Suraj Estate Developers Ltd.
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ABOUT
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AI GENERATEDRealty
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.
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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| DLF | 672.30 | 37.43 | 166415.21 | 1.19 | 793.90 | -89.59 | 1280.34 | -52.87 | 6.81 | 49.68 |
| LODHA | 1210.75 | 29.32 | 120980.95 | 0.35 | 1373.10 | 103.39 | 4996.70 | 43.10 | 16.89 | 38.51 |
| PHOENIXLTD | 1911.60 | 53.42 | 68373.70 | 0.13 | 394.51 | 22.95 | 1074.94 | 12.80 | 15.41 | 59.77 |
| OBEROIRLTY | 1857.70 | 25.69 | 67546.39 | 0.43 | 543.51 | 29.02 | 1300.89 | 31.73 | 17.69 | 56.75 |
| PRESTIGE | 1558.85 | 58.96 | 67144.38 | 0.13 | 271.40 | -12.87 | 2675.10 | 15.94 | 11.51 | 31.75 |
| GODREJPROP | 1915.00 | 36.05 | 57684.87 | 0.52 | 349.38 | -41.61 | 506.17 | 16.48 | 8.37 | -57.98 |
| ANANTRAJ | 641.10 | 39.87 | 23071.71 | 0.16 | 149.19 | 18.50 | 631.40 | 6.58 | 12.23 | 29.53 |
| BRIGADE | 680.50 | 31.95 | 22201.94 | 0.22 | 216.94 | 37.35 | 1115.55 | -12.93 | 11.02 | 32.33 |
| ABREL | 1377.35 | 116.32 | 15384.40 | 0.18 | -34.59 | -27.73 | 188.85 | 30.95 | -4.54 | -30.02 |
| SOBHA | 1250.45 | 57.99 | 13374.04 | 0.48 | 50.85 | 273.37 | 1278.15 | 50.03 | 6.96 | 6.07 |
| SIGNATURE | 799.30 | 10.77 | 11245.03 | 0.00 | -16.53 | -148.00 | 551.99 | -36.24 | 34.77 | -8.10 |
| SURAJEST | 176.50 | 9.18 | 843.20 | 0.00 | 22.85 | 7.37 | 144.71 | 9.24 | 17.54 | 36.82 |
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:
- -43%
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 | |
|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-08 - Suraj Estate Developers Limited has informed the Exchange about Copy of Newspaper Publication
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 - Suraj Estate Developers Limited has informed the Exchange about Transcript
2026-08-17 - Suraj Estate Developers Limited has informed the Exchange about Link of Recording
2026-08-17 - Suraj Estate Developers Limited has informed the Exchange about Investor Presentation
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 - Suraj Estate Developers Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
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.
2026-08-14 - Suraj Estate Developers Limited has informed the Exchange that 1. the Board, based on the recommendation of the Nomination and RemunerationCommittee and Audit Committee, approved the re-appointment of Mr. RajanMeenathakonil Thomas (DIN: 00634576) as Managing Director of the Company for afurther period of Five (5) years, with effect from October 01, 2026 to September 30, 2031.The re-appointment is subject to shareholders approval and includes remuneration asrecommended by the Nomination and Remuneration Committee and Audit Committee.2. the Board, based on the recommendation of the Nomination and RemunerationCommittee, approved the re-appointment of Mr. Rahul Rajan Jesu Thomas (DIN:00318419-) as Whole Time Director of the Company for a further period of Five (5) years,with effect from November 01, 2026 to October 31, 2031. The re-appointment is subjectto shareholders approval and includes remuneration as recommended by theNomination and Remuneration Committee and Audit Committee.
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