SURAJEST Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹180 Cr
verified against source
Revenue YoY
6%
reported change
EBITDA
₹55 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Suraj Estate Developers reported steady Q3 FY26 results with total income of ₹182 crores (+6% YoY) and PAT of ₹25 crores (+25% YoY), supported by strong operating leverage. The quarter was marked by exceptional operational momentum—sales value surged 137% YoY to ₹253 crores driven by commercial segment, while sales area expanded 211% YoY to 51,826 sq ft. Suraj One Business Bay demonstrated robust demand, achieving ₹200 crores in sales within 45 days of launch against a ₹1,200 crore GDV. Management maintained its ₹600 crore pre-sales guidance conservatively while signaling upside potential. The company reinforced its South Central Mumbai focus, with ~5 years of land bank visibility and plans to consolidate Bandra parcels for a luxury launch in FY28. Key risks include potential delays in new project launches due to regulatory approvals and uncertainty around warrant proceeds (₹50 crore balance may not materialize due to current stock price vs. exercise price gap).
Colored figures show movement against the previous available record.
Guidance to track
- Management maintained the ₹600 crore pre-sales guidance, indicating commitment to achievable targets while expressing confidence in outperforming.
- Commercial margins at 25-28% and value luxury at 38-40% yield a blended average of 35%, which can be used for modeling FY27 earnings.
- Bandara West project consolidation underway; launch targeted for FY28 with pre-sales expected the following year due to luxury customer preferences for sample flats and amenities.
- Commercial segment will constitute majority of upcoming GDV pipeline, with multiple opportunities under evaluation in South Central Mumbai to be announced by March call.
Risks flagged
- 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.
Key quotes
- We still continue to remain at 600 but we got to definitely strive for more.
- Right now net debt stands at 500 crores which is less than 0.5 of the total liquidity base. When we launch Bandra we will estimate or tell you at that point in time.
- Bandra market commands premium. The constructions are in the range of 1 lakh to 1 lakh 50,000 per square ft so obviously the margins are going to be higher.
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