Financial Performance (Consolidated)

Q1 FY27 Results (₹ Crore)

  • Revenue from operations: ₹144.7 (vs. ₹132.5 in Q1 FY26)
  • Other income: ₹1.5 (vs. ₹0.7 in Q1 FY26)
  • Total income: ₹146.2, up 10% YoY
  • EBITDA: ₹54.8, up 9% YoY
  • EBITDA Margins: 37.5% (vs. 37.7% in Q1 FY26)
  • Finance costs: ₹22.4 (vs. ₹20.7 in Q1 FY26)
  • PBT: ₹31.3, up 10% YoY
  • Tax expense: ₹8.5
  • Profit after tax: ₹22.9, up 7% YoY
  • EPS: ₹4.94 (vs. ₹4.60 in Q1 FY26)

Quarterly Comparison

  • Total income increased 45% QoQ from ₹101.0 crore in Q4FY26
  • PAT increased 112% QoQ from ₹10.8 crore in Q4FY26

Operational Highlights

Sales Performance

  • Sales Value: ₹16 crore in Q1 FY27 (vs. ₹7 crore in Q1 FY26)
  • Sales Area: Increased in Q1 FY27 compared to Q1 FY26

Project Development

  • Successfully launched Suraj One Business Bay, a commercial development in Mahim
  • Land parcel: ~3,000 sq m
  • Saleable area: 2.09 lakh sq ft
  • Estimated GDV: ~₹1,200 crore
  • Market response: ~33% of inventory sold post-launch

Strategic Acquisition

  • Acquired strategically located land parcel in Dadar West
  • Estimated GDV potential: ~₹100 crore
  • Signed MOU for acquisition of development rights of adjoining land parcel to Suraj One Business Bay
  • Land parcel size: ~2,941 sq m
  • Saleable area: ~1.50 lakh sq ft
  • Expected GDV: ₹800 crore
  • Agreed consideration: ₹75 crore
  • Expanded saleable area: ~3.59 lakh sq ft
  • Expanded GDV potential: ₹2,000 crore (from ₹1,200 crore)

Management Commentary

Mr. Rahul Thomas, Whole Time Director, commented on Q1 FY27 performance:

  • Quarter of healthy operational progress supported by resilient customer demand
  • Healthy growth in sales value and sales area across residential and commercial portfolio
  • Commercial developments witnessed healthy demand with strong sales traction at Suraj One Business Bay
  • Company focused on disciplined execution and timely monetization
  • Future strategy includes advancing ongoing projects, driving sales and collections, and selectively adding new development opportunities

Project Pipeline Summary

Ongoing Projects

  • Total area sold: 5.95 lakh sq ft
  • Average realization achieved: ₹45,922 per sq ft
  • Collections received: ₹1,672 crore
  • Balance receivable: ~₹1,060 crore
  • Total unsold area: 1.62 lakh sq ft
  • Average estimated realization of unsold area: ₹58,697 per sq ft
  • Estimated GDV of unsold area: ~₹950 crore
  • Estimated sold and unsold receivables: ~₹2,010 crore

Upcoming Projects Pipeline

  • Total estimated carpet area for sale: 13.46 lakh sq ft across 18 projects
  • Projects located in Bandra, Santacruz, Dadar, Mahim, Prabhadevi, Lower Parel, Byculla
  • Mix of residential and commercial developments

Land Reserves

  • Total land bank: 10,359.77 sq meters
  • Bandra (West): Multiple properties through Accord Estates Pvt. Ltd. (100% stake)
  • Santacruz (East): One property through Suraj Estate Developers Ltd. (100% stake)