Shraddha Prime H1 FY27 PAT rose 156% to Rs 44.31 crore

Shraddha Prime Projects Ltd. reported consolidated H1 FY27 profit after tax of Rs 44.31 crore, up 155.84% year on year, while its EBITDA margin increased 841 basis points to 20.10% from 11.69%. Operational revenue rose 37.59% to Rs 265.60 crore, meaning reported profit growth exceeded revenue growth during the half year.

How did Shraddha Prime perform in H1 FY27?

Shraddha Prime recorded H1 FY27 operational revenue of Rs 265.5952 crore, compared with Rs 193.0316 crore in H1 FY26, a year-on-year increase of 37.59%. Earnings before interest, tax, depreciation and amortisation, or EBITDA, rose 136.57% to Rs 53.3897 crore from Rs 22.5682 crore. Profit after tax, or PAT, rose faster, increasing to Rs 44.306 crore from Rs 17.318 crore.

The difference in growth rates is reflected in the reported margins. EBITDA margin was 20.10% in H1 FY27, versus 11.69% in H1 FY26, an expansion of 841 basis points. PAT margin increased 771 basis points to 16.68% from 8.97%. Diluted earnings per share increased to Rs 10.97 from Rs 4.28 over the same two half-year periods.

How did Shraddha Prime's Q2 FY27 compare with Q2 FY26?

Shraddha Prime's Q2 FY27 operational revenue was Rs 132.0157 crore, 1.72% lower than Rs 134.3322 crore in Q2 FY26. Despite the revenue decline, Q2 EBITDA increased 143.75% to Rs 28.9477 crore from Rs 11.8762 crore, while PAT rose 208.62% to Rs 24.9283 crore from Rs 8.0773 crore.

Quarterly margin movement was larger than the half-year comparison. Q2 FY27 EBITDA margin reached 21.93%, compared with 8.84% a year earlier, a gain of 1,309 basis points. PAT margin was 18.88%, versus 6.01%, an increase of 1,287 basis points. Q2 finance cost was Rs 1.1153 crore, compared with Rs 13.44 lakh in Q2 FY26, while depreciation was Rs 6.75 lakh against Rs 2.63 lakh.

The first-half result therefore combined a second quarter with lower year-on-year revenue and higher reported profitability with a 37.59% revenue increase across H1 FY27. Total expenses were Rs 212.2055 crore in H1 FY27, compared with Rs 170.4634 crore in H1 FY26. Other income increased to Rs 7.1767 crore from Rs 6.4507 crore, while tax expense rose to Rs 14.6265 crore from Rs 11.2725 crore.

What does Shraddha Prime's H1 FY27 balance sheet show?

Shraddha Prime reported total consolidated assets of Rs 743.5807 crore at H1 FY27. Inventories were the largest listed current-asset item at Rs 442.8566 crore, followed by loans and advances of Rs 175.5607 crore. Other current assets stood at Rs 54.84 crore, cash and cash equivalents at Rs 15.7973 crore, and other investments classified as non-current financial assets at Rs 38.2643 crore.

Borrowings totalled Rs 354.8652 crore at H1 FY27, comprising non-current borrowings of Rs 331.4719 crore and current borrowings of Rs 23.3933 crore. The balance sheet also listed trade payables of Rs 54.6709 crore, other current liabilities of Rs 112.7929 crore and provisions of Rs 77.0142 crore. These figures set out the reported development assets, financing and current obligations at the reporting date.

Equity share capital was Rs 42.2937 crore and other equity was Rs 133.8238 crore, while non-controlling interests were negative Rs 32.017 crore. Property, plant and equipment was Rs 55.07 lakh and the right-of-use asset was Rs 3.39 lakh. The assets total and the equity-and-liabilities total were both Rs 743.5807 crore at H1 FY27.

What expansion plans did Shraddha Prime disclose?

Shraddha Prime added six projects to its portfolio during H1 FY27, according to Managing Director Sudhir Mehta. Management said the company has expanded from Mumbai's Central Suburbs into the Western Suburbs and is extending its presence into Dadar and Matunga. It also said affordable housing and redevelopment remain important while Shraddha Prime enters premium residential housing through Avyukta Imperial in Matunga East.

The presentation describes an asset-light redevelopment portfolio with nine ongoing and eight upcoming projects, all classified as redevelopment projects. It identifies Bhandup, Vikhroli, Mulund and Kanjurmarg as focus clusters, while management's stated way forward includes selective entry into new redevelopment micro-markets in Western and Southern Mumbai. Shraddha Prime reported delivery of more than 11 million square feet of construction across its project-execution positioning.

Three disclosed new launches provide project-level pipeline indicators. Pandora in Nahur West has RERA total carpet area of 123,525 square feet and estimated revenue of about Rs 220 crore. Param Adarsh in Mulund West has 45,000 square feet and estimated revenue of about Rs 115 crore, while Paradise Enclave, also in Mulund West, has 155,431 square feet and estimated revenue of about Rs 387 crore.

Conclusion

Shraddha Prime's H1 FY27 result showed operational revenue rising 37.59% to Rs 265.5952 crore while EBITDA and PAT increased 136.57% and 155.84%, respectively. The 841-basis-point EBITDA-margin expansion and 771-basis-point PAT-margin expansion were the central changes in the half-year performance. At the reporting date, Shraddha Prime had Rs 743.5807 crore of assets, including Rs 442.8566 crore of inventories, alongside Rs 354.8652 crore of borrowings.

The next disclosed operating markers are execution of nine ongoing redevelopment projects, integration of six H1 FY27 additions and progress on planned expansion in Mumbai micro-markets. Management said its focus will remain on advancing ongoing projects, building the pipeline and maintaining discipline on project feasibility, quality and timely delivery as it enters higher-value housing and new locations.