Sunteck Realty Limited (NSE: SUNTECK) Q3 2026 Earnings Call dated Jan. 28, 2026
Corporate Participants:
Kamal Khetan — Chairman & Managing Director
Prashant Chaubey — Chief Financial Officer
Analysts:
Rishith Shah — Analyst
Sucrit Patil — Analyst
Harsh Pathak — Analyst
Anuj Upadhyay — Analyst
Abhishek Lodhiya — Analyst
Abhinav Sinha — Analyst
Kunjal Agarwal — Analyst
Sourabh Gilda — Analyst
Abhishek Khanna — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to Suntech Reality’s earnings call for Q3 and nine month FY26. We have with us today Mr. Kamal Ketan, the Chairman and Managing Director of the company. And Mr. Prashant Chaube, Chief Financial Officer. Please note this call will be for 30 minutes and for the duration of this conference call all participant lines will be in the listen only mode. This conference call is being recorded and the transcript for the same may be put on the company’s website. After the management’s discussion there will be an opportunity for you to ask questions.
There will be a question and answer session and requested to restrict your questions to two Perl participants. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touchstone phone. Before I hand the conference over to the management, I would like to remind you that certain statements made during the course of this call may be based on historical information or facts and may be forward looking statements including those related to business statements, plans and strategies of the company, its future financial condition and growth prospect. These forward looking statements are based on expectations and projections and may involve a number of risks and uncertainties and other factors that could cause actual results, opportunities and growth potential to differ materially and from those suggested by such statements.
I now hand the conference over to Mr. Kamal Khetan from Suntech Reality Ltd. Thank you. And over to you sir.
Kamal Khetan — Chairman & Managing Director
A very good evening to everyone and thank you for joining us today. I would like to take you through the key developments for this period. We delivered a robust financial performance in the first nine months of FY26 with revenue growth of 21% year on year, EBITDA growth of 77% year on year and a PAT growth of 39% year on year. Demonstrating our strong operational resilience and profitability, we achieved another decent pre sales performance of rupees 7.3 billion in Q3 of FY26 representing a year on year growth of 16% on a nine month basis, our pre sale registered its best ever performance strongly growing by 26% year on year to Rupees 21 billion.
As the Uber luxury and premium luxury segment continues to drive a larger share of our presales, we anticipate further margin expansion contributing to our overall profitability. On the business development front, we acquired a 1.75 acre land parcel located at Andheri near the International Airport Mumbai. With a development potential of approximately 6 lakh square feet. This project has an estimated gross development value of Rupees 25 billion. This acquisition marks the company’s third strategic addition to its development portfolio in the current financial year following the Mira Road project on Western Express highway and the redevelopment project at Andheri Near Western again near Western Express Highway.
The combined estimate gross development value of all these three projects stands at Rupees fifty billion. Now on the cash flow front, we have generated a strong net operating cash flow surplus of rupees 3.5 billion in first nine months of FY26. This has enabled us to maintain our net debt to equity at negligible level of 0.07x. Despite the strong investments in our business development. We have invested rupees 6.8 billion in first nine months of our financial year in business development compared to Rupees 1.8 billion for the full year of FY25. We are excited about our growth opportunities in the MMR market With our strong balance sheet and robust operating cash flows, we continue to remain aggressive and prudent in our business development.
While we are evaluating many projects aggressively, we continue to focus on our high IRR and equity multiple philosophy. I shall now hand over the call to Prashant Chaube to take you through the financial performance of Q3 and 9 months FY26.
Prashant Chaubey — Chief Financial Officer
Thank you sir. Good afternoon everyone. I trust you have had the opportunity to go through our latest results and the investor presentation which are published on our company website and the stock exchanges. I would like to take this opportunity to share a brief update on the financial and operational performance of quarter three and nine months of FY26. The key details are we sold rupees 734 crores worth of area in quarter three of FY26 which is a 16% growth year on year. During nine months of FY26 we booked pre sales of rupees 2093 crores registering a growth of 26%.
Collections for quarter three, FY26 stood at rupees 319 crores while for nine months FY26 collection stood at rupees 1001 crore. The strong collections have resulted in a net operating cash flow surplus of rupees 349 crores which is a 12% growth over nine months of FY25. On the PL front, operating revenue stood at rupees 344 crores. For quarter three of FY26. EBITDA stood strong at rupees 82 crores with an EBITDA margin of 24%. We reported net profit of rupees 57 crores which is a 34% growth over quarter three of FY25. Net profit margin stood at 17% on nine month basis.
Operating revenue stood at rupees 785 crores as against rupees 647 crores in the same period last financial year, Ebitda stood strong at rupees 207 crores a growth of 77%. Year on year, EBITDA margin stood at 26% and net profit stood at 139 crores registering a growth of 39% year on year. Net profit margin stood at 18%. Net debt to equity stood at 0.07x with an operating cash flow surplus of 349 crores during nine months. Thank you. With this we open the floor for questions.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press Star and two participants. You are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Richard Shah from Access Capital. Please go ahead.
Rishith Shah
Yeah, hi, good evening. Are you able to hear me?
Kamal Khetan
Yes, we can hear you.
Rishith Shah
Yes. So a couple of questions. First on launches. So for the fourth quarter as in for the third quarter we didn’t have any launches. But for the fourth quarter how are we placed with the launches of Andheri or even Bandra for that matter or are we looking to kind of launch any of the projects that we added in this year?
Kamal Khetan
So just for your knowledge, we have as good as launched the fifth Avenue, our ODC project in. In our Gore west odc. You must be seeing the ads. And we have already collected a good response on UIs from the people. And when it comes to launches in the existing projects, we did good launch in Nigao. We got a good response of new towers. And so we have. We have done in this quarter also as good as two launches and in fourth quarter. Obviously the spillover of whatever we are launched now mainly will come in the fourth quarter.
The OD launch, especially the Guringa west launch. And that should be. Obviously we are expecting a big number from there as well.
Rishith Shah
Okay. Okay. So any, so maybe from these 2 projects, how was the contribution? So mainly the premium luxury segment consists of the bookings from these 2 projects, is it 5th Avenue and Naigaon?
Kamal Khetan
So premium luxury segment, Fifth Avenue and You can say Sky Park. So if you ask me what will be the new launches in next 1 or 2/4 or 3/4 I can say obviously the biggest will come from the fifth Avenue which is already as good as the launch is going on. And then Andheri, the one which is near the Western Express ibit, the redevelopment project which we have acquired in this current financial year. And then the Mira Road, one more tower we will be launching the SkyPark Suntec SkyPark. And we are launching going to launch Versailles, at least two towers there in sbr, Suntec Beach Residences.
And then we again want to launch two or three more towers in Nigon because we saw a good response in Nigon this time and we are seeing that segment is slightly picking up. So there we want to launch one or two towers more. Plus obviously we will be continuing to see the sales coming from our other projects going on.
Rishith Shah
Sure. So just to clarify the timeline, you’re saying over the next four six months.
Kamal Khetan
Is it next two quarters the launches.
Rishith Shah
That you spelled out?
Kamal Khetan
Yeah, yeah, next two quarters. Next.
Rishith Shah
Okay, great.
Kamal Khetan
Six months you can say. Yeah.
Rishith Shah
Perfect sir. And second question was on the financial. So we saw a considerable jump on the revenue side and also some part of jump in the other expenses. So if you can just elaborate where was this coming from?
Prashant Chaubey
So hi Rishi, as you are aware we have completed our Suntec City 4th Avenue project in ODC Goregaon West. So the revenue jump that you see is coming from that project. And as far as other expenses are concerned, basically those projects which are from where revenues are not getting recognized still we have to book certain expenses which we have incurred for those projects immediately in our P and L as per the India’s norms. So that’s why you are seeing the expenses going higher.
Rishith Shah
Right. So most related to the launches that. We are doing currently. Right. Perfect sir. That answers the questions. Thank you. I’ll fall back.
operator
Thank you. A reminder to all the participants, you may press star and one to ask a question. The next question is from the line of Sukrit D. Patil from eyesight Ventrate Private Limited. Please go ahead.
Sucrit Patil
Good afternoon team. I have two forward looking questions. My first.
Kamal Khetan
Yeah.
operator
hello Mrs. Sukweet. Due to no response, we will take the next participant. The next question is from the line of Harsh Path from MK Global. Please go ahead.
Harsh Pathak
Yeah. Hi, good evening. Hi, good evening sir. So my first question is on you know this Andheri project that we are Sahar project that we have recently acquired. So I think in the amount spent on BDE I think there is an incremental around 280 crores of cash outflow. So can we consider this and. Sorry. 260. 60 crores of cash outflow. Is this entirely towards this land parcel?
Kamal Khetan
No, this land Parcel is only 140 crore. The balance is for other BDS, other whatever we have done. So if you want the split of. The BD spend we have spent in. We have spent in JP that’s Hungary parcel. 140 crore we have spent in our Anderi. Another acquisition in Anderi east near the Western Express highway which is a redevelopment project. Bhima Nagar. There we have spent close to 15 crore. Then we have spent additionally on our Nepenthesi road project which is close to 200 crores. So it’s much more than what you’re talking in our BD spend this year and in nine months. And the fifth avenue what we just launched which is going on that is close to 125 crore.
This is just nine months. And the number which you are giving the total spend on BD right now is close to 623 crores in nine months.
Harsh Pathak
Understood, sir. No, I was more talking about the implied number for Q3. That’s a delta of 260 crores. But I. Yeah.
Kamal Khetan
No, no. Q3 is 140 crore for Anderi and balances for the other projects. Ongoing projects which we are acquiring.
Harsh Pathak
Got it, sir. And what are the plans that we.
Kamal Khetan
Sorry. Sorry. Go ahead.
Harsh Pathak
Yes. Yeah. So I was asking what are. What is the development that we are planning for this new Sahar land parcel? Is this going to be a resi or a commercial one?
Kamal Khetan
So yeah, we are contemplating. This location is very good. Near the international airport and on off Hondari Kurla road. Very good location. So we’re contemplating between the residential and commercial. We are exploring it. I think we should be firming up our decision in next one or two months looking at the market dynamics.
Harsh Pathak
Sure. And the. Any update on.
Kamal Khetan
Sorry. Hello.
Harsh Pathak
And Dubai projects.
Kamal Khetan
We lost you. Can you repeat the question if you don’t mind.
Harsh Pathak
Yes sir. I was. I was willing to know the update on Napian C and Dubai projects.
Kamal Khetan
So Nathan C. Obviously you know we have broken the main parcel of land parcel under. We are doing this project. You must be knowing under the IMAN brand, the new brand which Suntec has launched. So this project is already as good as we are doing sales. You are seeing the numbers in pre sales and so. And the commencement groundwork has already commenced. We have demolished the entire old building on the existing land. Parcel which is close to one acre. And obviously this project is very high end and only by invitation and we will see the construction work also progressing very soon.
Harsh Pathak
Sure. So that answers my question. Thanks a lot.
operator
Thank you. We have the next question from the line of Anuj Obhatya from Investec Capital Services Private limited. Please go ahead.
Anuj Upadhyay
Yeah, so thanks for the opportunity. So any timeline for the launch of Mira Road second project for which we have recently acquired the land parcel over there.
Kamal Khetan
So yeah, we are first we want to launch our last tower of our fourth tower of our existing Mira Road 1 and obviously we are preparing for Mira Road 2 launch also. But we want to first launch, we don’t want to cannibalize both the product both the project with our own within Suntec only. So we want to first launch fourth tower which will be we are expecting in next one or two quarters and thereafter immediately you will see the launch of the new Mira Road project.
Anuj Upadhyay
Okay. And just a clarification sir, Fifth Avenue by launch during Q3 end or it’s recently been launched that is in early Q4.
Kamal Khetan
So we have been taking UIs. So some UIs have been started from end of Q3 and most of it is obviously now continuing in January and you will see happening in February the main launch.
Anuj Upadhyay
Fair point and just a macro level question on the demand per se because we have presence across ultra luxury segment to the aspiration one and right from the South Bombay TV extended part of the mmr. So just to get a sense of the market, you know how exactly it’s panning out because what we have been hearing about is certain kind of a slowdown happening on the resi side especially. So just want to take have your take on this and which segment continue to do well and which are the side where we can see some kind of a pain point happening.
That’s all from my side.
Kamal Khetan
So market we all see is slightly fragile definitely. I would not like to make any speculative question but if you see our performance, we have performed decently well even in Q3 and we are confident about our guidelines guidance of Q4 as well and for the full year as well. And I would like to say that market is right now stable. It will be too early to give any speculative statements and right size product in every market, good market is still selling and in fact we are seeing slight better performance in the lower category which is like mid segment and lower mid segment and affordable segment which was not there in the past.
So slowly the pickup. That’s why we did good in even our Niga one or two towers. And that makes us give us more excitement to launch more in that product also. So till now otherwise only the ultra luxury and premium luxury was doing well. But now going forward we are seeing even that is picking up slowly. And hopefully if we get something very good in the budget that segment should take off faster than expected.
Anuj Upadhyay
Got it? And if. May I just ask. If. May I just ask one more question sir. On the BKC project. So what inventory are we left off with and how much did we sold in the quarter?
Kamal Khetan
So we sold one unit of the Signature island which is a larger unit. And we have been maintaining that every quarter we sell close to approximately 100 crores. And I think and in full year we are maintaining 300 to 400 crores. I think we are in line with that and we will continue to maintain that. Okay. Anything else ?
Anuj Upadhyay
On the inventory side, so how much inventory has been left there?
Prashant Chaubey
Anush, Prashant, decide. We are left with around 655 crores of inventory.
Anuj Upadhyay
Okay, thank you. Thank you Prashant. Thanks for that.
Kamal Khetan
Thank you. Thank you Anuj.
operator
Thank you. Ladies and gentlemen, in order to ensure that the management will be able to address all the questions in the conference we request you to kindly limit your questions to two per participant. If you have a follow up question please rejoin the queue. Again the next question is from the line of Abhishek Lodia from Motilal Oswal Financial Services limited. Please go ahead.
Abhishek Lodhiya
Yeah. Good evening sir. Just one question. From last two quarters we are doing roughly 700 odd crores of pre sales. And we have a guidance of roughly 3000 crores for a year. Which means 900 crores of run rate for a fourth quarter. Are we comfortable to achieve that number? And if. If that is so what basically are we looking for? Basically the launches and where it will come from. Thanks. Hello, I’m audible.
Kamal Khetan
Oh okay. Sorry, I think you are on mute. So Abhishek, we are maintaining that. We have been maintaining that our pre sales number will grow quarter on quarter by close to 25% to 30%. If you see nine months number it’s already we are achieved more than 25%. And that’s what I said. We will maintain our guidance and we’ll achieve our guidance. Looking at the launch which is existing going on on fifth Avenue we are quite confident we’ll meet our guidance guidance of FY26 entirely for 12 months as well.
Abhishek Lodhiya
Okay. Which means the most, I mean the number would come from Avenue 5.
Kamal Khetan
The numbers will from everywhere. Abhishek, why because there is not that we have exhausted any project. So we. It will come from SBR in. In Versailles. It will come from Naiga Suntech World. Then it will come from obviously Gorigan West ODC with the fifth Avenue. Then obviously we are looking to launch even the this project our near the Western Express highway. Plus we are doing continuous sales from BKC and Nip NC Road. So there is no reason we should. And we are not. In fact last three quarters we have done. We are overconfident that we will achieve our guidance.
We may only surpass it. But I don’t think we’ll be lesser than our guidance.
Abhishek Lodhiya
Got it. Thanks.
Kamal Khetan
Thank you. Thank you. Abhishek.
operator
Thank you. A reminder to all the participants. Please remit your questions to two per participant. We have the next question from the line of Abhinav Sinha from Jefferies. Please go ahead.
Abhinav Sinha
Hi sir, can you please update us on the Dubai project? And are you looking to add more in the geography?
Kamal Khetan
Abhinav we have been maintaining right now we are very clearly focusing on our current project in Dubai. We are not the looking at any new acquisition in that geography immediately. And we are very clear we are Mumbai focus and we want to maintain our focus there. And we are if you are seeing. That’s why we have been doing now acquisitions very aggressively within Mumbai also as we. So we are negotiating quite a lot. And as far as Dubai project is there office and sales covalent setup has already started in Dubai I think. And the designs have been totally finalized.
And the approvals are in the advanced stage. And you God willing you will see the launch also happening very soon.
Abhinav Sinha
Okay. So secondly in the NICA project, new tower and in odc how is pricing say as compared to the previous phases.
Kamal Khetan
So when it comes to Nigon pricing it at the same, same pricing what we have been selling. So obviously we have not increased. But when it comes to ODC Goregaon west, obviously our pricing is higher than what we were selling. So that’s why you will also see our margins getting better.
Abhinav Sinha
Higher by how much?
Kamal Khetan
You can say at least by 10, 12%. And if you take average sales of our Fourth Avenue it will be much higher. This I’m talking about from the old past 23 quarter sales. This is higher than even that what we have, what we have launched.
Abhinav Sinha
Okay. So the positioning is more premium this time around. And yeah, okay, yeah it is.
Kamal Khetan
It is more luxury, more premium. And that’s why These are only three three bedroom apartments. Three BHKs and four bedroom kitchen apartments. These are three BHKs and four BHK. So we have not launched two BHKs this time.
Abhinav Sinha
Okay, got it. Thank you. And all the best.
Kamal Khetan
Thank you. Thank you.
operator
Thank you. We have the next question from the line of Kunjal Agarwal from Arian Capital. Please go ahead.
Kunjal Agarwal
Thank you for the opportunity. Sir, am I audible?
Kamal Khetan
Yeah, yeah, you’re audible.
Kunjal Agarwal
Okay. So can you like tell me your timeline for the launch of Nathan C as we mentioned a few posts so do stick to it. And the timeline of the Dubai project as well.
Kamal Khetan
So Kunjal, I think Dubai I just mentioned everything. I think in the previous questions I think I’ve answered. But as far as Nipinci, I just want to tell you this is what this will be not a launch launch like what we are doing any other project of Nipple C. You are already seeing sales happening in pre sales. This is by invitation only. And that’s why we created another brand under Iman’s brand. And every quarter on quarter we have been doing sales from there already. We have lots of inquiries and interests which are registered. And it is not that we are going to the market and doing big advertisement and sales and marketing pitch.
It is a. It is not a like a push push factor where we will be doing the sales. It’s a pull factor for this project. So that’s how it is and groundwork we have said that already started and it’s not like the product which is available of the. It’s not of it’s not on the shelf like anybody and everybody can. We want to sell the project. We have a different strategy how and we will market that project accordingly. So you can consider sales will continue in Nipincy Road irrespective of anything.
Kunjal Agarwal
Thank you sir. And so any guidance for the Pre sales for FY27? Is there any change in that?
Kamal Khetan
So definitely There is for FY26. I want to be repetitive once again I would like to repeat and say that there is no change in our guidance for FY 2627. Sorry. I think we would not like to make any speculative statement current now. Let we will like to communicate along with our yearly results when we know the market exactly we all are talking about. Someone is telling the markets are stable. Someone is saying the market has slightly slowdown in the luxury and premium segment. But fortunately till now we we have not experienced any such things.
Right now if you can and you can see from our pre sales number. So looking at this I am very confident that even if the market will continue to at least remain stable what I see and if that remains stable. We are quite confident about our growth numbers.
Kunjal Agarwal
Okay sir, that’s it from my side. Thank you so much.
Kamal Khetan
Thank you. Thank you.
operator
Thank you. We have the next question from the line of Saurabh Gilda from GM Financial. Please go ahead.
Sourabh Gilda
Yep. Hi, I’m Arman.
Kamal Khetan
Yeah, hi.
Sourabh Gilda
Yeah sorry. Hi. Congrats on good operational and financial performance. My question is on collections. I understand you have maintained that the pre sales are now coming from new projects and especially in APMC and once that gets launched will see the pickup in collections going ahead. But my question is more from a two, three years perspective. Let’s say once the Napian C project gets launched how do you see the collections trajectory on a sustainable basis for next two, three years?
Kamal Khetan
So obviously Saurabh if means the. When you say launch I would only say when the construction. Let’s say construction starts. So we are doing sales so for us that will be. I. I again repeat that will be not anything like launch launch of that project. So because it is only by invitation so we will not like advertise or something that’s why we created a separate brand at the cost of reputation. Once again I repeat that Iman’s has been created. That’s why. So when you say collections obviously when the construction starts the collection trajectory will crazily go up and definitely we’ll see a much bigger momentum in the collection that day.
Sourabh Gilda
Sure. Thank you.
Kamal Khetan
Thank you sir.
operator
Thank you. We have the next question from the line of Abhishek Khanna from Kotech Securities. Please go ahead.
Abhishek Khanna
Sir, I just wanted to check. You mentioned you’ve done two launches in the third quarter right? One you said was Niagara. What is the other one? And second. Second. Could you also confirm the total this ongoing.
Kamal Khetan
Ongoing odc. Odc. The Gorigang West Suntec City Fifth Avenue.
Abhishek Khanna
Did that have any pre sales contribution in the third quarter fifth of India?
Kamal Khetan
So small amount of it from the part of it. Very, very small part of it.
Abhishek Khanna
And for Project Nigon project.
Kamal Khetan
Naigon project. obviously whatever sales has been booked in Q3 has been from the new tower launch. We feel we got a very good response compared to previously what we were seeing that segment. So we are very now hopeful about that segment doing better now. Better and better. And again at the cost of reputation. If the budget does something good for that segment this will really take off. Off very well. This will take off very soon.
Abhishek Khanna
But you confirm the launch value for the nylon project. Sorry the GDV that you would have launched S80 Tower GDV?
Kamal Khetan
Yeah. So I think we. We must have launched close to Prashant. Exact number you have. So I think we are close to 400 to 500 crore. Approximately what we launched.
Abhishek Khanna
Okay, sure. And just on fifth Avenue. When you say have you received the approval for that particular project already?
Kamal Khetan
Yeah, long back they’ve already. Otherwise how can we do the collection? How can we.
Abhishek Khanna
Okay, and the last question that I had was on the. Again, sorry, at the cost of reputation at RN. But the Napian SeaWorld project, just to confirm that would also require a RE approval. Right. Have you received that ERA approval or is that still in works?
Kamal Khetan
So obviously RERA approval is not received there. And this is all what the tenancy sales are happening which does not require the RERA approval.
Abhishek Khanna
Any timeline that you have in mind for getting that ERA approval.
Kamal Khetan
So just for your knowledge, we have assigned more areas to high profile existing owners of the building which is under the P. AAA you don’t require the RA approval.
Abhishek Khanna
Okay. But to send it to a new person, you do require the. And I assume also to get the money in a significant.
Kamal Khetan
I’m not saying new. New tenants.
Abhishek Khanna
Just one final question. Is there any timeline that you have in mind for getting that ERA approval? Whenever you do any targets that you have.
Kamal Khetan
So I’ve been saying. I think we were looking at end of this quarter and it is in. It’s hopeful that we will. We should get by end of this quarter or Q1 of FY27.
Abhishek Khanna
All right. Okay. Any. Anything that’s causing this data. Sorry, just hopping on this a little more. But I’m saying this has lagged. I mean our maybe expectations. We would have probably expected to get this ERA approval a little while back for whatever reason? This has dragged a little. Is there specific reason to it or was it anything in general that has led to some delays in getting this RERA secured?
Kamal Khetan
I don’t think we have dragged it. We always said it will be Q4 of FY26 or a Q1 of. I don’t know. Where are you coming with this question from? Where are you come. This question. And it’s a. It’s not a small project. It’s. It’s a very large project and a unique project. It’s. We cannot rush that project.
Abhishek Khanna
Yeah, sure sir. All right. Thank you.
Kamal Khetan
Thank you. Thank you.
operator
Thank you very much, ladies and gentlemen. That was the last question for today. I now hand the conference over to Mr. Kamal Ketan for the closing comments. Thank you. And over to you sir.
Kamal Khetan
Thank you all for taking the time out of your busy schedule to join us today. For the call. In case of. If any of your queries have been left unanswered, please feel free to reach out to us. We truly value your continued support and look forward to strengthening this relationship. Thank you. Once again.
operator
Thank you on behalf of Suntec Reality Limited. That concludes this conference. Thank you for joining with us today. And you may now disconnect your lines.