Current/ Expected Orderbook/ Pending Orders?

Shriram Properties has a strong project pipeline of about 53 million square feet. Of this, 24 million square feet is ongoing, with the company’s share being around 23 million square feet. Approximately 80% of this ongoing inventory is already sold. They expect to end FY24 with about 5 million square feet of unsold area from ongoing projects (opening inventory for FY25). There is an additional 20 million square feet available for future launches, comprising deferred projects (7-8 million sq ft) and ready-to-launch projects (12-13 million sq ft). The company targets launching another 6-7 million

Any current/future new fundraising through debt or equity?

There is no explicit mention of any new fundraising plans through debt or equity in the discussed pages. The company has been managing its debt by acquiring and refinancing existing obligations, such as the acquisition of JV interest in Shriram Park 63 leading to a rise in gross debt, expected to decline in coming quarters. Efforts to reduce cost of debt and refinance are ongoing but incremental progress is expected to be slow due to market conditions. The company has a comfortable liquidity position with daily liquidity between Rs.60-80 crores, supporting operational and growth needs. New pro

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

Entry into the Pune market was approved by the board; a significant new strategic investment after a gap. A total project revenue potential of about Rs.1,300 crores identified for the Pune project, with an 18% DM fee including marketing costs — considered an attractive, low capital-intensive opportunity. The company is progressing with re-approvals and RERA application for formal Pune entry expected by end of March 2023. Focus remains on residential development with some commercial integration only where required (e.g., Pune project includes some commercial activity as an integrated parc

Future growth expectations in sales/revenue/volumes?

Targeting 20% average growth over the next 2-3 years. Ending FY'24 with around 5 million square feet of unsold area from ongoing projects. Planning to launch another 6-7 million square feet in FY'25 to drive growth. Strong visibility of volume potential for FY'25 due to robust sales pipeline (54 million sq.ft total, 24 million ongoing, 80% already sold). Revenue recognition for FY'24, FY'25, and FY'26 has good visibility with 70% of aggregate revenue coming from already sold volumes. Confident of meaningful growth in earnings and revenue in FY'25. Q4 expected to recoup deferred volumes and rev

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

Shriram Properties targets an average growth of 20% over the next 2-3 years (Page 13). EBITDA margins are stable around mid-20%, with confidence to sustain this in coming years (Page 7, 10). Nine months FY24 show 14% EBITDA growth, 11% PBT growth, and slight net profit increase, indicating improving profitability (Page 7, 10). Full-year FY24 earnings expected to show meaningful growth despite Q3 setbacks due to deferred revenues, which are expected to be recouped in Q4 (Pages 7, 11). EPS for nine months FY24 at Rs.3.24 compares well with full-year FY23, showing growth momentum (Page 10). FY25

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Shriram Properties LtdQ4 FY25Realty

Shriram Properties Ltd Q4 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

→Targeting 20% average growth over the next 2-3 years.
→Ending FY'24 with around 5 million square feet of unsold area from ongoing projects.
→Planning to launch another 6-7 million square feet in FY'25 to drive growth.
→Strong visibility of volume potential for FY'25 due to robust sales pipeline (54 million sq.ft total, 24 million ongoing, 80% already sold).
→Revenue recognition for FY'24, FY'25, and FY'26 has good visibility with 70% of aggregate revenue coming from already sold volumes.
→Confident of meaningful growth in earnings and revenue in FY'25.
→Q4 expected to recoup deferred volumes and revenues from Q3 setbacks, leading to strong full-year delivery.
→Focus on markets: Bangalore, Chennai, Pune as major growth drivers.
→Pursuing asset-light model to support capital efficiency and scalability.

Margin guidance

Category 3

→Shriram Properties targets an average growth of 20% over the next 2-3 years (Page 13).
→EBITDA margins are stable around mid-20%, with confidence to sustain this in coming years (Page 7, 10).
→Nine months FY24 show 14% EBITDA growth, 11% PBT growth, and slight net profit increase, indicating improving profitability (Page 7, 10).
→Full-year FY24 earnings expected to show meaningful growth despite Q3 setbacks due to deferred revenues, which are expected to be recouped in Q4 (Pages 7, 11).
→EPS for nine months FY24 at Rs.3.24 compares well with full-year FY23, showing growth momentum (Page 10).
→FY25 has good revenue visibility with ~70% from already sold volume, implying further meaningful revenue and profit growth (Page 13).
→Efforts on capital-light model and debt reduction aim to ensure financial strength supporting growth (Page 14).

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Fundraise plans

Yes

→There is no explicit mention of any new fundraising plans through debt or equity in the discussed pages.
→The company has been managing its debt by acquiring and refinancing existing obligations, such as the acquisition of JV interest in Shriram Park 63 leading to a rise in gross debt, expected to decline in coming quarters.
→Efforts to reduce cost of debt and refinance are ongoing but incremental progress is expected to be slow due to market conditions.
→The company has a comfortable liquidity position with daily liquidity between Rs.60-80 crores, supporting operational and growth needs.
→New project acquisitions are being funded through existing cash flows and treasury balances, not new external fundraising.
→The company aims for zero net debt position within the next 18-24 months, leveraging asset-light models and monetization activities.
→Discussions on promoters' shareholding and strategic investors indicate stable equity ownership without plans for immediate new equity infusion.

Order book

Yes

→Shriram Properties has a strong project pipeline of about 53 million square feet.
→Of this, 24 million square feet is ongoing, with the company’s share being around 23 million square feet.
→Approximately 80% of this ongoing inventory is already sold.
→They expect to end FY24 with about 5 million square feet of unsold area from ongoing projects (opening inventory for FY25).
→There is an additional 20 million square feet available for future launches, comprising deferred projects (7-8 million sq ft) and ready-to-launch projects (12-13 million sq ft).
→The company targets launching another 6-7 million square feet in FY25 to sustain growth.
→Overall, the orderbook and pending orders provide good visibility on volumes and revenue for FY24 and FY25, with 70% of aggregate revenue from existing sold inventory.

Capex plans

Yes

→Entry into the Pune market was approved by the board; a significant new strategic investment after a gap.
→A total project revenue potential of about Rs.1,300 crores identified for the Pune project, with an 18% DM fee including marketing costs — considered an attractive, low capital-intensive opportunity.
→The company is progressing with re-approvals and RERA application for formal Pune entry expected by end of March 2023.
→Focus remains on residential development with some commercial integration only where required (e.g., Pune project includes some commercial activity as an integrated parcel).
→Plans include launching another 6-7 million square feet over the next year to feed growth in FY'25, indicating ongoing capital allocation towards development.
→Evaluating new projects for deployment under the ASK co-development platform; another large project deployment is expected in the coming quarters, with a focus on asset-light, capital-efficient growth.

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