NSE: SBGLP · BSE: 543218
SURATWWALA BUS GROUP LTD
Operates two business verticals — residential and commercial real estate in Pune, and a solar EPC arm through subsidiary SNER. The real estate segment, built around a 180-acre Pune land bank and flagship SMP Buildings C, D and E, contributed ₹89.29 crore of FY26 revenue and ₹41.15 crore of segment EBIT. The Solar Unit, executed through Suratwwala Natural Energy Resource Private Limited, designs, supplies, erects and commissions ground-mounted solar PV power plants and contributed ₹54.49 crore of FY26 revenue and ₹10.46 crore of segment EBIT. A recent solar win was a 15 MW AC EPC contract from Bondada Engineering worth ₹19 crore under the Maharashtra MSKVY 2.0 scheme, lifting cumulative capacity with that client to 45 MW AC. Materials are the dominant cost at 56.1% of revenue, followed by other operating expenses at 5.1%, employee cost at 1.9%, depreciation at 1.2% and capex at 6.1% of revenue. Operating cash flow was negative at ₹620.18 lakhs on a consolidated basis, pulled down by an inventory build-up of ₹3,219 lakhs and trade receivables of ₹3,283 lakhs. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Real Estate (62%), Solar Unit (38%). Asset-heavy real estate developer with a project-based solar EPC contracting business
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 36 | 62 | 72 | 36 | 143 |
| EBITDA (ex other income) | — | 30 | 39 | 14 | 53 |
| margin % | — | 47.8 | 53.5 | 39.8 | 37.0 |
| Owners' profit | — | 0 | 0 | 0 | 38 |
| EPS, as reported (₹) | 8.16 | 24.42 | 1.60 | 0.64 | 2.15 |
| ROE % · ROCE % | — · 25.0 | 190.2 · 173.2 | 46.9 · 59.9 | 15.7 · 11.4 | 34.3 · 27.8 |
| Debt / equity (x) | — | 2.81 | 0.63 | 1.04 | 0.75 |
| Cash from operations | 4 | 7 | 0 | (5) | (6) |
| Capex | — | (0) | (1) | (26) | (9) |
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 | 2 | 3 | 21 | 16 | 26 | 42 | 59 | 42 |
| Profit before tax | 1 | 0 | 9 | 7 | 11 | 15 | 18 | 13 |
| Net profit | 0 | 0 | 7 | 5 | 8 | 11 | 13 | 9 |
| EPS (₹) | 0.01 | 0.01 | 0.38 | 0.00 | 0.46 | 0.62 | 0.76 | 0.53 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Real Estate | 74 | 58.1 |
| Solar Unit | 23 | 17.9 |
| Solar | 31 | 24.0 |
| Total, before eliminations | 127 | 100.0 |
Exhibit 4: 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 | 1,64,917 | 37.1 | 3.63 | 49.7 | 9.7 | 6.0 | 8.6 | 37.1 |
| LODHA DEVELOPERS LIMITED | 1,01,079 | 24.5 | 4.31 | 20.2 | 14.6 | 15.7 | 25.1 | 40.5 |
| THE PHOENIX MILLS LTD | 67,952 | 53.1 | 4.75 | 26.3 | 10.9 | 9.9 | 32.7 | 63.4 |
| PRESTIGE ESTATE LTD | 59,932 | 52.6 | 3.58 | 17.4 | 7.8 | 6.8 | 11.8 | 38.1 |
| OBEROI REALTY LIMITED | 58,212 | 19.1 | 3.25 | 16.8 | 14.0 | 15.5 | 24.0 | 61.1 |
| GODREJ PROPERTIES LTD | 47,804 | 29.9 | 2.47 | 22.0 | 9.5 | 11.4 | 46.3 | 107.7 |
| BRIGADE ENTER. LTD | 17,613 | 20.5 | 2.34 | 13.7 | 9.6 | 6.8 | 23.9 | 41.9 |
| ANANT RAJ LIMITED | 16,622 | 28.0 | 2.86 | 22.6 | 9.6 | 10.2 | 58.7 | 32.1 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 9.1 | 20.5 | 8 of 57 | 88% |
| P/B | 3.4 | 1.9 | 55 of 64 | 14% |
| ROCE | 27.4 | 6.4 | 3 of 66 | 97% |
| ROE | 34.3 | 8.0 | 2 of 64 | 98% |
| Debt / Equity | 0.8 | 0.4 | 51 of 64 | 21% |
| EBITDA margin | 33.2 | 29.6 | 29 of 66 | 57% |
| Revenue growth | 164.1 | 12.8 | 10 of 67 | 86% |
| Profit growth | 75.3 | 7.5 | 15 of 66 | 79% |
| Market cap | 372 | 1781 | 47 of 67 | 30% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board to approve Q2 and half-year results on November 4 | results | low | — | — |
| 12 Oct 2026 · RTA certificate: no securities received for dematerialization in Q2 FY27 | compliance | minimal | — | — |
| 25 Sept 2026 · Trading Window Closure for Q2 FY27 Results | compliance | minimal | — | — |
| 24 Sept 2026 · AGM voting results: All 5 resolutions passed with over 99.99 percent approval | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Suratwwala Business Group holds 19th AGM, approves dividend and related party deals | board shareholder meetings | low | — | — |
| 16 Sept 2026 · Subsidiary bags Rs 69 Cr solar EPC order in Maharashtra | business updates | medium | — | — |
| 2 Sept 2026 · Annual Report FY25-26 dispatched; 19th AGM on September 23, 2026 | compliance | minimal | — | — |
| 31 Aug 2026 · Notice of 19th AGM and Annual Report FY 2025-26 | board shareholder meetings | low | — | — |
| 17 Aug 2026 · Q1 FY27 results published in newspapers; losses widen YoY | compliance | minimal | — | — |
| 13 Aug 2026 · SBGL Q1 FY27 results: revenue up 25 percent, PAT up 26 percent, dividend declared | results | high | — | — |
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.