Transcripts
Sunteck Realty Limited's management answers for the business every quarter. These are the exchanges that explain it best — verbatim, from the call transcripts preserved in Sources. Each link opens the full transcript at that page in a new tab.
Q4 & FY2026 Earnings Conference Call — Q4 FY2026
The latest full-year call: how the pre-sales cash engine self-funds record land buying, and the unit economics behind the flagship Dubai bet. · Open the full transcript →
The self-funding model in one line: record land spend, still near-zero leverage.
Kamal Khetan (Chairman & Managing Director): On the cash flow front, we have generated a strong net cash flow surplus of INR5.5 billion for the full year FY '26, representing a growth of 48% year-on-year. This has enabled us to maintain our net debt to equity at negligible level of 0.06x despite the strong investment in business development. We have invested INR8.1 billion in full year of FY '26 compared to INR1.8 billion for full year of FY '25.
p. 4 · Read in context →
The cash-conversion gap analysts watch: collections up 14% against 25% sales growth.
Kunal Lakhan (CLSA); Kamal Khetan (CMD): The collections grew 14% Y-o-Y. Significantly lower than the sales growth of 25%, right? And is a collection as a percentage of sales also like it's less than 50%. I mean in terms of cash flow most so driven by collections we should see a substantial jump going into FY '27, right? […] Yes definitely. So FY '27 we will have a better – obviously percentage. That's why you see the growth will continue to grow – it will have to become better and better. Yes I agree with you. FY '27 and FY '28 you will see a very, very strong cash flow.
p. 5 · Read in context →
Unit economics of the Dubai land bet: low entry cost plus currency gain implies a 20x return.
Kamal Khetan (CMD); Puneet (HSBC): we have partnered with the landlord at AED385 million. And those days, we have sent AED70 million to Dubai, only AED70 million, and that's to become a 50% partner in the 385 million property. […] Today even if I consider a land value of INR1.6 billion, it is INR800 million, so 10x.And plus the currency benefit, which Sunteck transferred at INR12 to a dirham or INR13 to a dirham, which is now today INR24 to INR25. So we are talking about 20x of the investment done by Sunteck.
p. 9 · Read in context →
Pricing discipline: growth is being sold without discounts, protecting next year's margins.
Kamal Khetan (CMD); Akash Gupta (Nomura): There is absolutely no discount. If there is a discount then I would not be able to give a better margin coming year for sure. Everything is as usual.
p. 13 · Read in context →
Q3 & 9M FY2026 Earnings Conference Call — Q3 FY2026
Where the demand thesis got tested: management on a 'fragile' market, richer pricing, and the RERA-free way it pre-sells Nepean Sea Road. · Open the full transcript →
Why margins are improving: new Goregaon pricing is set above the prior cycle's realizations.
Kamal Khetan (CMD); Abhinav Sinha (Jefferies): when it comes to ODC, Goregaon West, obviously, our pricing is higher than what we were selling. So that's why you will also see our margins getting better.
p. 6 · Read in context →
The redevelopment mechanic that lets Nepean Sea Road book sales before RERA approval.
Kamal Khetan (CMD); Abhishek Khanna (Kotak Securities): So obviously, RERA approval is not received there. And this is all what the tenancy sales are happening, which does not require the RERA approval.
p. 6 · Read in context →
Q4 & FY2024 Earnings Conference Call — Q4 FY2024
The clearest statement of the growth roadmap and capital-allocation rules: double the GDV, stay net-debt-zero, and redeploy cash at 30% ROI. · Open the full transcript →
The balance-sheet base of the model: net-debt-zero with gross debt down 58% since FY22.
Kamal Khetan (Chairman & Managing Director): This has led to Sunteck achieving net debt zero as at the end of FY'24, yet again demonstrating our financial prudence. Gross debt is down 58% since FY'22 and stands at just INR295 crores with a gross debt to equity ratio at 0.09. We believe we have a strong and liquid balance sheet and this gears up to do more work.
p. 3 · Read in context →
The growth roadmap: doubling GDV from INR30,000cr to INR60,000cr on industry consolidation.
Kamal Khetan (CMD): we have embarked on the ambitious yet achievable roadmap of doubling our GDV, which is gross development value, from INR30,000 crores to INR60,000 crores in the coming years.
Our confidence to achieve this stems from our strong foothold in the market and our ability to capitalize on the deep consolidation within the industry. In the past, through meticulous planning and execution, we have seen our GDV double in less than three years till end of FY'24.
p. 4 · Read in context →
Capital discipline: the annual fundraise is only an enabling resolution, not a plan to dilute.
Kamal Khetan (CMD); Kunal Lakhan (CLSA): as a practice, we have been taking this for the years from last few years that this enabling resolution is always there. But obviously, we don't plan to raise any equity or increase the debt, we are already net debt positive.
p. 5 · Read in context →
Q4 & FY2023 Earnings Conference Call — Q4 FY2023
The foundation call: the cash-flow-and-deleveraging engine, the annuity portfolio's start, and the 'land as raw material' philosophy in the founder's words. · Open the full transcript →
The cash-flow engine and deleveraging: ~INR950cr of three-year surplus, net D/E cut to 0.1.
Kamal Khetan (Chairman & Managing Director): We closed FY23 with Rs. 1602 crore in pre-sales and Rs. 1,250 crore in collections.
The strong operational performance has enabled us to generate more than Rs. 425 crore of surplus operating cash flow in FY23. Cumulatively, over the last three financial years, we have generated close to Rs. 950 crore of surplus operating cash flow. This has allowed us to not only do aggressive acquisitions but also enabled us to reduce our already negligible net debt-equity ratio in the last three years from 0.22 to 0.1.
p. 3 · Read in context →
The annuity pillar begins: BKC51 pre-leased for a 29-year term, Icon to follow.
Kamal Khetan (CMD): we are also now focusing on building a rental portfolio from our commercial projects and to mention we have already pre-leased the entire project of Sunteck BKC51 at BKC Junction for lease tenure of 29 years. Similarly, we are looking to prelease our second project also at BKC Junction, namely Sunteck Icon.
p. 4 · Read in context →
A candid miss: management owns falling short of the ~INR1,800cr target on a delayed launch.
Kamal Khetan (CMD); Abhinav Sinha (Jefferies India): So, Abhinav obviously as I said, we were expecting this Sky Park launch to be earlier than March, we were looking at Q3. Anyhow, we managed to launch in Q4 and that too also towards the last month of Q4 because of that we got short of our target
p. 5 · Read in context →
More calls
Q4 & FY2025 Earnings Conference Call — Q4 FY2025 · 7 pages · The FY25 annual wrap: pre-sales of INR2,531cr (+32%), the cash-flow ROCE framing, and how the Nepean Sea Road pre-sales work under tenancy/redevelopment rights. · Open →
Q2 & H1 FY2026 Earnings Conference Call — Q2 FY2026 · 9 pages · Introduces the by-invitation 'Emaance' luxury brand and the Nepean Sea Road marquee positioning, alongside the H1 FY26 margin step-up. · Open →
Q1 FY2026 Earnings Conference Call — Q1 FY2026 · 7 pages · The FY26 launch plan laid out: a target of ~INR11,000cr GDV of launches across three quarters and the path from INR400bn to over INR500bn of GDV. · Open →
Q3 & 9M FY2025 Earnings Conference Call — Q3 FY2025 · 9 pages · A mid-year FY25 check on the 30%+ pre-sales run-rate and the BKC/luxury momentum that was then driving the mix. · Open →
Q2 & H1 FY2025 Earnings Conference Call — Q2 FY2025 · 9 pages · H1 FY25 progress on the GDV-doubling roadmap and the cash-flow surplus that funds business development. · Open →
Q1 FY2025 Earnings Conference Call — Q1 FY2025 · 9 pages · The opening quarter of FY25, for the first read on the 30-35% pre-sales guidance and the year's launch pipeline. · Open →
Q3 & 9M FY2024 Earnings Conference Call — Q3 FY2024 · 12 pages · 9M FY24 update on the net-debt-zero balance sheet and the pickup in BKC luxury inventory. · Open →
Q2 & H1 FY2024 Earnings Conference Call — Q2 FY2024 · 8 pages · H1 FY24 view of the sustenance-plus-new-launch model and continued cash-flow discipline. · Open →