Financial Performance Highlights

Q4 FY26 Consolidated Results (₹ crore)

  • Revenue from Operations: ₹98.8 (Q4 FY25: ₹136.5; -27.6% YoY)
  • Other Income: ₹2.2
  • Total Income: ₹101.0
  • EBITDA: ₹52.0 (Q4 FY25: ₹30.8; +68.8% YoY)
  • EBITDA Margin: 51.5% (Q4 FY25: 22.4%)
  • Finance Costs: ₹31.8 (Q4 FY25: ₹4.0; +695% YoY)
  • Profit Before Tax (PBT): ₹19.0 (Q4 FY25: ₹26.0; -26.9% YoY)
  • Profit After Tax (PAT): ₹10.8 (Q4 FY25: ₹18.3; -41.0% YoY)
  • EPS: ₹2.32

FY26 Consolidated Results (₹ crore)

  • Revenue from Operations: ₹555.9 (FY25: ₹549.1; +1.2% YoY)
  • Other Income: ₹5.1
  • Total Income: ₹561.0
  • EBITDA: ₹222.9 (FY25: ₹206.7; +7.8% YoY)
  • EBITDA Margin: 39.7% (FY25: 37.4%)
  • Finance Costs: ₹92.5 (FY25: ₹65.7; +40.8% YoY)
  • Profit Before Tax (PBT): ₹125.7 (FY25: ₹136.1; -7.6% YoY)
  • Profit After Tax (PAT): ₹90.3 (FY25: ₹100.2; -9.9% YoY)
  • EPS: ₹19.51

The increase in finance cost for FY26 to ₹92.5 crore from ₹65.7 crore in FY25 was attributed to strategic acquisitions and ongoing business development activities.

Balance Sheet Position (as of March 31, 2026)

  • Total Assets: ₹1,961.3 crore (Mar-25: ₹1,746.6 crore)
  • Inventories: ₹945.3 crore (Mar-25: ₹904.1 crore)
  • Trade Receivables: ₹117.0 crore (Mar-25: ₹56.5 crore)
  • Cash & Cash Equivalents: ₹40.1 crore (Mar-25: ₹14.0 crore)
  • Total Equity: ₹993.1 crore (Mar-25: ₹902.7 crore)
  • Borrowings (Non-Current): ₹532.0 crore (Mar-25: ₹343.0 crore)
  • Short Term Borrowings: ₹110.0 crore (Mar-25: ₹113.3 crore)

Operational and Strategic Highlights

FY26 Project Launches

The company launched three key projects in FY26 with a combined Gross Development Value (GDV) of approximately ₹1,570 crore:

1. Suraj One Business Bay (Commercial, Mahim): Saleable Area: 2.09 lakh sq. ft.; GDV: ₹1,200 crore.

2. Suraj Park View 1 (Residential, Dadar West): Saleable Area: 0.53 lakh sq. ft.; GDV: ₹250 crore.

3. Suraj Aureva (Residential, Prabhadevi): Saleable Area: 0.24 lakh sq. ft.; GDV: ₹120 crore.

Strategic Expansion of Suraj One Business Bay

The company signed an MOU to acquire development rights for an adjoining land parcel in Mahim, contiguous to its ongoing commercial project.

  • Size of Land Parcel: ~2,941 sq. m.
  • Additional Saleable Area: ~1.50 lakh sq. ft.
  • Expected Incremental GDV: ₹800 crore
  • Consideration to be paid: ₹75 crore
  • Expanded Project Size: Combined land parcel of ~5,941 sq. m. with a saleable area of ~3.59 lakh sq. ft.
  • New Combined GDV Potential: ₹2,000 crore (increased from ₹1,200 crore)

Other Strategic Acquisition

The company acquired a strategically located land parcel in Prabhadevi with an estimated GDV potential of ~₹200 crore.

Management Commentary

Mr. Rahul Thomas, Whole Time Director, commented that FY26 was a year of strong execution. The company successfully achieved its FY26 pre-sales guidance, supported by strong customer demand and healthy collections. Commercial developments emerged as an important growth driver. The company remains focused on sustaining launch momentum, accelerating execution, and driving monetization across its expanding portfolio.

Ongoing Projects Summary

  • Total Area Sold: 5.66 lakh sq. ft.
  • Average Realisation Achieved: ₹45,775 per sq. ft.
  • Collections Received: ₹1,589 crore
  • Balance Receivables: ~₹1,004 crore
  • Total Unsold Area: 1.88 lakh sq. ft.
  • Estimated GDV of Unsold Area: ~₹1,100 crore
  • Estimated Sold and Unsold Receivables: ~₹2,105 crore

Future Project Pipeline

The company has a pipeline of 18 upcoming projects with an estimated sale carpet area of 12.12 lakh sq. ft., located in Bandra, Santacruz, Dadar, Mahim, Prabhadevi, Lower Parel, and Byculla.

Land Reserves

The company holds land reserves primarily in Bandra (West) and Santacruz (East) through its subsidiary, Accord Estates Pvt. Ltd., with a total area of 10,359.77 sq. m.