Suratwwala's FY26 revenue jumps 13x to Rs 143 cr on dual platform
Real estate contributed Rs 90 cr at 46% margin; solar EPC unit SNER added Rs 54 cr in first full year. Solar pipeline for FY27 guided at Rs 100 cr.
— 1 earlier story on Suratwwala Business Group Ltd. →What's new
- FY26 revenue jumps to Rs 143 cr (from Rs 11 cr pre-listing) with net profit of Rs 38 cr; net worth exceeds Rs 110 cr.
- Real estate segment (Mark Plazzo) delivers Rs 90 cr at 46% margin; solar EPC unit SNER adds Rs 54 cr at 19% margin in first full year.
- Management guides Rs 100 cr solar EPC pipeline for FY27 and early delivery of Mark Plazzo towers by mid-2027; declines to disclose project-level margins or GDV.
Why this matters
Suratwwala has successfully diversified into solar EPC, which now contributes over a third of revenue. The 180-acre land bank in Pune growth corridors provides real estate visibility. However, the refusal to disclose project-level margins clouds transparency and limits investor confidence.
What we're watching
- Execution of the Rs 100 cr solar EPC pipeline in FY27.
- Progress on Mark Plazzo early delivery and any new real estate launches.
- Any future disclosures on land bank GDV or project-level margins.
The full read
Suratwwala Business Group's FY26 numbers tell a story of successful diversification. Revenue soared to Rs 143 cr from just Rs 11 cr pre-listing, driven equally by its real estate flagship and a fledgling solar EPC arm. The real estate segment, essentially the Mark Plazzo commercial project, delivered Rs 90 cr at a 46% margin, while its solar subsidiary SNER chipped in Rs 54 cr at 19% margin in its first full year. Management's forward guidance is ambitious: a Rs 100 cr solar EPC pipeline for FY27 and early delivery of Mark Plazzo towers by mid-2027. Yet the refusal to disclose project-level margins or gross development value (GDV) on its 180-acre Pune land bank sows doubt. For a nano-cap stock with a ₹451 cr market cap and a trailing P/E of 11.9x, the growth trajectory is promising, but transparency will be key to sustaining investor trust.
Questions answered
- How did the solar EPC unit SNER perform in FY26?
- SNER contributed Rs 54 cr revenue at 19% margin in its first full year of operations. Management expects a Rs 100 cr pipeline for FY27.
- What is the size and location of Suratwwala's land bank?
- The company has amassed 180 acres over a decade in Pune growth corridors. It did not disclose the gross development value (GDV) or project-level margins.
- What are the margins in the real estate segment?
- The Mark Plazzo commercial project delivered a 46% margin on Rs 90 cr revenue. No other project-level margins were disclosed.
- What is the guidance for Mark Plazzo towers?
- Management expects early delivery of ongoing Mark Plazzo towers by mid-2027, ahead of schedule.
- Why did the analyst score this concall summary only 6 out of 10?
- The score is capped due to fixed scoring rules for concall summaries, despite the comprehensive information provided. The analyst noted the depth of details but the category prevents a higher score.
- What is the company's net worth and profitability?
- Net worth exceeded Rs 110 cr at FY26 end. Net profit for the year was Rs 38 cr on revenue of Rs 143 cr.
Suratwwala Business Group Ltd.
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All notes on SBGLP →- 19 Jun 2026 · 5:58 PM IST Suratwwala's FY26 revenue jumps 13x to Rs 143 cr on dual platform
- 26d ago Suratwwala to present at Hem Securities virtual meet. No new info expected.