Suraj Estate Developers Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Suraj Estate Developers Ltd filed with BSE on 24 Aug 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
Suraj Estate Developers reported Q1 FY27 total income of INR146 crores, up 10% year-on-year, with EBITDA of INR55 crores and PAT of INR23 crores. Sales value grew 74% year-on-year to INR141 crores while collections declined to INR86 crores from INR115 crores a year earlier, and net debt stood at INR614 crores as of June 2026. Management discussed the Suraj One Business Bay commercial project, a new land acquisition in Dadar West, and progress on land assembly for the Bandra project.
Numbers mentioned
Total income: INR146 crores (Q1 FY27)
p. 4
“total income stood at INR146 crores compared to INR133 crores in quarter one FY26, registering a 10% year-on-year growth.”
Shreepal Shah, page 4 of the filed PDF · View the filing
EBITDA: INR55 crores (Q1 FY27)
p. 4
“EBITDA increased to INR55 crores from INR50 crores, representing a 9% year-on-year growth in the EBITDA, while EBITDA margin stood at close to 37.5%.”
Shreepal Shah, page 4 of the filed PDF · View the filing
PAT: INR23 crores (Q1 FY27)
p. 4
“PAT for the quarter stood at INR23 crores compared to INR21 crores in quarter one FY26, registering a 7% year-on-year growth.”
Shreepal Shah, page 4 of the filed PDF · View the filing
Sales value: INR141 crores (Q1 FY27)
p. 4
“Sales value increased by 74% year-on-year to INR141 crores compared to INR81 crores in the quarter 1 FY26”
Shreepal Shah, page 4 of the filed PDF · View the filing
Collections: INR86 crores (Q1 FY27)
p. 4
“The collections during the quarter stood at INR86 crores compared to INR115 crores in quarter one FY26.”
Shreepal Shah, page 4 of the filed PDF · View the filing
Net debt: INR614 crores (as of June 2026)
p. 5
“the company's net debt stood at INR614 crores, primarily reflecting capital deployment towards business development activities, strategic acquisitions and investments in ongoing and upcoming projects.”
Shreepal Shah, page 5 of the filed PDF · View the filing
Gross debt: INR646.94 crores (as of June 30, 2026)
p. 7
“So gross debt is INR646.94 crores, and cash and cash equivalents are INR33.03 crores.”
Shreepal Shah, page 7 of the filed PDF · View the filing
Total sold area, ongoing projects: 5.95 lakh square feet
p. 3
“Our ongoing projects continue to witness healthy momentum with a total sold area reaching 5.95 lakh square feet with an average realization of approximately INR45,922 per square foot.”
Rahul Thomas, page 3 of the filed PDF · View the filing
Cumulative collections: INR1,672 crores
p. 3
“We have achieved cumulative collections of INR1,672 crores with”
Rahul Thomas, page 3 of the filed PDF · View the filing
Balance receivable: approximately INR1,060 crores
p. 4
“a balance receivable of approximately INR1,060 crores providing strong cash flow visibility and reinforcing our confidence in the company's long-term growth trajectory.”
Rahul Thomas, page 4 of the filed PDF · View the filing
Suraj One Business Bay inventory sold post launch: approximately 33%
p. 4
“Suraj One Business Bay, our marquee commercial development in Mahim has witnessed strong sales traction since its launch with approximately 33% of inventory sold post launch”
Rahul Thomas, page 4 of the filed PDF · View the filing
Dadar West land acquisition cost: approximately INR18 crores
p. 4
“Additionally, we acquired a strategically located land parcel in Dadar West with a total acquisition cost of approximately INR18 crores.”
Rahul Thomas, page 4 of the filed PDF · View the filing
Unsold residential inventory: 22,000 square feet, GDV close to INR109 crores
p. 8
“Yes. So 22,000 square feet is available as a sale for residential segment, for which the estimated GDV is close to INR109 crores.”
Shreepal Shah, page 8 of the filed PDF · View the filing
Unsold commercial inventory: 1.4 lakh square feet, top line INR841 crores
p. 8
“And commercial is close to 1.4 lakhs square feet, which for me the estimated top line is INR841 crores.”
Shreepal Shah, page 8 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.
Launch pipeline FY27 — INR1,600 crores · FY27
stated firmly by Rahul Thomas
p. 5
“So, the launch pipeline in total for this financial year is about INR1,600 crores.”
Rahul Thomas, page 5 of the filed PDF · View the filing
Launch pipeline by quarter — INR240 crores in Q2, INR800-880 crores in Q3, INR480 crores in Q4 · FY27
stated firmly by Rahul Thomas
p. 5
“we are planning to roughly launch about INR240 crores in quarter two, almost about INR800 crores to INR880 crores in quarter three and about INR480 crores in quarter four.”
Rahul Thomas, page 5 of the filed PDF · View the filing
Revenue growth — 10%-15% growth · FY27 and FY28
stated conditionally by Shreepal Shah
p. 7
“So close to 10%- 15% growth we will achieve as compared to the last financial year.”
Shreepal Shah, page 7 of the filed PDF · View the filing
EBITDA margin — 35% to 37% · next 2 years
stated firmly by Shreepal Shah
p. 7
“It will be in the range of 35% to 37%.”
Shreepal Shah, page 7 of the filed PDF · View the filing
Presales at One Business Bay — minimum further 1 lakh square feet · FY27
stated firmly by Rahul Thomas
p. 7
“our target is to at least minimum sell a further 1 lakh square feet in One Business Bay. That's our minimum target.”
Rahul Thomas, page 7 of the filed PDF · View the filing
Presales guidance, residential plus commercial — INR700 crores · FY27
stated firmly by Rahul Thomas
p. 7
“Overall, we're going to be targeting a presales of about INR700 crores, both put together.”
Rahul Thomas, page 7 of the filed PDF · View the filing
Bandra land amalgamation — completion of remaining conveyances · within this financial year
stated as an aspiration by Rahul Thomas
p. 8
“Our target is before that. Let's see how it shapes up.”
Rahul Thomas, page 8 of the filed PDF · View the filing
Bandra project launch — next financial year
stated firmly by Rahul Thomas
p. 5
“In terms of a launch pipeline in terms of the Bandra project, it will be in the next financial year.”
Rahul Thomas, page 5 of the filed PDF · View the filing
Bandra project funding — internal accruals initially
stated firmly by Rahul Thomas
p. 6
“So, the initial capital will be put in through our internal accruals because we've not borrowed anything for the land for the Bandra project.”
Rahul Thomas, page 6 of the filed PDF · View the filing
Debt levels — sustainable reduction after initial rise · next 12 to 18 months
stated conditionally by Rahul Thomas
p. 9
“it will be going up temporarily. And because of the good traction of sales, especially in our commercial projects and also in the Value Luxury, it will be an initial increase and again come down on a sustainable basis.”
Rahul Thomas, page 9 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 gave a quarter-wise launch pipeline totaling INR1,600 crores for FY27.
Answered by Rahul Thomas
Asked by Jay Jain: What is the expected launch pipeline for FY27, particularly on the residential side?
p. 5
“So, the launch pipeline in total for this financial year is about INR1,600 crores.”
Rahul Thomas, page 5 of the filed PDF · View the filing
Two balance conveyances remain pending and are underway; launch expected next financial year.
Answered by Rahul Thomas
Asked by Rohit: Update on the Bandra project land acquisition and amalgamation timeline?
p. 5
“So, the Bandra land parcel, there are two balance conveyances which are pending, which is underway as we speak.”
Rahul Thomas, page 5 of the filed PDF · View the filing
Estimated premiums of INR300-350 crores for the land parcel, funded initially via internal accruals with a separate construction finance limit later.
Answered by Rahul Thomas
Asked by Ishita Lodha: How much capital is needed to launch the Bandra project and how will it be funded?
p. 6
“Estimated premiums would be in the roughly in the range of INR300 crores to INR350 crores for the overall for the entire land parcel.”
Rahul Thomas, page 6 of the filed PDF · View the filing
Management guided to INR700 crores presales for residential and commercial combined.
Answered by Rahul Thomas
Asked by Renuka Sivsankar: What is the presales guidance for the entire portfolio for FY27?
p. 7
“Overall, we're going to be targeting a presales of about INR700 crores, both put together.”
Rahul Thomas, page 7 of the filed PDF · View the filing
Management attributed the decline to low inventory rather than a market slowdown.
Answered by Rahul Thomas
Asked by Rajendra Pasi: Is the year-on-year decline in residential sales due to low inventory or a market slowdown?
p. 8
“No, it's mainly because of low inventory.”
Rahul Thomas, page 8 of the filed PDF · View the filing
Management said competition exists but has not led to higher costs, citing standard deal terms.
Answered by Rahul Thomas
Asked by Sakshi Pratap: Are acquisition costs or competition for redevelopment projects in South and Central Mumbai increasing?
p. 10
“So not as yet, Sakshi. We are actually in talks with a couple of societies, and we don't see -- I mean, of course, they also want to go with the builder who's well known in the area.”
Rahul Thomas, page 10 of the filed PDF · View the filing
Management cited an average realization of about INR50,000 per square foot achieved so far, with focus currently on sales velocity rather than price increases.
Answered by Rahul Thomas
Asked by Sakshi Pratap: What pricing movement has been seen at Business Bay and is there scope for further appreciation?
p. 10
“So see, right now, I mean, we've achieved roughly about an average of INR50,000 per square foot.”
Rahul Thomas, page 10 of the filed PDF · View the filing
Risks flagged
Rising debt levels due to new project launches before an expected reduction
p. 9
“as you can see, there's a INR1,600 crores pipeline, which is being created for this year, there will be a debt level which will be going up.”
Rahul Thomas, page 9 of the filed PDF · View the filing
Low residential inventory constraining sales comparisons
p. 8
“No, it's mainly because of low inventory.”
Rahul Thomas, page 8 of the filed PDF · View the filing
Competition in redevelopment projects in South and Central Mumbai
p. 10
“So yes, of course, there is competition, and there are many people getting into redevelopment.”
Rahul Thomas, page 10 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.