Suraj Estate Developers Ltd

AGM details

• Date of AGM: 30 September 2026.
• Voting mode: remote e-voting prior to AGM and e-voting at AGM.

Key resolutions and outcomes

• Ordinary: Adoption of audited Standalone and Consolidated Financial Statements; passed.
• Ordinary: Re-appointment of Elizabeth Lavanya Thomas as Director; passed.
• Ordinary: Re-appointment of Rajan Meenathakonil Thomas as Director; passed.
• Ordinary: Ratification of Cost Auditor remuneration for FY 2026-27; passed.
• Special: Re-appointment of Rajan Meenathakonil Thomas as Managing Director; passed.
• Special: Re-appointment of Rahul Rajan Jesu Thomas as Whole-Time Director; passed.
• Special: Approval to raise funds by issuing eligible securities; passed.
• Special: Borrowing funds beyond Paid-up Capital, Free Reserves and Securities Premium; passed.
• Special: Authority to create charge on assets; passed.

Auditor

• Cost Auditor remuneration for FY 2026-27 ratified; amount not disclosed.

Mahim land acquisition

• Subsidiary completed development rights acquisition for a 2,941 sqm plot adjoining Suraj One Business Bay.
• Total investment for the acquisition was ₹82.72 Crores.
• Amalgamation with the existing development is expected to add about 1.50 lakh sq ft carpet area.
• Estimated GDV of ₹800 Crores upon completion.
• Acquisition strengthens near-to-medium-term project pipeline and South-Central Mumbai presence.
• Development Agreement for the plot has been registered.

Suraj Estate Developers Ltd: Trading Window closed from October 1, 2026 till the expiry of 48 hours after the declaration of Unaudited Financial Results for the quarter and half year ended September 30, 2026.

Price movement clarification

• Company has disclosed all material events to exchanges as per SEBI LODR, Reg 30.
• There is no material information or impending announcement not yet disclosed.
• Price movement is market-driven and not controllable by the Company.
• Company will continue to comply with regulations and disclose material events promptly.

Meeting Details

• Date and time: 28 September 2026, 12:00 Noon to 01:00 PM.
• Type and mode: Group meeting, Virtual.
• Organizer: Arihant Capital — Bharat Connect Conference: Rising Stars September 2026.
• Company participants: Officials (incl. Company Secretary & Compliance Officer).
• Purpose: Investor/Analyst meeting; discussions based on public information.

AGM and annual report access

• 40th AGM scheduled for Sept 30, 2026 at 12:30 PM via VC/OAVM.
• FY2025-26 Annual Report available online; details via provided link.
• Weblink: https://surajestate.com/wp-content/uploads/2026/09/40th-Annual-Report-FY-2025-26.pdf
• Communication sent to members without registered email addresses as on Aug 28, 2026.
• KYC updates and dematerialization of physical securities urged per SEBI circular.

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.