Financial Performance Summary

Suratwwala Business Group Limited reported audited consolidated financial results for FY26 ended March 31, 2026, showing exceptional growth across all key metrics.

Key Financial Highlights (INR Crore, Consolidated):

| Particulars | FY26 | FY25 | % YoY |

| Revenue from Operations | 142.99 | 35.63 | 301.3% |

| Profit Before Tax (PBT) | 51.61 | 15.29 | 237.5% |

| Total Assets | 262.98 | 185.27 | 42.0% |

| Net Worth | 110.41 | 70.14 | 57.5% |

| Total Liabilities | 141.82 | 115.13 | 23.2% |

Segment Performance Breakdown

Segment-wise Revenue and PBT (INR Crore):

| Segment | Revenue FY26 | Revenue FY25 | PBT FY26 | PBT FY25 |

| Real Estate Segment | 89.29 | 32.24 | 41.15 | 14.71 |

| Solar EPC – SNER | 54.49 | 3.58 | 10.46 | 0.58 |

Note: Revenue and PBT are segment basis figures before inter-segment eliminations.

Operational Highlights

  • Revenue growth of 301.3% YoY driven by scale-up across both real estate execution and solar EPC verticals
  • Profit Before Tax increased 237.5% YoY, reflecting operating leverage across both business verticals
  • Net Worth increased 57.5% YoY to INR 110.41 Cr
  • Total Assets expanded 42.0% YoY to INR 262.98 Cr
  • Solar EPC vertical through subsidiary Suratwwala Natural Energy Resource Private Limited (SNER) contributed approximately 38% of consolidated Group revenue
  • Real estate execution led by SMP Buildings C, D and E
  • Work in Progress (WIP) increase includes approximately INR 15 Cr relating to Prabhat Road project

Growth Pipeline & Future Visibility

TOD/SMP Development: Balance development potential and monetisation visibility with TOD/SMP continuing as the Group's primary commercial real estate platform. Subject to requisite approvals and market conditions, the balance development potential is expected to provide meaningful medium-term monetisation visibility.

Prabhat Road Project: Luxury residential development at Prabhat Road, Pune, intended to strengthen presence in the premium residential segment.

Kasar Amboli Project: Villa development project has received Environmental clearance and is proposed to be launched in line with evolving regulatory framework and implementation of revised UDCPR provisions.

Inventory Monetisation: The Group continues to evaluate monetisation opportunities across completed inventory, execution-stage inventory and future development projects to support long-term growth.

Operational Visibility

  • As of March 31, 2026, the Company has achieved substantial monetisation across the executed area up to the 9th floor at TOD/SMP
  • Revenue recognition from certain sold units remains linked to completion milestones, Occupation Certificate triggers and applicable accounting standards
  • The balance contracted value from sold inventory provides visibility for future revenue recognition as execution milestones are achieved

Governance & Institutional Strengthening

  • Treasury visibility and payment governance architecture strengthened during FY26
  • Internal controls, IFC documentation and RPT governance framework operationalised
  • Statutory Auditors issued an unmodified opinion on both Standalone and Consolidated Financial Statements
  • No default position on any borrowing facility as at March 31, 2026

FY27 Focus Areas

| Focus Area | Details |

| Collections & Cash Conversion | Milestone-based collections from solar EPC and SMP projects; priority execution disciplined working capital management |

| WIP Monetisation | Convert execution-stage WIP into recognised revenue through unit handovers and approval-linked conversions |

| Treasury Optimisation | Debt optimisation, repayment monitoring, funding-line rationalisation and liquidity planning |

| Solar Scale-up | Selective EPC pipeline growth with working capital discipline and execution efficiency |

Monetisation timelines may continue to be linked to approval timelines, OC milestones and execution schedules.

Solar EPC Growth Visibility

The Solar EPC vertical has established itself as the Group's second growth engine and enters FY27 with approximately INR 100 Cr of EPC and PPA-linked projects under execution. The Group remains focused on profitable growth, milestone-based collections, working capital discipline and execution excellence across the solar portfolio.

Management Commentary & Business Overview

Suratwwala Business Group Limited is a Pune-based listed real estate development company engaged in commercial real estate execution and solar EPC activities through its subsidiary Suratwwala Natural Energy Resource Private Limited (SNER). The Group's flagship development includes Suratwala Mark Plazzo (SMP).

Investor Takeaways

  • FY26 marks a step-change in scale, with consolidated revenue touching INR 143 Cr and PAT reaching INR 38 Cr
  • The Group now has two operating engines: real estate monetisation and Solar EPC, reducing dependence on a single vertical
  • Solar EPC has become a profitable and material business line in its first full scale-up year, contributing around 38% of consolidated revenue
  • FY27 operating priorities are centered on cash conversion, WIP monetisation, treasury discipline and selective solar EPC growth