Shree Salasar Investments Ltd is a real estate developer that happens to be structured as a listed investment company - it channels capital into residential and commercial projects in Mumbai and Pune through a network of subsidiaries and partnership firms, not by building with its own employees. Incorporated in 1980 and run by a chartered-accountant managing director with over two decades of on-the-ground development experience, the company has spent the last fifteen-plus years delivering flats and commercial spaces under the brand name Sajay Developers. The recurring approach is simple: raise equity, deploy it as interest-bearing capital and non-interest loans into group entities, and earn returns through profit shares when those entities sell completed flats - a model where the listed company acts as the financing heart and the unlisted partnerships do the constructing. # Business segments Two engines that feed each other - a financing core that deploys capital into group entities, and a real estate development engine housed in subsidiaries and partnerships that turns that capital into flats for sale. ## 1. Investment financing: the group's capital engine **The listed company earns its standalone revenue entirely from interest and profit shares on capital placed with its own subsidiaries and partnership firms - it is the group's in-house financier, not a third-party lender.** - **Interest and profit-share income** - on a standalone basis, every rupee of operating revenue comes from interest received and profit shares from a partnership firm, which in FY25 amounted to Rs.180.29 lakh. - **Non-interest loans to group entities** - the company extends unsecured, interest-free loans to associates and related parties, with Rs.20.59 crore granted during FY25 alone and an outstanding balance of Rs.59.36 crore, effectively funding development without adding interest burden to its own projects. - **No factory, no inventory** - the company holds no plant, no stock, and carries no borrowings from banks or financial institutions, so its balance sheet is essentially a pool of loans, advances, and partnership investments. - **Equity raised, not debt** - growth is funded through preferential share allotments to promoters and strategic investors rather than bank debt, with the most recent raise in FY25 bringing in Rs.16.05 crore at Rs.150 per share. ## 2. Real estate development: where the capital turns into flats **The group develops residential and commercial projects in Mumbai and Pune through subsidiaries and partnership firms, earning revenue when flats are sold and profits are distributed back up to the listed parent.** - **Flats are the product** - consolidated revenue includes outright sale of flats alongside profit shares from partnership firms, and the group carries work-in-progress inventory of Rs.9,411.55 lakh, showing active projects under construction. - **Multiple partnership stakes** - beyond Hariyana Developers, the group holds profit-sharing interests in Vastu Developers (24%), Sanjey Developers, Shrinivas Developers, and VJSS Construction, spreading its development exposure across several project vehicles. - **Customer advances fund construction** - the company collects advances from customers against property bookings, which in one year reached Rs.10.68 crore, providing working capital before flats are completed and handed over. # Group structure and partners **A tightly held promoter vehicle with two operating subsidiaries, one controlling partnership stake, and a web of minority development partnerships - all consolidated under a single listed entity with no external parent.** - **Two promoter-shareholders at the centre** - Ajay Dilkush Sarupria and Shailesh Ghisulal Hingarh each hold 31.12% of the equity, together controlling over 62% of the company. - **Two wholly owned construction subsidiaries** - Vinca Realtors Private Limited (100% held) and Marine Drive Realtors Private Limited (99% held) both carry out building completion and construction, with Vinca holding an investment portfolio of Rs.33.39 crore as of FY22. - **One controlling partnership stake** - Hariyana Developers, where the company holds an 87.5% effective ownership, is consolidated into the group accounts and classified as an infrastructure developer. - **Four minority partnership interests** - the group also holds profit shares in Vastu Developers (24%), Sanjey Developers, Shrinivas Developers, and VJSS Construction, giving it exposure to additional projects without full consolidation. - **No external parent, listed on BSE** - the company is not a subsidiary of any other entity, and its shares trade on the BSE under stock code 503635, with 98.85% of equity held in dematerialised form.