Are Alpine Housing Development Corporation Ltd latest results good or bad?

Alpine Housing Development Corporation Ltd's latest financial results for Q3 FY26 present a mixed operational picture. The company reported a net profit of ₹2.17 crores, reflecting a year-on-year growth of 26.91%. This profit growth is particularly notable when compared to the previous quarter, where net profit surged by 214.49% from ₹0.69 crores in Q2 FY26. Revenue for the quarter stood at ₹21.73 crores, marking a modest year-on-year increase of 0.98%, but a significant quarter-on-quarter rise of 45.25% from ₹14.96 crores in Q2 FY26. The operating margin improved to 15.05%, up from 10.49% in the previous quarter, indicating better cost management and project execution. The profit after tax (PAT) margin also showed an upward trend, reaching 9.99%, compared to 4.61% in Q2 FY26. Despite these positive indicators, the company's average return on equity (ROE) and return on capital employed (ROCE) remain low at 4.09% and 6.43%, respectively, suggesting ongoing challenges in capital efficiency. The balance sheet shows manageable debt levels, but the high debt-to-EBITDA ratio raises concerns about financial flexibility. Overall, while Alpine Housing's recent results demonstrate significant sequential improvements in profitability and margins, structural weaknesses in capital efficiency and operational volatility remain areas of concern. The company also experienced an adjustment in its evaluation, reflecting the complexities of its financial performance in a competitive real estate market.