Sunteck Realty vs Tara Chand Infralogistic Q4 FY26

SU

Sunteck Realty

Q4 FY26 · Infrastructure

Sunteck Realty delivered a strong FY26 with revenue of ₹1,124 crore (+32% YoY), EBITDA of ₹305 crore (+64% YoY), and PAT of ₹202 crore (+34% YoY). Full-year pre-sales reached ₹3,157 crore (+25% YoY), driven by uber-luxury and premium luxury segments (50% and 40-45% of sales respectively). The company generated a net cash surplus of ₹552 crore and maintained net debt-to-equity at 0.06x despite investing ₹810 crore in business development. Management guided for similar pre-sales growth in FY27, with launches totaling ~₹7,000 crore GDV and blended EBITDA margins improving to 35-40%. The Dubai project remains launch-ready but delayed due to geopolitical tensions. Key risk: a prolonged slowdown in luxury demand or further escalation of the Middle East conflict could delay Dubai monetization and impact sentiment.

Guidance read

FY27 pre-sales growth of ~25%: Management expects to sustain similar pre-sales growth momentum in FY27, even excluding Dubai launch. Blended EBITDA margin of 35-40%: Blended EBITDA margin guided at 35-40% for new sales, with minimum 30-35% on each project. Launches worth ~₹7,000 crore GDV in next 12 months: Planned launches include Andheri redevelopment, new towers at Sky Park, Beach Residences, Sunteck World, and Mira Road.

Risk read

Key risks include Dubai project launch delay due to geopolitical tensions — The Dubai project is launch-ready but delayed due to the Middle East war; management cannot provide a timeline.; Potential slowdown in luxury demand from geopolitical uncertainty — Footfalls have dropped 5-10% in the last month due to war uncertainty, though conversion rates remain stable.; Supply chain disruptions and input cost inflation — Shortage of some imported finished goods (e.g., tiles) and labor due to elections may cause temporary cost pressures..

Promise ledger

Scorecard data is being built as historical quarters are processed.

Tara Chand Infralogistic delivered a solid FY26 with revenue of ₹284.8 crore (+14.9% YoY) and EBITDA of ₹105.5 crore (+27% YoY), driving EBITDA margin expansion of ~400bps to 37.05%. The equipment rental segment (60% of revenue) grew 23% YoY with standalone rental margins at 62%, while renewable energy mix tripled to 15%. PAT growth lagged at 12% due to higher depreciation and finance costs from ₹290 crore capex over two years. Q4 revenue of ₹89.5 crore missed the ₹100 crore target due to ~₹10 crore project deferrals and slower Danuni stockyard ramp-up. FY27 guidance: 20-25% revenue growth, EBITDA margins sustained at 37-38%, and capex of ₹80-100 crore. Key risk: receivable days stretched to 93 (target 80) due to RINL contract closure, with recovery expected in H1 FY27.

Guidance read

FY27 revenue growth target of 20-25%: Management targets 20-25% revenue growth for FY27, driven by equipment rentals and specialized services. EBITDA margin sustained at 37-38%: Management expects EBITDA margins to remain in the 37-38% band for FY27. Capex of ₹80-100 crore in FY27: Planned capital expenditure for FY27 is in the range of ₹80-100 crore, calibrated to client demand. Net debt-to-equity below 1x: Management reiterated its ceiling of net debt-to-equity below 1x.

Risk read

Key risks include Receivable days stretched to 93 days — Receivable days closed at 93 vs target of 80, partly due to RINL contract closure. Recovery expected in H1 FY27.; Project execution delays causing revenue deferral — Q4 revenue missed target by ~₹10 crore due to project execution delays at client sites, deferred to Q1 FY27.; Margin dilution from new metallics subsidiary — Analyst raised concern about potential margin dilution from Tarachand Metallics; management provided no concrete numbers.; Foreign currency fluctuation impacting equipment costs — Management cited forex volatility as a risk for new equipment purchases, though mitigated by annual purchase plans..

Promise ledger

Scorecard data is being built as historical quarters are processed.