1. At a Glance – Mumbai Builder With a Calculator and a Bulldozer
₹682 crore market cap. ₹169 share price. Stock P/E 17.9. ROE 36.9%. ROCE 16.3%. Debt ₹219 crore. Debt-to-equity 2.28.
Welcome to Shraddha Prime Projects Ltd — a Mumbai-focused real estate developer that just delivered ₹129 crore in Q3 FY26 sales with ₹13 crore net profit. Sales up 195% YoY. Profit up 50.9% YoY.
But here’s the masala: working capital days ballooned from 305 to 587. Borrowings climbed to ₹219 crore. And they recently approved ₹60 crore NCDs at 16% coupon and another ₹58 crore tranche at ~20–22% coupon.
Real estate + high-cost debt + aggressive expansion.
Are we looking at a rising Mumbai developer or a builder sprinting on a treadmill powered by NCD investors?
Let’s open the site office and check the blueprints.
2. Introduction – From Slum Rehab to South Bombay Dreams
Incorporated in 2007, Shraddha Prime Projects Ltd (SPPL) is a Mumbai-based real estate developer focused on residential projects — from low-cost housing to premium and super-premium segments.
They operate mainly in western and central suburban Mumbai and Thane. As of Q1 FY25, the company had 8 ongoing projects and 3 new ones in documentation — including one in Matunga, South Bombay.
In September 2024, they launched “Shraddha Pratham” in Borivali East and received a Commencement Certificate from MHADA.
Then in November 2025, they announced:
- Acquisition of three Mumbai land parcels
- Aggregate GDV of ₹1,200 crore
- Combined carpet area of ~420,000 sq ft
- Acquisition of 98% stake in two LLPs
- Up to 51% in Shraddha Landmark for ≤₹125 crore
That’s not small ambition. That’s “Mumbai skyline loading…” ambition.
But here’s where the script gets interesting:
- Income Tax search & seizure operation in May 2024
- Auditor resignation in January 2024
- Multiple CEO/CFO swaps in past years
- Independent director resignation in Feb 2026
- High-cost NCD borrowings at 16% to 22%
This isn’t boring real estate. This is Netflix-worthy real estate.
So the real question is:
Is this a growth story… or a stress test in disguise?
3. Business Model – WTF Do They Even Do?
Simple version:
They redevelop land in Mumbai.
Detailed version:
They:
- Enter redevelopment agreements with housing societies
- Do slum rehabilitation projects
- Develop residential towers
- Partner with LLPs and developers
- Acquire development rights
- Sell apartments
- Repeat
They operate across:
- Low-cost housing
- Compact housing
- Premium
- Super-premium
Basically, if Mumbai has land, they want a piece of
