Suraj Estate Developers Limited (SURAJEST)
₹197.78 -2.14% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Suraj Estate's revenue was ₹145 Cr (+9.6% year on year, +46.2% on the previous quarter), and net profit ₹22.9 Cr (+8.8% year on year); the operating margin was 36.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹145 | +9.6% | +46.2% |
| Operating profit | ₹53.3 | +6.6% | +6.6% |
| Net profit | ₹22.9 | +8.8% | +107.7% |
| EPS (₹) | 4.94 | +11.0% | +119.6% |
| Operating margin | 36.8% | — | — |
SURAJEST delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 70.56% of the SURAJEST shares traded on NSE were taken to delivery, against the stock's own 20-session average of 54.71%. The price fell 2.14% on that unusually high delivery, the pattern the delivery dashboard labels distribution. Volume was 0.2 times its average, well below normal.
Delivery in the last 5 sessions: 34.8% · 48.1% · 69.9% · 53.0% · 70.6%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Suraj Estate Developers' subsidiary, Iconic Property Developers, completed the acquisition of development rights for a 2,941 sq. metre plot in Mahim (West), Mumbai, for an investment of ₹82.72 Cr. The plot is contiguous to its commercial project 'Suraj One Business Bay' and is expected to yield approximately 1.50 lakh sq. ft. of additional saleable carpet area. The estimated Gross Development Value (GDV) of the addition is ~₹800 Cr, which significantly exceeds the company's TTM revenue of ₹568 Cr. The transaction consolidates the developer's footprint in its core South-Central Mumbai micro-market.
- Acquired development rights for a 2,941 sq. metre plot in Mahim (West), Mumbai
- Total investment incurred for the acquisition is ₹82.72 Cr
- Adds approximately 1.50 lakh sq. ft. of saleable carpet area to Suraj One Business Bay
- Estimated additional Gross Development Value (GDV) of approximately ₹800 Cr
Suraj Estate Developers Limited has issued an intimation regarding the dispatch of letters to shareholders without registered email addresses, providing web links to access its 40th Annual Report for FY 2025-26 and the AGM Notice. The 40th Annual General Meeting is scheduled for September 30, 2026, at 12:30 PM IST via Video Conferencing. The cut-off date identifying such members was August 28, 2026. The communication also includes standard reminders for physical security holders to complete KYC updates per SEBI regulations.
- 40th Annual General Meeting scheduled for September 30, 2026, at 12:30 P.M. (IST) via Video Conferencing
- Shareholder list determined based on cut-off date of Friday, August 28, 2026
- Compliance filing under Regulation 30 and 36(1)(b) of SEBI Listing Regulations
- Mandated KYC reminders issued pursuant to SEBI circular dated May 07, 2024
Suraj Estate Developers Limited has scheduled its 40th Annual General Meeting (AGM) for September 30, 2026, and submitted its Annual Report for FY25-26. The company reported FY26 pre-sales of ₹615 Cr (up 23% YoY, beating guidance of ₹600 Cr) and collections of ₹421 Cr (up 9% YoY). Full-year total income stood at ₹561.0 Cr with an EBITDA of ₹222.9 Cr (39.7% margin) and PAT of ₹90.3 Cr. Remote e-voting is scheduled between September 27 and September 29, 2026, with a cut-off date of September 23, 2026.
- 40th AGM scheduled for September 30, 2026, via Video Conferencing
- FY26 pre-sales reached ₹615 Cr (+23% YoY), beating company guidance of ₹600 Cr
- Collections grew 9% YoY to ₹421 Cr, with sales carpet area expanding 42% to 1,31,167 sq. ft.
- FY26 total income reported at ₹561.0 Cr with an EBITDA margin of 39.7% (EBITDA of ₹222.9 Cr)
- Launched projects with cumulative GDV of ~₹1,600 Cr during FY26 (Suraj Aureva, Suraj Parkview 1, Suraj One Business Bay)
Suraj Estate Developers released its Q1 FY27 earnings call transcript highlighting a 74% YoY surge in pre-sales value to ₹141 crore across 28,834 sq. ft. Total income grew 10% YoY to ₹146 crore, with EBITDA at ₹55 crore (37.5% margin) and PAT at ₹23 crore (+7% YoY). Management outlined a robust FY27 launch pipeline of ₹1,600 crore, split across Q2 (₹240 cr), Q3 (₹800-880 cr), and Q4 (₹480 cr). However, net debt rose to ₹614 crore driven by land acquisitions, including a recent ₹18 crore acquisition in Dadar West with ₹100 crore GDV potential.
- Pre-sales surged 74% YoY to ₹141 crore, with area sold expanding 74% to 28,834 sq. ft.
- Targeting a ₹1,600 crore launch pipeline in FY27 (Q2: ₹240 cr, Q3: ₹800-880 cr, Q4: ₹480 cr)
- Acquired Dadar West land parcel for ₹18 crore with estimated GDV of ₹100 crore
- Net debt stood at ₹614 crore as of June 2026 due to land acquisition and project development outlays
- Balance receivables from sold ongoing projects stand at ~₹1,060 crore against ₹1,672 crore cumulative collections
Suraj Estate Developers Limited has made available the audio recording of its Analyst/Investors conference call conducted on August 17, 2026. During the call, senior management discussed the financial and operational performance for the quarter ended June 30, 2026 (Q1 FY27), followed by a Q&A session. The audio recording is hosted on the company's official website per SEBI Listing Regulations.
- Conference call held on August 17, 2026 to discuss Q1 FY27 performance
- Audio recording uploaded to the company website following the prior intimation on August 12, 2026
- Filing submitted under Regulation 30 of SEBI LODR Regulations
Suraj Estate Developers reported a 10% YoY increase in total income to ₹146.2 Cr and a 7% YoY rise in consolidated PAT to ₹22.9 Cr for Q1 FY27 (up 112% QoQ). Operational pre-sales grew 74% YoY to ₹141 Cr, driven by residential sales of ₹82 Cr and commercial sales of ₹59 Cr, with total collections reaching ₹115 Cr. The company expanded its marquee commercial project 'Suraj One Business Bay' via an adjoining plot MOU (₹75 Cr consideration), raising its expected GDV from ₹1,200 Cr to ₹2,000 Cr. Additionally, it acquired a Dadar West land parcel with an estimated GDV potential of ~₹100 Cr.
- Q1 FY27 Total Income rose 10% YoY to ₹146.2 Cr; EBITDA margins remained strong at 37.5% (₹54.8 Cr).
- Pre-sales value jumped 74% YoY to ₹141 Cr across 28,834 sq ft, supported by strong initial bookings (33% sold) at Suraj One Business Bay.
- Quarterly collections improved 34% YoY to ₹115 Cr compared to ₹86 Cr in Q1 FY26.
- Expanded Suraj One Business Bay GDV from ₹1,200 Cr to ₹2,000 Cr via an adjoining plot acquisition (~1.50 lakh sq ft saleable area) for ₹75 Cr.
- Portfolio pipeline consists of 13 ongoing projects (23.54 lakh sq ft developable) and 18 upcoming projects (13.46 lakh sq ft carpet area).
Suraj Estate Developers reported a 74% YoY increase in Q1 FY27 pre-sales value to ₹141 crore, supported by a 74% rise in sales area to 28,834 sq. ft. Total income grew 10% YoY to ₹146 crore, while net profit rose 7% YoY to ₹23 crore with an EBITDA margin of 37.5%. However, quarterly collections declined 25% YoY to ₹86 crore compared to ₹115 crore in Q1 FY26. The company also acquired a land parcel in Dadar (West) for ~₹18 crore with an estimated Gross Development Value (GDV) of ~₹100 crore (~17.6% of TTM revenue).
- Pre-sales value surged 74% YoY to ₹141 crore with sales area expanding 74% YoY to 28,834 sq. ft.
- Total income increased 10% YoY to ₹146 crore, while PAT grew 7% YoY to ₹23 crore (15.6% PAT margin).
- Collections dropped 25% YoY to ₹86 crore from ₹115 crore in Q1 FY26.
- Acquired a Dadar (West) land parcel for ~₹18 crore, unlocking ~0.18 lakh sq. ft. potential and ~₹100 crore estimated GDV.
- Commercial project Suraj One Business Bay achieved ~33% inventory sales since launch.
Suraj Estate Developers Limited submitted its quarterly Statement of Deviation under Regulation 32 for the period ended June 30, 2026. The company confirmed that there has been no deviation or variation in the utilization of proceeds from its Rs 343.39 crore preferential issue completed in October 2024. CARE Ratings Limited acts as the monitoring agency overseeing the fund deployment. The proceeds are being deployed toward acquiring land and land development rights as approved by shareholders.
- Confirmed zero deviation in the use of Rs 343.39 crore raised via preferential issue.
- Funds were raised across allotments dated October 15, 2024, and October 18, 2024.
- CARE Ratings Limited is appointed as the monitoring agency for the issue proceeds.
- Proceeds are being utilized towards acquisition of Land and Land Development Rights.
Suraj Estate Developers' Board of Directors has approved an enabling resolution to raise funds up to ₹500 crore through equity shares, equity-linked securities, warrants, or QIP/preferential routes in one or more tranches. At ₹500 crore, the proposed ceiling represents ~50.1% of the company's current market capitalization (₹998 crore) and ~88.0% of TTM revenue (₹568 crore). The board also approved Q1 FY27 financial results and 5-year tenure renewals for Managing Director Rajan Thomas and Whole-Time Director Rahul Thomas. The fundraising resolution is subject to shareholder approval at the upcoming Annual General Meeting and statutory clearances.
- Approved enabling resolution for raising funds up to ₹500 crore via equity or convertible securities.
- Proposed fundraise limit equals ~50.1% of the company's current market cap of ₹998 crore.
- Re-appointed Rajan Thomas as Managing Director for 5 years effective October 1, 2026 to September 30, 2031.
- Re-appointed Rahul Thomas as Whole Time Director for 5 years effective November 1, 2026 to October 31, 2031.
- Approved unaudited financial results for the quarter ended June 30, 2026 with an unmodified auditor review.
Suraj Estate Developers' Board has approved the re-appointment of Mr. Rajan Meenathakonil Thomas as Managing Director and Mr. Rahul Rajan Jesu Thomas as Whole Time Director, each for a 5-year term starting late 2026, subject to shareholder approval. The Board also approved an enabling resolution to raise up to ₹500 Cr via equity shares, convertible securities, or QIP, which represents ~50.1% of the company's current market cap of ₹998 Cr. Additionally, the Board reviewed and approved the unaudited financial results for the quarter ended June 30, 2026. The re-appointments ensure continuity in promoter-led executive leadership for the company's South-Central Mumbai development pipeline.
- Approved re-appointment of MD Rajan Meenathakonil Thomas for a 5-year term (October 1, 2026 to September 30, 2031)
- Approved re-appointment of Whole Time Director Rahul Rajan Jesu Thomas for a 5-year term (November 1, 2026 to October 31, 2031)
- Approved enabling resolution for raising funds up to ₹500 Cr via equity or convertible instruments
- Proposed ₹500 Cr fundraise represents ~50.1% of company's market capitalization of ₹998 Cr
Suraj Estate Developers' Board has approved an enabling resolution to raise up to ₹500 Cr via equity shares, convertible securities, or QIP/preferential issue, subject to shareholder approval. The proposed fundraise is sizable, representing ~49.9% of the company's current market cap of ₹1,003 Cr and ~50.8% of net worth (₹984 Cr). Additionally, the Board approved the Q1 FY27 (quarter ended June 30, 2026) financial results and the 5-year re-appointments of Managing Director Rajan Thomas and Whole-Time Director Rahul Thomas starting late 2026.
- Board approved an enabling resolution to raise funds up to ₹500 Cr via equity/QIP/warrants in one or more tranches.
- Proposed fundraise of ₹500 Cr equals ~49.9% of the company's market cap of ₹1,003 Cr.
- Approved re-appointment of Managing Director Rajan Thomas for 5 years (Oct 1, 2026 to Sep 30, 2031).
- Approved re-appointment of Whole-Time Director Rahul Thomas for 5 years (Nov 1, 2026 to Oct 31, 2031).
- Subsidiaries and partnership firms contributed ₹63.25 Cr revenue and ₹5.67 Cr PAT during the quarter.
Suraj Estate Developers' Board has approved an enabling resolution to raise up to ₹500 crore via equity shares, QIP, preferential issue, rights issue, or convertible securities, representing ~49.8% of its current ₹1,003 crore market cap. The Board also approved unaudited Q1 FY27 (quarter ended June 30, 2026) financial results with an unmodified review report. In addition, the Board approved the re-appointment of Managing Director Rajan Meenathakonil Thomas and Whole-Time Director Rahul Rajan Jesu Thomas for 5-year terms starting October and November 2026 respectively, subject to shareholder approval.
- Approved enabling resolution to raise funds up to ₹500 crore via equity or convertible instruments.
- Proposed fundraise ceiling equals ~49.8% of the company's current market capitalization of ₹1,003 crore.
- Re-appointed Rajan M. Thomas as MD for 5 years from October 01, 2026 to September 30, 2031.
- Re-appointed Rahul R. J. Thomas as Whole Time Director for 5 years from November 01, 2026 to October 31, 2031.
Suraj Estate Developers Limited has scheduled its earnings conference call for Monday, August 17, 2026, at 2:00 PM IST. The management will discuss the financial and operational performance for the quarter ended June 30, 2026 (Q1FY27). Key participants include the Whole Time Director and the CFO. This call follows a fiscal year (FY26) where the company recorded a revenue of ‡555.6 Cr and a PAT of ‡90.3 Cr.
- Earnings call scheduled for August 17, 2026, at 2:00 PM IST
- Management to discuss Q1FY27 results for the period ended June 30, 2026
- Whole Time Director Rahul Thomas and CFO Shreepal Shah to lead the discussion
- Company maintains a TTM OPM of 39.3% on a revenue base of ‡556 Cr
- Investors to focus on the progress of the ‡2,000 Cr GDV launch pipeline mentioned in previous strategies
Suraj Estate Developers has approved the issuance of 1,650 Senior, Secured, Unrated, Unlisted, Redeemable, Taxable, Non-Convertible Debentures (NCDs). The fundraise aims to aggregate up to Rs 165 crore, with each debenture having a face value of Rs 10 lakh. This capital infusion represents approximately 16.9% of the company's current market capitalization and 29.7% of its TTM revenue. The funds are likely intended to support the company's ambitious FY26 launch pipeline of Rs 2,000 crore Gross Development Value (GDV).
- Issuance of 1,650 Senior, Secured, Unrated, Unlisted NCDs approved by the Management Committee.
- Total fundraise amount capped at Rs 165,00,00,000 (Rs 165 Cr) in one or more tranches.
- Face value of each NCD is set at Rs 10,00,000 on a private placement basis.
- Fundraise magnitude is significant at ~29.7% of TTM revenue (Rs 556 Cr).
- The issuance follows a board meeting held on August 10, 2026, concluding at 07:00 p.m.
Suraj Estate Developers has approved the issuance of 1,650 senior, secured, unrated, and unlisted Non-Convertible Debentures (NCDs) to raise up to Rs 165 crore. This fundraise is significant, representing approximately 30% of the company's TTM revenue (Rs 556 Cr) and 17% of its net worth (Rs 984 Cr). The capital is likely intended to support the company's ambitious FY26 launch pipeline of Rs 2,000 crore Gross Development Value (GDV). Investors should note that the NCDs are unrated and unlisted, typically indicating a private placement with specific institutional or high-net-worth investors.
- Issuance of 1,650 Senior, Secured, Redeemable NCDs approved
- Total fundraise amount of Rs 165 crore via private placement
- Face value set at Rs 10,00,000 per debenture
- Fundraise represents ~29.7% of TTM revenue (Rs 556 Cr)
- Capital to support the planned Rs 2,000 Cr GDV launch pipeline for FY26
Financial Performance
Revenue Growth by Segment
Consolidated total revenue grew 33.01% YoY to INR 553.17 Cr in FY25 from INR 415.70 Cr in FY24. In H1 FY26, total income grew 14% YoY to INR 278.6 Cr, with Q2 FY26 revenue rising 33% YoY to INR 145.4 Cr.
Geographic Revenue Split
100% of revenue is derived from the South-Central Mumbai (SCM) micro-market, specifically Dadar, Prabhadevi, and Mahim, where the company has developed over 1.6 million sq. ft.
Profitability Margins
PAT margin improved to 18.2% in FY25 from 16.4% in FY24. Q2 FY26 PAT margin stood at 23%, up from 16% in Q1 FY26, driven by operating leverage and a better project mix.
EBITDA Margin
EBITDA margin was 37.7% in FY25, down from 57.4% in FY24 due to a one-time INR 45 Cr litigation settlement. Excluding this, margins remain robust; Q2 FY26 EBITDA margin reached 45.1%.
Capital Expenditure
The company is investing heavily in its project pipeline, with inventory increasing to INR 904.1 Cr in FY25 from INR 739.2 Cr. Debt was drawn for approval-related payments for the Mahim commercial project and construction of Park View 1 and Suraj Aureva.
Credit Rating & Borrowing
Gross debt stood at INR 545.8 Cr as of September 2025, up from INR 456.3 Cr in March 2025. The company maintains a Net Debt to Equity ratio of 0.51 as of March 2025, improved from 0.82 YoY due to equity infusion.
Operational Drivers
Raw Materials
Construction materials including steel, cement, and finishing materials represent the primary costs; trade payable turnover ratio increased 65.94% in FY25 due to higher construction costs incurred.
Import Sources
Primarily sourced from domestic suppliers within Maharashtra to support projects in South-Central Mumbai.
Key Suppliers
Not specifically named in the documents, but the company manages a diverse base of contractors and material providers for its 12 ongoing projects.
Capacity Expansion
Current portfolio includes 12 ongoing projects and 17 upcoming projects in the SCM region. The company plans to launch INR 2,000 Cr of GDV in FY26, including 1.06 lakh sq. ft. of commercial space.
Raw Material Costs
Operating and project expenses stood at INR 143.3 Cr for H1 FY26. Construction costs are managed through disciplined cost control to protect margins ranging between 30% to 35%.
Manufacturing Efficiency
Execution efficiency is reflected in the 85.91% increase in the Inventory Turnover Ratio in FY25 and the successful sale of 40% of inventory in the launch phase of new projects.
Logistics & Distribution
Not applicable as a real estate developer; however, project marketing and digital engagement drive the sales strategy.
Strategic Growth
Expected Growth Rate
14%
Growth Strategy
Growth is driven by a massive launch pipeline of INR 2,000 Cr GDV in FY26, comprising INR 1,200 Cr from commercial assets and INR 800 Cr from residential. The strategy focuses on the high-margin South-Central Mumbai micro-market and leveraging DCR 33(7) redevelopment expertise.
Products & Services
Value-luxury residential apartments, luxury housing, and commercial office spaces.
Brand Portfolio
Suraj, Suraj Aureva, Suraj Parkview 1, Ocean Star, Ambavat Bhavan, RK Mansion.
New Products/Services
Entry into the commercial segment with a flagship project in Mahim (Plot 426-A & B) expected to contribute INR 475 Cr and INR 725 Cr in GDV respectively.
Market Expansion
Deepening footprint in South-Central Mumbai, specifically Lower Parel and Mahim, through strategic land acquisitions and redevelopment rights.
Market Share & Ranking
Leading developer in the Dadar-Prabhadevi-Mahim micro-market with 39+ years of experience.
Strategic Alliances
Utilizes Joint Development Agreements (JDA); recently settled a litigation with a JDA partner for INR 45 Cr to clear project hurdles.
External Factors
Industry Trends
The industry is seeing a 'commercial bull run' and a shift toward branded developers with a track record of on-time delivery. Suraj is positioning itself to capture this by diversifying into commercial assets.
Competitive Landscape
Competes with large and mid-sized Mumbai developers; differentiates through redevelopment proficiency and prime SCM locations.
Competitive Moat
Moat is built on deep expertise in tenant settlements under DCR 33(7) and a strong brand in specific micro-markets, which are difficult for outsiders to penetrate due to complex local regulations.
Macro Economic Sensitivity
Highly sensitive to interest rates which affect both construction finance costs and homebuyer affordability (mortgage rates).
Consumer Behavior
Strong demand for 'value-luxury' housing which offers premium amenities at accessible price points for the South-Central Mumbai demographic.
Geopolitical Risks
Low direct impact, but global economic slowdowns can affect the disposable income of luxury home buyers.
Regulatory & Governance
Industry Regulations
Governed by RERA, Maharashtra Stamp Act, and Development Control Regulations (DCR). Revisions to these can stall approvals or heighten compliance burdens.
Environmental Compliance
Adheres to environmental norms for high-rise constructions; costs are integrated into project feasibility assessments.
Taxation Policy Impact
Effective tax rate resulted in tax expenses of INR 35.9 Cr on PBT of INR 136.1 Cr in FY25 (approx. 26.4%).
Legal Contingencies
Settled a major litigation with a JDA partner for INR 45 Cr in FY25. No other significant pending orders from regulators or courts that impact the going concern status.
Risk Analysis
Key Uncertainties
Approval timelines for upcoming projects (INR 2,000 Cr GDV) are critical; any delay in the November 2025 commercial launch could impact FY26 pre-sales targets by over 50%.
Geographic Concentration Risk
100% of projects are located in South-Central Mumbai, making the company highly vulnerable to local regulatory changes or micro-market economic downturns.
Third Party Dependencies
Dependent on JDA partners for land access and government authorities for redevelopment approvals.
Technology Obsolescence Risk
Low risk, but the company is adopting digital engagement and experiential marketing to stay competitive.
Credit & Counterparty Risk
Trade receivables turnover ratio improved to 6.20 in FY25 from 4.32, indicating efficient collection of dues from homebuyers.
