Suraj Estate Developers · risk themes across the available quarters.
Bear-case history
Only ₹293 crore of the ₹500 crore raised via warrants has been received; management personally doubts the balance ₹50 crore will come in due to significant gap between current stock price and exercise price, creating potential funding gap.
Four to five planned residential launches may see slight spillover into Q1 FY27 due to regulatory approval changes and revised planning, affecting FY26 revenue recognition timing.
While framed as opportunity, the evolving Maharashtra policy framework for 19,000 pagdi buildings lacks clarity on consent requirements, tenant payouts, and timelines—creating execution uncertainty.
Original December 2025 handover date extended to September 2026 due to imported high-speed elevator shipment delays, though management expects no further delays and has started interior handover.