Q1 FY27 Earnings Call: Record Sales INR484 Cr, Margin to Improve in H2

Shriram Properties reported Q1 FY27 sales of INR484 cr (highest ever Q1, up 10% YoY) on volume of 0.85 mn sq ft. Collections rose 8% to INR365 cr. Revenue was INR271 cr with EBITDA INR42 cr and PAT INR11 cr; muted margins due to legacy Kolkata projects. Management guides FY27 PBT margin at 8 to 9 percent, targeting 10 percent and EBITDA margin of 22 to 24 percent by FY28 as higher-margin projects complete. FY27 sales guidance retained at INR3,300 to 3,500 cr. Pipeline strong at 33.7 mn sq ft with GDV about INR13,530 cr. Net debt at 0.29x equity. FY28 mission: sales INR5,000 cr, revenue INR2,500 cr.