Any current/future new fundraising through debt or equity?

Shriram Properties aims to maintain a comfortable debt-to-equity ratio around 0.5:1; temporary deviations are possible but sustained levels beyond 1:1 would cause management concern. To secure about 15 million square feet of land/projects, capital commitment is estimated at Rs. 600-700 crores, with Rs. 350 crore expected from internal cash flows over 24-30 months. Temporary bridge borrowing may be utilized to fund land acquisitions until project cash flows materialize, with repayments aligned to incoming cash flows. The company intends to avoid aggressive leveraging seen in some peers (2x or h

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

Shriram Properties is aggressively expanding its project pipeline with a focus on adding 15-20 million square feet over the next 12 to 18 months. They have accelerated business development activities with over 30 projects under evaluation, including 3 million sq ft near closure and 5-6 million sq ft at advanced diligence stages. Capital commitment for new projects primarily involves joint development agreements (JDA) with lower upfront capital (~Rs. 600-700 crores) compared to outright land acquisition (Rs. 1,500-2,000 crores). Cash inflows of Rs. 350-360 crores from existing projects over 24-

Future growth expectations in sales/revenue/volumes?

Target to double sales value and triple revenues from current levels by FY'28, with sales value reaching around Rs. 5,000 crores. Expect revenues to grow to roughly Rs. 2,500 to Rs. 3,000 crores by FY'28. Aim to quadruple profits in coming years, targeting earnings around Rs. 250 to Rs. 280 crores by FY'28. Project sales volume to reach approximately 7.5 to 8 million square feet annually by FY'28, totaling 18-20 million square feet over FY'26-FY'28. Current unsold inventory of 3.5 million sq.ft plus 17 million sq.ft of new project pipeline supports growth for 12-18 months. Plans to a

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

Shriram Properties aims to quadruple profits over the coming years from FY'25 levels. The company targets sales value of Rs. 5,000 crores by FY'28, with revenues between Rs. 2,500 to Rs. 3,000 crores by then. EBITDA margins are targeted to be maintained at mid-20% levels, with PBT margins expected between 8%-11%. Revenue growth for FY'26 is expected to be strong, with 3,300+ units to be handed over and a sales value of Rs. 3,000-3,300 crores. The scale-up is supported by a robust pipeline: 17 million sqft ongoing projects plus 15-20 million sqft new projects planned over the next 12-18

Current/ Expected Orderbook/ Pending Orders?

Ongoing projects pipeline: 19.2 million sq.ft (sold + unsold ongoing projects). Sold but unrecognized portfolio: 7.7 million sq.ft. Unsold ongoing inventory: 3.5 million sq.ft. New project pipeline (live/upcoming): 17 million sq.ft (not launched yet, Slide #29). Target addition: 15-20 million sq.ft of new projects over next 12-18 months. Over 30 projects under evaluation totaling ~18 million sq.ft; includes: - 3 million sq.ft nearing closure/documentation. - 5-6 million sq.ft in advanced diligence. - 10+ million sq.ft in early evaluation/term sheet stage. Expected annual sales volume by

Shriram Properties LtdQ1 FY26Realty

Shriram Properties Ltd Q1 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 to double sales value and triple revenues from current levels by FY'28, with sales value reaching around Rs. 5,000 crores.
→Expect revenues to grow to roughly Rs. 2,500 to Rs. 3,000 crores by FY'28.
→Aim to quadruple profits in coming years, targeting earnings around Rs. 250 to Rs. 280 crores by FY'28.
→Project sales volume to reach approximately 7.5 to 8 million square feet annually by FY'28, totaling 18-20 million square feet over FY'26-FY'28.
→Current unsold inventory of 3.5 million sq.ft plus 17 million sq.ft of new project pipeline supports growth for 12-18 months.
→Plans to add another 15-20 million sq.ft pipeline over next 12-18 months to sustain growth momentum.
→Anticipate revenue growth of ~25% in FY'26 with 3,300+ units handed over generating about Rs. 3,000–3,300 crores sales value.
→Margins expected to stay stable at mid-20% EBITDA and 8-11% PBT levels.

Margin guidance

Category 3

→Shriram Properties aims to quadruple profits over the coming years from FY'25 levels.
→The company targets sales value of Rs. 5,000 crores by FY'28, with revenues between Rs. 2,500 to Rs. 3,000 crores by then.
→EBITDA margins are targeted to be maintained at mid-20% levels, with PBT margins expected between 8%-11%.
→Revenue growth for FY'26 is expected to be strong, with 3,300+ units to be handed over and a sales value of Rs. 3,000-3,300 crores.
→The scale-up is supported by a robust pipeline: 17 million sqft ongoing projects plus 15-20 million sqft new projects planned over the next 12-18 months.
→EPS growth is expected to follow the profitability trajectory, supported by efficient capital management (net debt maintained below 0.5:1).
→Quarter-to-quarter volatility and seasonality may continue, but medium-term prospects remain positive based on execution and market expansion plans.

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Fundraise plans

Yes

→Shriram Properties aims to maintain a comfortable debt-to-equity ratio around 0.5:1; temporary deviations are possible but sustained levels beyond 1:1 would cause management concern.
→To secure about 15 million square feet of land/projects, capital commitment is estimated at Rs. 600-700 crores, with Rs. 350 crore expected from internal cash flows over 24-30 months.
→Temporary bridge borrowing may be utilized to fund land acquisitions until project cash flows materialize, with repayments aligned to incoming cash flows.
→The company intends to avoid aggressive leveraging seen in some peers (2x or higher debt).
→No explicit mention of new equity fundraising is made; focus appears on internal accruals, debt within prudent limits, and partnerships such as joint developments or platform investors (ASK, Motilal).
→Management emphasizes cautious capital management aligned with pipeline growth and project execution.

Order book

Yes

→Ongoing projects pipeline: 19.2 million sq.ft (sold + unsold ongoing projects).
→Sold but unrecognized portfolio: 7.7 million sq.ft.
→Unsold ongoing inventory: 3.5 million sq.ft.
→New project pipeline (live/upcoming): 17 million sq.ft (not launched yet, Slide #29).
→Target addition: 15-20 million sq.ft of new projects over next 12-18 months.
→Over 30 projects under evaluation totaling ~18 million sq.ft; includes:
→ - 3 million sq.ft nearing closure/documentation.
→ - 5-6 million sq.ft in advanced diligence.
→ - 10+ million sq.ft in early evaluation/term sheet stage.
→Expected annual sales volume by FY'28: 7.5–8 million sq.ft.
→Total pipeline to achieve Rs. 5,000 Cr sales target by FY'28: ~30-35 million sq.ft.
→FY'26 sales target: 5.2 to 5.5 million sq.ft, sales value Rs. 3,000-3,300 Cr.
→Ongoing projects expected handover: ~3.5 million sq.ft in FY'26.

Capex plans

Yes

→Shriram Properties is aggressively expanding its project pipeline with a focus on adding 15-20 million square feet over the next 12 to 18 months.
→They have accelerated business development activities with over 30 projects under evaluation, including 3 million sq ft near closure and 5-6 million sq ft at advanced diligence stages.
→Capital commitment for new projects primarily involves joint development agreements (JDA) with lower upfront capital (~Rs. 600-700 crores) compared to outright land acquisition (Rs. 1,500-2,000 crores).
→Cash inflows of Rs. 350-360 crores from existing projects over 24-30 months are expected to fund part of the capital requirements.
→The company plans at least 2-3 projects to be signed in Pune over the next 12 months, aiming to have 3-4 projects running simultaneously to become a serious player in that market.
→No entry into Bombay market planned immediately; focus remains on Pune and southern markets before further Maharashtra expansion.
→The company maintains a conservative debt-to-equity target of about 0.5:1 for funding growth.

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