Suraj Estate Developers Ltd (SURAJEST)
🎯 Key Takeaways
- Suraj Estate Developers is in a strategic expansion phase, leveraging strong demand in premium Mumbai real estate to scale its project pipeline. Management is actively monetizing its development pipeline while maintaining a disciplined approach to capital allocation, supported by consistent revenue and profit growth.
- Revenue grew 46.5% QoQ to ₹145 in Q1FY27.
- ⚠️ 1) High concentration in Mumbai micro-markets makes the company vulnerable to regional slowdowns or regulatory changes. 2) Rising net debt (to ₹614 cr
📖 The Story
Suraj Estate Developers is in a strategic expansion phase, leveraging strong demand in premium Mumbai real estate to scale its project pipeline. Management is actively monetizing its development pipeline while maintaining a disciplined approach to capital allocation, supported by consistent revenue and profit growth. The company is positioned as a niche player with focus on redevelopment and redevelopment-linked premium assets in high-demand micro-markets.
📰 What's Happening
In Q1 FY27, Suraj Estate reported 10% YoY revenue growth to ₹146 crores and 7% PAT growth to ₹23 crores, driven by a 74% surge in sales value to ₹141 crores. Management highlighted a ₹1,600 crore launch pipeline for FY27, including projects like Suraj Nova and Madonna, and acquired land in Dadar West for ₹18 crores. A strategic land acquisition in Dadar West (~1.50 lakhs sq ft, ~₹800 crore GDV) and expansion into Bandra and Santacruz underscore its focus on high-growth micro-markets. Additionally, the company approved a private placement of up to ₹165 crores in NCDs to support fund deployment, reflecting ongoing capital mobilization for expansion.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|
| Revenue | 132 | 145 | 180 | 99 | 145 |
| Operating Profit | 48 | 64 | 52 | 49 | 52 |
| OPM % | 36.6% | 44.1% | 29.0% | 49.2% | 36.1% |
| Net Profit | 21 | 33 | 25 | 11 | 23 |
| EPS | ₹4.60 | ₹7.15 | ₹5.44 | ₹2.32 | ₹4.94 |
Revenue and profitability have shown sequential improvement, with Q1 FY27 revenue at ₹146 crores (up from ₹99 crores in Q4 FY26) and PAT rising to ₹23 crores. Despite a temporary dip in OPM to 36.1% in Q1 FY27 (from 49.2% in Q4 FY26), this reflects increased capital deployment in new launches. The ₹1,600 crore pipeline and target of ₹700 crore presales for FY27 indicate accelerating monetization. Management expects EBITDA margins of 35-37% in the next two years, suggesting margin stabilization as scale improves.
🔮 Management Outlook & What's Next
Management expressed confidence in long-term growth, citing resilient market positioning, strong absorption in ongoing projects, and scarcity of premium assets in South and Central Mumbai. They outlined a ₹1,600 crore launch pipeline for FY27 and target ₹700 crore presales, with EBITDA margins expected to reach 35-37% within two years. Net debt is being managed with temporary increases from new launches, and capital allocation remains focused on strategic land acquisitions and project development.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 21 | 23 | 23 | 23 |
| Reserves | 549 | 830 | 934 | 970 |
| Borrowings | 449 | 456 | 550 | 645 |
| Total Liabilities | 1,399 | 1,747 | 1,988 | 1,961 |
| Fixed Assets | 28 | 37 | 25 | 57 |
| Investments | 14 | 3 | 16 | 4 |
| Total Assets | 1,399 | 1,747 | 1,988 | 1,961 |
The balance sheet shows a stable equity base of ₹23 crores with reserves growing to ₹970 crores by March 2026, indicating retained earnings. Borrowings have risen to ₹645 crores (from ₹550 crores in prior period), reflecting increased debt utilization for land acquisitions and pipeline development. Total assets remain steady at ₹1,961 crores, suggesting disciplined asset management. The company is leveraging debt to fund growth, but the modest D/E of 0.54 suggests manageable leverage relative to equity.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | -306 |
| Investing | +79 |
| Financing | +238 |
| Net Cash Flow | +10 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 69.6% | 69.6% | 69.8% | 69.8% |
| FII | 1.7% | 1.8% | 2.2% | 1.3% |
| DII | 0.9% | 1.0% | 1.1% | 1.0% |
| Public | 20.2% | 21.0% | 22.5% | 22.8% |
| # Shareholders | 40,059 | 40,182 | 38,518 | 38,247 |
Promoter holding remains stable at 69.8% over recent quarters, signaling confidence in long-term prospects. Institutional interest is growing, with FII holdings rising from 1.7% in Q2 FY26 to 2.23% in Q4 FY26, while DII increased from 0.93% to 1.11%. Public holding has slightly declined but remains at 22.83%. The rising institutional interest, despite a neutral overall sentiment, may reflect early accumulation ahead of potential upside from the pipeline.
⚖️ 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) High concentration in Mumbai micro-markets makes the company vulnerable to regional slowdowns or regulatory changes. 2) Rising net debt (to ₹614 crores) could pressure financial flexibility if new launches face delays or margin compression. 3) Execution risk in monetizing the ₹1,600 crore pipeline amid rising input costs or delays in approvals. 4) Limited diversification beyond residential and commercial redevelopment in South-Central Mumbai.
📋 Recent Filings
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🔴 annual report 11 September 2026Suraj Estate Developers announced that the 40th Annual General Meeting will be held on September 30, 2026, via video conference, and shared the web li...
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🟡 Board Meeting 5 September 2026Suraj Estate Developers held its 40th Annual General Meeting on September 30, 2026 via video conference, providing shareholders access to the FY2025-2...
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🔴 annual report 5 September 2026Suraj Estate Developers reported FY 2025-26 revenue of **₹561 crores** with **₹222.9 crores EBITDA** (**39.7% margin**) and **₹90.3 crores PAT**, refl...
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🔴 Financial Results 24 August 2026Suraj Estate Developers reported Q1 FY27 revenue of INR146 crores, up 10% YoY, with PAT at INR23 crores (+7% YoY). Sales value surged 74% to INR141 cr...
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🔴 Financial Results 17 August 2026Suraj Estate Developers reported Q1 FY27 revenue of **₹146.2 crores**, up sharply from prior periods, with net profit at **₹22.9 crores** and EBITDA m...
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Announcement 17 August 2026Suraj Estate Developers announced that its August 17, 2026 analyst conference call discussing Q1 FY27 results is now available as an audio recording o...
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🟡 deviation variation 14 August 2026Suraj Estate Developers Limited reports no deviation in fund utilization for its Rs. 343.39 crore preferential issue proceeds during Q1 FY2026, confir...
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Announcement 12 August 2026Suraj Estate Developers announced an investor and analyst call on August 17, 2026, at 2:00 PM IST to discuss Q1FY27 operational and financial results,...
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🟡 Board Meeting 10 August 2026Suraj Estate Developers Limited announced on August 10, 2026, that its Management Committee approved the issuance of up to INR 165 crores worth of sen...
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🟡 Board Meeting 10 August 2026Suraj Estate Developers announced the approval of a private placement of up to INR 165 crores in senior secured redeemable non-convertible debentures ...
🧠 Analyst's Read
Suraj Estate Developers is executing a clear growth strategy with a robust pipeline and strong demand in premium Mumbai markets, supported by consistent financial performance. The key watchpoints are execution speed of new launches, margin trajectory, and debt management as it scales. Investors should monitor quarterly presales updates and management’s ability to maintain EBITDA margins amid rising capital deployment.
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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