Suraj Estate Developers Limited (SURAJEST)
🎯 Key Takeaways
- Suraj Estate Developers Limited is in a strategic expansion phase within Mumbai's premium real estate redevelopment segment, transitioning from a stable cash-generating platform to a growth-oriented developer with a focus on high-GDV land acquisitions and project launches. Management is actively building a multi-year launch pipeline while managing leverage, though near-term execution risks persist due to inventory constraints and regulatory delays.
- Revenue grew 55.7% QoQ to ₹170 in Q3FY25.
- ⚠️ Execution risks from RERA delays and inventory constraints could impact near-term project timelines and guidance clarity.
📖 The Story
Suraj Estate Developers Limited is in a strategic expansion phase within Mumbai's premium real estate redevelopment segment, transitioning from a stable cash-generating platform to a growth-oriented developer with a focus on high-GDV land acquisitions and project launches. Management is actively building a multi-year launch pipeline while managing leverage, though near-term execution risks persist due to inventory constraints and regulatory delays.
📰 What's Happening
In FY26, the company reported INR561 crores in total income and INR90 crores in PAT, driven by 23% YoY presales growth to INR615 crores and 42% YoY expansion in sales area to 1.31 lakh sq. ft. in South Central Mumbai. Management acquired Hally Pacific for INR30.40 crores and secured an MOU for adjacent land, projecting INR800 crores incremental GDV. The company also launched key projects including Suraj One Business Bay and acquired land parcels with ~₹200 crore and ~₹800 crore GDV potential, targeting over ₹2,000 crores combined GDV. Management highlighted an upcoming Bandra project readiness target for FY28 Q1 and maintained FY27 launch guidance of INR500-600 crores residential projects. The board approved audited financial results with an unmodified auditor opinion and reappointed key auditors, reinforcing governance compliance.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Q2FY24 | Q3FY24 | Q4FY24 | Q1FY25 | Q2FY25 | Q3FY25 |
|---|---|---|---|---|---|---|
| Revenue | 103 | 106 | 100 | 134 | 109 | 170 |
| Operating Profit | 63 | 70 | 56 | 64 | 64 | 48 |
| OPM % | 61.0% | 65.7% | 53.3% | 47.4% | 58.2% | 27.0% |
| Net Profit | 17 | 17 | 19 | 30 | 32 | 20 |
| EPS | ₹5.33 | ₹5.03 | ₹4.39 | ₹7.03 | ₹7.43 | ₹4.23 |
The company's financial trajectory shows revenue growth from ₹100 crore in Q4FY24 to ₹170 crore in Q3FY25, with operating profit margin expanding from 53.3% to 27.0% over the same period, indicating improved operational efficiency despite rising finance costs from acquisitions. PAT declined 10% YoY in FY26 to INR90 crores due to higher finance costs, but EBITDA grew 8% to INR223 crores with margin stable at 39.7%. Collections rose 9% YoY to INR421 crores, reflecting strong cash realization despite inventory constraints. The company's revenue growth is increasingly driven by strategic land acquisitions and project launches, with management targeting over ₹2,000 crores combined GDV from new acquisitions and a FY27 launch pipeline of INR500-600 crores.
🔮 Management Outlook & What's Next
Management has expressed confidence in sustaining launch momentum and accelerating execution across its expanding portfolio, targeting over ₹2,000 crores combined GDV from new land acquisitions and a FY27 residential launch pipeline of INR500-600 crores. They also highlighted a total launch pipeline of INR1,400 crores and projected Bandra project readiness for FY28 Q1. Management emphasized continued focus on monetization across its portfolio and expansion into high-value urban redevelopment segments in South-Central Mumbai and Bandra, with ongoing projects including Suraj Aureva and commercial developments in SCM.
Extracted from official company announcements. Not StockFin.ai's opinion.
⚖️ Peer Comparison — Realty
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| DLF Limited | 1.40 L Cr | 35.0 | — | — | — |
| Lodha Developers Limited | 84,910 | 33.5 | — | — | — |
| The Phoenix Mills Limited | 62,175 | 46.0 | — | — | — |
| Oberoi Realty Limited | 58,802 | 22.8 | — | — | — |
| Prestige Estates Projects Limited | 57,813 | 71.4 | — | — | — |
| Godrej Properties Limited | 51,630 | 32.1 | — | — | — |
| Anant Raj Limited | 17,569 | 30.5 | 10.5% | 9.6% | 0.10 |
| Brigade Enterprises Limited | 16,836 | 25.1 | — | — | — |
| Sobha Limited | 14,942 | 227.9 | — | — | — |
| Aditya Birla Real Estate Limited | 14,430 | -62.6 | -4.3% | -2.8% | 1.52 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Execution risks from RERA delays and inventory constraints could impact near-term project timelines and guidance clarity. 2. Rising net debt to INR579.91 crores increases financial leverage at a time when PAT declined 10% YoY due to acquisition-related finance costs, potentially pressuring margins if growth slows. 3. The company's growth strategy is heavily reliant on successful land acquisition and project launch execution in premium Mumbai markets, which are cyclical and sensitive to regulatory or economic shifts. 4. The FY27 launch guidance remains constrained by execution risks, with management highlighting uncertainty in near-term project completions.
📋 Recent Filings
-
Financial Results 26 June 2026Suraj Estate Developers Limited announced that its trading window will close from July 1, 2026, until 48 hours after the unaudited quarterly results f...
-
🔴 Insider Trading 11 June 2026On April 6, 2026, Suraj Estate Developers disclosed that promoter Rajan Meenathakonil Thomas holds 3,33,44,279 shares as of March 31, 2026, with no en...
-
🔴 Insider Trading 8 June 2026No summary available
-
🔴 Financial Results 8 June 2026Suraj Estate Developers reported FY26 total income of INR561 crores, EBITDA of INR223 crores (39.7% margin), and PAT of INR90 crores, driven by 23% Yo...
-
Announcement 4 June 2026Suraj Estate Developers announced its participation in a virtual investor conference hosted by Choice Broking on June 11, 2026, from 12:00 to 1:00 PM,...
-
Announcement 1 June 2026Suraj Estate Developers Limited announced the availability of an audio recording from its June 1, 2026 analyst conference call discussing Q4 and full-...
-
🔴 Financial Results 31 May 2026Suraj Estate Developers reported FY26 sales value of **₹615 crores**, up 23% YoY, with sales area expanding 42% to 1,31,167 sq. ft. and collections ri...
-
🔴 Financial Results 31 May 2026Suraj Estate Developers reported FY26 revenue of **₹555.9 crores**, a **69.9% YoY increase**, driven by strong collections and realizations, with prof...
-
🟡 Board Meeting 30 May 2026Suraj Estate Developers Limited announced the outcome of its May 30, 2026 board meeting, approving audited standalone and consolidated financial resul...
-
🔴 Financial Results 30 May 2026Suraj Estate Developers Limited announced approval of its audited consolidated financial results for the quarter and year ended March 31, 2026, featur...
🧠 Analyst's Read
Suraj Estate Developers is executing a clear growth strategy through strategic land acquisitions and project launches in Mumbai's premium redevelopment segment, supported by strong top-line growth and robust collections. However, investors should monitor execution risks around RERA approvals, debt levels, and near-term project completions, as the company navigates a transition from stable profitability to growth-oriented expansion with constrained near-term visibility.
Based on filing content and financial data. Not a recommendation.
Read the full analysis
Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.
Sign Up Free — Unlock Full Analysis2 free AI queries per day.
Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-15.
📡 Get AI alerts when SURAJEST files new disclosures
Track SURAJEST filings, board meetings, and corporate actions. Free email alerts at 5 PM.
Track SURAJEST — FreeFree account · 2 AI queries/day
© 2026 StockFin.ai — AI-powered Indian stock research