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for Sector - Realty
With a diversified portfolio, presence over 73 countries, delivering world class engineering solutions to its clients with experienced team to successfully deliver complex one-of-a-kind projects. Its revenue grew 12.5% CAGR (FY22-25) whereas, EBITDA & PAT grew by 16.5% CAGR & 13.9% CAGR respectively over the same period Q2FY26 performance: Consol. revenue grew 32% to 6529 crore, EBTIDA at 562 crore up 28% YoY and PAT at 237 crore up 89% YoY. EBITDA and PAT margins at 8.6% and 3.6% which expanded -29 bps and +109 bps YoY. EBITDA...
Signature Global achieved pre-sales of INR26.4b in 1QFY26, down 15% YoY but up 63% QoQ (12% below our estimate), aided by the launch of ‘Cloverdale SPR’, a premium residential project located on Southern Peripheral Road (SPR), Sector 71, Gurugram.
In 4QFY25, Brigade Enterprises (BRGD) reported a pre-sales growth of 9% oY to INR24.5b (22% below our estimate), due to a 26% YoY decline in volumes to 2.0msf (50% below our estimate).
Puravankara (PL)’s pre-sales in FY25 were weak, as expected, as approvals were delayed (sector-wide impact). However, despite only 3.6msf new launches, sustenance sales remained strong (up 14% YoY) which was a respite.
In 1QFY26, Lodha Developers (LODHA)’s presales were up 10% YoY to INR44.5b (12% below our estimate). Collections rose 7% YoY to INR28.8b (34% below our estimates), and OCF improved 44% YoY to INR9.5b.
EFC reported robust results in FY25. For it’s core division, Leasing, Management aims to expand their capacity by 22,000-25,000 new seats in FY26 at Rs 6,500-7,000 per seat and expects 90% occupancy.
EFC reported strong growth in 1Q FY26. In it’s core division, managed office space, the company expanded its seat portfolio to 63,389 from over 60,000 at the end of FY25.
Sri Lotus Developers and Realty (LOTUS), a public limited company incorporated in February 2015 under the name AKP Holdings Private Limited, has established itself as a key player in the society redevelopment space.
Sunteck Reality (SRIN) reported strong pre-sales (31% YoY) and steady collections (up 3% YoY) in Q1. SRIN's proven ability to market ultra-luxury projects, aggressive and multi-pronged land acquisition capabilities in various micro markets across Mumbai Metropolitan Region (MMR) is an interesting play on Mumbai's high value real estate market. We expect the company's presales to grow to +20% CAGR over FY25-27E, aided by ongoing projects and strong new launches pipeline including the Dubai JV project. Further given likely strong cash flow generation, we see SRIN to step up new project additions which will be a key catalyst for stock performance. Our FY26E and...
Suraj’s Q1 bookings were soft, though collections increased. With unsold stocks of ~15,000 sq.ft. (~1x quarterly pre-sales), management has a pressing need to come up with significant launches in coming quarters, especially the expected impact launch of a commercial project in Mahim (of Rs12bn GDV) by Q2/Q3 FY26.
Kolte Patil Developers (KPDL) reported pre-sales of INR6.3b in 4QFY25, down 15%/7% YoY/QoQ, (31% below estimate). In FY25, pre-sales were at INR28b, flat YoY and 9% below estimates due to delay in launches.
developers in South India. Its offerings include Grade-A commercial property, affordable to ultra-premium housing in real estate business and operational marquee hotel assets in hospitality segment (listed entity). Given the healthy end...
