Sunteck Reality (SRIN) reported strong pre-sales (34% YoY) and collections (up 24% YoY) in Q2. 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 pre-sales to grow to +23% 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.
OutlookOur FY26E and FY27E revenue stands cut by 11-13% given delay in revenue booking from Avenue 4 and few other projects. Maintain ‘Buy’ rating with revised TP of Rs. 600/share.
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