Suraj Estate Developers Ltd

Financial Performance

• Total income: INR146 crores in Q1 FY27, up 10% YoY from INR133 crores.
• EBITDA: INR55 crores; YoY growth 9%.
• EBITDA margin: close to 37.5%.
• PAT: INR23 crores; YoY growth 7%.
• Sales value: INR141 crores; up 74% YoY.
• Sales area: 28,834 sq ft; up 74%.
• Collections: INR86 crores; vs INR115 crores Q1 FY26.

Operations Update

• Total sold area: 5.95 lakh sq ft; average realization INR45,922 per sq ft.
• Suraj One Business Bay: 33% inventory sold post-launch.
• Adjoining Mahim land parcel acquisition to expand project scale.
• Dadar West land parcel acquired; cost INR18 crores; sale potential 18,000 sq ft; GDV INR100 crores.
• Bandra project: two balance conveyances pending; third plot amalgamation timeline uncertain; launch next financial year.
• Luxury segment inventory limited; traction across commercial and Value Luxury.
• One Business Bay Phase 2 amalgamation; top line INR800 crores.
• Amalgamated plot presales: ~1 lakh additional for the year.
• Launch pipeline FY27: INR1,600 crores; Q2 INR240 crores; Q3 800–880 crores; Q4 480 crores.
• Business Bay pricing around INR50,000 per sq ft; velocity-focused expansion; potential price appreciation.

Balance Sheet & Cash Flow

• Net debt: INR613.91 crores as of 30 Jun 2026.
• Gross debt: INR646.94 crores; cash: INR33.03 crores.
• Balance receivables: INR1,060 crores.
• Unsold residential: 22,000 sq ft; GDV INR109 crores.
• Unsold commercial: 1.4 lakh sq ft; top line INR841 crores.
• Total unsold inventory: INR950 crores.

Projects & Capex

• Suraj Nova (Mahim): ~INR180 crores top line; Madonna (Dadar): ~INR60 crores top line.
• One Business Bay Phase 2: ~INR800 crores top line.
• Bandra land: estimated premiums INR300–350 crores; internally funded to start; external financing later.
• Dadar West land parcel: acquisition cost INR18 crores; sale potential 18,000 sq ft; GDV INR100 crores.
• Concession plan approved for amalgamated portion; INR800 crores top line not expected in Q2.
• Pricing for Business Bay around INR50,000 per sq ft; focus on project velocity.

Guidance & Outlook

• Presales guidance for FY27: INR700 crores across residential and commercial.
• Revenue growth outlook: close to 10%–15% growth vs last financial year.
• EBITDA margin guidance: 35%–37% for the next 2 years.
• Launch pipeline for FY27: INR1,600 crores.
• Bandra funding to come from internal accruals; external debt planning for construction phase.
• Amalgamated plot may contribute additional presales: 1 lakh as discussed.

Q&A Highlights

• Launch pipeline FY27: INR1,600 crores; Q2 ~INR240 crores; Q3 ~INR800–880 crores; Q4 ~INR480 crores.
• Largest near-term contributors: One Business Bay (commercial) and Suraj Nova (Mahim) with CC and RERA soon.
• Bandra project: two conveyances pending; third-plot amalgamation timeline not defined; launch next financial year.
• Customer profile: Luxury inventory limited; traction in commercial and Value Luxury segments.
• Debt trajectory: debt will rise temporarily due to launches; then come down on a sustainable basis.
• Pricing movement: Business Bay average around INR50,000 per sq ft; velocity remains the priority.

Meeting Details

• Analyst/Investors conference call held on August 17, 2026.
• Type: group; Mode: virtual.

Participants

• Key participants: Senior Management from Suraj Estate Developers.

Purpose

• Purpose: discuss Q1 FY27 results for quarter ended June 30, 2026.

Additional Notes

• Audio recording of the conference call uploaded on the company website.

Business Overview

• Redevelopment-focused real estate developer in SCM Mumbai with residential and commercial assets.
• Asset-light model; expanding land reserves and project pipeline in SCM.
• Strategic focus on Suraj One Business Bay and Dadar West expansion.

Operational Highlights

• Q1 FY27 sales value and sales area grew across residential and commercial segments.
• Suraj One Business Bay launched with strong sales traction observed.
• Land acquisition in Dadar West with estimated GDV ~₹100 crore.
• Balance receivables from ongoing projects around ₹2,010 Cr.
• MahaRERA extension extends completion dates by four months.

Financial Performance

• Total income ₹146.2 Cr in Q1 FY27, up 10% YoY.
• Revenue from operations ₹144.7 Cr; EBITDA ₹54.8 Cr.
• EBITDA margin 37.5% in Q1 FY27.
• PBT ₹31.3 Cr; PAT ₹22.9 Cr; EPS ₹4.94.
• FY26 total income ₹561.0 Cr; PAT ₹90.3 Cr; EPS ₹19.51.
• FY26 EBITDA margin 39.7%.

Capital Structure & Liquidity

• Non-current borrowings ₹532 Cr; current borrowings ₹110 Cr; total ₹642 Cr.
• Cash and cash equivalents ₹40.1 Cr; total assets ₹1,961 Cr.
• Equity ₹993.1 Cr; total equity ₹993.1 Cr.
• Current liabilities ₹421.1 Cr; total liabilities ₹1,961.3 Cr.

Strategic Priorities & Outlook

• Advance ongoing projects; drive sales and collections.
• Selectively pursue development opportunities in SCM; expand land reserves.
• Asset-light redevelopment strategy; pursue DPCR 33(7)(B) and TOD FSI benefits.
• Expand commercial and residential pipeline; Bandra (W) and Santacruz (E) land reserves targeted.

Risks & Mitigation

• Regulatory changes and market risks; mitigated by disciplined execution.
• Diversified asset mix and asset-light redevelopment reduce upfront capital risk.

Governance & Leadership

• Rahul Thomas, Whole-Time Director, provided Q1 FY27 performance commentary.
• Key management includes CFO Shreepal Shah and Company Secretary Mukesh Gupta.
• Board comprises independent directors listed in the presentation.

Financial & Business Highlights

• Q1FY27 total income rose to Rs 146 crore, up 10% YoY.
• Q1FY27 EBITDA stood at Rs 55 crore with 37.5% margin.
• PAT was Rs 23 crore, PAT margin 15.6%.
• Sales Value increased 74% YoY to Rs 141 crore.
• Sales Area rose 74% YoY to 28,834 sq ft.
• Collections were Rs 86 crore.
• Acquired land parcel in Dadar West for Rs 18 crore.
• Dadar West acquisition has 0.18 lakh sq ft developable area.
• Estimated GDV of Rs 100 crore.
• Suraj One Business Bay inventory sold ~33% since launch.

Deviation and fund utilisation

• Purpose: deviation/variation in utilisation of funds raised under preferential issue.
• Mode of fund raising: Preferential Issue.
• Dates of fund raising: 15 Oct 2024 and 18 Oct 2024.
• Amount raised: Rs. 343.39 crore.
• Report filed for quarter ended: 30-06-2026.
• Monitoring agency: Care Rating Limited.
• Deviation status: No deviation reported.
• Objects: no change in the original objects; allocations modified.
• Note: warrants issued; proceeds included in total allocated funds; warrants forfeited.
• Status: No deviation; utilisation aligns with modified allocations.

Consolidated results

• Revenue from operations ₹14,471.25 lakh; total income ₹14,623.04 lakh.
• PBT ₹3,131.12 lakh; tax ₹846.04 lakh; PAT ₹2,285.08 lakh.
• Total comprehensive income ₹2,284.24 lakh; owners ₹2,282.79 lakh; non-controlling ₹229 lakh.

Standalone results

• Revenue from operations ₹8,638.33 lakh; total income ₹10,284.02 lakh.
• PBT ₹2,847.57 lakh; tax ₹756.68 lakh; PAT ₹2,090.89 lakh.

Corporate actions & fund-raising

• MD re-appointment: Rajan Meenathakonil Thomas for 5 years from 01-Oct-2026 to 30-Sep-2031, subject to AGM.
• WTD re-appointment: Rahul Rajan Jesu Thomas for 5 years from 01-Nov-2026 to 31-Oct-2031, subject to AGM.
• Enabling resolution to raise up to ₹500 crore via equity or convertible securities, subject to approvals.

Warrant forfeiture & other notes

• Upfront warrant money ₹4,987.50 lakh forfeited; transferred to Capital Reserve.

Operational profile & audit

• Single operating segment: Real Estate and allied activities; no overseas operations.
• Unaudited results reviewed by Audit Committee with unmodified opinion.

Meeting Details

• Date and time: August 17, 2026 at 2:00 PM IST.
• Type and mode: group earnings call, virtual.
• Organiser: Strategic Growth Advisors Pvt. Ltd.
• Pre-registration required for access.

Participants

• Company participants: Whole Time Director and Chief Financial Officer.

Purpose

• Discuss operational and financial performance for Q1FY27.

Additional Notes

• Call is an analyst/investor meet; details to be published on company website.

Issuance details

• 1,650 senior, secured, unrated, unlisted, redeemable, taxable, non-convertible debentures issued.
• Face value INR 10,00,000 each; aggregate size up to INR 165 crore.
• Private placement to eligible investors under applicable Companies Act and SEBI rules.

Meeting Details

• Meeting scheduled for 14 August 2026; time and venue not disclosed.

Key Agenda Items

• Unaudited standalone and consolidated financial results for the quarter ended June 30, 2026.
• Enabling resolution to raise funds via equity or convertible securities, including issue price determination, subject to approvals.

Other Notes

• Trading window for designated persons closed from July 01, 2026, until 48 hours after results declaration.

Dematerialisation processing and listing

• Dematerialisation requests were processed (accepted/rejected) and listed on exchanges.
• Physical certificates were mutilated, cancelled, and depository name registered within timelines.