Shriram Properties half-year profit rises 12% to Rs 32.63 crore

Shriram Properties Limited reported consolidated profit of Rs 32.63 crore for the six months ended 30 September 2026, up 12% from Rs 29.16 crore a year earlier, as total income increased 11% to Rs 543.29 crore despite a 9% decline in revenue from operations.

How did Shriram Properties perform in the first half?

Shriram Properties recorded total income of Rs 543.29 crore in the six months ended 30 September 2026, compared with Rs 490.55 crore in the corresponding prior-year period. Profit before tax rose to Rs 43.83 crore from Rs 20.74 crore, while profit attributable to owners of the holding company increased to Rs 32.64 crore from Rs 29.16 crore.

Revenue from operations fell to Rs 407.84 crore from Rs 447.63 crore, while other income rose to Rs 135.45 crore from Rs 42.92 crore. The Rs 92.53 crore increase in other income was larger than the Rs 39.79 crore reduction in operating revenue, resulting in higher reported total income for the period.

Earnings per share, or EPS, for the six-month period rose to Rs 1.91 from Rs 1.71. Total comprehensive income was Rs 32.43 crore, versus Rs 28.60 crore, after a Rs 20 lakh loss on remeasurement of defined-benefit plans, compared with a Rs 56 lakh loss in the earlier half year.

What changed in Shriram Properties' quarterly earnings?

Shriram Properties reported profit of Rs 21.59 crore for the quarter ended 30 September 2026, compared with Rs 8.57 crore in the September 2025 quarter and Rs 11.04 crore in the June 2026 quarter. Quarterly profit before tax was Rs 29.59 crore, compared with a loss before tax of Rs 1.11 crore a year earlier.

Quarterly revenue from operations was Rs 183.56 crore, lower than Rs 205.31 crore a year earlier and Rs 224.28 crore in the preceding quarter. Other income was Rs 88.69 crore, compared with Rs 23.70 crore in the September 2025 quarter and Rs 46.76 crore in the June 2026 quarter, taking total income to Rs 272.25 crore.

Total expenses in the September 2026 quarter were Rs 244.16 crore, above Rs 234.85 crore a year earlier but below Rs 252.95 crore in the June 2026 quarter. Land cost was Rs 1.09 crore, compared with Rs 73.77 crore in the preceding quarter, while material and construction cost increased to Rs 125.66 crore from Rs 96.09 crore.

Which cost and income lines changed in Shriram Properties' first half?

Shriram Properties' total expenses increased to Rs 497.11 crore in the first half from Rs 479.40 crore a year earlier. Finance costs rose to Rs 52.77 crore from Rs 44.28 crore, employee benefits expense increased to Rs 55.46 crore from Rs 53.49 crore, and other expenses rose to Rs 81.24 crore from Rs 72.06 crore.

Land cost declined to Rs 74.86 crore from Rs 177.72 crore, while material and construction cost decreased to Rs 221.75 crore from Rs 281.16 crore. Changes in inventories were an expense of Rs 5.56 crore in the latest half year, compared with a negative Rs 154.24 crore in the prior-year presentation; management identifies real estate development as the group’s sole reportable segment.

The share of joint ventures moved from a profit of Rs 9.59 crore in the six months ended September 2025 to a loss of Rs 2.35 crore in the latest period. Tax expense was Rs 11.20 crore, compared with a tax credit of Rs 8.42 crore a year earlier, while profit before tax increased by Rs 23.09 crore.

What do Shriram Properties' balance sheet and cash flows show?

Shriram Properties' total assets rose to Rs 5,000.47 crore at 30 September 2026 from Rs 3,714.49 crore at 31 March 2026. Inventories increased to Rs 3,355.86 crore from Rs 2,447.16 crore, while other current assets rose to Rs 520.84 crore from Rs 351.14 crore.

Cash and cash equivalents stood at Rs 259.63 crore at 30 September 2026, compared with Rs 146.85 crore at 31 March 2026. The six-month cash-flow statement reported Rs 93 crore of net cash generated from operating activities, compared with net cash used of Rs 34.40 crore in the corresponding 2025 period.

Non-current borrowings were Rs 278.05 crore at 30 September 2026, versus Rs 161.91 crore at 31 March 2026, and current borrowings rose to Rs 840.02 crore from Rs 447.82 crore. Net cash generated from financing activities was Rs 169.61 crore, compared with Rs 7.10 crore a year earlier, including Rs 55 crore in proceeds from issuing non-convertible debentures.

Investing activities used Rs 198.66 crore in the six months ended 30 September 2026, compared with Rs 6.53 crore generated in the earlier period. The latest investing cash flow included Rs 37 crore paid to acquire control and Rs 84.31 crore of net loans given to joint ventures.

What corporate and regulatory matters were disclosed with the results?

Shriram Properties said that, during the September 2026 quarter, it acquired the equity stake of a joint-venture partner in four joint ventures for an aggregate Rs 37 crore. Effective 30 September 2026, one entity became a subsidiary, while three became wholly owned subsidiaries; the group had 31 subsidiaries, including step-down subsidiaries, at that date.

The statutory auditor issued an unmodified limited-review conclusion on the consolidated results approved on 13 November 2026. Its report included an emphasis of matter relating to Enforcement Directorate searches conducted at group premises on 23 and 24 October 2024; Shriram Properties said it had received no formal communication on the investigation’s findings as of the results date.

Conclusion

Shriram Properties' first-half results combined lower operating revenue with higher other income, lifting total income and consolidated profit to Rs 32.63 crore. Cost movements were mixed: land and construction costs declined, while finance costs rose and joint ventures moved from a Rs 9.59 crore profit contribution to a Rs 2.35 crore loss.

The next financial statements can show the full-period effect of the four joint-venture stake acquisitions completed on 30 September 2026 and the group’s changed subsidiary structure. Investors can also watch for any formal communication on the Enforcement Directorate matter, which remained unresolved as of 13 November 2026.