Shriram Properties Ltd (SHRIRAMPPS)
🎯 Key Takeaways
- Shriram Properties is in a strategic growth phase, transitioning from early-stage project launches to scalable execution with a focus on premiumization and margin recovery. Despite near-term profit volatility due to project timing and mix, the company is building a robust pipeline and expanding its footprint in high-growth markets like Chennai and Kolkata.
- Revenue declined 65% QoQ to ₹224 in Q1FY27.
- ⚠️ Margin pressure persists due to project mix and timing, with EBITDA margins yet to recover to target levels.
📖 The Story
Shriram Properties is in a strategic growth phase, transitioning from early-stage project launches to scalable execution with a focus on premiumization and margin recovery. Despite near-term profit volatility due to project timing and mix, the company is building a robust pipeline and expanding its footprint in high-growth markets like Chennai and Kolkata. Management maintains confidence in long-term value creation through disciplined capital allocation and back-ended revenue recognition.
📰 What's Happening
In Q1 FY27, Shriram Properties launched three new premium residential and plotted developments in Chennai and Kolkata, contributing to a 4% YoY revenue increase to ₹271 crores. The company added a project with ~₹650 crore GDV and expanded its pipeline to 17.7 msf with ₹11,560 crores of potential. Collections rose 8% YoY to ₹365 crores, and EBITDA stood at ₹42 crores. Management reaffirmed FY27 guidance, targeting ₹5,000–5,500 crores in sales value, 8–10% revenue growth, and 7–8 new projects, supported by a strong H2 launch pipeline.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 205 | 179 | 641 | 224 |
| Operating Profit | -8 | -20 | 84 | -7 |
| OPM % | -3.7% | -11.0% | 13.2% | -3.3% |
| Net Profit | 9 | -7 | 79 | 11 |
| EPS | ₹0.50 | ₹-0.40 | ₹4.60 | ₹0.65 |
Revenue shows volatility, with Q1 FY27 at ₹224 crores and Q2 FY27 at ₹641 crores, followed by declines in Q3 and Q4 FY25, indicating irregular project recognition and timing. However, the recent uptick in Q1 FY27 revenue and stable collections suggest improving execution. Net profit declined to ₹11 crores in Q1 FY27 from ₹20.6 crores in the prior year, but this reflects project mix and revenue recognition patterns rather than operational weakness. EBITDA stability and margin guidance point to gradual recovery in profitability from H2 onward.
🔮 Management Outlook & What's Next
Management has reaffirmed its FY27 guidance, targeting ₹2,500 crores in revenue and PAT of ₹250 crores, with EBITDA margins expected to expand to 22–24% by FY28. They highlighted a back-ended growth model, with 2,900+ units and ₹1,560 crores revenue expected in H2 FY27 from handovers. The focus remains on premiumization, improved project mix, and pipeline execution to drive margin recovery and sustainable growth beyond FY27.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 170 | 170 | 171 | 171 |
| Reserves | 1,124 | 1,185 | 1,217 | 1,289 |
| Borrowings | 541 | 651 | 706 | 616 |
| Total Liabilities | 3,852 | 3,939 | 4,139 | 3,714 |
| Fixed Assets | 69 | 82 | 71 | 115 |
| Investments | 62 | 187 | 190 | 63 |
| Total Assets | 3,852 | 3,939 | 4,139 | 3,714 |
The balance sheet reflects financial stability with a consistent net debt-to-equity ratio of 0.3x and cash balances of ₹219 crores as of March 2026. Borrowings remain manageable at ₹616 crores (March 2026), and total assets have stabilized around ₹3,700–4,100 crores. There is no aggressive deleveraging or capital return, suggesting reinvestment is prioritized to fund growth. The stable capital structure supports continued project funding without straining liquidity.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | +154 |
| Investing | -48 |
| Financing | -128 |
| Net Cash Flow | -22 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 27.9% | 27.9% | 27.9% | 27.9% |
| FII | 2.9% | 3.5% | 6.1% | 6.8% |
| DII | 1.9% | 2.5% | 2.5% | 1.4% |
| Public | 36.9% | 35.9% | 33.4% | 34.2% |
| # Shareholders | 87,971 | 84,391 | 81,079 | 84,665 |
Promoter holding remains stable at 27.89% across quarters, indicating confidence in long-term prospects. FII ownership has increased from 2.89% in Q2FY26 to 6.85% in Q1FY27, signaling institutional accumulation. DII holdings have also risen from 1.94% to 2.49%, suggesting growing confidence among domestic investors. The rising shareholder base (84,665 in Q1FY27) reflects broadening interest and improved market participation.
⚖️ Peer Comparison — Realty
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| DLF | 1.54 L Cr | 34.6 | 6.5% | 5.6% | 0.00 |
| LODHA | 1.07 L Cr | 25.9 | 17.9% | 17.7% | 0.42 |
| PHOENIXLTD | 65,488 | 51.2 | 15.4% | 14.8% | 0.48 |
| PRESTIGE | 61,379 | 53.9 | 10.4% | 7.8% | 0.92 |
| OBEROIRLTY | 60,660 | 22.9 | 17.8% | 14.7% | 0.16 |
| GODREJPROP | 50,004 | 31.2 | 6.6% | 8.3% | 0.82 |
| PFOCUS | 24,778 | 207.2 | 9.4% | 7.0% | 2.37 |
| ANANTRAJ | 21,083 | 35.5 | 11.1% | 9.9% | 0.10 |
| BRIGADE | 19,989 | 23.2 | 10.9% | 11.5% | 0.90 |
| ABREL | 13,723 | — | -4.5% | -3.3% | 1.52 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Margin pressure persists due to project mix and timing, with EBITDA margins yet to recover to target levels. 2. Revenue recognition volatility across quarters introduces earnings uncertainty, especially in transitional phases. 3. High dependence on a few key markets (Chennai, Kolkata) exposes the company to localized regulatory or economic headwinds. 4. Execution risk in scaling premium launches and maintaining customer response amid macroeconomic uncertainty.
📋 Recent Filings
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🔴 Announcement 5 September 2026Shriram Properties announced its schedule for upcoming analyst and institutional investor meetings, including a virtual session with Arihant Capital o...
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🔴 annual report 3 September 2026Shriram Properties Ltd delivered a record-breaking FY26 with 3,465 homes handed over across 8 projects (~4 msf), generating ₹1,661 crore collections a...
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🟡 sustainability report 3 September 2026Shriram Properties Limited's FY26 BRSR report details its ESG performance across environmental, social, and governance metrics. The company emphasizes...
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🔴 annual report 3 September 2026Shriram Properties announced that its 5th Annual General Meeting will be held on September 26, 2026, at 12:00 Noon IST via video conference, and provi...
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🟡 Board Meeting 3 September 2026Shriram Properties Limited announced its 5th Annual General Meeting scheduled for September 26, 2026 at 12:00 Noon IST via Video Conferencing/Audio Vi...
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Announcement 19 August 2026Shriram Properties reported record Q1 FY27 sales of INR484 crores and collections of INR365 crores, reaffirming FY27 guidance with INR3,300-3,500 cror...
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Announcement 13 August 2026Shriram Properties announced an investor meeting on August 18, 2026, to discuss its business outlook with analysts and institutional investors, provid...
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🔴 Financial Results 12 August 2026Shriram Properties reported Q1FY27 revenue of ₹271.1 crores, up 4% YoY, with net profit at ₹11.0 crores, down from ₹20.6 crores in Q1FY26. The company...
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🔴 Financial Results 12 August 2026Shriram Properties reported Q1 FY27 revenue of ₹271 crores, up 4% YoY, with net profit at ₹11 crores. Collections rose 8% YoY to ₹365 crores, and EBIT...
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🟡 Board Meeting 12 August 2026Shriram Properties announced its unaudited financial results for Q1 FY2026 and confirmed the 5th AGM will be held via video conference, with the forma...
🧠 Analyst's Read
Shriram Properties is executing a disciplined growth strategy with a visible pipeline and improving operational momentum, but near-term profitability remains sensitive to project timing and mix. Investors should monitor H2 revenue recognition, margin trends, and execution consistency in new launches to assess the sustainability of growth and margin recovery.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-16.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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