Value Added Product Mix Shift
Expected: OngoingHIGH confidence
What: Commercial GDV: ₹1,200 Cr
Impact: 25-28% margins
“commercial will have a majority in terms of contribution... INR1,200 crores is a GDV.”
Suraj Estate Developers Ltd: Stock Analysis & Fundamentals
Data from 2w agoSuraj Estate Developers Ltd (Realty - Construction & Contracting) — fundamental analysis, earnings data, and key metrics. PE: 11.4. ROE: 14.0%. This stock is not currently in the Nifty 500 momentum outperformers list.
Suraj Estate Developers Ltd Key Facts
What's Happening
👔Promoter stake down 5.4% this quarter
🌐FII stake decreased 1.4% this quarter
🏛️DII reducing — stake down 1.6%
Earnings Acceleration Triggers
1. Value Added Product Mix Shift
OngoingHIGH
2. Tam Expansion Changing Consumption
FY27+HIGH
3. Geographical Expansion
FY27MEDIUM
Key Risks
1. Spillover of 4-5 residential project launches into Q1 FY27 due to pending approv
MEDIUM2. Tight contractor market and rising costs for steel and concrete
LOW3. Delay in shipment of high-speed elevators for the Palette project
LOWSector-Specific Signals
Pre-sales Value (9M FY26)₹487 Cr+38%
Quarterly Collections₹124 Cr+48%
Estimated Unsold GDV₹1,225 Cr
Commercial Sales Area (Q3)51,826 sqft+211%
Key Numbers
Current Price
₹233
Market Cap
1.1K Cr
Valuation
N/AWhy Are Suraj Estate Developers Ltd's Earnings Accelerating?
Based on Q3 FY26 earnings • Updated Apr 18, 2026
Tam Expansion Changing Consumption
Expected: FY27+HIGH confidence
What: Pagdi Buildings: 19,000 units
“With approximately 19,000 Pagdi buildings across Mumbai... proposed framework aims to improve safety while enhancing the redevelopment feasibility.”
Geographical Expansion
Expected: FY27MEDIUM confidence
What: New Land Parcels: 2,666 sqm
Impact: ₹1 lakh/sqft realization
“Recently, we have also acquired 2 additional land parcels... in Bandra... realizations are in the range of INR1 lakh to INR1,50,000 per square feet.”
Operating Leverage Inflection
Expected: OngoingMEDIUM confidence
What: EBITDA Growth: 14.6% YoY
“EBITDA increased to INR55 crores... supported by operating leverage during the quarter.”
New Product Or Brand Launch
Expected: 45 daysMEDIUM confidence
What: One Business Bay Sales: ₹200 Cr
“Suraj One Business Bay has witnessed a strong start with 40,000 square feet sold within 45 days of launch, translating into a sales value of INR200 crores.”
Commercial Sales Volume (211% YoY growth)
HIGH confidence
What: Commercial Sales Volume (211% YoY growth)
“commercial transactions sales area increased to 51,826 square feet in quarter 3 FY '26, registering a 211% year-over-year increase.”
What Are the Key Risks for Suraj Estate Developers Ltd?
Earnings deceleration risks from management commentary
Spillover of 4-5 residential project launches into Q1 FY27 due to pending approv
MEDIUMTrigger: Delays in obtaining regulatory clearances for new launches.
Management view: Management is working to get approvals within the current fiscal but acknowledges potential spillover.
Monitor: regulatory
Tight contractor market and rising costs for steel and concrete
LOWTrigger: Inflationary pressures in the construction industry.
Management view: Contracts include basic rates with inflation ranges to prevent overshooting contract values.
Monitor: labor
Delay in shipment of high-speed elevators for the Palette project
LOWTrigger: Import-related shipment delays.
Management view: Shipment has now reached the site; OC expected well before the revised RERA date.
Monitor: logistics
What Is Suraj Estate Developers Ltd's Management Saying?
Key quotes from recent conference calls
“The guidance which we expect including the commercial is Rs. 600 crores. [Previous Pre-sales Guidance guidance]”
“The proposed framework aims to improve safety while enhancing the redevelopment feasibility... unlock high value land parcels in a land scarce micro market. [Initiative: Pagdi System Redevelopment]”
“So Rajendra ji, there should be a slight spillover to Q1 because of regulatory approvals. We've changed our certain plans on those launches. [Risk (regulatory): MEDIUM]”
“Whenever we give contracts, obviously they have basic rates mentioned in the contract... some part will have to be borne by us. [Risk (labor): LOW]”
What Did Suraj Estate Developers Ltd Report This Quarter?
Headline numbers from the latest earnings call
Revenue
₹182 Cr
YoY +6%QoQ +25.2%
Why: Growth was primarily driven by higher contribution from the commercial segment and steady sales activity during the quarter.
Revenue growth accelerated sequentially due to the successful launch of the commercial project.
EBITDA
₹55 Cr
YoY +14.6%Margin 30.2%
Why: EBITDA increased supported by operating leverage during the quarter as commercial transactions scaled.
Margins remain healthy despite the mix shift toward commercial sales.
PAT
₹25 Cr
YoY +25%QoQ -24.5%
Why: PAT growth was supported by operating leverage and improved commercial transaction volumes.
PAT grew significantly year-over-year but declined sequentially from the H1 average.
Other Highlights
• Commercial sales area increased to 51,826 square feet, a 211% year-over-year increase.
• Sales value rose to INR253 crores in Q3 FY26, a 137% year-over-year increase.
• Collections amounted to INR124 crores in Q3 FY26, up 48% year-over-year.
What Sector Metrics Matter for Suraj Estate Developers Ltd?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Pre-sales Value (9M FY26)
₹487 Cr
YoY +38%
Why: Driven by the successful launch of the commercial segment and residential product mix.
Quarterly Collections
₹124 Cr
YoY +48%QoQ +74%
Why: Reflects stable collection cycles and strong sales from new launches.
Estimated Unsold GDV
₹1,225 Cr
Why: Bulk of the value (₹1,000 Cr) is concentrated in the newly launched commercial project.
Commercial Sales Area (Q3)
51,826 sqft
YoY +211%
Why: Strong absorption of the One Business Bay project within 45 days of launch.
Net Debt
₹500 Cr
QoQ +0.5%
Why: Maintained at stable levels; currently less than 0.5x of total equity base.
Bandra Market Realization
₹1,00,000 - ₹1,50,000
Why: Premium pricing expected for the upcoming luxury cluster in Bandra West.
Ready-to-move-in Inventory
0
Why: All ready-to-move-in projects are fully sold out.
Total Receivables (Sold + Unsold)
₹1,166 Cr
Why: Provides strong cash flow visibility for ongoing and future projects.
What Is Suraj Estate Developers Ltd's Management Guidance?
Forward-looking targets from management for Steady State
OPM Guidance
35%
Margin Outlook
Blended average margin expected to remain steady.
Volume
Pre-sales target reaffirmed.
Management Tone: BULLISH
Guidance Changes
REAFFIRMED
Pre-sales Guidance: ₹600 Cr → ₹600 Cr
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
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Frequently Asked Questions: Suraj Estate Developers Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What were Suraj Estate Developers Ltd's latest quarterly results?
Suraj Estate Developers Ltd's latest quarterly results (Dec 2025) show
- PAT Growth YoY: +25.0%
- Revenue Growth YoY: +5.9%
- Operating Margin: 30.0%
What is Suraj Estate Developers Ltd's current PE ratio?
Suraj Estate Developers Ltd's current PE ratio is 11.4x.
- Current PE: 11.4x
- Market Cap: 1.1K Cr
What is Suraj Estate Developers Ltd's price-to-book ratio?
Suraj Estate Developers Ltd's price-to-book ratio is 1.2x.
- Price-to-Book (P/B): 1.2x
- Book Value per Share: ₹200
- Current Price: ₹233
Is Suraj Estate Developers Ltd a fundamentally strong company?
Suraj Estate Developers Ltd's fundamental strength based on key financial ratios
- Return on Capital (ROCE): 17.0%
Is Suraj Estate Developers Ltd debt free?
Suraj Estate Developers Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹461 Cr
What is Suraj Estate Developers Ltd's return on equity (ROE) and ROCE?
Suraj Estate Developers Ltd's return ratios over recent years
- FY2023: ROCE 22.0%
- FY2024: ROCE 29.0%
- FY2025: ROCE 17.0%
Is Suraj Estate Developers Ltd's cash flow positive?
Suraj Estate Developers Ltd's operating cash flow is negative (FY2025).
- Cash from Operations (CFO): ₹-306 Cr
- Free Cash Flow (FCF): ₹-227 Cr
- CFO/PAT Ratio: -306% (weak cash conversion)
What is Suraj Estate Developers Ltd's dividend yield?
Suraj Estate Developers Ltd currently does not pay a significant dividend (yield 0.00%).
- Dividend Yield: 0.00%
- Current Price: ₹233
Who holds Suraj Estate Developers Ltd shares — promoters, FII, DII?
Suraj Estate Developers Ltd's shareholding pattern (Mar 2026)
- Promoters: 69.8%
- FII (Foreign): 2.2%
- DII (Domestic): 1.1%
- Public: 26.9%
Is promoter holding increasing or decreasing in Suraj Estate Developers Ltd?
Suraj Estate Developers Ltd's promoter holding has increased recently.
- Current Promoter Holding: 69.8% (Mar 2026)
- Previous Quarter: 69.6% (Dec 2025)
- Change: +0.20% (increasing — positive signal)
Is Suraj Estate Developers Ltd a new momentum entry or an established outperformer?
Suraj Estate Developers Ltd is an established outperformer with 1 weeks of consecutive Nifty 500 outperformance.
What are the growth catalysts for Suraj Estate Developers Ltd?
Suraj Estate Developers Ltd has 6 key growth catalysts identified from recent earnings analysis
- Value Added Product Mix Shift — Shift toward commercial sales provides immediate cash flow and diversifies the portfolio.
- Tam Expansion Changing Consumption — Regulatory changes in Maharashtra regarding Pagdi systems will unlock massive redevelopment opportunities.
- Geographical Expansion — Expansion into the high-premium Bandra market will drive higher realizations and margins.
- Operating Leverage Inflection — Fixed cost absorption as project execution and sales velocity increase.
What are the key risks in Suraj Estate Developers Ltd?
Suraj Estate Developers Ltd has 3 key risks worth monitoring
- [MEDIUM] Spillover of 4-5 residential project launches into Q1 FY27 due to pending approv — Delays in obtaining regulatory clearances for new launches.
- [LOW] Tight contractor market and rising costs for steel and concrete — Inflationary pressures in the construction industry.
- [LOW] Delay in shipment of high-speed elevators for the Palette project — Import-related shipment delays.
What did Suraj Estate Developers Ltd's management say in the latest earnings call?
In Q3 FY26, Suraj Estate Developers Ltd's management highlighted
- "The guidance which we expect including the commercial is Rs. 600 crores. [Previous Pre-sales Guidance guidance]"
- "The proposed framework aims to improve safety while enhancing the redevelopment feasibility... unlock high value land parcels in a land scarce micro m..."
- "So Rajendra ji, there should be a slight spillover to Q1 because of regulatory approvals. We've changed our certain plans on those launches. [Risk (r..."
What is Suraj Estate Developers Ltd's management guidance for growth?
Suraj Estate Developers Ltd's management has provided the following forward guidance for Steady State
- Revenue outlook: Not Given
- OPM guidance: 35%
- Management tone: bullish
- Milestone: [REAFFIRMED] Pre-sales Guidance: ₹600 Cr → ₹600 Cr
What sector-specific metrics matter most for Suraj Estate Developers Ltd?
Suraj Estate Developers Ltd's most important sub-sector-specific KPIs from the latest concall
- Pre-sales Value (9M FY26): ₹487 Cr (YoY +38%) — Driven by the successful launch of the commercial segment and residential product mix.
- Quarterly Collections: ₹124 Cr (YoY +48%) (QoQ +74%) — Reflects stable collection cycles and strong sales from new launches.
- Estimated Unsold GDV: ₹1,225 Cr — Bulk of the value (₹1,000 Cr) is concentrated in the newly launched commercial project.
- Commercial Sales Area (Q3): 51,826 sqft (YoY +211%) — Strong absorption of the One Business Bay project within 45 days of launch.
- Net Debt: ₹500 Cr (QoQ +0.5%) — Maintained at stable levels; currently less than 0.5x of total equity base.
- Bandra Market Realization: ₹1,00,000 - ₹1,50,000 — Premium pricing expected for the upcoming luxury cluster in Bandra West.
Is Suraj Estate Developers Ltd worth studying for long term investment?
Based on quantitative research signals, here is why Suraj Estate Developers Ltd may be worth studying
- Currently showing mixed signals — monitor for clearer trend confirmation
What is the investment thesis for Suraj Estate Developers Ltd?
Suraj Estate Developers Ltd investment thesis summary:
Research Signals (Bull Case)
- Growth catalyst: Value Added Product Mix Shift
Risk Factors (Bear Case)
- Key risk: Spillover of 4-5 residential project launches into Q1 FY27 due to pending approv
What is the future outlook for Suraj Estate Developers Ltd?
Suraj Estate Developers Ltd's forward outlook based on current data signals
- Key Catalyst: Value Added Product Mix Shift
- Key Risk: Spillover of 4-5 residential project launches into Q1 FY27 due to pending approv
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.