Shraddha Prime Projects Ltd Q2FY26 – From Borivali Dreams to ₹1,200 Crore Land Acquisitions: The Real Estate Comedy Show You Didn’t Know You Needed
1. At a Glance
Ah, Shraddha Prime Projects Ltd — Mumbai’s latest real estate sensation that somehow manages to mix slum rehab, luxury condos, and a touch of IT department drama, all in one quarterly filing. With a market cap of ₹877 crore, the company’s stock recently closed at ₹217, boasting an 82% one-year return — because who doesn’t love a good “under-construction” rally in India’s most expensive city?
The numbers are as entertaining as the company’s boardroom: Sales (Q2FY26): ₹134 crore, a 257% YoY surge, while PAT stood at ₹8.08 crore, up 19.9% YoY. That’s the kind of growth rate even DLF might look at and whisper, “Accha chal raha hai.”
The stock trades at a P/E of 26.2, ROE of 36.9%, and ROCE of 16.3%, while maintaining a debt-to-equity ratio of 2.28x—because what’s real estate without a bit of leverage-induced spice? Promoters hold 74.8%, meaning retail investors can still dream of joining this Mumbai mahal adventure without fearing total dilution… yet.
2. Introduction
Shraddha Prime Projects Ltd (SPPL) feels like the Bollywood sequel nobody expected—“Builder Returns: From Rehab to Redevelopment.” Incorporated in 2007, the company has gradually evolved from a small-time residential developer to a big-league Mumbai realty player with eight ongoing projects and ambitions spread across Borivali, Mulund, and even Matunga—because, let’s be honest, South Bombay is every developer’s spiritual pilgrimage.
Over the last year, Shraddha Prime has been in headlines more often than a Bandra café. They’ve faced search & seizure operations, changed CEOs like musical chairs, reclassified promoters, and even managed a ₹60 crore NCD issue at 16% coupon (because why take a loan cheaply when you can make it dramatic?).
Yet, amid all the chaos, their revenues jumped from ₹84 crore in FY24 to ₹285 crore TTM, while profits soared from ₹7 crore to ₹33 crore. Either they’ve mastered the redevelopment playbook or they’ve found a secret formula involving divine “Shraddha” and prime Mumbai real estate valuations.
3. Business Model – WTF Do They Even Do?
Shraddha Prime Projects is a Mumbai-based real estate developer with a flair for redevelopment drama and urban storytelling. Their business model revolves around slum rehabilitation, compact housing, premium residences, and township-style projects—essentially building dreams where chawls once stood.
The company operates across Western and Central Mumbai, focusing on redevelopment projects under MHADA and SRA, where the real profits often come from land optimization and government approvals rather than cement and bricks.
Their recent project lineup reads like a developer’s wish list:
Shraddha Pratham, Borivali East – Received Commencement Certificate (CC) from MHADA in Sep 2024.
Shraddha Paradise Enclave, Mulund West – A ₹420 crore redevelopment project that even got its IOD early.
Matunga Project – Documentation underway, because who wouldn’t want a South Bombay pin code on their brochure?
And if that wasn’t enough, Shraddha Prime recently acquired three new Mumbai parcels worth ₹1,200 crore GDV, totaling ~4.2 lakh sq. ft. They’re not just buying land; they’re collecting future skyscrapers like Pokémon cards.
4. Financials Overview
Let’s look at the latest quarterly show, where SPPL’s numbers deserve a standing ovation:
Source table
Metric
Sep 2025 (Latest Qtr)
Sep 2024 (YoY Qtr)
Jun 2025 (Prev Qtr)
YoY %
QoQ %
Revenue (₹ Cr)
134.33
37.60
58.70
+257.3%
+128.7%
EBITDA (₹ Cr)
11.88
9.78
10.69
+21.5%
+11.1%
PAT (₹ Cr)
8.08
7.36
8.95
+9.8%
-9.7%
EPS (₹)
2.16
1.80
2.19
+20.0%
-1.4%
Witty Commentary: The quarterly revenue growth looks like it’s on Red Bull, but PAT? Slightly hungover. Margins remain around 8–9%, which for a Mumbai builder means “we’re paying everyone and still left with something.”
5. Valuation Discussion – Fair Value Range (Educational Only)
Let’s estimate the “fair value range” using three classic valuation lenses:
a) P/E Approach:
EPS (TTM) = ₹8.26
Applying sector P/E range of 25x–35x → Fair Value = ₹206 – ₹289
b) EV/EBITDA Approach:
EV = ₹1,085 crore
EBITDA (TTM) = ₹42 crore → EV/EBITDA = 25.8x
If sector average EV/EBITDA = 18x–22x → Implied fair EV = ₹756 – ₹924 crore → Equity Value ≈ ₹170 – ₹210 per share.
c) DCF (Simplified): Assuming cash flows grow 20% annually for 3 years and stabilize at 8% perpetually → fair value ~₹230–₹250.
🎯 Fair Value Range (Educational Purpose Only): ₹170 – ₹290 per share. (This range is purely educational, not investment advice.)
6. What’s Cooking – News, Triggers, Drama
Shraddha Prime has been busier than a BMC approval officer:
Nov 2025: Board approved ₹60 crore secured NCDs at 16% interest — because why not borrow dramatically?
Nov 2025: Acquired 98% stakes in two LLPs and up to 51% in Shraddha Landmark for ₹125 crore. Expansion fever much?
Sep 2024: Launched Shraddha Pratham in Borivali East with full
