NSE: SHRIRAMPPS · BSE: 543419
SHRIRAM PROPERTIES LTD
Develops and sells residential apartments across Bangalore, Chennai, Kolkata and, more recently, Pune, using an asset-light joint development model with landowners. Revenue is recognised when homes are handed over to buyers, which in FY26 totalled 3,465 units and produced revenue of INR1,357 cr. Collections for FY26 reached an all-time high of INR1,661 cr, and net profit crossed INR100 cr for the first time. The development pipeline stands at 21+ million sqft with a gross development value of about INR13,950 cr, including FY26 additions of 7 new projects with ~3.5 million sqft potential. A long-pending Kolkata land matter was resolved, unlocking 100+ acres and 2.3 million sqft of approvals, and Pune crossed 300+ unit sales in its maiden year. The biggest cost line is construction-related materials at 65.7% of revenue, followed by other operating expenses at 13.6%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Residential apartment sales. Cyclical, asset-light residential real estate developer.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 433 | 674 | 865 | 823 | 1,267 |
| EBITDA (ex other income) | 97 | 43 | 100 | 29 | 87 |
| margin % | 22.3 | 6.4 | 11.6 | 3.6 | 6.9 |
| Owners' profit | 9 | 66 | 75 | 77 | 101 |
| EPS, as reported (₹) | 0.61 | 3.88 | 4.44 | 4.53 | 5.91 |
| ROE % · ROCE % | 1.6 · 14.6 | 5.7 · 13.6 | 5.9 · 14.9 | 5.7 · 11.9 | 6.9 · 10.2 |
| Debt / equity (x) | 0.48 | 0.53 | 0.50 | 0.48 | 0.42 |
| Cash from operations | 137 | (13) | 223 | 154 | (16) |
| Capex | (1) | (6) | (9) | (6) | (4) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 141 | 121 | 408 | 242 | 205 | 179 | 641 | 224 |
| Profit before tax | (16) | 15 | 42 | 17 | (6) | (18) | 87 | 18 |
| Net profit | (1) | 13 | 48 | 21 | 9 | (7) | 79 | 11 |
| EPS (₹) | (0.05) | 0.76 | 2.80 | 1.21 | 0.50 | (0.40) | 4.60 | 0.65 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DLF LIMITED | 1,66,093 | 37.4 | 3.65 | 50.1 | 9.7 | 6.0 | 8.6 | 37.1 |
| LODHA DEVELOPERS LIMITED | 1,00,949 | 24.5 | 4.31 | 20.2 | 14.6 | 15.7 | 25.1 | 40.5 |
| THE PHOENIX MILLS LTD | 68,130 | 53.2 | 4.76 | 26.4 | 10.9 | 9.9 | 32.7 | 63.4 |
| PRESTIGE ESTATE LTD | 61,258 | 53.8 | 3.66 | 17.7 | 7.8 | 6.8 | 11.8 | 38.1 |
| OBEROI REALTY LIMITED | 58,867 | 19.3 | 3.28 | 16.9 | 14.0 | 15.5 | 24.0 | 61.1 |
| GODREJ PROPERTIES LTD | 47,761 | 29.8 | 2.47 | 21.9 | 9.5 | 11.4 | 46.3 | 107.7 |
| BRIGADE ENTER. LTD | 18,001 | 20.9 | 2.39 | 13.9 | 9.6 | 6.8 | 23.9 | 41.9 |
| ANANT RAJ LIMITED | 16,878 | 28.4 | 2.90 | 22.9 | 9.6 | 10.2 | 58.7 | 32.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 12.0 | 20.0 | 14 of 57 | 77% |
| P/B | 0.8 | 1.9 | 9 of 64 | 87% |
| ROCE | 4.9 | 6.4 | 42 of 66 | 37% |
| ROE | 6.9 | 8.0 | 35 of 64 | 46% |
| Debt / Equity | 0.4 | 0.4 | 34 of 64 | 48% |
| EBITDA margin | 18.7 | 29.6 | 45 of 66 | 32% |
| Revenue growth | (7.4) | 12.8 | 49 of 67 | 27% |
| Profit growth | (46.4) | 7.5 | 53 of 66 | 20% |
| Market cap | 1093 | 1893 | 37 of 67 | 46% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Two new Independent Directors appointed on the Board | management changes | medium | — | — |
| 22 Oct 2026 · Shriram Properties appoints two independent directors | management changes | medium | — | — |
| 17 Oct 2026 · Shriram Properties sets up ESOP trust for employee stock scheme | compliance | minimal | — | — |
| 14 Oct 2026 · Confirmation certificate under Reg 74(5) for Q2 FY27 filed | compliance | minimal | — | — |
| 30 Sept 2026 · Shriram Properties signs definitive docs to acquire partner stakes in 4 JVs | strategic transactions | high | — | — |
| 30 Sept 2026 · Trading window closed from October 1, 2026 for Q2 FY27 results | compliance | minimal | — | — |
| 29 Sept 2026 · Shriram Properties 5th AGM: All 5 resolutions passed with 99.99% majority | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Shriram Properties holds 5th AGM; 5 resolutions passed | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Shriram Properties to interact with analysts on September 29, 2026 | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Newspaper publication of 5th AGM notice and FY26 Annual Report | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.