Suraj Estate Developers Limited (SURAJEST) — Financial Results

Investor Takeaways

FY26 PAT reached INR90 crores on INR561 crores total income with EBITDA margin stable at 39.7%

FY26 presales grew 23% YoY to INR615 crores and sales area expanded 42% YoY to 1.31 lakh sq. ft. in South Central Mumbai

Collections rose 9% YoY to INR421 crores despite inventory constraints and RERA delays

⚠️ Net debt increased to INR579.91 crores; FY27 launch guidance remains constrained by near-term execution risks

Overall Tone: Neutral

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹561 Cr	23% (presales growth)
Net Profit	₹90 Cr	—
EBITDA	₹223 Cr	39.7% margin
EPS	₹?	—
OPM	—	—

What Changed

Suraj Estate Developers reported FY26 financial results showing INR561 crores in total income, INR223 crores EBITDA (39.7% margin), and INR90 crores PAT. The company achieved 23% YoY presales growth to INR615 crores and 42% YoY expansion in sales area to 1.31 lakh sq. ft. in South Central Mumbai, with collections rising 9% YoY to INR421 crores. Strategic land acquisitions included the INR30.40 crores purchase of Hally Pacific and an MOU for adjacent land, projecting INR800 crores incremental GDV. Management highlighted a combined GDV potential of INR7,500 crores across upcoming projects and maintained FY27 residential launch guidance of INR500-600 crores. However, net debt rose to INR579.91 crores, and FY27 guidance clarity remains limited due to inventory constraints and RERA delays affecting project timelines.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Suraj Estate Developers	9.42	N/A	N/A	1,038.45
DLF Limited	35.01	N/A	N/A	1,40,288.48
Lodha Developers	33.53	N/A	N/A	84,909.91
Phoenix Mills	46.02	N/A	N/A	62,174.60

Suraj Estate Developers trades at a significant discount to peers on P/E ratio (9.42 vs. 33.53–46.02), though peer operational metrics remain unavailable for direct comparison.