Shriram Properties targets 5.93 msf launches, all H2 pending

Shriram Properties targets 5.93 million square feet (msf) of FY27 launches, but all 5.25 msf scheduled after its 0.68 msf Q1 launches remained in approval or plan-submission stages in the calendar. The schedule therefore places execution weight on Q3 and Q4 clearances across Bengaluru, Pune and Chennai.

How large is Shriram Properties’ FY27 launch plan?

Shriram Properties’ FY27 launch calendar covers 11 projects with 7.23 msf of total project area, of which 5.93 msf is designated for launch during the year. The distinction is clearest at Manjari in Pune, where the project spans 2.30 msf but the FY27 launch area is 1.00 msf. The calendar therefore does not indicate that all 7.23 msf will enter the market in FY27.

The 5.93 msf launch target comprises 0.68 msf in Q1 and 5.25 msf in H2. Kolkata Plots, with 0.42 msf, and Koyambedu in Chennai, with 0.26 msf, are marked launched in Q1. No launch remains listed in Q2 under the revised schedule because Manjari moved from Q2 to Q3 and Gateway C Zone moved from Q2 to Q4.

Which Shriram Properties launches still require approvals?

All 5.25 msf scheduled for Shriram Properties’ H2 is listed at an approval or plan-submission stage. The four Q3 projects total 2.18 msf: Manjari at 1.00 msf, Bannerghatta Road at 0.30 msf, Yelahanka villas at 0.19 msf and Hinjewadi at 0.69 msf. Each is marked as awaiting approvals, although the revised estimate for each remains Q3.

The five Q4 projects account for the remaining 3.07 msf of H2 launch area. Gateway C Zone, at 0.91 msf, and Yelahanka apartments, at 0.57 msf, are marked approvals awaited; Yelahanka rowhouses at 0.52 msf and the Bengaluru apartment project at 0.56 msf have plans submitted; and Sarjapura at 0.51 msf has plan submission in progress. Timing of permissions is therefore an execution dependency for the entire H2 launch area.

Where are Shriram Properties’ FY27 launches located?

Bengaluru has the largest share of Shriram Properties’ FY27 launch area, at 2.65 msf across six projects, followed by Pune at 1.69 msf, Chennai at 1.17 msf and Kolkata at 0.42 msf. Bengaluru’s pipeline includes 0.57 msf of Yelahanka apartments, 0.56 msf of another apartment project and 0.51 msf at Sarjapura, all scheduled for Q4. This gives the final quarter the largest regional concentration in the calendar.

Apartments account for 4.50 msf of the 5.93 msf scheduled launch area, including 1.00 msf at Manjari and 0.91 msf at Gateway C Zone. The remaining 1.43 msf consists of 0.42 msf of Kolkata plots, 0.30 msf of villaments on Bannerghatta Road, 0.19 msf of Yelahanka villas and 0.52 msf of Yelahanka rowhouses. The calendar is led by apartment supply, while Bengaluru includes several housing formats.

How does the launch calendar relate to Shriram Properties’ FY27 guidance?

Management guides for FY27 sales volume of 5.0 to 5.5 msf, sales value of Rs 3,300 crore to Rs 3,500 crore and collections of Rs 2,100 crore to Rs 2,200 crore. It also guides for 3,750 to 3,800 unit handovers, seven to eight project completions and 4.0 to 4.5 msf of project delivery. Management says its confidence is underpinned by the H2 launch line-up and on-track project completions.

The FY27 target for pipeline addition is 7.0 to 8.0 msf, alongside Rs 5,000 crore to Rs 6,000 crore of gross development value additions. That pipeline-addition range is higher than the 5.93 msf launch calendar, so the two measures are not interchangeable. Shriram Properties says new project supply and new phases in existing projects are expected to provide H2 sales momentum, while planned pipeline and gross development value additions are intended to carry momentum into FY28.

What cash-flow and debt changes accompany the H2 plan?

Shriram Properties reported Rs 101 crore of cash flow from operations in H1 FY27, compared with Rs 76 crore in H1 FY26, while new-project investment was Rs 105 crore versus Rs 143 crore a year earlier. Free cash flow before new-project investment rose to Rs 289 crore in H1 FY27 from Rs 109 crore in H1 FY26. Closing cash and cash equivalents reached Rs 357 crore in H1 FY27, compared with Rs 172 crore at the end of FY26.

Net debt rose to Rs 761 crore in September 2026 from Rs 432 crore in June 2026, while net debt-to-equity increased to 0.51 from 0.29. Shriram Properties attributes the increase in net debt to joint-venture acquisitions in Q2. The presentation reports a cost of debt of about 11% and Rs 245 crore of undrawn limits, which management says provide flexibility for construction and growth investments.

Conclusion

Shriram Properties’ FY27 launch programme totals 5.93 msf, with 5.25 msf concentrated in H2 and 2.65 msf located in Bengaluru. Only the 0.68 msf Q1 portion is marked launched, while the revised calendar shifts Manjari to Q3 and Gateway C Zone to Q4. The remaining schedule depends on awaited approvals, submitted plans or a plan submission in progress rather than completed launch clearances.

The next items to watch are approval progress for the 2.18 msf Q3 group and the 3.07 msf Q4 group, particularly the 1.00 msf Manjari and 0.91 msf Gateway C Zone projects. Management’s disclosed FY27 targets also require sales of 5.0 to 5.5 msf, collections of Rs 2,100 crore to Rs 2,200 crore and 3,750 to 3,800 handovers, making H2 execution relevant across several operating measures.