NSE: SURAJEST · BSE: 544054
SURAJ ESTATE DEVELOPERS L
Develops and sells residential and commercial real estate, concentrated in South-Central Mumbai. The company reports a single Real Estate segment that contributed ₹549.09 crore of segment revenue in FY26, the entirety of segment revenue and the basis for FY26 consolidated revenue of ₹555.86 crore. Operating activity is project-based: three new projects were launched in FY26 — Suraj One Business Bay (commercial, ₹1,200 crore GDV), Suraj Park View 1 (₹250 crore GDV) and Suraj Aureva (₹120 crore GDV) — taking total FY26 launches to roughly ₹1,600 crore in GDV. Pre-sales for FY26 came in at ₹615 crore, ahead of the ₹600 crore guidance, with sales area of 1,31,167 sq ft. The ongoing project pipeline spans 18.45 lakh sq ft of saleable area. The single largest cost line is materials at 58.9% of revenue, which captures land and construction inputs, while employee cost at 4.5% and other operating expenses at 4.8% are far smaller. Finance costs rose to ₹92.5 crore in FY26 from ₹65.7 crore in FY25, reflecting fresh borrowings to fund new land acquisitions such as the Mahim development-rights parcel (₹75 crore for ~1.50 lakh sq ft of saleable area, with ₹800 crore estimated GDV) and the Prabhadevi land at Sayani Road (~₹200 crore GDV). AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Real Estate (100%). Cyclical, land-bank-driven residential and commercial real estate developer
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 412 | 549 | 556 |
| EBITDA (ex other income) | 233 | 203 | 218 |
| margin % | 56.5 | 36.9 | 39.2 |
| Owners' profit | 68 | 100 | 90 |
| EPS, as reported (₹) | 19.39 | 21.80 | 19.51 |
| ROE % · ROCE % | 13.1 · 30.3 | 11.1 · 16.0 | 9.1 · 14.2 |
| Debt / equity (x) | 0.82 | 0.51 | 0.65 |
| Cash from operations | 9 | (326) | (54) |
| Capex | (25) | (1) | (3) |
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 | 109 | 170 | 136 | 132 | 145 | 180 | 99 | 145 |
| Profit before tax | 44 | 26 | 26 | 28 | 44 | 34 | 19 | 31 |
| Net profit | 32 | 20 | 18 | 21 | 33 | 25 | 11 | 23 |
| EPS (₹) | 7.43 | 4.23 | 3.61 | 4.60 | 7.15 | 5.44 | 2.32 | 4.94 |
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) | 8.9 | 20.0 | 7 of 57 | 89% |
| P/B | 0.8 | 1.9 | 13 of 64 | 81% |
| ROCE | 8.2 | 6.4 | 30 of 66 | 55% |
| ROE | 9.1 | 8.0 | 29 of 64 | 56% |
| Debt / Equity | 0.7 | 0.4 | 49 of 64 | 24% |
| EBITDA margin | 37.9 | 29.6 | 23 of 66 | 66% |
| Revenue growth | 9.2 | 12.8 | 35 of 67 | 49% |
| Profit growth | 7.4 | 7.5 | 34 of 66 | 49% |
| Market cap | 841 | 1893 | 40 of 67 | 41% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Quarterly dematerialisation compliance certificate submitted | compliance | minimal | — | — |
| 23 Oct 2026 · Board to approve September quarter and half-year results | results | low | — | — |
| 30 Sept 2026 · AGM 2026 results: All 9 resolutions passed with over 99.97% support | board shareholder meetings | medium | — | — |
| 30 Sept 2026 · Suraj Estate AGM 2026: All 9 resolutions passed with near-unanimous support | compliance | low | — | — |
| 30 Sept 2026 · Suraj Estate Developers 40th AGM held on 30 Sep 2026; 9 resolutions voted on | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Suraj Estate subsidiary completes Mahim land acquisition for 82.72 Crores | strategic transactions | medium | — | — |
| 25 Sept 2026 · Trading window closure from October 1, 2026 ahead of Q2 results | compliance | minimal | — | — |
| 24 Sept 2026 · Suraj Estate Developers clarifies on recent share price spurt | regulatory legal | low | — | — |
| 23 Sept 2026 · BSE seeks clarification from Suraj Estate Developers on price movement | regulatory legal | medium | — | — |
| 22 Sept 2026 · Suraj Estate to attend Arihant Capital Bharat Connect Conference | board shareholder meetings | low | — | — |
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.