Ansal Housing's ₹96.27 Cr loan default is over three times its market cap — and the second month disclosed

On Saturday, October 31, after market close, Ansal Housing filed a default disclosure with the BSE: ₹96.27 crore of principal on a project-funding loan from Suraksha Asset Reconstruction has been in default since September 30, 2026. The company's entire market capitalisation is roughly ₹29.6 crore — the unpaid principal on this one loan is about 3.3 times what the stock market says the whole company is worth. And the filing is not a one-off: an identical-format disclosure a month earlier recorded a default to the same lender dated August 31.

The disclosure itself is compelled, not voluntary — the filing cites the SEBI Master Circular dated January 30, 2026 requiring listed entities to disclose defaults that remain unpaid beyond 30 days, in a prescribed format. That mechanism also explains the timing: the default is dated September 30, and the disclosure lands one month later. It is the second filing in this exact format in as many months.

The capital-structure arithmetic is the story. Total financial indebtedness of ₹201.88 crore sits against a listed equity worth about ₹29.6 crore — roughly 6.8 times. At 14% per annum, the ₹169 crore facility alone implies an interest bill in the region of ₹24 crore a year if fully drawn — an inference, but one consistent with the ₹4.94 crore of consolidated interest expense reported in Q1 FY27. The shareholding pattern as of June 30, 2026 shows promoters at 24.99%, no FII holding, and 3,300 shares with DIIs — the float is almost entirely non-institutional.

Over the 60 sessions shown the stock drifted from ₹5.60 to ₹4.25 — down about 24% — touching its 52-week low of ₹4.01 on October 29 before closing the week at ₹4.25, some 60.6% below the 52-week high of ₹10.79 set on December 26, 2025. The decline has been a grind rather than a single-day break, on daily volumes that rarely exceed a few lakh shares — consistent with the liquidity caution above. The October 31 disclosure has not yet traded; the next session is the first test of how the market prices a stated ₹96.27 crore principal default.

The operating record frames the default. Ansal Housing has reported five consecutive consolidated net-loss quarters, totalling roughly ₹40.5 crore, with revenue sliding from ₹121.47 crore in Q2 FY26 to ₹66.09 crore in Q3 FY26, ticking up to ₹69.98 crore in Q4 FY26, before dropping to ₹46.70 crore in Q1 FY27. Q1 FY27 carried ₹4.94 crore of consolidated interest expense against that ₹46.70 crore of revenue. Separately, on October 23 the company disclosed an HRERA order imposing a penalty of ₹2,07,867 — about ₹2.1 lakh, financially trivial — for delay in paying the extension fee on its Ansal Town Yamunanagar DDJAY-SCH-1 project; the session closed 4.2% lower. The pattern across filings is of a company managing obligations on several fronts at once.