Any current/future new fundraising through debt or equity?

No significant jump in debt is planned; current gross debt is INR 567 crores with net debt INR 380 crores. The company will continue borrowing for construction finance needs for new projects but will also repay ongoing project debts. Cost of debt is around 11.3%, with potential to reduce slightly; new borrowings are at lower rates (~9.75%-10%). No mention of immediate equity fundraising or promoter shareholding increase; inter-promoter transfers approved by SEBI are underway, with no further shareholding increase planned for now. Working on new capital deployment with investors like AS

Any current/future capex/capital investment/strategic investment?

INR 75 crores invested into new project execution in Q1 FY26 to seed future growth. Added INR 200 crores GDV project in Bangalore, currently in approval progress, targeting launch in H2 FY26. Six projects (~3 million sq. ft.) at an advanced stage of diligence and documentation, likely to close in Q2/Q3 FY26. Five more projects with 3+ million sq. ft. potential at final commercial closure stage, expected to close during H2 FY26. Further projects with 20+ million sq. ft. at various evaluation stages across core markets, providing multi-year pipeline. Working on additional capital raises and inve

Future growth expectations in sales/revenue/volumes?

**Handover Guidance:** Targeting 3,300 to 3,600 units handover in FY26, with approximately 25% of handovers expected in Q4. **Revenue Growth:** Expect top line growth slightly higher than 14% in FY26, with projected revenue upwards of INR 1,250 - 1,300 crores. **Sales Momentum:** Strong first quarter sales of INR 441 crores (17% YoY growth), supported by high demand in core markets and new market entries (Pune, Bangalore). **Collections:** Highest-ever Q1 collections at INR 338 crores, expected to strengthen with scheduled handovers and new launches. **New Launches:** Robust responses

Future growth expectations in earnings/operating earnings/profits/EPS?

FY26 outlook remains confident with guidance maintained as previously shared. Revenue for FY26 is expected to be upwards of INR 1,250 - 1,300 crores, supported by strong handovers (about 3,300-3,600 units) and milestone achievements. EBITDA margins are targeted around 30-34%, with consistent project-level profitability. PAT recorded strong growth of 18% year-on-year in Q1 FY26, with expectations to continue growing alongside revenue. Management aims for improved ROE and ROCE, targeting double-digit or mid-teen ROCE within 24 months. Strategic focus on disciplined project execution, acceleratin

Current/ Expected Orderbook/ Pending Orders?

The current presales value is INR 441 crores as per the latest update (Page 16). Shriram Properties has ongoing commitments with ASK, with at least INR 135-140 crores of investment scope remaining in the existing platform (Page 17). Additional similar platforms and capital raising efforts are underway for future investments with ASK and others (Page 17). The business development pipeline includes over 20 million square feet of development potential, with significant new project additions expected in Q2 and Q3 (Page 4). The company is focusing on doubling the upcoming project pipeline to fuel g

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Shriram Properties LtdQ2 FY25Realty

Shriram Properties Ltd Q2 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹91.6P/E: 20.2Market Cap: ₹1.4K CrSector: Realty

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→**Handover Guidance:** Targeting 3,300 to 3,600 units handover in FY26, with approximately 25% of handovers expected in Q4.
→**Revenue Growth:** Expect top line growth slightly higher than 14% in FY26, with projected revenue upwards of INR 1,250 - 1,300 crores.
→**Sales Momentum:** Strong first quarter sales of INR 441 crores (17% YoY growth), supported by high demand in core markets and new market entries (Pune, Bangalore).
→**Collections:** Highest-ever Q1 collections at INR 338 crores, expected to strengthen with scheduled handovers and new launches.
→**New Launches:** Robust responses to projects like "The One" in Bangalore and maiden Pune launch, indicating solid demand and price momentum.
→**Pipeline Growth:** Active addition of new projects with over 20 million sq.ft. development potential, aiming to double the upcoming pipeline.
→**Market Outlook:** Underlying demand remains strong in core markets; stable pricing with moderate increases expected, focusing on volume-driven growth.

Margin guidance

Category 3

→FY26 outlook remains confident with guidance maintained as previously shared.
→Revenue for FY26 is expected to be upwards of INR 1,250 - 1,300 crores, supported by strong handovers (about 3,300-3,600 units) and milestone achievements.
→EBITDA margins are targeted around 30-34%, with consistent project-level profitability.
→PAT recorded strong growth of 18% year-on-year in Q1 FY26, with expectations to continue growing alongside revenue.
→Management aims for improved ROE and ROCE, targeting double-digit or mid-teen ROCE within 24 months.
→Strategic focus on disciplined project execution, accelerating construction for faster collections, and scaling new market launches (e.g., Pune and Bangalore).
→Royalty savings due to stopping use of Shriram Group tagline expected to save approximately INR 4 crores annually from current year onwards.
→No immediate plans for promoter shareholding increase; focus remains on operational performance and shareholder value creation.

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Fundraise plans

Yes

→No significant jump in debt is planned; current gross debt is INR 567 crores with net debt INR 380 crores.
→The company will continue borrowing for construction finance needs for new projects but will also repay ongoing project debts.
→Cost of debt is around 11.3%, with potential to reduce slightly; new borrowings are at lower rates (~9.75%-10%).
→No mention of immediate equity fundraising or promoter shareholding increase; inter-promoter transfers approved by SEBI are underway, with no further shareholding increase planned for now.
→Working on new capital deployment with investors like ASK for additional investment platforms to raise funds, targeting INR 135-140 crores from existing platforms soon.
→New project launches will involve calibrated investments, but no explicit large fundraising plan disclosed at this time.

Order book

Yes

→The current presales value is INR 441 crores as per the latest update (Page 16).
→Shriram Properties has ongoing commitments with ASK, with at least INR 135-140 crores of investment scope remaining in the existing platform (Page 17).
→Additional similar platforms and capital raising efforts are underway for future investments with ASK and others (Page 17).
→The business development pipeline includes over 20 million square feet of development potential, with significant new project additions expected in Q2 and Q3 (Page 4).
→The company is focusing on doubling the upcoming project pipeline to fuel growth (Page 4).
→New project launches are planned or underway in Bangalore, Pune, and Kolkata, with approvals received for new projects in Kolkata (Pages 4, 8).

Capex plans

Yes

→INR 75 crores invested into new project execution in Q1 FY26 to seed future growth.
→Added INR 200 crores GDV project in Bangalore, currently in approval progress, targeting launch in H2 FY26.
→Six projects (~3 million sq. ft.) at an advanced stage of diligence and documentation, likely to close in Q2/Q3 FY26.
→Five more projects with 3+ million sq. ft. potential at final commercial closure stage, expected to close during H2 FY26.
→Further projects with 20+ million sq. ft. at various evaluation stages across core markets, providing multi-year pipeline.
→Working on additional capital raises and investment platforms with ASK and other investors for INR 135-140 crores deployment soon, with future similar platforms planned.
→Focus on calibrated investments for future growth while maintaining cash discipline and debt reduction.

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