Sunteck Realty Limited — Q4 FY26 earnings call

Call held 22 Apr 2026

Management summary

Sunteck Realty reported strong financial performance for FY26, with significant growth in revenue, EBITDA, and PAT, driven by robust presales. The company expanded its portfolio with new project additions and maintained a healthy balance sheet with low debt. While the Dubai project faces delays due to geopolitical factors and some temporary operational challenges exist, management remains confident in sustaining growth and profitability, particularly in the luxury segments, supported by a strong launch pipeline for FY27.

Highlights

  • Revenue of INR1,124 crores, up 32% YoY for FY26.

  • EBITDA of INR305 crores, up 64% YoY for FY26, with a 27% margin.

  • PAT of INR202 crores, up 34% YoY for FY26.

  • Full year presales of INR3,200 crores (INR32 billion), registering a robust growth of 25% over FY25.

  • Net debt to equity at a negligible 0.06x, with a net cash surplus of INR552 crores for FY26.

  • Generated a strong net cash flow surplus of INR5.5 billion for FY26, up 48% YoY.

  • Added 3 new projects in FY26 with a combined GDV of approximately INR50 billion.

  • Achieved an impressive ESG score of 78 out of 100 (top 3 Indian real estate developers globally) and a 5-star rating in the Global Real Estate Sustainability Benchmark.

Concerns

  • Dubai project launch is delayed due to geopolitical issues in the Middle East.

  • Temporary material and labor shortages observed due to elections and import dependencies.

  • Expectation of stable pricing in Mumbai market rather than significant price rises.

Key financials

2 periods

Q4 FY26

  • Operating Revenue
    ₹339 Cr
  • EBITDA
    ₹97 Cr
  • EBITDA Margin
    29%
  • Net Profit
    ₹63 Cr
  • Net Profit Margin
    19%
  • Collections
    ₹432 Cr
    YoY +39%

FY26

  • Revenue
    ₹1,124 Cr
    YoY +32%
  • EBITDA
    ₹305 Cr
    YoY +64%
  • EBITDA Margin
    27%
  • PAT
    ₹202 Cr
    YoY +34%
  • PAT Margin
    18%
  • Collections
    ₹1,433 Cr
    YoY +14%

What they filed

Q1 FY27: revenue up 2.1%, net profit up 27.3% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue169 162 206 188 252 +49%344 +112%339 +65%192 +2%
EBITDA37 48 69 48 78 +111%81 +69%97 +41%67 +40%
Net profit35 43 50 33 49 +40%57 +33%63 +26%42 +27%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Order book

high confidence

Total value

₹3,200 Cr

as of 2026-03-31 quantified

25% YoY

Inflow this quarter

₹1,064 Cr

Composition

Mix 3 segments
  • Aspirational Luxury 12.5%
  • Premium Luxury 42.5%
  • Uber Luxury & Other Commercials 50%

Share of order book by segment· categories overlap, and sum to 105%

Pipeline

other

Upcoming launches for next 12 months including Altavia 5th Avenue, Andheri redevelopment, Sunteck Sky Park tower, Sunteck Beach Residences towers, Naigaon phase, Mira Road acquisition, Nepeansea Road.

Sales contribution was well distributed across projects with uber luxury and premium luxury segments driving a larger share of presales.

Source: Prepared remarks

Capital allocation

high confidence
  • Capex Capex disclosed
    • Business development investment for land acquisition and new projects ₹810 Cr
    We have invested INR8.1 billion in full year of FY '26 compared to INR1.8 billion for full year of FY '25. This demonstrates our commitment towards expanding our development portfolio while preserving the balance sheet discipline.
  • Debt Debt disclosed
    our net debt to equity at negligible level of 0.06x despite the strong investment in business development.
  • M&A Andheri Redevelopment Project Acquisition · Closed

    Portfolio expansion

    1 to 2.5 acres redevelopment project, part of combined GDV of approx INR50 billion

    During the year, we added 3 new projects to our portfolio with a combined gross development value of approximately INR50 billion, which includes first 1 to 2.5 acres redevelopment project at Andheri near Western Express Highway.
  • M&A Mira Road Joint Development Project Joint venture · Closed

    Portfolio expansion

    3.5 acres joint development project, part of combined GDV of approx INR50 billion

    The second one, near 3.5 acres joint development project at Mira Road
  • M&A Andheri Land Parcel (International Airport) Acquisition · Closed

    Portfolio expansion

    1.75 acre outright acquisition, part of combined GDV of approx INR50 billion

    and lastly the outright acquisition of 1.75 acre land parcel at Andheri near International Airport.
  • M&A Dubai Project Joint venture · Pending regulatory · Consideration ₹[object Object] (cash)

    International market entry, high profitability

    Initial AED70 million (50% partner in AED385 million property), plus AED60 million later. Property value appreciated from AED385 million to AED1.6 billion. Significant currency benefit from INR12/dirham to INR24-25/dirham.

    So this year, obviously, for the launch so when we bought this land, so I'll just give you a glimpse to make you understand, we have partnered with the landlord at AED385 million. And those days, we have sent AED70 million to Dubai, only AED70 million, and that's to become a 50% partner in the 385 million property. And that AED70 million was transferred from Sunteck at the price at the approximately what I remember was close to INR12 to a dirham. So that INR12 today almost more than INR24 to the dirham. And that AED385 million what value today, if we value the land -- today's market it is AED1.6 billion. So even if I give you a rough... We have invested approximately AED60 million. Okay. So AED70 million plus AED60 million more, right? That's all? Yes.
  • Liquidity Cash ₹552 Cr Net cash surplus for FY26, supported by INR5.5 billion net cash flow surplus.
    Net debt to equity stood at 0.06x with a net cash surplus of INR552 crores during FY '26.

Guidance & targets

Presales

  • Presales Growth Presales · FY27 · High confidence Similar to 25%
    So, FY '27, see, we remain very confident of sustaining similar growth, I can say. So whatever we have done right now, growth in terms of growth percentage, we will maintain that momentum very easily in coming years, for sure.

    — Kamal Khetan

Profitability

  • EBITDA Margin (New Projects) Profitability · Project Basis · High confidence 30-35%
    So we are looking at minimum 30%, 35% on each project basis.

    — Kamal Khetan

  • Blended EBITDA Margin Profitability · FY26 Presales & New Projects · High confidence 35-40%
    So blended EBITDA margin, we are looking at minimum 35% to 40%, even in the new acquisitions, we are not worried about coming down below 35%.

    — Kamal Khetan

Launch Pipeline

  • Gross Development Value (GDV) Launch Pipeline · Next 12 months · High confidence INR6,000-7,000 crores
    So it can be close to INR6,000 crores to INR7,000 crores of GDV.close to approximately INR7,000 crores of GDV.

    — Kamal Khetan

Project Launch

  • Dubai Project Launch Project Launch · Near-term · Medium confidence ASAP once geopolitical situation settles
    And whenever we see the event settling down. We will be looking forward to launch the project as soon as possible ASAP.

    — Kamal Khetan

  • Andheri JB Nagar Groundbreaking Project Launch · FY27 · High confidence Q1 or maximum Q2
    And we are quite confident at least we'll break the ground in Q1 or maximum Q2 itself at Andheri, JB Nagar.

    — Kamal Khetan

What to watch in Q1 FY27

Dubai Project Launch

Next quarter (or as soon as situation settles)
Current Launch-ready, awaiting geopolitical stability
Target Project launch announcement

Why it matters

A significant international project with high profitability potential, currently delayed due to external factors.

So the project is launch-ready for us. And whenever we see the event settling down. We will be looking forward to launch the project as soon as possible ASAP.

Risks & concerns

  • Geopolitical uncertainty impacting Dubai project launch

    medium

    The Dubai project is launch-ready but its actual launch timeline depends on the geopolitical situation in the Middle East settling down.

    Management acknowledged

  • Slowing price appreciation in Mumbai market

    medium

    Management expects stable prices rather than significant price rises, which could affect future revenue growth if not offset by volume.

    Management acknowledged

  • Temporary material and labor shortages

    low

    Labor shortages are attributed to elections, and some finished goods material price increases/sourcing difficulties are due to import dependencies, but management views these as temporary and not significantly impacting profitability for high-value projects.

    Management downplayed

Q&A highlights

6 direct
Dubai Project Launch Timeline Partial
So the project is launch-ready for us. And whenever we see the event settling down. We will be looking forward to launch the project as soon as possible ASAP. ... So it will be only -- if I make any statement, it will be more of a speculative. I think it is -- it's very important Kunal that we see them -- how this settles up.

Analyst questioned the launch timeline due to Middle East issues; management confirmed readiness but deferred timing based on geopolitical stability, highlighting project profitability regardless of market corrections.

Asked by Kunal Lakhan

Business Development Spend for FY27 Direct
we are obviously looking at our cash flow strong cash flow and we will be investing aggressively. But at the same time we are very, very clear that our profitability and IRRs are not compromised.

Analyst inquired about future BD spend; management indicated continued aggressive investment, emphasizing strong cash flows and adherence to high IRR and equity multiple philosophy.

Asked by Kunal Lakhan

Collections Growth vs. Sales Growth Direct
Yes definitely. So FY '27 we will have a better -- obviously percentage. That's why you see the growth will continue to grow it will have to become better and better. Yes I agree with you. FY '27 and FY '28 you will see a very, very strong cash flow.

Analyst noted collections growth (14%) lagged sales growth (25%) in FY26; management assured stronger cash flow and improved collection percentages in FY27 and FY28.

Asked by Kunal Lakhan

FY27 Launch Pipeline and GDV Direct
So, in terms of launches, we have a slew of launches that we are planning for the next 12 months. ... So it can be close to INR6,000 crores to INR7,000 crores of GDV.

Analyst sought details on upcoming launches and their GDV; management provided a list of projects and a combined GDV target of INR6,000-7,000 crores for the next 12 months.

Asked by Pritesh Sheth

EBITDA Margins for New Projects Direct
So blended EBITDA margin, we are looking at minimum 35% to 40%, even in the new acquisitions, we are not worried about coming down below 35%. ... So we are looking at minimum 30%, 35% on each project basis.

Analyst questioned margin expectations for new acquisitions; management confirmed targets of 30-35% on a project basis and 35-40% blended, indicating confidence in profitability.

Asked by Pritesh Sheth

Mumbai Market Pricing Trend Direct
I feel that we should not expect too much of price rise from here. I think stable price in this atmosphere or this current situation should be good enough. And we see the demand in uber luxury and premium continue to maintain, will be continued at the same momentum, we definitely feel we are very bullish on it.

Analyst asked about pricing direction; management expects stable prices rather than significant increases, while remaining bullish on demand in luxury segments.

Asked by Puneet

Material and Labor Shortages Partial
Yes, definitely there is some shortage, but that I feel is more because of the like West Bengal elections, all these elections. ... Maybe in some finished goods, there is the prices increase like in tiles and all some of the goods which are import dependent... But again, we look see it as a temporary thing because of this event.

Analyst inquired about supply chain issues; management acknowledged temporary labor and some finished goods material shortages/price increases, attributing them to elections and imports, but deemed them temporary and not impactful to overall profitability.

Asked by Puneet

Dubai Project Investment Details Direct
we have partnered with the landlord at AED385 million. And those days, we have sent AED70 million to Dubai... We have invested approximately AED60 million. Okay. So AED70 million plus AED60 million more, right? That's all? Yes.

Analyst sought clarity on Dubai investment; management detailed initial AED70 million and subsequent AED60 million, highlighting significant property value appreciation and currency benefits.

Asked by Puneet

2 min read 6 chapters

Detailed narrative

Strong Financial Performance in FY26

Sunteck Realty delivered robust financial results for FY26, with revenue growing 32% year-on-year to INR1,124 crores. EBITDA increased by 64% year-on-year to INR305 crores, achieving a 27% margin, while PAT rose 34% year-on-year to INR202 crores, with an 18% margin. The company also achieved full-year presales of INR3,200 crores, marking a 25% growth over FY25, and collections of INR1,433 crores, up 14% year-on-year.

Aggressive Business Development & Portfolio Expansion

In FY26, Sunteck significantly expanded its development portfolio by investing INR8.1 billion in business development, a substantial increase from INR1.8 billion in FY25. This investment led to the addition of three new projects with a combined gross development value (GDV) of approximately INR50 billion. These projects include a 1-2.5 acre redevelopment in Andheri, a 3.5 acre joint development in Mira Road, and a 1.75 acre outright land acquisition in Andheri near the International Airport, bringing Sunteck's total GDV to approximately INR441 billion.

Healthy Cash Flow and Low Leverage

The company generated a strong net cash flow surplus of INR5.5 billion for FY26, representing a 48% year-on-year growth. This robust cash generation allowed Sunteck to maintain a negligible net debt to equity ratio of 0.06x, ending FY26 with a net cash surplus of INR552 crores. Management anticipates a significant improvement in collections growth in FY27 and FY28, which is expected to further strengthen the company's cash flow position.

Strategic Project Pipeline for FY27

Sunteck Realty has outlined a strong launch pipeline for the next 12 months, with an estimated GDV of INR6,000-7,000 crores. This pipeline includes projects such as Altavia 5th Avenue, an Andheri redevelopment, new towers in Sunteck Sky Park (Mira Road) and Sunteck Beach Residences (Vasai), a new phase in Sunteck World (Naigaon), and the recently acquired Mira Road parcel. Additionally, the Nepeansea Road project is expected to contribute to this pipeline, ensuring sustained presales growth.

Market Outlook and Segment Focus

Management remains confident in the continued strong demand for uber luxury and premium luxury segments, which are key drivers of presales and high EBITDA margins (expected 35-40% blended, 30-35% on project basis). While acknowledging temporary dips in footfalls (5-10%) due to geopolitical events and elections, conversion ratios have remained stable. The aspirational luxury segment is also showing initial signs of recovery, though overall pricing in Mumbai is expected to remain stable rather than see significant increases.

Sustainability Leadership

Sunteck Realty has demonstrated strong commitment to sustainability, achieving an impressive ESG score of 78 out of 100 in the 2025 Dow Jones Sustainability Index assessment. This places the company among the top 3 Indian real estate developers globally. Furthermore, Sunteck secured a coveted 5-star rating in the 2025 Global Real Estate Sustainability Benchmark, with a score of 99 out of 100.

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