Suraj Estate Developers Limited — Important, 11-02-2025: General Updates

**Financial Highlights:** Suraj Estate Developers reported a strong performance for Q3 & 9MFY25, with total income rising by 62% yoy to ₹171.8 crore, driven primarily by revenue growth from luxury projects, contributing 62% of total revenues. The company achieved EBITDA of ₹47.8 crore, despite pressures from higher operating costs and a one-time litigation settlement. PAT was ₹20 crore, reflecting a 21% yoy increase, translating to an EPS of ₹4.23.

**Strategic Initiatives and Growth Drivers:** The company undertook a strategic shift to enhance market timing for its commercial project, now expected to launch in Q1FY26, with a significant increase in expected GDV from ₹475 crore to ₹1,200 crore following the acquisition of adjacent land. A robust pipeline for FY26 supports a positive long-term outlook.

**Business Developments:** Suraj Estate secured pre-sales worth ₹107 crore during the quarter, largely attributed to successful inventory management. The company plans to balance its project launches while optimizing value in a strong demand environment.

**Market Position and Competitive Advantage:** As a leading real estate player in South Central Mumbai, Suraj focuses on redevelopment projects and holds a significant market share in luxury and value luxury segments. Its strategy emphasizes tenant consent execution, allowing for efficient project turnaround.

**Investor Implications:** With robust pre-sales targets of ₹500-525 crore for FY25 and continuing demand for its offerings, Suraj is positioned for sustainable growth. Investors should watch for the debut of newly planned commercial spaces and the forthcoming launches in FY26 as indicators of future performance.