Sunteck Realty's first-half pre-sales rise 19% to ₹1,611 crore

Mumbai-based Sunteck Realty Limited reported a 19% rise in pre-sales to about ₹1,611 crore for the first half of FY27, the six months ended 30 September 2026. On 27 October 2026, management said revenue rose 16% to ₹512 crore and profit after tax rose 20% to ₹99 crore over the same half in the previous year.

In the July–September quarter alone, pre-sales rose 17% to ₹824 crore from ₹702 crore a year earlier. Quarterly revenue rose 27% to ₹321 crore from ₹252 crore. Collections grew 14% in the half to ₹780 crore, and 12% in the quarter to ₹371 crore.

Margins, cash and balance sheet

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 23% to ₹156 crore in the half. The half-year EBITDA margin improved to 30% from 29%. The quarterly margin moved the other way, falling to 28% from 31% a year earlier.

The company reported a net operating cash flow surplus of about ₹347 crore for H1, up 27% from ₹274 crore. It spent around ₹391 crore on business development in the half, and said nearly 90% of that was funded through operating cash flows.

Gross debt rose to ₹915 crore at the end of H1 FY27, from ₹747 crore at the end of FY26. Net debt-to-equity stood at 0.09 times. India Ratings retained the company's AA long-term and A1+ short-term credit ratings.

Collections are trailing bookings. Management attributed this to early-stage projects, where payments are linked to construction milestones and fall due later. Buyers in such projects pay in line with construction progress, so collections tend to follow site work rather than sales.

The second-half test

Management said the half-year growth came without major launches. It is now targeting 25% pre-sales growth for FY27, which depends on a launch pipeline of about ₹7,000 crore of gross development value (GDV) in the second half, from October 2026 to March 2027. The company's disclosed GDV is ₹46,880 crore in total, of which ₹7,676 crore has been launched, ₹13,900 crore is to be launched and under approvals, and ₹25,304 crore is in planning and design.

The company named Sunteck Belvedere Park at Mira Road East and a residential redevelopment project on the Western Express Highway in Andheri as key second-half launches. Project listings put Belvedere Park at about 5% construction progress in mid-September 2026. No launch month, unit count or pricing has been announced for either project.

For the Nepean Sea Road project in South Mumbai, with a GDV of ₹3,000 crore, the company aims to secure RERA registration before FY27 ends, that is by 31 March 2027. Earlier guidance had pointed to the end of Q4 FY26 or Q1 FY27, so the timeline has moved. Management said one building has been demolished and demolition of a second has started, which it expected to finish in 10 to 15 days.

In Q2 the company bought a new land parcel in Borivali West outright. It said this takes its holding in the locality to about 11.5 acres. Metro Line 2A and Metro Line 7 serve the wider area, and the Thane–Borivali twin tunnel, with a sanctioned cost of about ₹16,600 crore, reported 11.49% physical progress as of March 2026. Its completion date has not been confirmed.

What investors will watch

The investment case rests on execution. H1 growth came without major launches, so the 25% target depends on the second-half programme delivering. The company also relies on partnerships and joint development arrangements for a large part of its pipeline, which ties project economics to landowner terms.

• Whether the ₹7,000 crore second-half launch pipeline is launched between October 2026 and March 2027.
• Whether pre-sales reach the 25% FY27 growth target.
• Whether the Nepean Sea Road project receives RERA registration by 31 March 2027.
• Whether the gap between bookings and collections narrows, and whether the quarterly EBITDA margin recovers from 28%.