Shriram Properties Limited (“SPL”) has announced its financial results for the quarter (“Q1FY26”). The Company reported strong operational performance, achieving record-high first quarter sales of 0.8 msf, valued at Rs. 441 crores in Q1 FY26, both reflecting a growth of 17% YoY. Strong sustenance sales and contribution from the new launch in Pune helped.
SPL’s medium-term outlook remains robust and encouraging. Backed by healthy upcoming projects pipeline and likely accelerated additions to new projects pipeline, the Company is set to launch several ambitious projects in the coming quarters. With nearly 80% of ongoing projects already sold, focus is on swift execution and timely delivery that should further accelerate revenue recognition during the remainder of FY26 and beyond.
The Company is on firm footing towards achieving its stated 3-year mission and the positive industry cycle and strong operating dynamics should help deliver strong value for stakeholders.
Murali M, CMD of Shriram Properties said: “Q1 results reaffirm the strength of our operating platform, that has again delivered robust performance. Our Pune entry has been successful and we are committed to growing our presence even further. We remain focused on pipeline addition for sustaining growth momentum. While doing so, we will accelerate execution to unlock cash flows from ongoing projects for superior value creation”.
The Company has successfully entered the new markets of Pune, with a hugely encouraging response to the launch of its maiden project, codenamed the “Superstar” during the quarter. Its pre-launch efforts for the new launch of its Bengaluru project, under the codename “The One” at Electronic City has also delivered encouraging response. The One was launched during early Jul’25 and has received tremendous customer response already. The Company expects to see further momentum in pre-sales volumes supported by new launches in the coming quarters.
Overall collections were higher by 5% YoY at Rs. 338 crores in Q1 and it is noteworthy considering robust rise in collections achieved during Q4 on the back of increased handovers. The Company expects collections to gain further momentum, supported by accelerated construction activities and launch-led sales ramp-up.
The Company handed 740+ homes/plots to customers during Q1, building on the record high handovers achieved in Q4/FY25.
On the business development front, the Company has made significant progress in recent months benefiting from renewed thrust on pipeline addition towards the success of its Mission1234. The Company has added a new project with GD of Rs.~200 crs in Q1 and is at an advanced stage of diligence/documentation for another 6 projects with ~3 msf development potential. The company has multiple projects with over 23 msf development potential at various stage of evaluation across its core markets.
Revenue from operations stood at Rs.. 242 crores (+57% YoY). Total revenues were higher by 24% YoY at Rs.262 crores, reflecting continued strong handover trends.
Strong revenue recognition was supported by recently completed projects viz., Shriram Pristine Estates (Bangalore), Shriram Park 63 (P2) (Chennai) & Shriram Grand One (Kolkata). Nearly 46% of handovers in Q1 were from JV Projects viz., Shriram 107 SE (Bangalore) and Shriram WYTfield (Bangalore). Accordingly, the impact of handovers on revenue recognition was partly reflected in SPL’s revenue from operations and partly in its Share of JV profits.
Gross margins remained healthy at 34%, compared to 31% in Q1FY25. Accordingly, gross profit for the quarter grew by 70% YoY to Rs. 82 crores. Reported EBITDA2 was at Rs. 47 crores, reflecting EBITDA margins of 18% in Q1 FY26.
Overall finance cost declined 16% YoY to Rs.22 crores in Q1. Interest expenses were lower at Rs.21 crores (-10% YoY) reflecting lower gross debt. Non-cash finance charges were lower significantly, thus impacting overall finance costs positively during this period.
Net debt stood at Rs.380 crores and Net Debt-Equity remained healthy at 0.28x.
Reported Net Profit of Rs.21 crores in Q1FY26, highest ever first quarter earnings since listing. The Company’s credit rating stood strong at A(-)/Positive from CRISIL.
Overall cashflows remained healthy. The Company deployed Rs.75 crores towards new project investments during the quarter and a further Rs.77 crores towards debt repayments during the quarter.
