Any current/future new fundraising through debt or equity?

Recent borrowing increase was primarily for growth capital to fund new project acquisitions, not for launches. Five projects were locked during the year, with three acquisitions in October 2025, requiring raised capital. Debt raised is mainly short-term fuel for accelerated growth. Debt-equity ratio is maintained prudently around 0.3 to 0.5x, ensuring financial discipline. New borrowings will be repaid as projects complete and cash flows improve. Company maintains a strong balance sheet with net debt at INR 407 crores and net debt-equity of 0.29x. Cost of debt has reduced to 11.1%, and credit

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

Shriram Properties is actively raising growth capital to fund new projects, maintaining a prudent debt-equity ratio below 0.5x for sustainable growth. Recent capital raised is primarily for new project acquisitions and accelerated growth rather than launches alone. In H1 FY'26, the company invested INR 143 crores into new business development projects aligned with its pipeline expansion strategy. Five new high-quality projects have been added in FY'26, representing potential development of ~2.3 million sq ft with GDV of INR 2,350 crores. Another 5-6 new projects, totaling over 6 million sq ft

Future growth expectations in sales/revenue/volumes?

Target revenue for FY'28 is approximately INR 2,500 to 3,000 crores (FY'28 alone, not cumulative). Revenue potential of over INR 5,000 crores from pending revenue recognition over the next 3 years. Strong launch pipeline with ~2.7 million sq. ft. (~INR 2,200 crores GDV) planned for H2 FY'26. 2,500+ units (~INR 1,000 crores revenue) targeted for handover and recognition in H2 FY'26. Business development pipeline robust with over 20 million sq. ft. under evaluation and 15-20 million sq. ft. expected to be added in the next 12-18 months. Collections and sales volume have demonstrated st

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

Shriram Properties targets significant revenue growth, aiming to cross INR 1,000 crore in FY'26 with optimism to exceed this. Earnings are expected to improve substantially in H2 FY'26 due to deferred revenue recognition from completed projects now progressing. PAT margin guidance aims for 9-11% at the PBT level, with FY25 recorded PAT margin around 8% (~INR 77 crore). The company has a mission "1234" targeting INR 5,000+ crore revenue potential from ~9.8 million sq ft pending revenue recognition by FY'28. EBITDA margins have been in the mid-20% range, with stable gross margins (~32%). Strong

Current/ Expected Orderbook/ Pending Orders?

As of September 2025, Shriram Properties has approximately 9.8 million square feet of area pending revenue recognition, representing potential revenue exceeding INR 5,000 crores over the next 3 years (Page 9). The upcoming project pipeline features a GDV of about INR 11,470 crores, with nearly half (INR 5,000 crores) being owned projects (Page 16). The company is on track to nearly double its upcoming pipeline within the next 18-24 months with 22.4 million square feet visible today and plans to add another 15-20 million square feet over the next 12-18 months (Page 9). Current BD funnel shows o

Shriram Properties LtdQ3 FY26Realty

Shriram Properties Ltd Q3 FY26 Earnings Call Analysis

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

Price: ₹78.1P/E: 14.4Market Cap: ₹1.5K CrSector: Realty

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→Target revenue for FY'28 is approximately INR 2,500 to 3,000 crores (FY'28 alone, not cumulative).
→Revenue potential of over INR 5,000 crores from pending revenue recognition over the next 3 years.
→Strong launch pipeline with ~2.7 million sq. ft. (~INR 2,200 crores GDV) planned for H2 FY'26.
→2,500+ units (~INR 1,000 crores revenue) targeted for handover and recognition in H2 FY'26.
→Business development pipeline robust with over 20 million sq. ft. under evaluation and 15-20 million sq. ft. expected to be added in the next 12-18 months.
→Collections and sales volume have demonstrated steady growth: H1 sales value INR 1,126 crores (+19% YoY), collections INR 725 crores (+6% YoY).
→Market momentum strong in Bangalore, Pune, Chennai, and Kolkata, with expansion in other micro-markets planned.
→Management confident of sustained growth and achievement of "Mission 1234" targets by FY'28.

Margin guidance

Category 3

→Shriram Properties targets significant revenue growth, aiming to cross INR 1,000 crore in FY'26 with optimism to exceed this.
→Earnings are expected to improve substantially in H2 FY'26 due to deferred revenue recognition from completed projects now progressing.
→PAT margin guidance aims for 9-11% at the PBT level, with FY25 recorded PAT margin around 8% (~INR 77 crore).
→The company has a mission "1234" targeting INR 5,000+ crore revenue potential from ~9.8 million sq ft pending revenue recognition by FY'28.
→EBITDA margins have been in the mid-20% range, with stable gross margins (~32%).
→Strong operational KPIs, growing sales volumes, and entering high-velocity micro markets boost outlook.
→Expect strengthened cash flows and profitability as OC/eKhata approvals and handovers normalize.
→Management confident of sustaining growth momentum through pipeline additions and focused business development.

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Fundraise plans

Yes

→Recent borrowing increase was primarily for growth capital to fund new project acquisitions, not for launches.
→Five projects were locked during the year, with three acquisitions in October 2025, requiring raised capital.
→Debt raised is mainly short-term fuel for accelerated growth.
→Debt-equity ratio is maintained prudently around 0.3 to 0.5x, ensuring financial discipline.
→New borrowings will be repaid as projects complete and cash flows improve.
→Company maintains a strong balance sheet with net debt at INR 407 crores and net debt-equity of 0.29x.
→Cost of debt has reduced to 11.1%, and credit rating is A- with positive outlook from CRISIL.
→No explicit mention of upcoming equity fundraising; focus remains on efficient debt use for growth.

Order book

Yes

→As of September 2025, Shriram Properties has approximately 9.8 million square feet of area pending revenue recognition, representing potential revenue exceeding INR 5,000 crores over the next 3 years (Page 9).
→The upcoming project pipeline features a GDV of about INR 11,470 crores, with nearly half (INR 5,000 crores) being owned projects (Page 16).
→The company is on track to nearly double its upcoming pipeline within the next 18-24 months with 22.4 million square feet visible today and plans to add another 15-20 million square feet over the next 12-18 months (Page 9).
→Current BD funnel shows over 20 million square feet under active evaluation across Bangalore, Chennai, and Pune (Page 6).
→Recent additions include 5 high-quality projects with ~2.3 million square feet potential and GDV of INR 2,350 crores, with 3 projects concluded in October 2025 (Page 9).

Capex plans

Yes

→Shriram Properties is actively raising growth capital to fund new projects, maintaining a prudent debt-equity ratio below 0.5x for sustainable growth.
→Recent capital raised is primarily for new project acquisitions and accelerated growth rather than launches alone.
→In H1 FY'26, the company invested INR 143 crores into new business development projects aligned with its pipeline expansion strategy.
→Five new high-quality projects have been added in FY'26, representing potential development of ~2.3 million sq ft with GDV of INR 2,350 crores.
→Another 5-6 new projects, totaling over 6 million sq ft development potential, are in advanced diligence stages slated for addition soon.
→The company’s closing cash balance is INR 286 crores, providing ample liquidity for ongoing construction and new business development opportunities.
→Overall, capex and strategic investments are focused on expanding the project pipeline in high-velocity micro-markets across Bangalore, Chennai, Pune, and Kolkata.

How does Shriram Properties Ltd rank vs peers in Realty?

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