Suraj Estate Developers Ltd(SURAJEST)

NSE: SURAJESTBSE: 544054

₹ 171.4-0.06%refreshed 26 Oct, 11:32 am ISTMarket cap: ₹ 819 crNext results: 31 Oct 2026Website: www.surajestate.comUpdated: 24 Oct 2026

About

Suraj Estate Developers, established in 1986, is a Mumbai real estate developer focused on South-Central Mumbai, working across Value Luxury, Luxury residential and Commercial segments with a business anchored in redevelopment. It has completed 45+ residential and commercial projects totalling 1.6 Mn+ sq. ft., mostly in Dadar, Prabhadevi and Mahim. Revenue was Rs 555.86 Cr in FY26, and the company was named India's Best Residential Developer 2025 at the Euromoney Awards 2025.^[1][2]

Business segments and products

Real estate was the single reported segment in FY25, with revenue of Rs 549.09 Cr (100% share).^[3]
The company operates across Value Luxury, Luxury residential and Commercial segments, with the business anchored in redevelopment (FY26 annual report).^[1]
Suraj One Business Bay at Mahim is the company's first Grade A commercial development, with 2.09 lakh sq ft of saleable area and a GDV of Rs 1,200 Cr.^[1][4]
New launches are aimed at value luxury homes (ticket size Rs 1-3 crore). Only the Bandra project, priced at a target of Rs 1 lakh/sq ft+, is planned in the luxury segment (Q2 FY26).^[5]

Pre-sales and collections

Pre-sales were INR141 crores in Q1 FY27 vs INR81 crores in Q1 FY26 (+74%). Sales area was 28,834 sq ft vs 16,524 sq ft.^[6]
FY26 pre-sales were ₹615 cr, above the guided floor of ₹600 cr.^[4]
FY26 sales area rose 42% to 1,31,167 sq. ft., and collections grew 9% to ₹421 Crores (vs ₹386 cr in FY25).^[1][4]
Collections were INR86 crores in Q1 FY27 vs INR115 crores in Q1 FY26. Management linked the drop to low residential inventory.^[6]
Average realisation on ongoing projects was ₹45,922/sq ft in Q1 FY27 vs ₹45,951/sq ft in FY26.^[6][4]

Inventory and receivables

Unsold inventory in ongoing projects was 1.62 lakh sq ft (~₹950 cr GDV) in Q1 FY27, vs ~₹1,100 cr unsold GDV in FY26.^[6][4]
Only ~22,000 sq ft of unsold residential area remained across ongoing projects in Q1 FY27, with an estimated GDV of close to INR109 crores.^[6]
Sold area across ongoing projects reached 5.66 Lakhs sq. ft. by March 2026.^[1]
Estimated sold and unsold receivables from ongoing projects were ~₹2,010 cr in Q1 FY27 vs ~₹2,105 cr in FY26. Balance receivable from sold area was ~₹1,060 cr in Q1 FY27.^[6][4]
Cumulative collections from ongoing projects were ₹1,672 cr as of Q1 FY27.^[6]
Net debt was INR614 crores as of June 2026, vs ~₹592 cr in March 2026. The company attributes it to land acquisitions, business development and project investment.^[6][4]

One Business Bay, Mahim

About 33% of inventory had been sold after launch as of Q1 FY27, at an average realisation of ~INR50,000/sq ft, up from ~25% at Q4 FY26.^[6][4]
40,000 sq ft was sold within 45 days of the mid-November 2025 launch, giving sales of INR 200 crores.^[7]
An adjoining plot is planned to take saleable area to ~3.59 lakh sq ft and combined GDV from ~INR1,200 cr to ~INR2,000 cr. Phase 2 is planned for Q3 FY27 at ~INR800 cr top line.^[6]
The company targets selling at least 1 lakh sq ft more in the project in FY27.^[6]

Launch pipeline and land bank

The FY27 launch pipeline is about INR1,600 crores: ~INR240 cr in Q2, ~INR800-880 cr in Q3 and ~INR480 cr in Q4.^[6]
Q2 FY27 targets are Suraj Nova (Lobo Villa), Mahim at ~INR180 cr and Madonna, Dadar at ~INR60 cr. Shivteerth, Shivaji Park (~INR80 cr) is targeted for Q3 FY27.^[6]
There were 18 upcoming projects with 12.12 lakh sq ft of estimated carpet area for sale across South-Central Mumbai and Bandra (Q4 FY26).^[4]
Three Bandra parcels held through Accord Estates have an estimated carpet area for sale of 2.76 lakh sq ft. The Bandra launch is now targeted for FY28, with two conveyances pending.^[4][6]
Marinagar Phases 2 and 3 (residential 1.71 lakh sq ft, commercial 2.85 lakh sq ft) are in the upcoming pipeline and eligible for extra FSI under the Metro TOD scheme.^[4]
Management said the existing land bank provides about 5 years of work (Q3 FY26).^[7]
The FY26 launches totalled ~₹1,600 cr of GDV: One Business Bay (₹1,200 cr), Suraj Park View 1 (₹250 cr) and Suraj Aureva (₹120 cr). The target had been ₹2,000 cr.^[4]

Customers, geography and sales model

Customers are homebuyers and investors in the value-luxury, luxury and ultra-luxury segments, plus institutional and corporate buyers of commercial space.^[1]
Commercial space is sold on a strata-sale model, to speed up monetisation and reduce leasing risk.^[1]
The company is present in Mahim, Dadar, Prabhadevi, Shivaji Park and Parel, and is expanding into Bandra and Santacruz (East).^[1]

Recent developments

25 Sep 2026: subsidiary Iconic Property Developers completed the purchase of development rights for a 2,941 sq m plot at Mahim (West) for Rs 82.72 Crores. The plot adds 1.50 lakh sq ft of saleable area and an estimated GDV of ₹800 Crores.^[8]
Q1 FY27: the company acquired a Dadar West land parcel for ~INR18 crores, with sale potential of ~18,000 sq ft and an estimated GDV of ~INR100 crores.^[6]
FY26: the acquisition of Hally Pacific Private Limited added a land parcel at Sayani Road, Prabhadevi, with an estimated GDV of approximately ₹200 Crores.^[1]
Q3 FY26: two Bandra land parcels of 1,760 sq m and 906 sq m were acquired and are being combined for a single future launch.^[7]
Q2 FY26: a 644 sq m Lower Parel parcel was bought for Rs 6.44 crores and merged with Ambavat Bhawan and RK Mansion into a site with a GDV of Rs 130 crores.^[5]
The RERA completion date for the Palette project moved to September 2026 from 31 December 2026 (Q3 FY26).^[7]

Market Cap

₹819 Cr

High / Low

₹318 / 166

Stock P/E

9.0

Price / Book

0.8

Book Value

₹208

EPS

₹18.9

No. of Shares

4.78 Cr

ROCE

14.5%

ROE

9.5%

OPM

38.9%

Debt / Equity

0.65

Sales

₹556 Cr

Net Profit

₹90 Cr

Promoter holding

69.8%

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Suraj Estate Developers Ltd(SURAJEST)

About

Business segments and products

Pre-sales and collections

Inventory and receivables

One Business Bay, Mahim

Launch pipeline and land bank

Customers, geography and sales model

Recent developments

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