Siddha Group targets ₹1,894 crore turnover by FY30 and listing by March 2028

Turnover growth and listing plan

On October 11, 2026, Siddha Group managing director Sanjay Jain told ETRealty that the group expects turnover to increase from ₹600 crore in FY26 to ₹1,894 crore in FY30. The forecast steps up to ₹852 crore in FY27, ₹1,098 crore in FY28 and ₹1,434 crore in FY29.

Siddha reported FY26 profit of more than ₹18 crore. Jain described the year as average, citing slower market volumes and slower West Bengal plan approvals during elections. He spoke on the sidelines of CREDAI NATCON 2026, held in Kolkata from October 2 to 4.

The group is considering a merger or demerger involving its private real-estate business and an existing listed company within the wider group. It aims to complete the restructuring and establish a listed real-estate platform by March 2028. Jain said this is not an immediate IPO or public-capital-raising plan: the stated sequence is to restructure, establish a market valuation and then assess capital-raising options.

Jain described a longer-term objective of a listed platform with net worth above ₹5,000 crore. He put group debt exposure at around ₹350–400 crore and said it could be repaid within 12 months if the group takes no additional borrowing. New projects would require fresh project-level borrowing.

Three Mumbai projects

Siddha estimates construction expenditure of ₹1,063 crore across three upcoming Mumbai developments and says it has already invested around ₹100 crore across them. The group’s FY27 target is to deliver approximately 600 units in Mumbai, alongside 300 in Kolkata.

• Navi Mumbai: A society-rehabilitation development near Palm Beach Road, with approximately 16 lakh sq ft of total construction area and five lakh sq ft of saleable carpet area. Estimated construction cost: ₹548 crore.
• Worli: A society redevelopment near the Bandra-Worli Sea Link, planned at approximately 38 storeys and around 1.2 lakh sq ft of carpet area. Estimated construction cost: ₹165 crore. Siddha expects regulatory and RERA approvals around December 2026 or January 2027.
• Shivaji Park: A development on a largely open plot of approximately two acres, with around 2.5 lakh sq ft of saleable carpet area. Estimated construction cost: ₹350 crore. Siddha says it owns around 3,000 sq metres of the plot as part of the proposed development.

The interview did not identify these developments by marketed project name. The figures describe plans and estimates; they are not evidence that the projects are completed or that the stated approvals have been granted.

What the plans mean for buyers and investors

The turnover forecast and Mumbai construction budget indicate Siddha’s intended expansion of its redevelopment pipeline. For buyers, the near-term stated milestone is the targeted FY27 delivery of around 600 Mumbai units and 300 Kolkata units; the group also expects to pursue approvals for the Worli redevelopment around December 2026 or January 2027.

For investors, the listing target is conditional on corporate restructuring and valuation work. Jain said capital-raising options would be considered after those steps, rather than as an immediate public issue. The group’s debt statement also includes a condition: the stated 12-month repayment possibility assumes no additional borrowing, while new projects would require project-level borrowing.

Siddha says it has operated in Kolkata and Jaipur for more than 30 years and has been testing Mumbai since 2015–16. Jain said the group shifted greater attention to Mumbai partly because, in its view, five lakh sq ft of development there could generate economics comparable to a much larger Kolkata development. The group says it focuses in Mumbai mainly on society redevelopment and cluster development rather than conventional land-bank accumulation.

Other pipeline and next steps

In Kolkata, Jain said Siddha is pursuing the acquisition of three land parcels of approximately 10 acres each. In Jaipur, the group has two land parcels, including one of around five acres, and three to four joint-development projects in the pipeline at Ghat Gate, Panchwati Crossing and MI Road. Jain said two Jaipur projects could launch by March, subject to approvals; he did not specify the year.

The next stated milestones are the targeted FY27 deliveries, the expected Worli approvals around December 2026 or January 2027, and completion of the proposed listing-related restructuring by March 2028. The group plans to evaluate capital-raising options after restructuring and establishing a market valuation.