Suraj Estate's Q2 FY27 Sales Value Rises 35% to Rs 206 Crore; Collections Hit Rs 104 Crore

What was announced

Suraj Estate Developers Limited, a Mumbai-based developer focused on redevelopment and commercial projects in South Central Mumbai, released unaudited results for the quarter and half year ended September 30, 2026. The board met on October 31, 2026 to approve the numbers.

The company reported Q2 FY27 sales value of Rs 206 crore, against Rs 153 crore in the same quarter last year, a rise of about 35%. Collections rose to Rs 104 crore from Rs 71 crore, about 46% higher. Sales area increased to 41,487 sq ft from 34,875 sq ft.

Key figures

Finance costs rose to Rs 24.4 crore from Rs 20.5 crore. Profit after tax fell 30% to Rs 23 crore. One report puts Q2 consolidated revenue at Rs 170.04 crore, while the company's own total income figure is Rs 171.1 crore.

Half-year position

For the first half of FY27, sales value reached Rs 347 crore, against Rs 234 crore in H1 FY26, about 48% higher. Half-year collections were Rs 190 crore. Half-year EBITDA was Rs 111 crore, against Rs 116 crore a year earlier, and half-year profit after tax was Rs 46 crore, against Rs 54 crore.

Commercial and residential mix

Commercial projects drove the quarter. They accounted for Rs 160 crore of Q2 sales value and 32,003 sq ft of sales area. Residential projects contributed Rs 47 crore and 9,484 sq ft.

Average realisation for residential space rose to Rs 49,065 per sq ft in Q2 FY27, from Rs 43,885 per sq ft a year earlier. Commercial average realisation was Rs 49,921 per sq ft in the quarter. For the half year, commercial sales were Rs 241 crore of the Rs 347 crore total, and residential sales were Rs 106 crore.

Q1 FY27, the quarter ended June 30, 2026, had already shown strong sales, with sales value up 74% to Rs 141 crore. Q1 collections fell 25% to Rs 86 crore.

Margins and profit

Revenue rose while profit fell. Total income grew 18% year on year, but EBITDA fell 14% and the EBITDA margin dropped to 33.0% from 45.1%. Finance costs also increased.

An independent write-up on the results said the margin decline points to higher project costs, a change in project mix, or higher operating expenses in the period, and that the company did not convert higher revenue into proportionate profit growth. Management has not separately explained the margin fall in the release.

The One Business Bay project

The release cites One Business Bay, a commercial project on Senapati Bapat Road in Mahim, Mumbai, as a driver of sales progress. The company said the project has recorded sales of about Rs 500 crore of inventory since launch, on an expanded gross development value of Rs 2,000 crore. The original project had a gross development value of Rs 1,200 crore.

The combined development is planned to have about 3.59 lakh sq ft of saleable area. The project is registered with MahaRERA under PC1170002501460, issued on November 13, 2025. The registered promoter named in that record is Iconic Property Developers Pvt. Ltd. The MahaRERA progress report shows foundation work at 3%, with structure, finishing and services at 0%. The MahaRERA-based project page gives a proposed possession date of April 2032.

The company announced the launch of One Business Bay on November 14, 2025. The project has 183 units in one building of up to 29 floors. The escrow account is with Kotak Mahindra Bank Ltd, per the registration.

Management view

Whole-Time Director Rahul Thomas said the sales performance reflects the contribution of the company's residential and commercial developments and continued traction across its project portfolio. Management reiterated FY27 pre-sales guidance of Rs 700 crore and said its focus will remain on advancing ongoing projects, bringing upcoming developments to market and maintaining sales and collection momentum.

The company has guided for an FY27 launch pipeline of about Rs 1,600 crore. Management indicated that about Rs 240 crore of launches were planned in Q2, Rs 800 crore to Rs 880 crore in Q3, and about Rs 480 crore in Q4. It has also guided for FY27 accounting revenue growth of 10% to 15%.

What it means for buyers, investors and the market

Buyers. The sales mix shifted toward commercial space, which made up most of the quarter's sales value. Residential realisation rose about 12% year on year to Rs 49,065 per sq ft, according to the company's figures. Buyers of One Business Bay should note that the project is under construction, with early-stage foundation work reported.

Investors. Sales and collections grew strongly, and the FY27 guidance of Rs 700 crore was kept. The main question for investors is margins. EBITDA and profit after tax both fell, and restoring margins is the key test for the coming quarters.

Market. The results add to the picture of South Central Mumbai redevelopment and commercial demand. The Mahim area has 28 MahaRERA-registered projects due for possession between 2026 and 2030, which means the company will compete with a sizeable pipeline in the same micro-market.

Connectivity and location

The developer says One Business Bay has access to Mumbai's business districts through western and central railway lines, the Sitladevi station on Metro Line 3 (Aqua Line), and Tulsi Pipe Road, serving Dadar, Prabhadevi, Lower Parel and the Bandra Kurla Complex. Metro Line 3 is a 33.5 km underground corridor from Colaba to SEEPZ, and its first phase was inaugurated on October 5, 2024. The developer also cites the planned BKC-Senapati Bapat Marg Connector as a future road link to the Western Express Highway and Mumbai's airports.

What comes next

The company scheduled an investor and analyst discussion for November 2, 2026, at 2:00 pm IST, to go through its Q2 and H1 FY27 performance. Its next results will show whether sales and collections momentum holds and whether margins recover. Approvals for Suraj Innova CC and other RERA-related processes were also cited as expected, without dates.