Anand Rathi's research report on Suraj Estate Developers
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. The company has a robust pipeline of ~1.2 mn sq.ft. with the right mix of value luxury, luxury and commercial projects and a stronghold in the SCM market, and an asset-light approach.
Outlook
We, however, retain our Buy recommendation lowering TP of Rs395 (earlier Rs442) against the backdrop of falling stocks and delayed launches.
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