Suraj Estate Q2 FY27 Results (NSE: SURAJEST)
Signal: Margin pressure
The read
The key inflection is weaker earnings conversion: Q2 sales value rose 35% YoY to ₹206 crore and collections rose 46% to ₹104 crore, yet total income grew only 18% to ₹171 crore, EBITDA fell 14% to ₹56 crore and margin contracted 1,210bps to 33.0%; H1 sales value still grew 48% to ₹347 crore, but H1 EBITDA declined 4% and PAT declined 16%.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹171 Cr | +18% | N/A |
| Net profit | ₹23 Cr | -30% | |
| EBIT margin | 33.0% |
P&L walk
Total income increased 18% YoY to ₹171 crore, but EBITDA declined 14% to ₹56 crore and EBITDA margin contracted 1,210bps to 33.0%; PAT fell 30% to ₹23 crore, so stronger sales and collections did not translate into earnings growth.
Key positives
- Sales value increased 35% YoY to ₹206 crore and H1 sales value increased 48% to ₹347 crore, indicating strong booking momentum.
- Collections rose 46% YoY to ₹104 crore in Q2, while H1 collections reached ₹190 crore, supporting cash monetisation despite only 2% H1 growth.
- Suraj One Business Bay has sold approximately ₹500 crore of inventory since launch against an expanded project GDV potential of approximately ₹2,000 crore.
Key concerns
- EBITDA declined 14% YoY to ₹56 crore despite 18% total-income growth, with EBITDA margin compressing from 45.1% to 33.0%.
- PAT fell 30% YoY to ₹23 crore and H1 PAT fell 16% to ₹46 crore, showing that booking growth has not yet converted into reported earnings.
- The filing does not explain the 1,210bps YoY EBITDA-margin contraction, limiting visibility on whether the pressure is project-mix, timing, or cost-related.
Research and educational content only. Not investment advice.