Suraj Estate Developers Q2 FY27: PAT ₹23 & Rev ₹146 Cr

Investor Takeaways

Revenue grew 10% YoY to ₹146 crores in Q1 FY27

PAT increased 7% YoY to ₹23 crores in Q1 FY27

Sales value surged 74% YoY to ₹141 crores

Net debt rose to ₹614 crores as of June 2026

₹1,600 crore launch pipeline announced for FY27

Overall Tone: Neutral

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹146 Cr	+10%
Net Profit	₹23 Cr	+7%
EBITDA	Not available	N/A
EPS	Not available	N/A
OPM	Not available	N/A

What Changed

Revenue increased 10% YoY to ₹146 crores in Q1 FY27, driven by strong demand in premium residential and commercial segments of South and Central Mumbai. PAT grew 7% YoY to ₹23 crores, reflecting improved operational efficiency. Sales value surged 74% YoY to ₹141 crores, indicating robust monetization of ongoing projects. Net debt increased to ₹614 crores as of June 2026, primarily due to strategic land acquisitions, including a ₹18 crore purchase in Dadar West. Management announced a ₹1,600 crore launch pipeline for FY27, comprising projects such as Suraj Nova and Madonna. Quarterly trends show revenue volatility, with Q3FY25 at ₹169.85 crores and Q2FY25 at ₹109.09 crores, though PAT declined in Q3FY25 to ₹19.98 crores from ₹31.83 crores in Q2FY25. The company maintains a market cap of ₹1,038.45 crores with a P/E ratio of 9.42, positioning it as a mid-cap developer focused on redevelopment and premium asset development in Mumbai.

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 trades at a significant discount to peers on P/E ratio, suggesting potential undervaluation relative to larger developers, though direct comparative metrics like ROE and ROCE are not available for analysis.

Risks & Concerns

No specific risks identified in this filing

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q3FY25	169.85	19.98	26.98
Q2FY25	109.09	31.83	58.16
Q1FY25	133.67	30.13	47.35
Q4FY24	100.36	19.47	53.29

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About Suraj Estate Developers Limited (SURAJEST)

Realty · Realty · Listed on NSE

Market Cap: ₹807.13 Cr P/E: 8.5 ROE: 10.8% ROCE: 17.0%

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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