Annual Reports

Sunteck Realty Limited's annual reports contain management's most considered account of the business. These are the sections, passages and visual pages worth opening in the originals preserved in Sources.

Sunteck Realty Limited — FY2025 Annual Report (42nd AGM) — FY2025

Latest report: captures the pivot to Uber Luxury, Dubai activation, record pre-sales and a net-cash balance sheet. · Open the full document →

About Us — p. 40 · Read the full section →

The business in one page — MMR-focused developer, net-zero debt, 50m sq ft across 32 projects, five luxury tiers.

How management defines the company: fastest-growing MMR developer with a net-zero-debt balance sheet.

Sunteck Realty Limited (Sunteck) is the fastest-growing Mumbai-based real estate development company. […] Sunteck holds one of the strongest balance sheets with net-zero debt levels & robust cash flows. […] Sunteck focusses on a city-centric development portfolio of over 50 million sq. ft. spread across 32 projects. […] Sunteck’s presence across the spectrum is differentiated by Uber Luxury, Ultra Luxury, Premium Luxury, Marquee Luxury & Aspirational Luxury segments.

p. 40 · Read in context →

CMD's Message — p. 42 · Read the full section →

Chairman Kamal Khetan frames the year: record pre-sales, net-cash position, and the new Dubai and South Mumbai growth engines.

Record ₹2,531 cr pre-sales, net-cash surplus with AA rating, and the Dubai Downtown activation.

We closed the year with our highest-ever annual presales of \2,531 crore, a 32% year-on-year growth. \[…] With a net debt-to-equity of minus 0.04x, we remain in a net cash position with \\125 crore of surplus, supported by a reafirmed AA (Stable) credit rating by Fitch (India Ratings). […] FY2025 marked a transformative year for Sunteck Realty, with the strategic activation of our Dubai, project investment in the prestigious Dubai Downtown, Burj Khalifa community near Dubai Mall.

p. 43 · Read in context →

Directors' Report — Financial Highlights and Review of Operations — p. 81 · Read the full section →

The audited numbers side by side: consolidated and standalone P&L for FY25 versus FY24.

Management Discussion and Analysis — p. 173 · Read the full section →

Where management explains the model — the deliberate shift to ultra-premium and the GDV and pre-sales build-up FY22–FY25.

Business Overview: the strategic tilt to Uber Luxury, asset-light JDAs and margin-gated land buys.

Sunteck Realty remains steadfast in its commitment to best product delivery which continue to be at the core of its business philosophy. Over the past years, the company has strategically shifted its portfolio towards the ultrapremium Uber Luxury segment, reflecting its aspiration to establish a leadership position in the luxury real estate market. Its business development strategy is diversified and flexible, encompassing redevelopment projects, strategic land acquisitions, and combination of an asset-light model. However, every opportunity is carefully evaluated against stringent margin thresholds to ensure financial discipline. The company applies segment-specific risk-return priorities to maintain profitability across all categories.

p. 175 · Read in context →

GDV nearly tripled to ₹39,370 cr and pre-sales rose to ₹2,531 cr over FY22–FY25.

Over the four years, the company’s GDV has grown significantly from approximately INR 13,650 crores in FY22 to INR 26,645 crores in FY24, before surging towards an remarkable INR 39,370 crores in FY25. […] Pre-sales rose from around INR 1,303 crore in FY22 to INR 1,602 crore in FY23, further growing to INR 1,915 crore in FY24, and achieving a substantial jump to INR 2,531 crore in FY25.

p. 176 · Read in context →

Key Audit Matters (Independent Auditor's Report) — p. 183 · Read the full section →

The auditor's own flags — the two estimates that most drive Sunteck's reported profit: revenue timing and inventory value.

KAM 2 — inventory carried at lower of cost and NRV, an estimate sensitive to selling prices and costs to complete.

Inventory is valued at cost and net realisable value (NRV), whichever is less.NRV is the estimated selling price in the ordinary course of business, less estimated costs necessary to make the sale and estimated costs of completion (in case of construction work-in- progress).

p. 185 · Read in context →

Note 2 — Material Accounting Policy Information: Revenue Recognition — p. 206 · Read the full section →

The accounting policy that defines a developer's earnings — when a sale becomes revenue, over time or on completion.

Point-in-time (completed-contract) vs over-time POC input method for recognizing project revenue.

For performance obligations where any one of the above conditions are not met, revenue is recognized at the point in time (completed contract basis) at which the performance obligation is satisfied. […] In respect of ‘over the period of time’, the revenue is recognized based on the percentage-of-completion method (‘POC method’) of accounting with cost of project incurred (input method) for the respective projects determining the degree of completion of the performance obligation.

p. 207 · Read in context →

Sunteck Realty Limited — FY2021 Annual Report (38th AGM) — FY2021

Older edition included to show the strategy arc: the 'Sunteck 3.0' asset-light, debt-reduction reset that preceded today's Uber Luxury push. · Open the full document →

CMD's Message — p. 24 · Read the full section →

The 'Sunteck 3.0' pivot in the CMD's words — asset-light, sell down finished inventory, cut debt to negligible levels.

FY2021 reset: asset-light balance sheet, selling ~₹1,800 cr of finished inventory, JDA focus and muted debt levels.

I am extremely glad to introduce the next leg of our Sunteck journey, what I humbly call Sunteck 3.0. […] As we embark on our new journey, we aim to maintain an asset light balance sheet by selling off most of our INR 1,800 crores of finished inventory in the next 3-4 years. Focussing on JDA’s like Naigaon, Vasai, Vasind and Borivali with low capex requirements, we wish to acquire land only if the opportunity is extremely compelling and helps us maintain muted debt-levels.

p. 24 · Read in context →

More annual reports

Sunteck Realty Limited — FY2024 Annual Report (41st AGM) — FY2024 · 387 pages · Prior year: the base against which FY25's revenue and profit step-up is measured. · Open →

Sunteck Realty Limited — FY2023 Annual Report (40th AGM) — FY2023 · 345 pages · Start of the FY23–FY25 completed-project revenue recognition ramp. · Open →

Sunteck Realty Limited — FY2022 Annual Report (39th AGM) — FY2022 · 317 pages · Bridge year between the Sunteck 3.0 reset and the luxury-led growth phase. · Open →