Sunteck Realty Ltd.

Financial Performance Highlights

Q2 FY27 (Consolidated, ~₹ crore):

  • Revenue from operations: ₹321 crore, up 27% YoY (Q2 FY26: ₹252 crore)
  • EBITDA: ₹89 crore, up 13% YoY (Q2 FY26: ₹78 crore)
  • EBITDA Margin: 28%, down 3.4 percentage points YoY (Q2 FY26: 31%)
  • PAT: ₹57 crore, up 17% YoY (Q2 FY26: ₹49 crore)
  • PAT Margin: 18%, down 1.6 percentage points YoY (Q2 FY26: 19%)

H1 FY27 (Consolidated, ~₹ crore):

  • Revenue from operations: ₹512 crore, up 16% YoY (H1 FY26: ₹441 crore)
  • EBITDA: ₹156 crore, up 23% YoY (H1 FY26: ₹127 crore)
  • EBITDA Margin: 30%, up 1.6 percentage points YoY (H1 FY26: 29%)
  • PAT: ₹99 crore, up 20% YoY (H1 FY26: ₹82 crore)
  • PAT Margin: 19%, up 0.6 percentage points YoY (H1 FY26: 19%)

Operational Performance & Pre-Sales

Pre-Sales:

  • Q2 FY27 Pre-Sales: ₹824 crore, a 17% increase YoY
  • H1 FY27 Pre-Sales: ₹1,611 crore, a 19% increase YoY
  • The company has delivered a Pre-Sales CAGR of 25% over FY22–FY26.

Segment-wise Pre-Sales Breakdown (Q2 FY27):

  • Uber Luxury: 25% of pre-sales (₹204 crore)
  • Premium Luxury: 51% of pre-sales (₹416 crore)
  • Aspirational Luxury: 25% of pre-sales (₹205 crore)

Segment-wise Pre-Sales Breakdown (H1 FY27):

  • Uber Luxury & Others: 27% of pre-sales (₹430 crore)
  • Premium Luxury: 50% of pre-sales (₹807 crore)
  • Aspirational Luxury: 23% of pre-sales (₹375 crore)

Gross Development Value (GDV) & Portfolio

Total GDV (Net of Sales): ₹46,880 crore as of 30th September 2026.

GDV by Status (H1 FY27):

  • Launched GDV: ₹7,676 crore (Projects with relevant approvals)
  • To-be Launched GDV: ₹13,900 crore (Projects under approval process)
  • Upcoming for Launch GDV: ₹25,304 crore (Projects in planning & design phase)

GDV by Development Model (H1 FY27):

  • Owned: ₹14,632 crore (31% of total GDV)
  • JV / JDA: ₹31,998 crore (66% of total GDV)
  • Redevelopment: ₹1,250 crore (3% of total GDV)

Recent Project Additions (Trailing 12 Months):

The company added ₹7,950 crore of GDV across four new projects:

  • Borivali (W) - Owned model, 4.5 acres, Est. GDV: ₹3,000 crore
  • Andheri Kurla - Sahar - Owned model, 1.8 acres, Est. GDV: ₹2,500 crore
  • Sunteck Belvedere Park (Mira Road 2) - JDA model, 3.5 acres, Est. GDV: ₹1,200 crore
  • Andheri, WEH - Redevelopment model, 2.5 acres, Est. GDV: ₹1,250 crore

Micro-Market GDV Breakdown

The company's GDV is spread across ten micro-markets:

  • Bandra Kurla Complex (BKC): ₹381 crore
  • Nepean Sea: ₹3,111 crore
  • Andheri: ₹3,665 crore
  • Goregaon (W): ₹4,975 crore
  • Borivali (W): ₹8,000 crore
  • Mira Road: ₹2,039 crore
  • Vasai (W): ₹3,150 crore
  • Naigaon: ₹3,907 crore
  • Kalyan: ₹8,652 crore
  • Dubai (International): ₹9,000 crore

Cash Flow & Capital Efficiency

H1 FY27 Cash Flow (₹ crore):

  • Gross Collections: ₹780 crore, up 14% YoY (H1 FY26: ₹682 crore)
  • Project Expenses: ₹294 crore (H1 FY26: ₹270 crore)
  • JDA Revenue Share: ₹34 crore (H1 FY26: ₹20 crore)
  • Gross Operating Cash Flow Surplus: ₹453 crore (H1 FY26: ₹392 crore)
  • Other Expenses: ₹106 crore (H1 FY26: ₹118 crore)
  • Net Cash Flow Surplus: ₹347 crore (H1 FY26: ₹274 crore)
  • Amount Spent on BD/LO/JDA Cost: ₹391 crore (H1 FY26: ₹443 crore)

Cash-flow Return on Capital Employed (RoCE): The company reports that its Cash-flow RoCE has averaged 19% per year since FY23.

Balance Sheet & Leverage

Balance Sheet as at 30 September 2026 (Consolidated, ~₹ crore):

| Liabilities | Mar-26 | Sep-26 | Assets | Mar-26 | Sep-26 |

| Equity capital¹ | 4,472 | 4,569 | Fixed assets & CWIP² | 355 | 346 |

| Borrowings | 774 | 940 | Investments | 357 | 390 |

| Other liabilities | 4,662 | 5,049 | Other assets, including inventories | 9,196 | 9,822 |

| Total | 9,908 | 10,558 | Total | 9,908 | 10,558 |

1. Equity capital = share capital + other equity, as reported.

Leverage Position (H1 FY27):

  • Gross Debt: ₹915 crore
  • Cash & JDA Loans: ₹494 crore
  • Net Debt: ₹421 crore
  • Net Worth: ₹4,569 crore
  • Net Debt / Equity: 0.09x
  • Adjusted Net Debt / Equity*: 0.10x

*Adjusted for 1% NCDs issued to a retired LLP partner.

Credit Rating: AA long-term / A1+ short-term from India Ratings (Fitch Group).

Shareholding Pattern

As at 30 September 2026:

  • Promoter & Promoter Group: 63.14%
  • Foreign Portfolio / Institutional Investors: 17.36%
  • Domestic Institutions (MFs / Insurance): 5.25%
  • Public & Others: 14.24%

Shareholding Pattern is stated to be before the complete conversion of warrants.

ESG & Sustainability

  • GRESB 2026: Scored 99 (against an industry average of 86.2) and retained a 5-star rating for the second consecutive year.
  • S&P Global / DJSI 2025: Scored 78 in the ESG & CSA assessment.
  • Green Certifications: Multiple projects have EDGE certification/pre-certification (IFC), EDGE commercial, and LEED Platinum (USGBC) certifications.

Forward-Looking Statements & Embedded Value

The presentation includes a proforma embedded EBITDA walk:

  • FY26 Pre-Sales: ₹3,157 crore → Embedded EBITDA: ₹1,100–1,250 crore (35-40% margin)
  • H1 FY27 Pre-Sales: ₹1,611 crore → Embedded EBITDA: ₹565–645 crore (35-40% margin)

This is stated to be proforma/illustrative only and not a profit forecast.

Annexures & Additional Information

The presentation includes detailed financials, a list of completed and ongoing projects, and information on the company's annuity commercial portfolio, which is on track to reach ~₹450 crore by FY29E with an average ROIC of ~30% and rental yield of ~7-7.5%.