Shriram Properties Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Shriram Properties Ltd filed with BSE on 30 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Shriram Properties reported record FY26 revenue of Rs 1,357 crore, up 39%, with net profit crossing Rs 100 crore for the first time at Rs 101 crore, up 30%. Q4 saw a strong rebound with revenue up 55% year-on-year to Rs 663 crore and net profit up 65% to Rs 79 crore, driven by record customer handovers of 3,465 units for the year. Management issued FY27 guidance for sales value of Rs 3,300-3,500 crore, sales volume of 5-5.5 million square feet, and collections of Rs 2,100-2,200 crore, while citing risks around IT sector employment trends and approval delays.
2 statements from this call are not shown because their supporting quotes could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Sales value: INR2,354 crores (FY26)
p. 4
“For FY '26, sales value for the year stood at INR2,354 crores, registering a marginal increase over the previous year despite delays in certain project launches.”
Ravindra Kumar Pandey, page 4 of the filed PDF · View the filing
Collections: INR1,661 crores (FY26)
p. 4
“Collection reached all-time high of INR1,661 crores, growing 12% year-on-year.”
Ravindra Kumar Pandey, page 4 of the filed PDF · View the filing
Customer handovers: 3,465 units (FY26)
p. 4
“Customer handover reached 3,465 units, up 10% over the previous year.”
Ravindra Kumar Pandey, page 4 of the filed PDF · View the filing
Revenue: INR1,357 crores (FY26)
p. 4
“Revenue increased by 39% to INR1,357 crores.”
Ravindra Kumar Pandey, page 4 of the filed PDF · View the filing
Gross profit: INR365 crores (FY26)
p. 4
“Gross profit increased by 47% to INR365 crores.”
Ravindra Kumar Pandey, page 4 of the filed PDF · View the filing
EBITDA: INR177 crores (FY26)
p. 4
“EBITDA stood at INR177 crores.”
Ravindra Kumar Pandey, page 4 of the filed PDF · View the filing
Net profit: INR101 crores (FY26)
p. 4
“Net profit increased by 30% to INR101 crores, crossing the INR100 crores mark for the first time.”
Ravindra Kumar Pandey, page 4 of the filed PDF · View the filing
Revenue: INR663 crores (Q4 FY26)
p. 4
“For Q4 alone, revenue was INR663 crores, up 55% year-on-year.”
Ravindra Kumar Pandey, page 4 of the filed PDF · View the filing
EBITDA: INR109 crores (Q4 FY26)
p. 4
“EBITDA reached INR109 crores, up 59% year-on-year.”
Ravindra Kumar Pandey, page 4 of the filed PDF · View the filing
Net profit: INR79 crores (Q4 FY26)
p. 4
“Net profit stood at INR79 crores, up 65% year-on-year.”
Ravindra Kumar Pandey, page 4 of the filed PDF · View the filing
Operating cash flow inflow: INR1,049 crores (FY26)
p. 4
“For FY '26, operating inflow reached to INR1,049 crores.”
Ravindra Kumar Pandey, page 4 of the filed PDF · View the filing
Cash flow from operations: INR271 crores (FY26)
p. 4
“Cash flow from operations stood at INR271 crores.”
Ravindra Kumar Pandey, page 4 of the filed PDF · View the filing
New business development investment: INR372 crores (FY26)
p. 5
“We invested INR372 crores in new business development opportunities to strengthen our future growth.”
Ravindra Kumar Pandey, page 5 of the filed PDF · View the filing
Debt-to-equity ratio: 0.3x (March 2026)
p. 6
“Our debt-to-equity ratio at 0.3x remains one of the lowest among listed real estate players.”
Ravindra Kumar Pandey, page 6 of the filed PDF · View the filing
Cash and cash equivalents: INR172 crores (March 2026)
p. 6
“We have maintained a healthy liquidity position with cash and cash equivalents of INR172 crores.”
Ravindra Kumar Pandey, page 6 of the filed PDF · View the filing
Net debt: INR438 crores (March 2026)
p. 6
“As of March 2026, net debt stood at INR438 crores, while the net debt-to-equity ratio remained comfortable at 0.3x, among the lowest in the sector.”
Ravindra Kumar Pandey, page 6 of the filed PDF · View the filing
Cost of debt: 11.2% (FY26)
p. 6
“Importantly, our cost of debt remained competitive at 11.2%, benefiting from a favorable interest rate environment and strong lender relationships.”
Ravindra Kumar Pandey, page 6 of the filed PDF · View the filing
Gross margin: 29% (FY26)
p. 6
“Gross profit also reached a INR365 crores, while gross margin remained stable at 29%.”
Ravindra Kumar Pandey, page 6 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Pipeline addition — double the upcoming project pipeline · next 18 to 24 months
stated as an aspiration by Ravindra Kumar Pandey
p. 5
“Going forward, our objective is to double the upcoming project pipeline over the next 18 to 24 months, while continuing to maintain capital discipline and our asset-light growth strategy.”
Ravindra Kumar Pandey, page 5 of the filed PDF · View the filing
Launch pipeline addition — over 7 million square feet · next 3 to 6 months
stated firmly by Ravindra Kumar Pandey
p. 5
“The approval process has already commenced for all 7 projects acquired during the year, and we expect over 7 million square feet to be added to the launch pipeline over the next 3 to 6 months.”
Ravindra Kumar Pandey, page 5 of the filed PDF · View the filing
Revenue recognition potential — INR1,740 crores from 3.8 million square feet of completions · FY27
stated firmly by Ravindra Kumar Pandey
p. 8
“We expect approximately 3.8 million square feet of project completions during the year, creating a revenue recognition potential of nearly INR1,740 crores and handovers of over 3,500 units.”
Ravindra Kumar Pandey, page 8 of the filed PDF · View the filing
Sales, revenue and PBT (Mission 1-2-3-4) — INR5,000 crores sales, revenues of INR2,500 crores and PBT of INR250 crores · FY28
stated as an aspiration by Ravindra Kumar Pandey
p. 8
“we believe we are on track for achieving our aspiration of INR5,000 crores sales, revenues of INR2,500 crores and PBT of INR250 crores by FY '28.”
Ravindra Kumar Pandey, page 8 of the filed PDF · View the filing
Revenue recognition potential from existing pipeline — over INR15,000 crores · 5 to 7 years
stated as an aspiration by Ravindra Kumar Pandey
p. 8
“Projects already under implementation and projects that are secured by SPL already carry a revenue recognition potential of over INR15,000 crores in about 5 to 7 years.”
Ravindra Kumar Pandey, page 8 of the filed PDF · View the filing
PBT margin — 10% to 11%
stated as an aspiration by Gopalakrishnan
p. 11
“So we have consistently maintained that, yes, we are looking at PBT margins of about 10% to 11% as we go in future.”
Gopalakrishnan, page 11 of the filed PDF · View the filing
PAT margin — 8% to 9% · over a period of 3 years
stated as an aspiration by Gopalakrishnan
p. 11
“So 8% to 9% PAT margin would be a fair expectation on a longer-term basis.”
Gopalakrishnan, page 11 of the filed PDF · View the filing
Construction/project completion capital spend — INR900 crores to INR1,000 crores · FY27
stated firmly by Gopalakrishnan
p. 13
“we should be anywhere between INR900 crores to INR1,000 crores of capital spend on project completion activities.”
Gopalakrishnan, page 13 of the filed PDF · View the filing
New project investment capital — INR350 crores- INR400 crores · FY27
stated conditionally by Gopalakrishnan
p. 14
“So we are fairly confident that the capital can be generated, INR350 crores- INR400 crores of capital, which might be required, will be generated from our completed project cash flows accruing to Shriram share.”
Gopalakrishnan, page 14 of the filed PDF · View the filing
Growth across financial metrics — 25% plus · FY27
stated as an aspiration by Gopalakrishnan
p. 14
“Earlier this year, the Board has approved the FY '27 plan, and there also aspires for 25% plus upwards of growth in across various financial metrics.”
Gopalakrishnan, page 14 of the filed PDF · View the filing
Finance cost
stated conditionally by Gopalakrishnan
p. 16
“I would imagine the finance cost may have a small downside from here, but not substantially lower number.”
Gopalakrishnan, page 16 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said broad pricing has stabilized and price increases would only occur if inflation persisted, primarily in new launches.
Answered by Ravindra Kumar Pandey
Asked by Nitin Jain: Whether the company plans price hikes to offset raw material inflation.
p. 10
“However, if the inflationary trend continues and there is a price pressure on that, then it has to be decided and maybe some price increase will happen going forward in the new launches.”
Ravindra Kumar Pandey, page 10 of the filed PDF · View the filing
Management attributed the rise to accelerated revenue recognition triggering brokerage cost charge-offs and provisions related to the Bengal land settlement, and said other expenses would not jump further in FY27.
Answered by Ravindra Kumar Pandey
Asked by Harshit Khadka: Reason for the increase in other expenses year-on-year and outlook for FY27.
p. 10
“So this year, because of the accelerated revenue recognition, there is a good amount of close to INR25 crores of the additional brokerage cost that has got booked because of the additional revenue recognition.”
Ravindra Kumar Pandey, page 10 of the filed PDF · View the filing
Management said two projects were delayed to Q1 FY27 for launch, and that FY27 guidance was kept conservative given macro uncertainty.
Answered by Gopalakrishnan
Asked by Ronald Siyoni: Reason for missing sales guidance and any deferred project launches.
p. 11
“So yes, I think Q4, we were thinking of a couple of projects will take off for a variety of reasons. They are getting launched now this week, one project and in about a week's time, another project in Chennai.”
Gopalakrishnan, page 11 of the filed PDF · View the filing
Management said Kolkata is expected to do well longer term, with an existing approval for further apartment launches and a strategy being developed for land monetization.
Answered by Murali Malayappan
Asked by Ronald Siyoni: Outlook for Kolkata launches and impact of the new state government.
p. 12
“We expect Kolkata to do phenomenally well not come like Bangalore or Pune in short term. But long term, yes, there is a very high probability.”
Murali Malayappan, page 12 of the filed PDF · View the filing
Management said the number is intentionally conservative and there is potential upside as the Bengal land and new pipeline unlock over time.
Answered by Gopalakrishnan
Asked by Diwakar Rana: Whether the disclosed INR4,000 crore revenue recognition potential over 3 years is conservative given further unlocking potential.
p. 14
“So there is an upside that exists on this revenue number, revenue recognition number. But for now, I think it will be better to be conservative than saying something which is very big and then pulling back.”
Gopalakrishnan, page 14 of the filed PDF · View the filing
Management explained that operating revenue beyond other income should be viewed, with gross margin near 30% of operating income.
Answered by Gopalakrishnan
Asked by Darshil Jhaveri: Clarification on how to interpret EBITDA and operating profit for FY27 given other income.
p. 15
“So that EBITDA, only other income of INR30 crores will go away from it. Rest is all our profit from core operations.”
Gopalakrishnan, page 15 of the filed PDF · View the filing
Risks flagged
Approval delays in e-Khata, OCs and moderation in launches, mostly in Bangalore, during the first 9 months of FY26.
p. 3
“While the company faced external challenges during the first 9 months, including delays in approval, in e-Khata, OCs and moderation in launches, mostly in Bangalore, we demonstrated a strong bounce back in Q4 and ended the year with a robust performance.”
Ravindra Kumar Pandey, page 3 of the filed PDF · View the filing
IT sector employment trends, affordability pressure from interest rates and extended sales cycles.
p. 7
“At the sector level, factors such as IT sector employment trends, affordability pressure arising from the interest rates and extended sales cycles warrant close monitoring.”
Ravindra Kumar Pandey, page 7 of the filed PDF · View the filing
Execution-related risks around approvals, occupancy certificates and conversion of BD pipeline into launches.
p. 7
“We also remain focused on execution-related risk, particularly timely approval, receipt of occupancy certificates, and conversion of our BD pipeline into launches.”
Ravindra Kumar Pandey, page 7 of the filed PDF · View the filing
Raw material price pressure on plastic-related inputs like tiles, paints and PVC windows.
p. 9
“The prices which are impacted, it is mainly on account of the plastic-related things like, we have tiles are getting impacted a little bit and mostly paints and PVC windows.”
Ravindra Kumar Pandey, page 9 of the filed PDF · View the filing
Macro uncertainties including geopolitical factors and AI impact on earnings capacity and consumer confidence.
p. 11
“we thought it appropriate to put a number as a guidance, which are more conservative, more prudent.”
Gopalakrishnan, page 11 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.