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Suraj Estate Developers showed strong execution and strategic progress in FY26.
1. **Business Performance:** Total Income grew slightly to ₹561 Cr (+1% YoY) for FY26. EBITDA was up 8% to ₹222.9 Cr. However, Profit After Tax (PAT) declined 10% to ₹90.3 Cr, mainly due to higher finance costs from recent acquisitions. Q4FY26 saw a 69% jump in EBITDA to ₹52 Cr. Sales value surged to ₹615 Cr for FY26 (from ₹501 Cr in FY25), driven by healthy customer demand and collections, especially from South-Central Mumbai.
2. **Growth Drivers or Strategy:** The company is focused on sustaining launch momentum, accelerating execution, and monetizing its expanding portfolio. Key strategies include strengthening its market position in South-Central Mumbai (SCM), expanding land reserves, selectively developing commercial projects, and continuing its asset-light redevelopment model, a major growth driver in SCM.
3. **Recent Developments:** FY26 saw launches of key projects like Suraj One Business Bay, Suraj Park View 1, and Suraj Aureva, with an estimated Gross Development Value (GDV) of ~₹1,600 Cr. The company also acquired a land parcel in Prabhadevi (~₹200 Cr GDV potential) and expanded Suraj One Business Bay through an MOU for an adjoining land parcel, boosting its combined GDV to over ₹2,000 Cr.
4. **Key Financial Metrics:** FY26 Total Income ₹561 Cr (+1% YoY), EBITDA ₹222.9 Cr (+8% YoY), PAT ₹90.3 Cr (-10% YoY). Sales value was ₹615 Cr for FY26. Estimated balance receivables from ongoing projects are ~₹2,105 Cr, expected to flow until FY31.
5. **Management Commentary / Outlook:** Management expressed confidence in sustaining long-term growth, backed by a strong project pipeline, improving commercial opportunities, and continued customer engagement. They successfully met FY26 pre-sales guidance.