent financial losses, and no revenue generation, despite being debt-free and promoter-backed. The company has not resumed real estate activities and relies on fresh equity infusions to potentially restart operations, but faces significant structural and governance risks.
📰 What's Happening
The company reported a 56% YoY decline in profit to ₹9.73 lakhs and 26% revenue drop to ₹38.43 lakhs in FY26, with no dividend proposed and a qualified audit opinion due to unperformed fair valuation of ₹39.50 lakhs in investments. The 34th AGM on 24 September 2026 will focus on approving audited financials and reappointing directors. Management has infused fresh equity capital and plans to seek statutory permissions to restart real estate projects, though operational resumption remains uncertain amid material weaknesses in internal controls and reliance on promoter support.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 |
| Operating Profit | -0 | -0 | -0 | -0 |
| OPM % | — | — | — | — |
| Net Profit | -0 | -0 | -0 | -0 |
| EPS | ₹-0.03 | ₹-0.03 | ₹-0.05 | ₹-0.04 |
Quarterly financials show zero revenue and negligible operational activity from June 2025 to June 2026, with consecutive net losses and negative EPS, indicating no meaningful recovery in sight. Despite a stable balance sheet with minimal borrowings and steady equity, the absence of revenue and persistent losses suggest the business model is currently non-viable without external intervention or project resumption.
🔮 Management Outlook & What's Next
Management has not provided formal forward guidance on revenue or profitability, but in the annual report, it stated plans to obtain statutory permissions to recommence real estate project activity and highlighted fresh equity infusion as a catalyst for future operations. However, the outlook remains highly uncertain due to suspended operations, lack of order book, and unresolved audit qualifications.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2024 | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|---|
| Equity Capital | 10 | 10 | 10 | 10 | 10 |
| Reserves | 10 | 10 | 10 | 10 | 9 |
| Borrowings | 4 | 1 | 1 | 1 | 2 |
| Total Liabilities | 24 | 21 | 21 | 21 | 21 |
| Fixed Assets | 0 | 16 | 16 | 16 | 16 |
| Investments | 16 | 0 | 0 | 0 | 0 |
| Total Assets | 24 | 21 | 21 | 21 | 21 |
The balance sheet remains stable with no debt and modest equity growth, reflecting a conservative capital structure and minimal financial risk. However, the lack of operational assets or revenue-generating activities means the company's financial resilience is currently passive, dependent on promoter backing rather than organic business momentum.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2024 |
|---|---|
| Operating | +2 |
| Investing | -0 |
| Financing | +0 |
| Net Cash Flow | +2 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 74.6% | 74.6% | 74.6% | 74.6% |
| FII | 0.0% | 0.0% | 0.0% | 0.0% |
| DII | 0.1% | 0.1% | 0.1% | 0.1% |
| Public | 23.4% | 23.3% | 23.4% | 23.4% |
| # Shareholders | 2,651 | 2,707 | 2,689 | 2,791 |
Promoter holding remains steady at 74.63% with no significant changes in FII or DII participation, indicating limited institutional interest. The small public shareholding and stable promoter stake suggest low market confidence and minimal trading activity, reinforcing the company's niche, low-liquidity profile.
⚖️ Peer Comparison — Realty
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| DLF | 1.67 L Cr | 37.6 | 6.5% | 5.6% | 0.00 |
| LODHA | 1.19 L Cr | 28.9 | 17.9% | 17.7% | 0.42 |
| OBEROIRLTY | 68,357 | 25.8 | 17.8% | 14.7% | 0.16 |
| PHOENIXLTD | 67,487 | 52.7 | 16.6% | 15.6% | 0.45 |
| PRESTIGE | 67,474 | 59.2 | 10.4% | 7.8% | 0.92 |
| GODREJPROP | 59,760 | 37.3 | 6.6% | 8.3% | 0.82 |
| PFOCUS | 22,258 | 186.1 | 13.7% | 19.1% | 5.39 |
| ANANTRAJ | 21,141 | 35.6 | 11.1% | 9.9% | 0.10 |
| BRIGADE | 21,057 | 24.5 | 10.9% | 11.5% | 0.90 |
| ABREL | 15,177 | — | -4.5% | -3.3% | 1.52 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1) Persistent operational suspension with zero revenue and no visible order pipeline. 2) Qualified audit opinion and material weakness in internal controls over investment valuation, raising governance concerns. 3) Heavy reliance on promoter support and fresh equity infusions to potentially restart operations. 4) Concentration in related-party loans (93.99% of ₹556.52 lakhs) poses default and transparency risks.
📋 Recent Filings
-
🔴 annual report 1 September 2026Square Four Projects India Limited announced that its Annual Report for FY 2025-26 is available via web link https://www.squarefourgroup.in/Essen_Doco...
-
🔴 annual report 31 August 2026Square Four Projects India Limited's 2025-26 Annual Report shows a profit of ₹9.73 lakhs on revenue of [amount context mismatch] lakhs, down from ₹22....
🧠 Analyst's Read
The company remains a high-risk, low-liquidity entity with no near-term financial improvement expected. Investors should monitor the outcome of the 34th AGM and any updates on statutory clearances for project resumption, as these will be critical catalysts for future performance.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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