Any current/future new fundraising through debt or equity?

Suraj Estate Developers Limited recently raised Rs. 343 crores via preferential allotment of equity shares (Rs. 243 crores) and Rs. 100 crores via issuance of convertible share warrants. In October 2024, Rs. 269 crores were received, including preferential allotment funds and subscription money; the balance from warrants is expected within 18 months. Funds raised are planned to be used for land acquisitions, working capital, general corporate purposes, and business development, including new BD and land acquisition (~40%). No explicit mention of future fundraising through debt or additional eq

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

Suraj Estate Developers Limited has raised Rs. 343 crores via preferential allotment and convertible share warrants, with Rs. 269 crores received as of October 2024. Funds will be utilized for land acquisitions, working capital, general corporate purposes, and issuance-related expenses. Approximately 40% of the fundraise is planned to be spent on business development and land acquisition before March 2025. This strategic capital deployment aims to expand operations, diversify the product portfolio, and reinforce their position in both residential and commercial real estate sectors. The company

Future growth expectations in sales/revenue/volumes?

Target pre-sales for FY '25 is Rs. 850 crores, reflecting confident booking growth. Plans to launch seven new projects with a combined GDV of Rs. 1,150 crores before March. Expect steady growth in sales volume and realizations, with a 14% growth already achieved in a seasonally slower quarter. Revenue and EBITDA expected to be higher than the previous year, though exact figures are not disclosed. Ongoing strong demand in value luxury segment and commercial properties. Confidence in launches pending RERA approvals, especially for commercial projects with GDV of Rs. 450 crores. Optimism about Mu

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

The company is optimistic about strong earnings growth in the coming years, driven by substantial business development under favorable terms. Pre-sales target for FY '25 is Rs. 850 crores, indicating growth in bookings and revenue. EBITDA and PAT have shown significant growth YoY for H1 FY '25 (EBITDA up 16%, PAT up 97%). The average realization per square foot has been increasing over recent quarters, supporting higher margins. Ongoing launch of projects with GDV of Rs. 1,150 crores planned before March 2025 will contribute to future revenues. Steady cost of debt at 13% WACC helps m

Current/ Expected Orderbook/ Pending Orders?

Ongoing projects have sold 5.39 lakh sq. ft. out of a total 6.09 lakh sq. ft., generating approx. Rs. 1,370 crores with receivables of Rs. 767 crores. Unsold inventory stands at 2.71 lakh sq. ft. with an estimated GDV of Rs. 395 crores. Combined receivables from sold and unsold portions total Rs. 1,162 crores, expected to materialize between FY '25 and FY '29. Upcoming pipeline includes projects with over 9 lakh sq. ft. of carpet area for sale, with approximately 67% in value luxury, 14% in luxury, and 7% in commercial properties. Estimated GDV for these upcoming 18 projects exceeds Rs. 5,000

Suraj Estate Developers LtdQ2 FY25Realty

Suraj Estate Developers Ltd Q2 FY25 Earnings Call Analysis

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

Price: ₹198P/E: 10.3Market Cap: ₹945 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

Target pre-sales for FY '25 is Rs. 850 crores, reflecting confident booking growth.
Plans to launch seven new projects with a combined GDV of Rs. 1,150 crores before March.
Expect steady growth in sales volume and realizations, with a 14% growth already achieved in a seasonally slower quarter.
Revenue and EBITDA expected to be higher than the previous year, though exact figures are not disclosed.
Ongoing strong demand in value luxury segment and commercial properties.
Confidence in launches pending RERA approvals, especially for commercial projects with GDV of Rs. 450 crores.
Optimism about Mumbai redevelopment potential driving future growth.
Collections grew 90% YoY in Q2 FY '25, indicating strong cash flow.
Overall, poised for robust performance fueled by favorable market conditions and infrastructure developments.

Margin guidance

Category 3

The company is optimistic about strong earnings growth in the coming years, driven by substantial business development under favorable terms.
Pre-sales target for FY '25 is Rs. 850 crores, indicating growth in bookings and revenue.
EBITDA and PAT have shown significant growth YoY for H1 FY '25 (EBITDA up 16%, PAT up 97%).
The average realization per square foot has been increasing over recent quarters, supporting higher margins.
Ongoing launch of projects with GDV of Rs. 1,150 crores planned before March 2025 will contribute to future revenues.
Steady cost of debt at 13% WACC helps maintain financial stability.
Delays in RERA approvals may impact the exact timing of launches but projects are well-positioned once approvals are obtained.
Overall positive outlook due to market conditions in Mumbai Metropolitan Region and strategic presence in redevelopment projects.

See what Suraj Estate Developers Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

Suraj Estate Developers Limited recently raised Rs. 343 crores via preferential allotment of equity shares (Rs. 243 crores) and Rs. 100 crores via issuance of convertible share warrants.
In October 2024, Rs. 269 crores were received, including preferential allotment funds and subscription money; the balance from warrants is expected within 18 months.
Funds raised are planned to be used for land acquisitions, working capital, general corporate purposes, and business development, including new BD and land acquisition (~40%).
No explicit mention of future fundraising through debt or additional equity beyond the current raised funds.
Debt position increased due to approval-related costs for upcoming launches, but weighted average cost of debt remains at 13%.
Management did not indicate any imminent new fundraising plans during the call.

Order book

Yes

Ongoing projects have sold 5.39 lakh sq. ft. out of a total 6.09 lakh sq. ft., generating approx. Rs. 1,370 crores with receivables of Rs. 767 crores.
Unsold inventory stands at 2.71 lakh sq. ft. with an estimated GDV of Rs. 395 crores.
Combined receivables from sold and unsold portions total Rs. 1,162 crores, expected to materialize between FY '25 and FY '29.
Upcoming pipeline includes projects with over 9 lakh sq. ft. of carpet area for sale, with approximately 67% in value luxury, 14% in luxury, and 7% in commercial properties.
Estimated GDV for these upcoming 18 projects exceeds Rs. 5,000 crores.
A significant portion of the upcoming project area (around 50% of 8 lakh sq. ft. residential) comes from two projects: Marinagar and Girgaonkarwadi with launches targeted next year and later.

See what Suraj Estate Developers Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Suraj Estate Developers Limited has raised Rs. 343 crores via preferential allotment and convertible share warrants, with Rs. 269 crores received as of October 2024.
Funds will be utilized for land acquisitions, working capital, general corporate purposes, and issuance-related expenses.
Approximately 40% of the fundraise is planned to be spent on business development and land acquisition before March 2025.
This strategic capital deployment aims to expand operations, diversify the product portfolio, and reinforce their position in both residential and commercial real estate sectors.
The company plans to launch seven new projects with a GDV of Rs. 1,150 crores before March 2025, backed by the recent fundraise.
The Bandra project is in planning with initial approvals, targeting a launch between Q2 and Q3 of next year, reflecting ongoing future capital allocation.

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Suraj Estate Developers Ltd Q2 FY25 Earnings Call Analysis

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