Motilal Oswal's research report on Sunteck Realty
SRIN reported pre-sales of INR7b in 2QFY26, up 34% YoY/7% QoQ (19% above estimate). In 1HFY26, presales were INR13.6b, up 32% YoY. Collections were up 24% YoY at INR3.3b for 2QFY26 (28% below estimate). In 1HFY26, collections stood at INR6.8b, up 12% YoY. The net debt-to-equity ratio rose to 0.04x in the quarter from 0.02x QoQ. In 2QFY26, the company entered into a joint development agreement to develop a project located at Mira Road along the Western Express Highway. The project offers a development potential of 0.55msf on a land parcel measuring around 3.5 acres, with an estimated GDV of INR12b. Overall, in 1HFY26, the company added two projects with GDV of INR23b and developable area of 0.83msf.
Outlook
We reiterate our BUY rating on the stock with a TP of INR574, implying a 33% upside potential.
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