Overview

Detailed Summary

Shriram Properties is a mid-market to mid-premium residential real estate developer focused on Bengaluru, Chennai, Kolkata, Pune and selected South Indian cities, operating across Own, JDA, JV and Development Management models and delivering housing, villas, plotted development and selective commercial projects.
The company reported 9M FY26 consolidated revenues of Rs.694.2 crores with gross profit of Rs.184.2 crores and PAT of Rs.22.3 crores; management attributes muted near-term earnings to timing-driven deferred revenue recognition tied to OC/e-Khata registration issues rather than structural demand weakness.
A landmark quarter development was the amicable settlement of the long‑running Kolkata land royalty dispute: conveyance of 42.37 acres discharged a Rs.259 crore liability with no cash outflow and unlocked development and monetization optionality across a 314-acre parcel with potential to generate over Rs.1,500 crores of cashflows over the next 3–5 years.
Shriram Properties combines balanced capital discipline and growth: a conservative net-debt/equity of 0.3x, CRISIL A- (Positive) rating, operating cash inflows of Rs.787 crores for 9M FY26, and active BD commitments (2.8 msf added in 9M) alongside a pipeline of ~35.9 msf and upcoming GDV ~Rs.11,670 crores.
Near-term upside drivers include resolution of OCs and stabilization of Karnataka e-Khata/registration portals, a concentrated Q4 handover pipeline (c. Rs.800 crores revenue potential from seven projects) and multiple launches in Kolkata, Chennai and Bangalore that management expects to deliver a meaningful Q4 rebound.

Sector: Realty
Industry: Construction - Factories / Offices / Commercial
Market Cap: 1,265 Cr
Volatility: High Risk
P/E Ratio: 18.1
Industry P/E: 28.8
PEG Ratio: 0.3
P/B Ratio: 0.9
52W High: 105.57
52W Low: 65.18

Sales CAGR

1Y: -4.75%
3Y: 23.90%
5Y: 7.56%
10Y: —

Profit CAGR

1Y: 2.49%
3Y: 62.45%
5Y: —
10Y: —

ROE

TTM: 6.48%
3Y: 1.86%
5Y: 0.85%
10Y: —

ROCE

TTM: 9.20%
3Y: 3.86%
5Y: 2.86%
10Y: —

Technicals

‌

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
AIRLTD	620.65	1,390 Cr	330.13	97.34	0.00	0.00	0.00	6.06
OMAXE	74.05	1,376 Cr	-2.07	0.00	0.00	116.92	-41.11	-4.16
SHRIRAMPPS	74.19	1,265 Cr	18.08	0.91	0.00	6.48	9.20	2.00
TEXINFRA	91.76	1,172 Cr	99.74	0.82	0.16	-0.06	1.15	0.62
SURAJEST	202.00	977 Cr	9.90	1.02	0.00	9.68	12.62	4.92
BRRL	799.00	825 Cr	487.20	5.84	0.00	3.23	9.04	4.16
BLAL	177.05	734 Cr	-150.04	0.00	0.00	190.57	-31.86	-41.79

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	206	221	302	154	141	121	408	242	205	179
Expenses	166	202	293	157	142	136	359	220	210	196
Operating Profit	40	19	9.54	-3.37	-1.28	-15	49	22	-5.04	-17
OPM %	19.41	8.71	3.16	-2.19	-0.91	-12.20	11.97	9.23	-2.45	-9.50
Other Income	14	24	36	60	15	58	40	24	28	30
Interest	26	28	31	27	27	27	24	22	22	23
Depreciation	2.25	2.19	2.52	2.65	2.70	2.65	2.35	2.34	2.48	2.63
Profit Before Tax	26	14	12	27	-16	14	63	22	-1.11	-13
Tax %	21.89	-33.72	-63.05	36.14	95.12	8.40	23.84	5.77	872.07	45.22
Net Profit	20	18	20	17	-0.79	13	48	21	8.57	-6.88
EPS in Rs	1.18	1.08	1.19	1.02	-0.05	0.76	2.80	1.21	0.50	-0.40

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2015	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	396	368	650	572	431	433	674	865	823	912
Expenses	442	368	644	541	381	336	631	765	794	857
Operating Profit	-46	0.66	6.28	31	50	97	43	100	29	55
OPM %	-11.68	0.18	0.97	5.34	11.60	22.38	6.42	11.57	3.57	6.05
Other Income	11	408	194	22	40	64	142	103	173	137
Interest	41	94	112	128	129	122	106	118	105	100
Depreciation	15	2.48	5.25	6.40	6.62	6.65	7.80	9.08	10	10
Profit Before Tax	-91	312	83	-82	-45	33	72	76	88	82
Tax %	-5.47	-9.88	41.16	-5.80	-50.79	44.80	4.61	1.26	12.06	2.40
Net Profit	-96	343	49	-86	-68	18	68	75	77	80
EPS in Rs	—	—	—	—	—	0.06	3.86	4.42	4.52	4.10
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2014	Mar 2015	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	147	148	148	148	148	148	170	170	170	170
Reserves	806	727	790	832	756	690	963	1,030	1,107	1,185
Borrowings	781	854	756	714	739	727	545	644	656	655
Other Liabilities	461	797	1,592	1,677	1,774	1,722	1,955	1,798	1,842	1,928
Total Liabilities	2,195	2,527	3,285	3,371	3,417	3,287	3,634	3,641	3,775	3,939
Fixed Assets	197	249	30	60	81	76	82	81	86	81
CWIP	189	21	0.00	8.06	0.00	0.00	0.00	0.00	0.00	0.51
Investments	88	119	346	296	99	36	39	121	121	187
Other Assets	1,721	2,138	2,909	3,007	3,237	3,175	3,512	3,439	3,568	3,670
Total Assets	2,195	2,527	3,285	3,371	3,417	3,287	3,634	3,641	3,775	3,939

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2014	Mar 2015	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-257	71	-297	-179	129	146	124	5.41	221	154
Cash from Investing Activity	-122	-19	203	172	100	9.05	30	-30	-34	-44
Cash from Financing Activity	242	-17	122	-6.86	-227	-119	-100	-8.69	-108	-128
Net Cash Flow	-137	36	28	-14	1.74	36	54	-33	79	-18

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	28.00%	28.00%	28.00%	27.99%	27.94%	27.94%	27.94%	27.94%	27.94%	27.94%	27.89%	27.89%
FIIs	4.45%	4.52%	5.44%	6.68%	1.62%	1.06%	0.98%	1.40%	2.47%	2.10%	2.89%	3.55%
DIIs	8.74%	6.43%	4.05%	3.60%	2.38%	3.23%	3.31%	1.61%	1.82%	1.95%	1.95%	2.55%
Public	58.80%	61.06%	62.51%	61.73%	68.06%	67.76%	67.77%	69.04%	67.76%	68.01%	67.27%	66.00%
Total Shareholders	67,574	67,966	73,718	75,395	79,447	82,678	84,840	86,625	87,149	90,747	87,971	84,391

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