Suraj Estate Developers LtdQ1 FY27
Suraj Estate Developers Ltd Q1 FY27 Earnings Call Analysis
Revenue, margin, capex, fundraise and order book outlook from management commentary.
Price: ₹196P/E: 10.8Market Cap: ₹975 CrSector: Realty
Management growth scorecard
Revenue
Category 3
Margin
Category 3
Fundraise
Yes
Order
N/A
Capex
Yes
2 of 4 growth signals are positive.
Full analysisRevenue guidance
Category 3- →Suraj Estate expects a launch pipeline of approximately INR1,600 crores for FY27, with staggered launches: ~INR240 crores in Q2, INR800-880 crores in Q3, and INR480 crores in Q4.
- →Sales momentum is strong, with a target presales value of around INR700 crores for FY27, combining residential and commercial segments.
- →Revenue is projected to grow by 10-15% in FY27 and FY28 compared to last year, supported by new launches and ongoing project absorption.
- →EBITDA margins are expected between 35-37% over the next two years.
- →Sales area showed significant growth (74% YoY increase in Q1 FY27).
- →The company focuses on velocity in sales, especially for projects like One Business Bay, targeting at least another 100,000 sq.ft. sales in FY27.
- →Long-term growth driven by redevelopment opportunities, disciplined execution, and expansions primarily in South and Central Mumbai markets.
Margin guidance
Category 3- →Suraj Estate Developers targets a 10%-15% growth in accounting revenue for FY27 and FY28, subject to project launch timings.
- →EBITDA margins are expected to be in the range of 35% to 37% over the next two years.
- →PAT for Q1 FY27 showed a 7% year-on-year growth; this trend is expected to continue with operational momentum.
- →Presales guidance for FY27 is around INR700 crores, driven by both new launches and absorption of existing inventory.
- →Growth is supported by a strong project pipeline of INR1,600 crores planned for FY27.
- →Focus on disciplined execution, healthy sales momentum, and timely monetization to build on achieved momentum.
- →Strong operational cash flow and collections expected from ongoing and new projects.
- →Long-term growth visibility is underpinned by strategic acquisitions, redevelopment opportunities, and a balanced residential-commercial portfolio in South-Central Mumbai.
Fundraise plans
Yes- →No explicit mention of new fundraising through equity in the transcript.
- →Debt position is expected to temporarily increase in FY27 due to the INR 1,600 crores launch pipeline.
- →Debt increase will support investments in new launches and development but is expected to reduce sustainably thereafter.
- →Bandra project initial capital (INR 300-350 crores) will be funded through internal accruals without borrowing for land.
- →Construction financing for Bandra project will be arranged closer to launch, potentially through construction finance (CF) or NBFC.
- →Overall, no immediate equity fundraising planned; future debt issuance possible aligned with project launches and tied to sales momentum.
Order book
- →The expected launch pipeline for FY27 is approximately INR1,600 crores.
- →Launches are planned across quarters: around INR240 crores in Q2, INR800-880 crores in Q3, and INR480 crores in Q4.
- →Key upcoming launches include Suraj Nova (Mahim) INR180 crores, Madonna (Dadar) INR60 crores, One Business Bay Phase 2 INR800 crores, Shivteerth (Shivaji Park) INR80 crores, plus three more projects totaling INR480 crores in Q4.
- →Ongoing unsold inventory totals approximately INR950 crores: residential segment saleable area of 22,000 sq. ft. with estimated GDV ~INR109 crores, and commercial approx. 1.4 lakh sq. ft. with estimated GDV ~INR841 crores.
- →The company aims for presales of about INR700 crores for FY27, covering both residential and commercial.
- →Redevelopment opportunities in South-Central Mumbai remain significant, supplemented by strategic land acquisitions.
Capex plans
Yes- →Capital deployment towards business development, strategic acquisitions, and investments in ongoing and upcoming projects, driving net debt to INR614 crores as of June 2026.
- →Investments aimed at strengthening the company's development pipeline and supporting project execution to ensure long-term growth visibility across South-Central Mumbai.
- →Proposed acquisition of adjoining land parcel in Mahim to enhance the Suraj One Business Bay project scale and commercial footprint.
- →Acquisition of a land parcel in Dadar West costing approximately INR18 crores, with sale potential of ~18,000 sq ft and estimated GDV of INR100 crores, to consolidate presence in South Central Mumbai.
- →Bandra project initial capital estimated at INR300-350 crores to be funded from internal accruals; construction funding to be tied up closer to launch with institutional lenders.
- →Focus on selective portfolio additions alongside disciplined project execution and monetization.
Track Suraj Estate Developers Ltd — get its next earnings analysis in your feed
Margin guidance
Category 3- →Suraj Estate Developers targets a 10%-15% growth in accounting revenue for FY27 and FY28, subject to project launch timings.
- →EBITDA margins are expected to be in the range of 35% to 37% over the next two years.
- →PAT for Q1 FY27 showed a 7% year-on-year growth; this trend is expected to continue with operational momentum.
- →Presales guidance for FY27 is around INR700 crores, driven by both new launches and absorption of existing inventory.
- →Growth is supported by a strong project pipeline of INR1,600 crores planned for FY27.
- →Focus on disciplined execution, healthy sales momentum, and timely monetization to build on achieved momentum.
- →Strong operational cash flow and collections expected from ongoing and new projects.
- →Long-term growth visibility is underpinned by strategic acquisitions, redevelopment opportunities, and a balanced residential-commercial portfolio in South-Central Mumbai.
Order book
- →The expected launch pipeline for FY27 is approximately INR1,600 crores.
- →Launches are planned across quarters: around INR240 crores in Q2, INR800-880 crores in Q3, and INR480 crores in Q4.
- →Key upcoming launches include Suraj Nova (Mahim) INR180 crores, Madonna (Dadar) INR60 crores, One Business Bay Phase 2 INR800 crores, Shivteerth (Shivaji Park) INR80 crores, plus three more projects totaling INR480 crores in Q4.
- →Ongoing unsold inventory totals approximately INR950 crores: residential segment saleable area of 22,000 sq. ft. with estimated GDV ~INR109 crores, and commercial approx. 1.4 lakh sq. ft. with estimated GDV ~INR841 crores.
- →The company aims for presales of about INR700 crores for FY27, covering both residential and commercial.
- →Redevelopment opportunities in South-Central Mumbai remain significant, supplemented by strategic land acquisitions.
How does Suraj Estate Developers Ltd rank vs peers in Realty?
Pro feature1Suraj Estate Developers Ltd
Rev 3Mar 3
See full Realty sector rankings
How does Suraj Estate Developers Ltd rank in Realty?
Compare Suraj Estate Developers Ltd against every Realty company (Q1 FY27) on revenue, margins and earnings-call signals.