🧐 At a Glance
Suraj Estate Developers Ltd claims to be the king of South Central Mumbai redevelopment. But after listing at ₹360 and touching a high of ₹847, the stock has halved and now trades near ₹368. With margins slipping, FIIs bailing, and public holding rising—has the dream homebuilder become a nightmare for investors?
1. 🚪 Introduction with Hook
South Mumbai mein ghar banana kisi startup ka Series D funding round jaisa lagta hai—high stakes, low guarantees, and insane valuations.
Enter Suraj Estate Developers Ltd (SEDL), the self-proclaimed boss of South Central Mumbai (SCM) redevelopment.
2023 ka IPO tha hit, stock zoomed to ₹847, aur fir slow decline into obscurity. Toh ab sawaal yeh hai —Can Suraj shine again, or was it just a bubble built on bylane dreams?
2. 🏗️ WTF Do They Even Do? (Business Model)
- Specializes
- inredevelopmentof residential and commercial properties in South Central Mumbai (Dadar, Mahim, Matunga, Prabhadevi, etc.)
- Focus: Rehab + Premium inventory
- 61% market share in SCM redevelopment
- Over1,011 homes redeveloped free for tenants(i.e. slum rehab model)
- Revenue fromsales of newly built inventory, not just contracting
- Typical buyer? Mid-to-high income Maharashtrians who don’t want to leave the chaali but want granite countertops
3. 📊 Financials – Growth Hai Par OPM Kidhar Hai?
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue (Cr) | 240 | 273 | 306 | 412 | 549 |
| Net Profit (Cr) | 6 | 27 | 32 | 67 | 100 |
| Operating Margin | 36% | 48% | 49% | 57% | 37% ↓ |
| ROCE | 15% | 20% | 22% | 29% | 17% ↓ |
| ROE | 9% | 14% | 14% | 22% | 14% ↓ |
- 5-Year Profit CAGR:134%
- 5-Year Sales CAGR:45%
- FY25 Margin Hit:OPM fell to 37% from 57% in FY24
😬Cracks in the
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