Operational Performance Highlights

  • FY26 presales increased by 23% year-on-year to ₹615 crores, surpassing the company's guidance of ₹600 crores.
  • Sales area during FY26 grew by 42% year-on-year to 1,31,167 square feet.
  • Collections grew by 9% year-on-year to ₹421 crores.
  • Q4 FY26 sales value stood at ₹128 crores with sales area of 27,968 square feet and average realization of ₹45,618 per square foot.
  • Total sold area across ongoing projects reached 5.66 lakh square feet at an average realization of approximately ₹45,775 per square foot.
  • Balanced receivables of ₹2,105 crores from sold and unsold areas of ongoing projects.

Financial Performance

  • Q4 FY26 total income: ₹101 crores
  • Q4 FY26 EBITDA: ₹52 crores (69% YoY growth from ₹30.8 crores in Q4 FY25)
  • Q4 FY26 PAT: ₹11 crores
  • FY26 total income: ₹561 crores (compared to ₹553 crores in FY25)
  • FY26 EBITDA: ₹223 crores (from ₹207 crores in FY25)
  • FY26 EBITDA margins: 39.7% (improved from 37.4% in FY25)
  • FY26 PAT: ₹90 crores (decline attributed to higher finance costs from strategic acquisitions and business development)
  • Net debt as of March 2026: ₹579.91 crores

Strategic Developments and Acquisitions

  • Signed MOU for acquisition of development rights for a land parcel contiguous to Suraj One Business Bay at Mahim
  • Expected additional saleable carpet area: 1.5 lakh square feet
  • Incremental GDV potential: approximately ₹800 crores
  • Combined GDV potential of Suraj One Business Bay: over ₹2,000 crores
  • Completed acquisition of 100% shareholding in Hally Pacific Private Limited for ₹30.40 crores
  • Hally Pacific owns strategically located land at Sayani Road, Prabhadevi, Mumbai
  • Estimated GDV potential from Prabhadevi acquisition: ₹200 crores

Project Launches and Portfolio

  • Key FY26 launches: Suraj One Business Bay, Suraj Park View 1, Suraj Aureva
  • Cumulative GDV of FY26 launches: approximately ₹1,600 crores across commercial and residential segments
  • Upcoming project pipeline: 12.12 lakh square feet total carpet area
  • Estimated GDV of upcoming portfolio: ₹7,500-7,600 crores (at weighted average price of ~₹60,000 per square foot)
  • Bandra project component: 2.76 lakh square feet with market rates of ₹1-1.5 lakh per square foot

Management Commentary and Guidance

  • Mumbai real estate market demonstrated strong momentum with healthy demand in residential and commercial segments
  • South Central Mumbai micro markets (Worli, Prabhadevi, Dadar, Lower Parel) showed healthy traction
  • Commercial real estate remained healthy with sustained office leasing activity
  • Company focusing on residential and commercial developments in Mahim, Dadar, Prabhadevi, Shivaji Park
  • EBITDA margins expected to be maintained in 35-40% range
  • Commercial project margins estimated at 25-30%
  • FY27 net debt expected to be around ₹600-650 crores
  • Presales guidance for FY27 to be provided in next quarterly call
  • FY27 launch pipeline estimated at ₹1,400 crores (including ₹600 crores residential and ₹800 crores commercial)

Q&A Session Key Points

  • Average realization decline in FY26 (₹46,895 vs ₹54,586 in FY25) attributed to product mix change with higher contribution from value luxury segment
  • Company pivoting toward commercial projects due to strong demand
  • Limited residential inventory currently at ~₹150 crores
  • New residential society redevelopment announcements expected shortly
  • Bandra project expected to be launch-ready in approximately one year (FY28 Q1)
  • Company discussing internal plans for credit rating agency assessment