Suraj Estate Developers Ltd

- No explicit mention of any immediate or planned new fundraising through debt or equity was made during the call. - The company has recently done a preferential issue of Rs. 250 crores. - Gross debt has increased due to commercial land acquisition (~Rs. 400 crores), but net debt reduced by Rs. 20 crores by repaying high-cost debt. - Weighted average cost of debt reduced to 12.9%. - Management is focused on healthy collections and cash flow; closing cash balance was ~Rs. 75.8 crores as of December. - No specific future plans for raising fresh debt or equity shared; new business development deals being examined. - Future financial guidance related to launches and revenue recognition will be given in subsequent quarters.

- The company acquired a neighboring commercial plot on Tulsi Pipe Road, significantly increasing the GDV of the commercial project from Rs. 475 crores to Rs. 1,200 crores. - This acquisition is a strategic investment aimed at better layout, larger floor plates, and enhanced value creation. - The commercial project launch has been postponed intentionally to optimize market timing, now targeted for Q1 FY ‘26. - Besides the commercial project, two residential projects are also planned for launch in Q1 FY ‘26, with an estimated combined GDV of Rs. 400 crores. - The company is examining 2-3 new business development deals including society redevelopments and commercial projects, focusing on value-add opportunities particularly adjacent to existing assets. - No major capex specifics provided; emphasis is on strategic land acquisitions and new launches to fuel growth.

- Expect three new project launches in Q1 FY ’26, including a commercial project with GDV of Rs. 1,600 crores (Rs. 1,200 crores commercial + Rs. 400 crores residential). - FY ’25 pre-sales guidance revised to Rs. 500-550 crores due to delayed commercial project launch and regulatory factors. - Confident of achieving Rs. 500-550 crores pre-sales for FY ’25 with no new launches in the current quarter. - Guidance for FY ’26 sales/revenue to be shared in the next quarter post the new launches. - Commercial launches and residential projects planned for FY ’26 expected to drive strong revenue. - EBITDA margins expected to normalize to 40%-45% post one-time expenses. - Continued focus on premium and luxury segments with strong demand expected in key micro-markets like South-Central Mumbai. - Healthy collections and strong cash flow anticipated driven by new launches and commercial projects.

- FY ‘25 guidance: Revenue expected between Rs. 500-520 crores; PAT targeting Rs. 100-110 crores for Q4; EBITDA margins to normalize at 40-45% post one-time expenses. - Pre-sales for FY ‘25 projected between Rs. 500-525 crores; dip in Q3 attributed to lack of new launches and inventory sell-out. - FY ‘26 outlook: Launch pipeline robust with Rs. 1,600 crores GDV planned in Q1 (Rs. 1,200 crores commercial and Rs. 400 crores residential); detailed guidance to be provided post annual results. - EBITDA margins expected to sustain at 40-45%, dependent on product mix and revenue recognition. - Commercial project expansion in prime location increases GDV to Rs. 1,200 crores, expected to boost future profitability. - Collections have been strong, supporting cash flows. - Overall positive outlook for FY ‘26 with commercial and luxury residential launches expected to drive growth in earnings and operating profits.

- The company has 18 upcoming projects with an estimated Gross Development Value (GDV) close to Rs. 6,000 crores. - Out of these, three projects are targeted for launch in Q1 FY '26, with a combined GDV of Rs. 1,600 crores. - The ongoing projects have about 50,000 square feet of inventory left, valued at around Rs. 300 crores. - They have recently acquired an adjacent commercial plot on Tulsi Pipe Road, increasing the commercial project's GDV from Rs. 475 crores to Rs. 1,200 crores. - No new launches are planned in the current quarter, with new project launches expected mainly in Q1 FY '26. - The company is also actively examining two to three new business development deals, including society redevelopment and commercial projects, focusing primarily on adjacent plots that add value.