SHRIRAMPPS Q4 FY26 earnings call.
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Revenue
₹641 Cr
verified against source
Revenue YoY
39%
reported change
EBITDA
₹177 Cr
latest reported figure
Source
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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 Q4 FY26 recovery, with revenue of ₹663 crore (+55% YoY) and net profit of ₹79 crore (+65% YoY), enabling FY26 to close at record revenue of ₹1,357 crore (+39% YoY) and PAT crossing ₹100 crore for the first time. The recovery was driven by robust customer handovers (3,465 units, +10% YoY) and all-time high collections of ₹661 crore (+12% YoY). Management flagged conservative FY27 guidance citing macro uncertainties from geopolitical tensions, IT sector employment trends, and consumer confidence concerns. FY27 targets sales value of ₹3,300-3,500 crore and collections of ₹2,100-2,200 crore. The company has 16.7 mn sq ft under development (85% sold) and plans to add 7-8 mn sq ft to the pipeline. Key risks include construction cost inflation (5-10% on finishing materials), approval delays, and margin pressure as management expects only 5-6% annual price increases to offset input costs rather than expand margins.
Colored figures show movement against the previous available record.
Guidance to track
- Targeting 5-5.5 million sq ft of sales volume and ₹3,300-3,500 crore in sales value for FY27, with collections of ₹2,100-2,200 crore and unit handovers of 3,750-3,800.
- Management targets adding 7-8 million sq ft to the project pipeline during FY27, representing GDB of ₹5,000-6,000 crore.
- Approximately 3.8 million sq ft of project completions expected in FY27, creating revenue recognition potential of ₹1,740 crore and handover of 3,500+ units.
- Management maintains that normalized net PBT margins should be 10-11% on future revenue recognition, with PAT margins of 8-9% achievable over a 3-year period.
Risks flagged
- Management explicitly flagged monitoring IT sector employment trends in key markets as a risk factor, citing uncertainty around AI impact on earnings capacity affecting consumer decision-making.
- CEO noted that certain project launches were deferred to Q1 FY27 due to approval-related issues, highlighting execution risk around timely receipt of occupancy certificates and conversion of the pipeline into launches.
- CFO acknowledged that finishing material prices (tiles, paints, PVC windows) face 5-10% inflationary pressure, with management expecting only 5-6% annual price increases in the market, suggesting margin protection rather than expansion.
- Analyst raised concern about declining operating cash flows (₹149 crore vs prior year) while new project investments surged to ₹372 crore, questioning potential debt requirements. Management assured sufficient liquidity but acknowledged construction spending will increase to ₹800-900 crore in FY27.
Key quotes
- We thought it appropriate to put a number as a guidance which are more conservative more prudent and then as the market picks up as the market stabilizes try and optimize the number than trying to put a big number and then scale back.
- The markets are looking at not more than 5-6% annual upside in the existing projects. That will cover an inflationary pressure of what 8 to 10% in the construction cost side. So margin expansion may not happen due to price hikes. Margin protection is a real margin enhancement happen only through new project, new micro market portfolio upgrades.
- We have consistently maintained that we are looking at net PBT margins of about 10 to 11% as we go in future. On a normalized basis over a period of 3 years, 8% plus PAT margin would be a safe number.
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