Operational Performance

  • Q2 FY27 Sales Value: ₹206 crore
  • H1 FY27 Cumulative Sales Value: ₹347 crore
  • Q2 FY27 Collections: ₹104 crore
  • H1 FY27 Cumulative Collections: ₹190 crore

Strategic Project Expansion: Suraj One Business Bay

  • Successfully launched marquee commercial development in Mahim on ~3,000 sq m land parcel
  • Original saleable area: 2.09 lakh sq ft with estimated GDV of ~₹1,200 crore
  • Strong market response with ~48% of inventory sold post-launch
  • Completed acquisition of development rights for adjoining land parcel of ~2,941 sq m
  • Additional saleable area: ~1.50 lakh sq ft with expected GDV: ₹800 crores
  • Agreed Consideration: ~₹75 crores
  • Combined project estimated saleable area: ~3.59 lakh sq ft
  • Combined GDV potential: ~₹2,000 crore (increased from ~₹1,200 crore)

Q2 FY27 Financial Performance (Consolidated)

Income Statement (₹ Crores)

| Particulars | Q2FY27 | Q2FY26 | Y-o-Y (%) | Q1FY27 | Q-o-Q (%) | H1FY27 | H1FY26 | Y-o-Y (%) | FY26 |

| Revenue from operations | 170.0 | 144.6 | - | 144.7 | - | 314.8 | 277.0 | - | 555.9 |

| Other income | 1.0 | 0.9 | - | 1.5 | - | 2.6 | 1.5 | - | 5.1 |

| Total income | 171.1 | 145.4 | 18% | 146.2 | 17% | 317.3 | 278.6 | 14% | 561.0 |

| EBITDA | 56.5 | 65.6 | -14% | 54.8 | 3% | 111.2 | 115.9 | -4% | 222.9 |

| EBITDA Margins (%) | 33.0% | 45.1% | - | 37.5% | - | 35.1% | 41.6% | - | 39.7% |

| Finance costs | 24.4 | 20.5 | - | 22.4 | - | 46.8 | 41.1 | - | 92.5 |

| PBT | 31.0 | 44.1 | -30% | 31.3 | -1% | 62.3 | 72.6 | -14% | 125.7 |

| Profit after tax | 23.1 | 33.1 | -30% | 22.9 | 1% | 45.9 | 54.4 | -16% | 90.3 |

| EPS | 4.98 | 7.15 | - | 4.94 | - | 9.92 | 11.75 | - | 19.51 |

Expense Breakdown (₹ Crores)

  • Operating and project expenses: 77.3 (Q2FY27) vs 69.6 (Q2FY26)
  • Changes in Inventory of CWIP: 20.0 (Q2FY27) vs -3.6 (Q2FY26)
  • Employee benefit expenses: 6.5 (Q2FY27) vs 5.8 (Q2FY26)
  • Other expenses: 10.9 (Q2FY27) vs 8.0 (Q2FY26)
  • Total expenses: 114.6 (Q2FY27) vs 79.8 (Q2FY26)

Tax Expense (₹ Crores)

  • Current tax: 9.8 (Q2FY27) vs 12.7 (Q2FY26)
  • Deferred tax charge/(credit): -1.9 (Q2FY27) vs -1.7 (Q2FY26)
  • Total tax expense: 7.9 (Q2FY27) vs 11.0 (Q2FY26)

Balance Sheet Position (Consolidated) as of September 30, 2026 (₹ Crores)

Assets

  • Total Assets: 2,282.8 (Sept-26) vs 1,961.3 (Mar-26)
  • Inventories: 935.3 (Sept-26) vs 945.3 (Mar-26)
  • Trade receivables: 131.3 (Sept-26) vs 117.0 (Mar-26)
  • Cash and cash equivalents: 14.5 (Sept-26) vs 40.1 (Mar-26)
  • Bank balances: 25.3 (Sept-26) vs 9.7 (Mar-26)
  • Other current assets: 965.7 (Sept-26) vs 692.4 (Mar-26)

Liabilities and Equity

  • Total Equity: 1,039.0 (Sept-26) vs 993.1 (Mar-26)
  • Equity share capital: 23.1 (unchanged)
  • Borrowings (Non-current): 696.9 (Sept-26) vs 532.0 (Mar-26)
  • Short term borrowings: 102.7 (Sept-26) vs 110.0 (Mar-26)
  • Other current liabilities: 327.6 (Sept-26) vs 208.5 (Mar-26)
  • Income tax liabilities: 47.1 (Sept-26) vs 50.0 (Mar-26)

Ongoing Projects Performance

Residential Portfolio Summary

  • Total developable area: 18.45 lakh sq ft
  • Total sale carpet area: 5.06 lakh sq ft
  • Area sold: 4.94 lakh sq ft (98% sold)
  • Unsold area: 0.12 lakh sq ft
  • Sales achieved: ₹2,237.73 crore
  • Average realisation: ₹45,290 per sq ft
  • Collections received: ₹1,552.61 crore

Segment-wise Performance

1. Luxury Segment: 7.48 lakh sq ft developable area, 2.40 lakh sq ft sold (100%), ₹1,156.78 crore sales, ₹48,188 per sq ft realisation

2. Value Luxury Segment: 5.71 lakh sq ft developable area, 1.66 lakh sq ft sold (99%), ₹677.59 crore sales, ₹40,847 per sq ft realisation

3. Value Luxury/Luxury Segment: 5.26 lakh sq ft developable area, 0.88 lakh sq ft sold (89%), ₹403.37 crore sales, ₹45,760 per sq ft realisation

Project Pipeline and Land Reserves

  • Upcoming projects carpet area: 13.46 lakh sq ft
  • Land reserves in Bandra (West) and Santacruz (East) with total plot area of 10,359.77 sq meters
  • FSI potential of more than index 2.0 for future developments

Management Commentary

Mr. Rahul Thomas, Whole Time Director, commented on the performance: "The Company continued to make steady progress across its business operations during the first half of FY27... We remain confident of achieving our FY27 pre-sales guidance of Rs. 700 crore while continuing to build a sustainable business."

Guidance

FY27 pre-sales guidance maintained at ₹700 crore.