Suraj Estate Developers Limited (SURAJEST) — Financial Results

Investor Takeaways

Revenue of ₹169.85 Cr in Q3FY25, up from ₹100.36 Cr in Q4FY24, indicating sequential growth.

Net profit of ₹19.98 Cr in Q3FY25, compared to ₹19.47 Cr in Q4FY24, showing stable profitability.

OPM of 26.98% in Q3FY25, down from 58.16% in Q2FY25 and 53.29% in Q4FY24, reflecting margin pressure.

EPS of ₹4.23 in Q3FY25, significantly lower than ₹7.43 in Q2FY25 and ₹7.03 in Q1FY25.

Market Cap of ₹1,038.45 Cr, with a P/E Ratio of 9.42, suggesting relatively low valuation relative to earnings.

⚠️ No specific risks or concerns were mentioned in the provided filing.

Overall Tone: Neutral based on the numbers only.

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹169.85 Cr (Q3FY25)	Up from ₹100.36 Cr (Q4FY24)
Net Profit	₹19.98 Cr (Q3FY25)	Up from ₹19.47 Cr (Q4FY24)
EBITDA	Not available	N/A
EPS	₹4.23 (Q3FY25)	Down from ₹7.43 (Q2FY25)
OPM	26.98% (Q3FY25)	Down from 58.16% (Q2FY25)

What Changed

The company’s financial performance showed mixed trends across quarters. Revenue increased from ₹100.36 Cr in Q4FY24 to ₹169.85 Cr in Q3FY25, indicating growth in the final quarter of the fiscal year. Net profit also rose slightly from ₹19.47 Cr to ₹19.98 Cr, suggesting improved bottom-line stability. However, operating profit margin (OPM) declined sharply from 58.16% in Q2FY25 to 26.98% in Q3FY25, and earnings per share (EPS) fell from ₹7.43 to ₹4.23, signaling potential earnings volatility. The company scheduled an investor call on June 1, 2026, to discuss Q4FY25 and FY26 results, with management including Whole Time Director Rahul Thomas and CFO Shreepal Shah participating. The filing did not disclose detailed segment-wise performance or forward-looking guidance. The current P/E ratio of 9.42 appears low compared to peers, which may reflect market skepticism or conservative valuation. No new financial metrics such as debt levels or cash flow were included in the provided fundamentals. The company’s market capitalization of ₹1,038.45 Cr places it in the mid-cap segment within the real estate sector. The investor call serves as a platform to clarify performance drivers and future outlook. The significant drop in OPM from Q2FY25 to Q3FY25 warrants attention but requires context from management during the call. Overall, the financials show growth in revenue and profit but declining operational efficiency.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Suraj Estate Developers Limited (SURAJEST)	9.42	N/A	N/A	1,038.45
DLF Limited (DLF)	35.01	N/A	N/A	1,40,288.48
Lodha Developers Limited (LODHA)	33.53	N/A	N/A	84,909.91
The Phoenix Mills Limited (PHOENIXLTD)	46.02	N/A	N/A	62,174.6

Suraj Estate Developers is trading at a significantly lower P/E multiple compared to its peers, which may indicate undervaluation or lower growth expectations. The company’s market capitalization is substantially smaller than DLF and Lodha, suggesting a more niche or regional presence. Peer data shows no available ROE or ROCE figures, limiting direct profitability efficiency comparison. The Phoenix Mills, though in a related realty segment, has a much higher P/E, reflecting potentially stronger margins or growth prospects. Suraj Estate’s financials show lower profitability metrics relative to peers, but direct comparison is constrained by missing efficiency ratios. The company’s scale is modest compared to large listed developers like DLF. No debt-to-equity (D/E) data was provided for any peer, limiting leverage assessment. The low P/E may reflect market caution around sector-specific risks or execution challenges. The investor call could provide clarity on how Suraj Estate plans to improve margins and sustain growth. Until then, the valuation gap remains a key observation point.