Financial Performance Highlights

Q2 FY27 Performance (YoY):

  • Total Revenues: ₹272.3 Cr, up 19% from ₹229.0 Cr
  • EBITDA: ₹62.4 Cr, up 235% (3.4x) from ₹18.6 Cr with 23% margin
  • Profit Before Tax (PBT): ₹29.6 Cr vs. ₹(1.1) Cr loss
  • Profit After Tax (PAT): ₹21.6 Cr, up 151% from ₹8.6 Cr with 8% margin
  • Operating Revenues: ₹266.1 Cr, up 21% from ₹220.5 Cr
  • Cost of Revenues: ₹133.9 Cr, down 7% from ₹143.9 Cr
  • Finance Costs: ₹31.6 Cr, up 44% from ₹22.0 Cr

H1 FY27 Performance (YoY):

  • Total Revenues: ₹543.3 Cr, up 11% from ₹490.5 Cr
  • EBITDA: ₹104.3 Cr, up 73% (1.7x) from ₹60.2 Cr with 19% margin
  • Profit Before Tax (PBT): ₹43.8 Cr, up 111% from ₹20.8 Cr
  • Profit After Tax (PAT): ₹32.6 Cr, up 12% from ₹29.2 Cr with 6% margin
  • Operating Revenues: ₹529.6 Cr, up 11% from ₹475.2 Cr

Operational Highlights

Sales & Collections:

  • Sales value increased 20% quarter-on-quarter (QoQ)
  • Sales volume: 0.91 million square feet (msf)
  • Record collections: ₹431 Cr in Q2, ₹795 Cr in H1
  • Handovers: 760 units in Q2, 1,450 units in H1
  • Significantly higher handovers expected in H2 FY27

Project Performance:

  • Four key projects contributed most to revenues: Park 63 and Shankari in Chennai; Grand One and Sunshine in Kolkata
  • Kolkata projects accounted for ~50% of H1 revenues
  • Recent launches in Chennai and Kolkata showed strong customer response with ~50% of Chennai and ~75% of Kolkata inventory sold by quarter-end

Strategic Developments

JV Acquisition:

  • Successfully acquired three joint ventures into wholly-owned subsidiaries: 107 South East, WYT Field, and 122 West
  • Conversion enhances operational control and streamlines decision-making
  • Acquisition adds approximately ₹1,800 Cr revenue recognition potential
  • Two ongoing projects nearing completion
  • Will replace Share-of-JV profit with full revenue consolidation

Kolkata Land Development:

  • 105+ acres of land post settlement
  • Exploring development-led opportunities prioritizing long-term value creation
  • Recent "Plots" and "Villas" products achieved 70%+ inventory sold within 90 days
  • Two new launches planned in next 12 months

Financial Position & Cash Flow

Balance Sheet (Consolidated as of September 2026):

  • Gross External Debt: ₹1,118 Cr (vs. ₹651 Cr in Jun'26, ₹610 Cr in Mar'26)
  • Cash & Cash Equivalents: ₹357 Cr (vs. ₹219 Cr in Jun'26, ₹172 Cr in Mar'26)
  • Net Debt: ₹761 Cr (vs. ₹432 Cr in Jun'26, ₹438 Cr in Mar'26)
  • Total Equity: ₹1,495 Cr
  • Net Debt/Equity: 0.51x (vs. 0.29x in Jun'26, 0.30x in Mar'26)
  • Cost of Debt: ~11% (stable)
  • Credit Rating: A- Positive outlook from CRISIL
  • Undrawn limits: ₹245 Cr

Cash Flow (H1 FY27 - Excl. DM & JV cashflows):

  • Operating Inflows: ₹505 Cr
  • Operating Outflows: ₹404 Cr (Construction: ₹223 Cr, Marketing & Admin: ₹126 Cr, Other: ₹55 Cr)
  • Cash Flow from Operations: ₹101 Cr
  • Net flow from Borrowings: ₹163 Cr
  • Free Cash Flow before New Project Investment: ₹289 Cr
  • New Project Investment: ₹105 Cr
  • Net Free Cash Flow: ₹184 Cr

Project Pipeline & Business Development

Pipeline Summary:

  • Ongoing Projects: 15.5 msf
  • Sold: 13.3 msf
  • Unsold in Ongoing Projects: 2.2 msf with ₹1,400 Cr GDV
  • Upcoming Projects: 17.7 msf with ₹12,110 Cr GDV
  • Own: ₹6,040 Cr
  • JDA: ₹4,850 Cr
  • DM: ₹1,220 Cr
  • Total GDV Potential: 19.9 msf with ₹13,510 Cr

Business Development:

  • 8 projects with ~9 msf potential nearing closure in Bengaluru & Pune
  • Focus on Bengaluru, Chennai, and Pune markets
  • Management confident in nearly doubling upcoming project pipeline in 18-24 months
  • 21+ msf under evaluation

FY27 Guidance & Outlook

Launch Pipeline:

  • 9 projects with 5.25 msf supply potential planned for H2
  • Key upcoming launches: Manjari (Pune), Bannerghatta Road (Bengaluru), Yelahanka (Bengaluru), Hinjewadi (Pune), Gateway C Zone (Chennai)
  • Positive approval momentum across all regions

Handover Outlook (H2 FY27):

  • 7 key projects with 3.73 msf area and 3,825 total units
  • 2,295 units pending handover from sold inventory
  • ₹1,157 Cr revenue recognition potential
  • Projects include 107 South East Phase-3 (Bengaluru), Sunshine One (Kolkata), Grand One (Kolkata), Sunshine Two (Kolkata), Southbrook (Kolkata), Esquire (Bengaluru)
  • On track for handing over 3,750-3,800 units in FY27
  • Construction on-track and ahead of RERA timelines

Contacts

  • Company Contact: Ms. Samiksha Maheshwari, Deputy Manager - Finance (ir.spl@shriramproperties.com)
  • Investor Relations: Strategic Growth Advisors Pvt. Ltd. - Mr. Rahul Agarwal/Mr. Devraj Ghatge