Suraj Estate Developers Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Suraj Estate Developers Ltd filed with BSE on 08 Jun 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 FY26 presales of Rs 615 crore, up 23% year-on-year, surpassing its guidance of Rs 600 crore, while sales area grew 42% to 1.31 lakh square feet. EBITDA for the year rose to Rs 223 crore from Rs 207 crore in FY25 with margins improving to 39.7%, though PAT declined to Rs 90 crore due to higher finance costs from acquisitions. Management discussed a signed MOU to acquire development rights adjacent to Suraj One Business Bay and the completed acquisition of Hally Pacific Private Limited's land parcel at Sayani Road, Prabhadevi.
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Numbers mentioned
Presales: INR615 crores (FY26)
p. 3
“presales increasing by 23% year-on-year to INR615 crores, surpassing our guidance of INR600 crores”
Rahul Thomas, page 3 of the filed PDF · View the filing
Sales area: 1.31 lakh square feet (FY26)
p. 3
“Sales area during the year grew by 42% year-on-year to 1.31 lakhs square feet”
Rahul Thomas, page 3 of the filed PDF · View the filing
Collections: INR421 crores (FY26)
p. 3
“collection increased by 9% year-on-year to INR421 crores, reflecting sustained customer demand and healthy traction across our portfolio”
Rahul Thomas, page 3 of the filed PDF · View the filing
Total income: INR101 crores (Q4 FY26)
p. 4
“Total income for quarter 4 FY 2026 stood at INR101 crores”
Shreepal Shah, page 4 of the filed PDF · View the filing
EBITDA: INR52 crores (Q4 FY26)
p. 4
“EBITDA increased significantly to INR52 crores compared to INR30.8 crores in quarter 4 FY 2025, registering a strong year-on-year growth of 69%”
Shreepal Shah, page 4 of the filed PDF · View the filing
PAT: INR11 crores (Q4 FY26)
p. 5
“PAT for the quarter stood at INR11 crores”
Shreepal Shah, page 5 of the filed PDF · View the filing
Total income: INR561 crores (FY26)
p. 5
“FY26 total income grew at INR561 crores as compared to INR553 crores in FY25”
Shreepal Shah, page 5 of the filed PDF · View the filing
EBITDA: INR223 crores (FY26)
p. 5
“EBITDA for the year increased to INR223 crores from INR207 crores in FY25, while EBITDA margins improved to 39.7% from 37.4% in FY25”
Shreepal Shah, page 5 of the filed PDF · View the filing
PAT: INR90 crores (FY26)
p. 5
“PAT for FY26 stood at INR90 crores”
Shreepal Shah, page 5 of the filed PDF · View the filing
Net debt: INR579.91 crores (March 2026)
p. 5
“As of March 2026, the company's net debt stood at INR579.91 crores”
Shreepal Shah, page 5 of the filed PDF · View the filing
Average realization: INR46,895 per square feet (FY26)
p. 5
“Average realization for FY26 stood at INR46,895 (Wrongly said kindly read it as 45,775) per square feet”
Shreepal Shah, page 5 of the filed PDF · View the filing
Sales value: INR128 crores (Q4 FY26)
p. 5
“Sales value for quarter 4 FY26 stood at INR128 crores with sales area sold of 27,968 square feet”
Shreepal Shah, page 5 of the filed PDF · View the filing
Weighted average interest rate: close to 13%
p. 10
“So overall weighted average interest rate is close to 13%”
Shreepal Shah, page 10 of the filed PDF · View the filing
Hally Pacific acquisition consideration: approximately INR30.40 crores
p. 4
“The acquisition completed for a consideration of approximately INR30.40 crores, strengthens our development pipeline in South Central Mumbai with an estimated GDV potential of INR200 crores”
Rahul Thomas, page 4 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.
Net debt — INR600 crores to INR650 crores · FY27
stated firmly by Rahul Thomas
p. 9
“Between INR600 crores to INR650 crores is what we feel will be the debt levels.”
Rahul Thomas, page 9 of the filed PDF · View the filing
EBITDA margin — 35% · FY27
stated firmly by Shreepal Shah
p. 14
“We are maintaining that 35% margins.”
Shreepal Shah, page 14 of the filed PDF · View the filing
Residential launch pipeline — INR500 crores to INR600 crores · FY27
stated firmly by Shreepal Shah
p. 11
“So, this year, we are going to launch close to INR500 crores to INR600 crores worth of residential projects in this”
Shreepal Shah, page 11 of the filed PDF · View the filing
Combined launch pipeline (residential plus commercial) — INR1,400 crores · FY27
stated firmly by Rahul Thomas
p. 12
“if you add both, it's between INR1,400 crores is what we see a launch pipeline right now, including the commercial”
Rahul Thomas, page 12 of the filed PDF · View the filing
Presales guidance for FY27 — next call
stated firmly by Rahul Thomas
p. 6
“We are planning to do the guidance in the next call.”
Rahul Thomas, page 6 of the filed PDF · View the filing
Bandra project launch readiness — at least a year from now
stated conditionally by Rahul Thomas
p. 15
“So, we look at least a year from now, minimum a year from now for launch.”
Rahul Thomas, page 15 of the filed PDF · View the filing
Average realization — INR45,000 per square feet to INR50,000 per square feet · FY27
stated firmly by Shreepal Shah
p. 11
“INR45,000 per square feet to INR50,000 per square feet.”
Shreepal Shah, page 11 of the filed PDF · View the filing
Bandra land parcel acquisitions — next 2 quarters
stated as an aspiration by Rahul Thomas
p. 15
“the next 2 quarters would be going for acquisitions of the balance lands”
Rahul Thomas, page 15 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 estimated ongoing unsold inventory at around Rs 1,100 crore and upcoming portfolio GDV at roughly Rs 7,500-7,600 crore.
Answered by Shreepal Shah
Asked by Harshit: What is the total current GDV including ongoing and upcoming projects?
p. 6
“For the upcoming portfolio of projects, 12 lakh 12 thousand square feet is the total carpet area, which, on an average at INR60,000 per square feet translates to close to INR7,500 crores, INR7,600 crores.”
Shreepal Shah, page 6 of the filed PDF · View the filing
Management attributed the decline to a product mix shift toward value luxury and commercial projects versus higher-priced luxury projects like Palette and Ocean Star in FY25.
Answered by Shreepal Shah
Asked by Charanjeev Singh: Why has average realization declined for residential in FY26 versus FY25?
p. 6
“So in FY26, we have launched value luxury projects and the major sales have come from value luxury and commercial, wherein FY25 had contribution from luxury projects like Palette and Ocean Star”
Shreepal Shah, page 6 of the filed PDF · View the filing
Management said debt should be viewed from a cash flow and receivables perspective, not market cap, and expects debt levels to normalize as commercial project traction builds.
Answered by Rahul Thomas
Asked by Amit Saggar: How is the company handling rising debt levels relative to market cap and rating concerns?
p. 8
“I feel we should look at it more from the cash flow perspective rather than the market cap, what is the potential of the project vis-a-vis the debt and what is the sold receivables.”
Rahul Thomas, page 8 of the filed PDF · View the filing
Management said it wants to complete the RERA process for the newly acquired Prabhadevi commercial land before committing to a full-year guidance figure.
Answered by Rahul Thomas
Asked by Rajender Passi: What is the reason for the delay in providing FY27 presales guidance?
p. 13
“So giving a guidance before the amalgamation is done and the amended RERA coming in, so we are taking that time so that we know that the Prabhadevi land, the commercial land, which we have just acquired right now through the MOU has come to a decent stage of RERA”
Rahul Thomas, page 13 of the filed PDF · View the filing
Management attributed the decline to limited residential inventory rather than a demand slowdown.
Answered by Rahul Thomas
Asked by Rajender Passi: Is the decline in residential presales due to limited inventory or a buyer slowdown?
p. 12
“It's majorly attributed to the limited inventory.”
Rahul Thomas, page 12 of the filed PDF · View the filing
Management confirmed there is currently no external rating agency covering the company, only banks' internal ratings.
Answered by Rahul Thomas
Asked by Charanjeev Singh: Does the company have a credit rating from an external agency?
p. 14
“I think right now, there's no rating done by an agency as of now. It's more internal -- it's more of the bank's internal rating.”
Rahul Thomas, page 14 of the filed PDF · View the filing
Risks flagged
Higher finance costs from strategic acquisitions and business development reduced PAT
p. 5
“The decline in PAT during the year was primarily attributed to the higher finance costs arising from strategic acquisitions, ongoing business development initiatives and investment towards strengthening the company's project pipeline and long-term growth opportunities.”
Shreepal Shah, page 5 of the filed PDF · View the filing
Increase in net debt driven by acquisitions and project investments
p. 5
“The increase in debt levels was primarily driven by the company's continued focus on business development activities, strategic acquisitions and investment towards ongoing and upcoming project launches.”
Shreepal Shah, page 5 of the filed PDF · View the filing
Rising interest rate on incremental debt due to land-related acquisitions
p. 10
“It's slightly increased because of the new acquisitions we have done, which is funded by -- land-related acquisitions are a little costly.”
Shreepal Shah, 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.