Financial results
Sunteck Realty's H1 FY27 Pre-Sales Rise 19% to INR 1,611 Crore
Mumbai-based Sunteck Realty reported H1 FY27 pre-sales of about INR 1,611 crore, up 19% year on year, with revenue, collections and profit also higher. Management has kept its FY27 pre-sales growth target of 25% and is relying on a second-half launch pipeline of about Rs 7,000 crore in gross development value (GDV), excluding Dubai.
| H1 FY27 pre-sales | About INR 1,611 crore, up 19% year on year |
|---|---|
| Q2 FY27 pre-sales | INR 824 crore, up 17% from INR 702 crore a year earlier |
| H1 FY27 revenue | About INR 512 crore, up 16% year on year |
| H1 FY27 collections | INR 780 crore, up 14% from INR 682 crore |
| H1 FY27 profit after tax | About INR 99 crore, up 20% from INR 82 crore |
| H1 FY27 EBITDA margin | 30%, against 29% in H1 FY26 |
| FY27 pre-sales growth target | 25% year on year, maintained by management |
| Second-half launch pipeline | About Rs 7,000 crore GDV, excluding Dubai |
| Net debt-to-equity | 0.09 times at H1 FY27 |
| Credit rating | AA long-term and A1+ short-term, retained from India Ratings |
What was reported
Sunteck Realty Limited reported its unaudited results for the quarter and half-year ended 30 September 2026. The figures were released in the last week of October 2026, with management commentary on its pre-sales targets dated 27 October 2026.
In the first half of FY27, pre-sales rose 19% year on year to about INR 1,611 crore. Revenue rose 16% to about INR 512 crore.
In the July to September 2026 quarter alone, pre-sales rose 17% to INR 824 crore, from INR 702 crore in the same quarter of FY26. Quarterly revenue rose 27% to INR 321 crore, from INR 252 crore.
Growth without major launches
According to the company's commentary, pre-sales growth in the half came without major launches in the period. Management tied its second-half plans to a launch programme rather than to the first-half sales base.
By product type in H1 FY27, premium luxury projects contributed INR 807 crore, or 50% of pre-sales. Uber luxury and other projects contributed INR 430 crore, or 27%. Aspirational luxury contributed INR 375 crore, or 23%.
Collections, profit and cash
H1 collections rose 14% to INR 780 crore. In Q2, collections grew 12% to INR 371 crore, against INR 331 crore a year earlier.
Collections are running behind bookings. Management attributed this to early-stage projects, where construction-linked payment milestones fall later in the schedule.
EBITDA rose 23% to about INR 156 crore in H1. The Q2 EBITDA margin was 28%, down from 31% a year earlier, while the H1 margin improved to 30% from 29%. Profit after tax rose 20% to about INR 99 crore.
The company reported a net operating cash flow surplus of about INR 347 crore for H1 FY27, up 27% from INR 274 crore. It invested about INR 391 crore in business development during the half, with nearly 90% funded from operating cash flows.
Gross debt rose to Rs 915 crore at H1 FY27, from Rs 747 crore at FY26. Net debt-to-equity stood at 0.09 times. India Ratings retained the company's AA long-term and A1+ short-term ratings.
The launch pipeline and the 25% target
Management is targeting 25% year-on-year pre-sales growth in FY27. The plan depends on a launch pipeline of about Rs 7,000 crore GDV in the second half, which runs from October 2026 to March 2027.
The company's GDV position as of H1 FY27 is shown below.
| Stage | GDV (Rs crore) |
|---|---|
| Launched | 7,676 |
| To be launched (under approvals) | 13,900 |
| Upcoming, in planning and design | 25,304 |
| Total | 46,880 |
The named second-half projects are Sunteck Belvedere Park in Mira Road East and a residential redevelopment on Andheri's Western Express Highway. Other projects named as FY27 drivers include Altavia Tower 2, further phases at Sunteck World, Sunteck Crescent Park and Sunteck Beach Residences, and activity in Borivali West.
Management has not given month-specific launch dates for these projects in the material published so far.
Borivali West land purchase
During Q2 FY27, Sunteck bought a new land parcel in Borivali West outright. The purchase took its assembled holding in the locality to about 11.5 acres. The company described the holding as one of the largest single-location developments in its portfolio.
A summary of the results put the estimated GDV of the Borivali West holding at about Rs 8,000 crore.
Borivali West is served by Metro Line 2A, and Metro Line 7 connects Dahisar East towards Andheri East. The Thane–Borivali twin tunnel, which will connect Ghodbunder Road with the Western Express Highway at Borivali, has a sanctioned cost of about Rs 16,600 crore. The Mumbai Metropolitan Region Development Authority (MMRDA) reported physical progress of 11.49% as of March 2026.
Nepean Sea Road and earlier guidance
The company aims to launch its Rs 3,000 crore GDV Nepean Sea Road project with RERA registration before FY27 ends, that is by 31 March 2027. Management has not given a month, a RERA approval date, a unit count or pricing for the project.
Demolition work at the site was under way. By 27 October 2026, one building had been demolished and demolition of a second had started, which management expected to finish within 10 to 15 days.
Earlier, the company had said it expected RERA approval for Nepean Sea Road by the end of Q4 FY26 or Q1 FY27. The target has since moved to before the end of FY27.
What it means for buyers and investors
For buyers in early-stage projects, payment schedules are tied to construction progress. Because collections trail bookings, the company's cash flow depends on the pace of construction milestones.
Analysts noted that the 25% target depends on a shift from first-half growth, which came without major launches, to a second-half programme carrying about Rs 7,000 crore of GDV. One analysis said execution is central to the investment case.
The company's partnership-heavy model is capital efficient, according to one analysis. It also links project delivery and economics to landowner arrangements and revenue-share terms.
On the results, Q2 earnings per share of INR 3.9 were in line with analyst estimates, according to a call summary. Shares were little changed in early trading.
What comes next
- October 2026 to March 2027: second-half launch programme of about Rs 7,000 crore GDV, excluding Dubai.
- FY27 target: 25% year-on-year pre-sales growth, maintained by management.
- By 31 March 2027: aim to launch the Rs 3,000 crore GDV Nepean Sea Road project with RERA registration.
The company's next results date has not been announced.
Frequently asked questions
How much did Sunteck Realty's pre-sales rise in H1 FY27?
Pre-sales rose 19% year on year to about INR 1,611 crore in the first half of FY27. In the July to September quarter alone, pre-sales rose 17% to INR 824 crore.
Is Sunteck still targeting 25% growth for the full year?
Yes. Management kept its FY27 pre-sales growth target at 25% year on year. It depends on a second-half launch pipeline of about Rs 7,000 crore GDV, excluding Dubai.
Why are collections lagging bookings?
Management said early-stage projects have construction-linked payment milestones that fall later in the schedule, so collections follow construction progress rather than booking dates.
Which projects are expected to launch in the second half?
The named second-half projects are Sunteck Belvedere Park in Mira Road East and a residential redevelopment on Andheri's Western Express Highway. Management has not given month-specific launch dates.
What is the status of the Nepean Sea Road project?
The company aims to launch the Rs 3,000 crore GDV project with RERA registration before 31 March 2027. Demolition was under way at the site by late October 2026.