Shriram Properties LimitedReal EstateSHRIRAMPPS
Q1 FY27 earnings callShriram Properties Limited
Shriram Properties started FY27 with record Q1 sales and strong launches, setting the stage for a back-ended year with high confidence in achieving guidance through a strong H2 completion and launch pipeline.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Sales Value | INR484 crores | 10% year-on-year | |
| Sales Volume | 0.85 million square feet | 4% | |
| Collections | INR365 crores | 8% | |
| Revenue | INR271 crores | 4% year-on-year | |
| EBITDA | INR42 crores | — | |
| PAT | INR11 crores | — | |
| Net Debt to Equity | 0.29x | — |
Financials
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹121.19 Cr-45.2% YoY-13.8% QoQ | ₹12.97 Cr-29.8% YoYTurned profitable QoQ | ₹0.76-29.6% YoYTurned positive QoQ |
| Q2 FY25 | ₹140.56 Cr-93.2% YoY-8.7% QoQ | ₹-0.79 CrTurned loss-making YoYTurned loss-making QoQ | ₹-0.05Turned negative YoYTurned negative QoQ |
| Q1 FY25 | ₹153.96 Cr+14% YoY-49.1% QoQ | ₹17.46 Cr+5.1% YoY-13.2% QoQ | ₹1.02+4.1% YoY-14.3% QoQ |
| Q4 FY24 | ₹302.24 Cr+156.5% YoY+36.6% QoQ | ₹20.12 Cr+27.2% YoY+8.9% QoQ | ₹1.19+32.2% YoY+10.2% QoQ |
| Q3 FY24 | ₹221.21 Cr+25.8% YoY-89.3% QoQ | ₹18.48 Cr-17.4% YoY-90.8% QoQ | ₹1.08-18.2% YoY-8.5% QoQ |
TL;DR
- Achieved highest ever Q1 sales of INR 484 crores and collections of INR 365 crores.
- Successfully launched premium residential project in Chennai and branded plotted development in Kolkata, with strong initial sales.
- Revenue recognition in Q1 was muted due to product mix and timing of completions, but visibility is strong for H2.
- Project pipeline stands at 33.7 million sq ft with GDV potential of ~INR 13,530 crores, with plans to nearly double the upcoming pipeline over 18-24 months.
- Balance sheet remains healthy with net debt to equity of 0.29x and cash of INR 219 crores.
- Management reaffirms FY27 guidance and is confident in the FY28 mission of INR 2,500 crores revenue and ~10% PBT margin.
Said on the call
“We remain confident that we will deliver on our plans with a back-ended growth in sales and revenue recognition.”
From the Q&A
| Topic | What management said |
|---|---|
| FY28 Profitability Margins | Management clarified that the target of ~10% PBT and 22-24% EBITDA margins by FY28 is based on a change in product mix away from low-margin legacy projects, and includes other operating revenues which are integral to the business. |
| FY27 Collection vs. Sales Growth Disconnect | Explained that collections are project-progress linked and will be muted relative to sales growth because major launches are scheduled for Q3 and Q4. |
| Kolkata Land Strategy | Management is evolving the strategy for the ~110-acre land parcel, favoring development (plots, villas, apartments) over bulk land sale, as development yields a higher contribution of INR 6.5-7.5 crores per acre versus ~INR 3.5-4.5 crores from a warehousing sale. |
| Market Demand Sentiment | Stated that underlying demand in core markets (Bangalore, Chennai, Pune, Kolkata) remains strong for mid-market, end-use segments, with no material slowdown in conversion rates, though price growth has moderated to 4-5%. |
| Investor Communication | In response to feedback, management committed to resuming providing quarterly operational updates and continuing investor roadshows to improve market communication. |
Guidance
- FY27 sales value guidance of INR 3,300-3,500 crores (40-50% growth) and collections of INR 2,100-2,200 crores (26-30% growth).
- Expect revenue growth of at least 20% and PAT growth of 20-25% in FY27.
- Target PBT margin of 8-9% in FY27, stabilizing around 10% by FY28.
- FY28 mission targets include revenue of INR 2,500 crores and PBT of INR 250 crores.
Source
Summary written from the transcript filed by Shriram Properties Limited for the call held on 13 Aug 2026; published 19 Aug 2026, 20:19 IST.