Sunteck Realty Grows H1 Pre-Sales 19%, Eyes INR 7,000 Crore Launch Push
Published
Mumbai-based Sunteck Realty Limited has reported a 19% year-on-year rise in pre-sales to approximately INR 1,611 crore for the first half of FY27, covering April to September 2026. Revenue for the half grew 16% to INR 512 crore, while profit after tax increased 20% to INR 99 crore. The unaudited results for the quarter and half-year ended 30 September 2026 were released with an investor presentation in late October 2026.
The growth came without major project launches in the period, which the company's Chairman and Managing Director Kamal Khetan has pointed to as a sign of the depth of demand across its Mumbai Metropolitan Region portfolio. Management has kept its full-year FY27 pre-sales growth target at 25%, and that target now rests on a second-half launch programme carrying a gross development value of about INR 7,000 crore.
Quarter and half-year figures in detail
In the July to September quarter, pre-sales rose 17% to INR 824 crore from INR 702 crore a year earlier, and revenue climbed 27% to INR 321 crore from INR 252 crore. Collections for the half increased 14% to INR 780 crore, while quarterly collections grew 12% to INR 371 crore. Management attributed the gap between bookings and collections to early-stage projects, where construction-linked payment milestones fall later in the cycle.
Earnings before interest, taxes, depreciation and amortisation rose 23% to INR 156 crore for the half. The EBITDA margin improved to 30% for H1 from 29% a year earlier, although the June-quarter comparison was narrower at 28% against 31%. Net operating cash flow surplus reached about INR 347 crore for the half, up 27% from INR 274 crore in the corresponding period last year.
The pre-sales mix remained weighted towards premium luxury, which accounted for INR 807 crore or 50% of the half-year total. Uber luxury and other projects contributed INR 430 crore or 27%, and aspirational luxury generated INR 375 crore or 23%.
On the balance sheet, the company invested around INR 391 crore in business development during the half, with nearly 90% of that spend funded through operating cash flows. Its net debt-to-equity ratio stood at 0.09 times, and gross debt rose to INR 915 crore from INR 747 crore at the end of FY26. Annuity income was running at an annualised INR 86 crore, compared with INR 76 crore in FY26. India Ratings retained the company's AA long-term and A1+ short-term ratings.
Launch pipeline and project focus
The second-half programme is built around Sunteck Belvedere Park in Mira Road East and a residential redevelopment project on the Western Express Highway in Andheri. Belvedere Park is planned with two and three bedroom homes, and construction at the site was about 5% complete in mid-September 2026. The company has also pointed to further phases at Altavia Tower 2, Sunteck World, Sunteck Crescent Park and Sunteck Beach Residences, along with ongoing activity in Borivali West.
In October 2026, the company also acquired a new land parcel in Borivali West through an outright purchase during the quarter. The acquisition lifted its assembled holding in the suburb to about 11.5 acres, which the company describes as among the largest single-location developments in its portfolio.
The company aims to launch its INR 3,000 crore GDV Nepean Sea Road project in South Mumbai with RERA registration before FY27 ends on 31 March 2027. Demolition work at the site was under way, with one building demolished and a second demolition expected to finish within weeks.
The locality and connectivity
Borivali West is served by Metro Line 2A, which links the suburb with the western suburban metro network, and Metro Line 7 runs from Dahisar East towards Andheri East. The Western Express Highway provides the main road link from the eastern side of the suburb to major employment zones. Western Railway plans two new platforms at Borivali station as part of wider suburban rail capacity expansion, and the Thane to Borivali twin tunnel, with a sanctioned cost of about INR 16,600 crore, will connect Ghodbunder Road with the Western Express Highway at Borivali once complete.
Mira Road sits near the Western Express Highway and an upcoming metro station, and the planned Metro Line 9 extension towards BKC would add further rail access to the area.
The developer
Sunteck Realty was founded in 2000 by Kamal Khetan and is listed on the BSE and NSE. The company describes its portfolio as about 50 million square feet across 32 projects. It has delivered 17 residential and commercial projects worth roughly INR 9,000 crore to date. Its gross development value stands at about INR 46,880 crore across ten micro-markets in the Mumbai Metropolitan Region, and it added INR 7,950 crore of GDV from four new projects over the previous twelve months.
Flagship developments named by the company include Signature Island in Bandra Kurla Complex, Sunteck City in Oshiwara District Centre and SunteckWorld at Naigaon. Analysts have pointed to a partnership-heavy model that keeps capital use efficient, although project delivery and economics are tied to landowner arrangements and revenue-sharing terms.
What comes next
The second half of FY27, running from October 2026 to March 2027, is the window for the company's launch pipeline. The pipeline of about INR 7,000 crore GDV excludes its Dubai project. Achieving the 25% full-year pre-sales growth target will depend on converting that pipeline into bookings after a half-year driven by existing inventory. Investors will also be watching the Nepean Sea Road RERA registration, which management has targeted before the end of FY27.