Shraddha Prime presents conflicting portfolio project counts

Shraddha Prime Projects Ltd.’s Q2 FY27 presentation gives incompatible portfolio totals: 13 ongoing and three upcoming projects on its redevelopment-corridor page, but nine ongoing and eight upcoming projects on its asset-light portfolio page. The presentation also contains a 13-project financial schedule and a 14-project timeline, without reconciling the classifications.

How many ongoing and upcoming projects does Shraddha Prime report?

Shraddha Prime reports 13 ongoing and three upcoming projects on its Mumbai redevelopment-corridor overview, while its asset-light portfolio page reports nine ongoing and eight upcoming projects. The first split totals 16 projects and the second totals 17 projects, although both pages describe redevelopment-led growth across more than 10 micro-markets.

The asset-light page states that 100% of its nine ongoing projects and 100% of its eight upcoming projects are redevelopment projects. The redevelopment-corridor overview does not name the projects behind its 13-and-three split. The presentation does not state whether the difference reflects approvals, launch stage, ownership structure, construction status or another classification method.

Which projects does Shraddha Prime identify as ongoing?

Shraddha Prime’s visual ongoing-projects page names 14 developments, exceeding both the nine and 13 ongoing-project counts elsewhere. The list includes Shraddha Park City, Shraddha Paradise Tower, Shraddha Paradise Enclave, Shraddha Palacious, Shraddha Panorama, Shraddha Peninsula, Shraddha Pavillion, Shraddha Phoenix, Pratham by Shraddha, Shraddha Priva, Pandora by Shraddha, Shraddha Gold Crest, Shraddha Avyukta and Param Adarsh.

The associated financial schedule contains 13 entries and excludes Shraddha Priva. It instead includes New Adarsh Villa, with 45,095 square feet of saleable carpet area, estimated sales realisation of Rs 115.89 crore and estimated construction cost of Rs 81.13 crore. The visual list names Param Adarsh in Mulund West, while its separate launch page gives 45,000 square feet of RERA total carpet area and estimated revenue of about Rs 115 crore; the presentation does not confirm whether New Adarsh Villa and Param Adarsh are the same project.

Location descriptions also vary between pages. Shraddha Pavillion is listed in Kanjurmarg East on the visual page but as Bhandari Kanjur Marg in the financial schedule, while Shraddha Panorama is shown as Mulund West on one page and Nahur Siddhivinayak in the schedule. These may be alternate project descriptions, but no project-by-project reconciliation is provided.

How do Shraddha Prime’s project schedules differ?

Shraddha Prime’s ongoing-project financial schedule has 13 entries with total estimated sales realisation of Rs 3,734.83 crore, construction cost of Rs 2,703.39 crore and margin of Rs 1,031.45 crore. The company notes that these are management estimates subject to change and that area potential remains subject to regulatory plan approvals.

The timeline table includes 14 projects across FY26 to FY31. It marks Shraddha Priva and Shraddha Gold Crest as completed, Shraddha Peninsula as nearing completion, six projects as under construction and five projects as ongoing. This means the timeline is not limited to developments that would necessarily be counted as ongoing at a single reporting date.

The forthcoming-project schedule separately lists three developments: CTS No.459(pt) Of Village Borivali, Mumbai at Eksar Dongri in Borivali; Raichand Niwas Welfare Association in Dadar; and Ganesh Krup SRA CHS in Goregaon. Their estimated total recovery is Rs 7,326.63 crore, against estimated total cost of Rs 3,562.91 crore and gross profit before tax of Rs 3,763.72 crore. This three-project schedule matches the corridor overview’s upcoming count but not the asset-light page’s count of eight.

What does the inconsistency mean for Shraddha Prime’s pipeline assessment?

The differing disclosures mean Shraddha Prime’s pipeline cannot be measured from one stated project count in the presentation. Readers can identify two high-level portfolio splits, a 13-project financial schedule, a 14-project timeline and a three-project forthcoming schedule, but cannot identify which developments make up the nine ongoing and eight upcoming figures.

The disclosed schedules also use different financial measures. The 13-project schedule uses estimated sales realisation of Rs 3,734.83 crore, while the three forthcoming projects use estimated total recovery of Rs 7,326.63 crore. These values are not directly comparable because they are labelled differently, and both schedules are based on management estimates, with area potential subject to approval.

The classification differences do not appear to alter the consolidated Q2 FY27 results shown in the presentation. Shraddha Prime reported Q2 FY27 operational revenue of Rs 132.0157 crore, down 1.72% year on year, while profit after tax was Rs 24.9283 crore, up 208.62%. For H1 FY27, operational revenue was Rs 265.5952 crore, up 37.59%, and profit after tax was Rs 44.306 crore, up 155.84%.

What portfolio details does Shraddha Prime need to reconcile?

Shraddha Prime needs to identify the projects included in its nine ongoing and eight upcoming totals and explain whether completed or nearing-completion developments are included in either group. A reconciliation would also need to address why the visual ongoing list has 14 projects while the financial schedule has 13, including the treatment of Shraddha Priva, Param Adarsh and New Adarsh Villa.

Management said during H1 FY27 that it added six projects to the portfolio. Separately, the Q2 FY27 highlights page says five new projects were added in FY25-26 and projects with combined gross development value of more than Rs 333 crore were added in Q2 FY27. These statements concern different periods, but the presentation does not name the projects in each group or show their movement between forthcoming, ongoing, construction and completed categories.

Conclusion

Shraddha Prime provides substantial project-level estimates, including Rs 3,734.83 crore of sales realisation across the 13-project financial schedule and Rs 7,326.63 crore of total recovery across three forthcoming projects. However, the 13-and-three split, nine-and-eight split, 13-project schedule and 14-project timeline are not interchangeable measures of the same portfolio without a stated reconciliation.

The next disclosures to watch are management’s plan to expand redevelopment activity across Mumbai suburbs, selectively enter Western and Southern Mumbai, and secure larger society redevelopment opportunities. The three forthcoming projects remain subject to plan approvals for their stated area potential, while the timeline extends through FY31 and identifies differing stages from completed to ongoing construction.