SHRIRAMPPS Q1 FY27 earnings call.
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Revenue
₹224 Cr
verified against source
Revenue YoY
4%
reported change
EBITDA
₹42 Cr
latest reported figure
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Shriram Properties delivered a strong operational Q1 FY27 with record Q1 sales of ₹484 crore (+10% YoY), driven by successful new launches in Chennai (Shriram Estellar) and Kolkata (plotted development with 55% inventory sold in 30 days). Collections stood at ₹365 crore (+8%), while revenue recognition was muted at ₹271 crore (+4%) due to timing of project completions and unfavorable product mix from legacy Kolkata projects. EBITDA of ₹42 crore reflects margin compression from ~40% lower-margin legacy projects (Grand One, Sunshine One). The company reaffirmed FY27 guidance with expected stronger H2 driven by 2,900+ units scheduled for handover with ₹1,560 crore revenue potential. Management targets FY28 sales of ₹5,000 crore and revenue of ₹2,500 crore with 10% PBT margin, underpinned by 33.7 million sq ft pipeline (GDV ₹13,530 crore). Balance sheet remains healthy with net debt/equity at 0.29x. Key risk: market skepticism on execution track record since IPO has not reclaimed IPO price levels.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects approximately 20% growth in revenue recognition for FY27, driven by pent-up handover pipeline of 2,900+ units (₹1,560 crore revenue potential) in H2.
- FY27 PBT margin expected in the range of 8-9% as legacy low-margin Kolkata projects continue to impact margins, with improvement expected in H2 as higher-margin projects reach completion.
- Management reaffirms FY28 mission targets: ₹5,000 crore sales value, ₹2,500 crore revenue recognition, and 10% PBT margin, supported by ongoing project completions and new launches.
- Approximately 6 million sq ft of launches planned for FY27 across Bengaluru, Chennai, Pune, and Kolkata, with launches back-ended in Q3 and Q4. 5.9 million sq ft GDV expected from new supply.
Risks flagged
- Grand One and Sunshine One projects from 2016-17 launches have thin margins (~₹6,500-7,000 psf vs low entry pricing) and continue to impact profitability. These legacy handovers will continue through FY27.
- An analyst pointed out that market doesn't trust execution capabilities and stock hasn't reached IPO price levels in four years since listing. Management acknowledged this concern but defended track record.
- Management noted Bangalore launches remain slow and the city takes longer to absorb supply compared to other markets, creating concentration risk in the portfolio.
- Revenue recognition depends on OC (Occupancy Certificate) milestones which face timing risks. Q1 had limited new projects reaching OC, and back-ended FY27 launches (Q3/Q4) create execution dependency.
Key quotes
- We are almost end of that curve once we complete the Shankari in Chennai and Kolkata Grand One and Sunshine One... all the projects that we launched post-COVID or around 2019-20 onwards are projects where we have consistently moved away from low ticket size or a low pricing environment to a better pricing environment where our selling prices are about ₹7,600-7,700 is our average selling price for our midmarket product.
- We might go up on the gearing levels... Our long-term comfort zone will be about 0.5x. Temporarily it might go up to support aggressive growth and pipeline addition.
- Market somehow we believe is not giving us full credit for what we have delivered so far... We will try our best but we take your feedback as a very fair comment. With regard to the surprise, I don't think any surprise has been built in in our earnings here.
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