Suraj Estate Developers Ltd.

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surajestate.comBSE: 544054NSE: SURAJEST

Market Cap₹ 835 Cr.

Current Price

High / Low₹ 319 / 166

Stock P/E11.3

Book Value₹ 210

Price to Book1.69

Dividend Yield0.00 %

ROCE17.3 %

ROE14.0 %

Face Value₹ 5

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ABOUT

AI Sector View

AI GENERATED

Realty

Buy

Housing and construction indicators remain supportive for real estate. The housing index reached 105 (Mar/26), residential property prices rose 4.21% (Mar/26), construction output was 5.4% (Jul/26), and cement output accelerated to 13.1% YoY (2026-07). Bank lending rates are steady at 8.96% (Aug/26) rather than easing, but FPI flows turned positive with INR 1999 crore net inflow over 3 months to 2026-08-31 from INR -7216 crore previously.

Confidence

75%

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PROS

Company has a good return on equity (ROE) track record: 3 Years ROE 35.5%
Company has a healthy return on capital (ROCE) of 24.3%
Company has delivered good sales growth of 54.2% CAGR over last 5 years
Attractively priced for its growth - PEG of 0.1
Company maintains a comfortable, low leverage position

CONS

Operating cash flow has been negative in recent years
A large part of profit comes from other income (35.5% of PBT)
Promoter holding has decreased over last 2 years: -5.2pp
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -1.60x)
Equity base is being diluted - shares outstanding up 43.7%
Operating margins have contracted to 28.3% from 43.8%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

RealtyRealtyConstruction - Real Estate

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	DLF	643.60	35.83	159311.06	1.24	793.90	-89.59	1280.34	-52.87	6.81	49.68
2.	LODHA	1113.00	26.96	111226.00	0.38	1373.10	103.39	4996.70	43.10	16.89	38.51
3.	PHOENIXLTD	1891.15	52.85	67642.25	0.13	394.51	22.95	1074.94	12.80	15.41	59.77
4.	PRESTIGE	1505.00	56.92	64824.90	0.13	271.40	-12.87	2675.10	15.94	11.51	31.75
5.	OBEROIRLTY	1747.40	24.16	63535.85	0.46	543.51	29.02	1300.89	31.73	17.69	56.75
6.	GODREJPROP	1745.00	32.85	52564.02	0.57	349.38	-41.61	506.17	16.48	8.37	-57.98
7.	ANANTRAJ	599.05	37.26	21558.43	0.17	149.19	18.50	631.40	6.58	12.23	29.53
8.	BRIGADE	638.90	30.00	20844.71	0.24	216.94	37.35	1115.55	-12.93	11.02	32.33
9.	ABREL	1284.65	108.49	14348.99	0.19	-34.59	-27.73	188.85	30.95	-4.54	-30.02
10.	SOBHA	1217.35	56.45	13020.02	0.49	50.85	273.37	1278.15	50.03	6.96	6.07
11.	SIGNATURE	762.15	10.27	10722.39	0.00	-16.53	-148.00	551.99	-36.24	34.77	-8.10
12.	SURAJEST	174.85	9.10	835.32	0.00	22.85	7.37	144.71	9.24	17.54	36.82

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	88	96	100	87	130	104	142	130	127	141	87	49	86
	39	45	60	69	79	51	109	125	92	92	76	22	74
Operating Profit	49	51	40	18	51	53	34	5	35	50	11	27	12
OPM %	56.08%	52.67%	40.20%	20.68%	39.22%	51.24%	23.72%	4.00%	27.27%	35.11%	12.98%	54.53%	13.91%
	0	0	0	15	8	10	13	15	14	15	16	16	16
Interest	18	24	18	13	15	17	17	5	16	15	14	27	17
Depreciation	0	1	0	1	1	1	1	1	1	1	1	1	1
Profit before Tax	32	26	22	19	43	44	29	14	32	48	12	15	28
Tax %	25.29%	26.57%	24.65%	36.07%	25.22%	27.21%	23.66%	31.84%	25.18%	25.08%	25.15%	45.56%	26.57%
Net Profit	24	19	17	12	32	32	22	10	24	36	9	8	21
	7.09	5.71	4.79	2.70	7.32	7.29	4.69	1.89	4.98	8.52	1.82	1.73	4.38

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	18	58	164	204	246	371	507	364
	14	12	96	116	109	213	363	264
Operating Profit	4	46	68	88	137	158	143	100
OPM %	21.08%	79.02%	41.57%	43.23%	55.72%	42.62%	28.30%	27.40%
	1	1	2	1	1	16	46	63
Interest	3	45	59	67	85	73	54	73
Depreciation	0	1	2	2	2	2	5	4
Profit before Tax	1	1	9	20	51	99	131	104
Tax %	17.73%	32.76%	28.70%	27.26%	25.70%	27.58%	26.26%	28.51%
Net Profit	1	1	6	15	38	71	97	74
EPS	1.46	1.43	1.84	4.47	11.42	16.09	20.20	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	6.21%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 54%
3 Years:: 35%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 152%
3 Years:: 87%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: -41%

RETURN ON EQUITY

10 Years:: —
5 Years:: 38%
3 Years:: 36%
Last Year:: 14%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	7	7	7	17	17	22	24
	8	9	15	20	58	502	833
	261	336	350	358	420	320	361
Trade Payables	18	9	9	15	23	32	39
	100	123	109	154	246	299	363
Total Liabilities	394	484	490	563	763	1,175	1,620
	1	5	7	5	4	27	27
	3	8	12	30	31	37	53
	310	386	357	395	438	451	432
	0	0	0	0	0	86	48
Cash & Bank	11	6	10	16	23	108	32
	69	79	105	117	267	466	1,028
Total Assets	394	484	490	563	763	1,175	1,620

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-83	-37	43	56	103	-155	-275
Cash from Investing	0	-7	4	-18	-27	-92	38
Cash from Financing	89	43	-47	-34	-65	240	243
	6	-2	-0	1	9	-7	7

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.95	74.95	69.60	69.60	69.60	69.60	69.60	69.80	69.80
	2.51	3.14	1.94	2.32	2.18	1.70	1.77	2.23	1.31
	1.42	1.95	1.97	1.99	1.45	0.93	1.03	1.11	1.02
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	21.12	19.96	26.49	26.08	26.77	27.78	27.60	26.86	27.87

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-11

General Updates

2026-09-11 - Suraj Estate Developers Limited has informed the Exchange about Intimation Under Regulation 30 And 36(1)(b) Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations").

2026-09-08

Copy of Newspaper Publication

2026-09-08 - Suraj Estate Developers Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-05

Shareholders meeting

2026-09-05 - Suraj Estate Developers Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 30, 2026

2026-08-24

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-24 - Suraj Estate Developers Limited has informed the Exchange about Transcript

2026-08-17

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-17 - Suraj Estate Developers Limited has informed the Exchange about Link of Recording

2026-08-17

Investor Presentation

2026-08-17 - Suraj Estate Developers Limited has informed the Exchange about Investor Presentation

2026-08-16

Press Release

2026-08-16 - Suraj Estate Developers Limited has informed the Exchange regarding a press release dated August 16, 2026, titled "Press Release on unaudited Financial Results for the quarter ended June 30, 2026 ".

2026-08-14

Statement of deviation(s) or variation(s) under Reg. 32

2026-08-14 - Suraj Estate Developers Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32

2026-08-14

Issue of Securities

2026-08-14 - Suraj Estate Developers Limited has informed the Exchange about Enabling Resolution for raising fund by way of issuance of Equity shares or any otherequity-linked or convertible securities or warrants, up to ₹ 500 Crores in one or moretranches, through all or any permissible mode or method, including, private placement,preferential issue, rights issue, qualified institution placement (QIP) or such other modesas may be permitted, subject to approval of shareholders of the Company and subject tonecessary regulatory/statutory approvals, as may be required.

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