Suraj Estate Q1 FY27 Results (NSE: SURAJEST)
Signal: Growth reaccelerated
The read
The operating trajectory improved through demand rather than reported revenue: sales value and area both rose 74% YoY to ₹141 Cr and 28,834 sq ft, but consolidated revenue grew only 9.2% to ₹144.71 Cr and collections fell 25% to ₹86 Cr; EBITDA margin was 37.9% and PAT grew 7.3% to ₹22.83 Cr, leaving execution and cash conversion as the key confirmation points.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹144.71 Cr | 9.2% | N/A |
| EBIT | ₹53.7 Cr | 9.3% | |
| Net profit | ₹22.83 Cr | 7.3% | |
| EPS | ₹4.94 | 7.4% | |
| EBIT margin | 37.9% |
P&L walk
Consolidated revenue of ₹144.71 Cr grew 9.2% YoY, EBITDA of ₹54.8 Cr grew 9.0% with a 37.9% margin, EBIT of ₹53.7 Cr grew 9.3%, and PAT of ₹22.83 Cr grew 7.3%; operating performance was broadly aligned from EBITDA to EBIT while PAT growth lagged modestly.
Segments
No segment results table was disclosed, but the consolidated-versus-standalone gap is material: consolidated revenue grew 9.2% YoY to ₹144.71 Cr while standalone revenue fell 31.9% to ₹86.38 Cr, indicating that group entities drove the reported growth.
Key positives
- Sales value increased 74% YoY to ₹141 Cr and sales area increased 74% to 28,834 sq ft, demonstrating strong booking momentum in the core South-Central Mumbai market.
- Consolidated EBITDA grew 9.0% YoY to ₹54.8 Cr and EBITDA margin was 37.9%, while EBIT grew 9.3% to ₹53.7 Cr, showing broadly stable operating conversion.
- Suraj One Business Bay sold ~33% of inventory since launch, providing evidence of initial traction in the commercial portfolio.
- The Dadar West acquisition cost ~₹18 Cr and carries estimated GDV of ~₹100 Cr, expanding the near- to-medium-term project pipeline.
Key concerns
- Collections declined 25% YoY to ₹86 Cr despite sales value rising 74% to ₹141 Cr, creating a material execution and cash-conversion gap to monitor.
- Consolidated revenue growth of 9.2% materially lagged the 74% increase in sales value and sales area, indicating that booking momentum has not yet translated proportionately into reported revenue.
- Standalone revenue declined 31.9% YoY to ₹86.38 Cr and standalone EBITDA declined 5.2% to ₹46.2 Cr, highlighting reliance on group entities for consolidated performance.
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