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Miss on collections offset by strong financials

Collection efficiency at 47%

Operational performance – 2QFY26

* SRIN reported pre-sales of INR7b in 2QFY26, up 34%/7% YoY/QoQ (19% above estimates). In 1HFY26, presales were at INR13.6b, up 32% YoY.

* Collections were up 24% YoY to INR3.3b for 2QFY26 (28% below estimates). In 1HFY26, collections were at INR6.8b, up 12% YoY.

* The net debt-to-equity ratio rose to 0.04x in the quarter from 0.02x QoQ.

* In 2QFY26, the company entered into a Joint Development Agreement to develop a project located at Mira Road along the Western Express Highway. The project offers a development potential of 0.55msf on a land parcel measuring around 3.5 acres, with an estimated GDV of INR12b. Overall, in 1HFY26, the company added two projects worth GDV of INR23b with a developable area of 0.83msf.

* The company achieved a stellar score of 99 out of 100 in the 2025 Global Real Estate Sustainability Benchmark (GRESB), earning the prestigious Green 5-star rating.

P&L highlights

* In 2QFY26, SRIN’s revenue was up 49%/34% YoY/QoQ to INR2.5b, which was 13% above our estimate. In 1HFY26, revenue was down 9% YoY to INR4.4b.

* The company reported EBITDA of INR778m, up 108%/63% YoY/QoQ (132% above our estimate). EBITDA margin was up 873bp/549bp YoY/QoQ and came in at 31% (up 1,581bp vs. our estimates). In 1HFY26, EBITDA stood at INR1.3b, up 83% YoY. Margin in 1HFY26 was 2x YoY at 28%.

* For 2QFY26, Adj. PAT stood at INR490m, up 41%/46% YoY/QoQ, and was 80% above our estimates. PAT margin was at 19.4%. In 1HFY26, PAT stood at INR824m, up 43% YoY.

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