Suraj Estate Developers Limited has informed the Exchange about Transcript
SURAJEST · price
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Suraj Estate Developers reported Q1 FY'26 revenue of INR133 crore and PAT of INR21.3 crore, down from INR30 crore YoY. Presales fell to INR81 crore (vs INR140 crore YoY) due to limited inventory, but collections rose 60% YoY to INR115 crore. EBITDA dropped to INR50.3 crore from INR64.2 crore, with margins under pressure as 64% of sales came from lower-priced value-luxury segment. Management reaffirmed INR1,600 crore GDV launch plan for H1 FY'26, including Suraj Aureva (already launched in Prabhadevi), Suraj Park View 1 (awaiting RERA), and the commercial Suraj Vibe project in Mahim (targeting September launch after EC clearance). Marinagar project secured 2 lakh sqft additional FSI worth INR800 crore incremental GDV. Net debt rose to INR433.3 crore from INR414 crore last quarter. Softened margin guidance to a blended 30-40%, with new vacant-land acquisitions expected at 25-30% and commercial projects at 25%.
Mixed signals for shareholders — strong collections growth and a robust launch pipeline are positives, but declining margins, falling presales, and rising debt raise concerns. Management's refusal to give presales guidance this quarter and the softer margin outlook (down from earlier 40-45% guidance) suggest near-term headwinds. Stock remains near 52-week lows, and the market wants to see timely execution of the H1 launches.