Shriram Properties’ Q3FY26 update highlights balance sheet resilience and accelerating business development, even as operational timing issues impacted reported earnings earlier in the year.
Segment & Pipeline Positioning
The company’s upcoming project pipeline stands at 18.5 million square feet (msf) with a total gross development value (GDV) of ₹11,670 crore. Of this, ₹5,140 crore is from outright (Own) projects, ₹4,780 crore from joint development agreements (JDAs), ₹580 crore from joint ventures (JVs), and ₹1,170 crore from development management (DM) projects.
Ongoing projects account for 17.4 msf. During 9MFY26, the company added 2.8 msf to its pipeline, representing GDV potential of ₹2,900 crore. Management also indicated that over 20 msf of projects are under active evaluation, with 3+ msf at documentation stage and 6+ msf of commercial development closed and under advanced due diligence.
Balance Sheet & Efficiency Metrics
Net debt stood at ₹418 crore as of December 2025, compared with ₹326 crore as of March 2025. Gross external debt was ₹635 crore. Total equity stood at ₹1,380 crore, translating into a net debt-to-equity ratio of 0.30x.
The cost of debt was reported at 11.1%, reflecting benefits from rate reductions. Closing cash and cash equivalents stood at ₹217 crore, underscoring liquidity support for construction and pipeline expansion.
During 9MFY26, the company generated ₹193 crore of cash flow from operations and invested ₹246 crore into new projects.
Strategic & Operational Highlights
The company handed over 2,117 units in 9MFY26, with nearly half contributed by JV projects. It reiterated its FY26 target of delivering 3,300–3,500 units. Management also highlighted that borrowings are primarily construction-linked and emphasized disciplined capital deployment.
Outlook Addendum
For FY26, the company expects 8–10 project completions and pipeline additions of 7–8 msf with GDV of ₹4,500–5,000 crore. While approval-led launch delays affected earlier momentum, management indicated improved visibility across key markets and expects overall FY26 KPIs to be superior to FY25.