Shraddha Prime Projects H1 FY27 PAT Surges 156%

Financial Performance Highlights

Q2 FY27 Performance (Consolidated)

Operational Revenue: ₹13,201.57 lakhs (₹132.02 Cr), decreased 1.72% YoY from ₹13,433.22 lakhs in Q2 FY26
EBITDA: ₹2,894.77 lakhs, increased 143.75% YoY from ₹1,187.62 lakhs
EBITDA Margin: 21.93%, expanded by 1,309 bps from 8.84% in Q2 FY26
PAT: ₹2,492.83 lakhs (₹24.93 Cr), increased 208.62% YoY from ₹807.73 lakhs
PAT Margin: 18.88%, expanded by 1,287 bps from 6.01% in Q2 FY26
Diluted EPS: ₹6.17 compared to ₹2.16 in Q2 FY26

H1 FY27 Performance (Consolidated)

Operational Revenue: ₹26,559.52 lakhs (₹265.60 Cr), increased 37.59% YoY from ₹19,303.16 lakhs
EBITDA: ₹5,338.97 lakhs (₹53.39 Cr), increased 136.57% YoY from ₹2,256.82 lakhs
EBITDA Margin: 20.10%, expanded by 841 bps from 11.69% in H1 FY26
PAT: ₹4,430.60 lakhs (₹44.31 Cr), increased 155.84% YoY from ₹1,731.80 lakhs
PAT Margin: 16.68%, expanded by 771 bps from 8.97% in H1 FY26
Diluted EPS: ₹10.97 compared to ₹4.28 in H1 FY26

Other Financial Details

Other Income: ₹717.67 lakhs in H1 FY27 vs ₹645.07 lakhs in H1 FY26
Depreciation: ₹12.65 lakhs in H1 FY27 vs ₹5.03 lakhs in H1 FY26
Finance Cost: ₹150.73 lakhs in H1 FY27 vs ₹20.46 lakhs in H1 FY26
Exceptional Items: None in H1 FY27 vs ₹17.35 lakhs in H1 FY26
Tax Expense: ₹1,462.65 lakhs in H1 FY27 vs ₹1,127.25 lakhs in H1 FY26

Balance Sheet Position (H1 FY27 Consolidated)

Assets

Total Assets: ₹74,358.07 lakhs (₹743.58 Cr)
Non-current Assets: ₹3,900.62 lakhs
Property, Plant and Equipment: ₹55.07 lakhs
Other Intangible assets: ₹7.13 lakhs
Right of use asset: ₹3.39 lakhs
Other Investments: ₹3,826.43 lakhs
Deferred tax assets: ₹8.29 lakhs
Other non-current assets: ₹0.31 lakhs
Current Assets: ₹70,457.45 lakhs
Inventories: ₹44,285.66 lakhs
Investments: ₹101.32 lakhs
Trade receivables: ₹437.87 lakhs
Cash and cash equivalents: ₹1,579.73 lakhs
Loans and advances: ₹17,556.07 lakhs
Other current financial assets: ₹1,012.79 lakhs
Other current assets: ₹5,484.00 lakhs

Liabilities and Equity

Equity Share Capital: ₹4,229.37 lakhs
Other Equity: ₹13,382.38 lakhs
Non-controlling Interests: -₹3,201.70 lakhs
Non-current Liabilities: ₹33,155.45 lakhs
Borrowings: ₹33,147.19 lakhs
Provisions: ₹8.26 lakhs
Current Liabilities: ₹26,792.57 lakhs
Borrowings: ₹2,339.33 lakhs
Trade payables: ₹5,467.09 lakhs
Other current financial liabilities: ₹1.50 lakhs
Lease Liabilities: ₹3.94 lakhs
Other current liabilities: ₹11,279.29 lakhs
Provisions: ₹7,701.42 lakhs

Business Strategy and Positioning

The company emphasizes its redevelopment-focused asset-light model with:

Premiumisation Journey: Transition from 1RK/1BHK to 2BHK/3BHK/4BHK units
Strong Pipeline Visibility: ₹10,000+ Cr GDV pipeline
Geographic Expansion: Presence across 10+ Mumbai micro-markets including Bhandup, Vikhroli, Mulund, Kanjurmarg, and expanding to Dadar and Matunga
Project Focus: 100% of ongoing and upcoming projects are redevelopment-based

Ongoing Projects Portfolio

The company has 13 ongoing projects with total saleable carpet area of 16,65,683 sq.ft.:

| Shraddha Paradise Tower | Borivali West | 1,55,914 | 401.35 | 290.00 | 111.35 |

| Shraddha Pavillion | Bhandari Kanjur Marg | 51,446 | 103.80 | 93.97 | 9.82 |

| Shraddha Palacious | Amrutrushti Bhandup | 1,20,456 | 195.61 | 150.00 | 45.61 |

| Shraddha Panorama | Nahur Siddhivinayak | 1,09,150 | 260.83 | 200.99 | 59.84 |

| Shraddha Park City | LIG Mahindra Borivali East | 4,76,661 | 1,153.45 | 792.00 | 361.45 |

| Pratham by Shraddha | Arundhati Niwas Magathane | 1,31,767 | 302.84 | 220.00 | 82.84 |

| Shraddha Peninsula | Balkum Thane | 87,472 | 127.67 | 110.68 | 16.99 |

| Shraddha Gold Crest | Kandivali | 1,10,409 | 242.31 | 170.00 | 72.31 |

| Shraddha Paradise Enclave | Mulund West | 1,55,431 | 387.80 | 290.00 | 97.80 |

| Shraddha Phoenix | Mulund East | 75,500 | 128.35 | 85.00 | 43.35 |

| Pandora by Shraddha | Nahur West | 1,23,525 | 218.02 | 152.62 | 65.41 |

| Shraddha Avyukta | Matunga | 22,857 | 96.91 | 67.00 | 29.91 |

| New Adarsh Villa | Mulund | 45,095 | 115.89 | 81.13 | 34.77 |

| Total | | 16,65,683 | 3,734.83 | 2,703.39 | 1,031.45 |

New Launches in H1 FY27

The company added six new projects to its portfolio:

1. Pandora by Shraddha (Nahur West): 1,23,525 sq.ft. RERA carpet area, ~₹220 Cr estimated revenue

2. Param Adarsh (Mulund West): 45,000 sq.ft. RERA carpet area, ~₹115 Cr estimated revenue

3. Paradise Enclave (Mulund West): 1,55,431 sq.ft. RERA carpet area

4. Phoenix by Shraddha (Mulund East): 75,500 sq.ft. RERA carpet area, ~₹128 Cr estimated revenue

5. Shraddha Avyukta (Matunga): 22,857 sq.ft. RERA carpet area, ~₹97 Cr estimated revenue

Forthcoming Projects Pipeline

The company has three forthcoming projects with significant development potential:

| CTS No.459(pt) Village Borivali | Borivali | 14,99,806 | 2,990.00 | 6,500.00 | 3,510.00 |

| Raichand Niwas Welfare Association | Dadar | 62,323 | 244.91 | 349.87 | 104.96 |

| Ganesh Krup SRA CHS | Goregaon | 3,17,839 | 328.00 | 476.76 | 148.76 |

| Total | | | 3,562.91 | 7,326.63 | 3,763.72 |

Management Commentary

Sudhir Mehta, Managing Director (DIN: 02215452), commented on H1 FY27 performance:

Highlighted the company's evolution from Central Suburbs focus to expansion into Western Suburbs and established locations like Dadar and Matunga
Noted strategic shift from affordable housing to premium residential segments while maintaining redevelopment expertise
Emphasized the addition of six projects in H1 FY27 as important for pipeline expansion
Stated focus remains on progressing ongoing projects, building pipeline, and ensuring disciplined execution
Expressed confidence in the combination of redevelopment experience, growing geographical presence, and broader residential portfolio

Historical Financial Performance

| Particulars (₹ Lakhs) | FY23 | FY24 | FY25 | FY26 |

| Operational Revenue | 0.00 | 4,327.86 | 15,558.28 | 50,835.41 |

| EBITDA | (81.60) | 284.38 | 3,054.53 | 6,627.87 |

| EBITDA Margin (%) | - | 6.57% | 19.63% | 13.04% |

| PAT | (65.30) | 653.36 | 2,491.54 | 5,338.79 |

| PAT Margin (%) | - | 15.10% | 16.01% | 10.50% |

| Diluted EPS (₹) | (1.43) | 4.33 | 9.87 | 13.21 |

Corporate Governance

Board of Directors:

Sudhir Mehta - Promoter & Managing Director
Santosh Samant - Non-Executive Director
Shivangi Datta - Non-Executive Independent Director
Kapil Purohit - Non-Executive Independent Director
Ashok Chandanshive - Non-Executive Independent Director

Leadership Team:

Mehul Barvalia - Chief Executive Officer
Pinky Verma - Director of Sales & Marketing
Dhruv Mehta - CFO
Jitin Shetty - Purchase Head
Santosh Barge - Accounts Head
Rani Gawali - Legal Head
Rajendra Bankar - Compliance Head