Samor Reality is a Gujarat-based builder that started as a family partnership in 2014, converted to a public company in late 2020, and listed on the BSE a year later. It develops and sells residential and commercial projects in and around Ahmedabad, and for years it funded that ambition by trading construction materials - a two-engine approach that kept the company going while its real estate projects were still being built. The recurring pattern is simple: use trading income to buy land and development rights, then sell finished flats and shops once the buildings are ready. # Business segments Two engines that fed each other - a trading business that generated cash while real estate projects were under construction, and a development business that is now the company's sole focus. ## 1. Real estate development: the long game of land and flats **The company buys land and development rights in Ahmedabad, builds residential and commercial projects on it, and books revenue only when it hands over possession to the buyer.** - **Paid at possession, not during construction** - revenue from a flat or shop is recognised at a single point in time, when the keys are handed over, though for some contracts where the buyer controls the asset as it is built, revenue may be recognised over time. - **Land is the raw material** - the company acquires land and development rights as the foundation of every project, and also holds investment properties for capital appreciation, which as of March 2024 were carried at about ₹10 crore but had a fair value of roughly ₹43 crore. - **Fixed-price contracts tame input costs** - to protect against volatile steel, cement and other material prices, the company locks in fixed-price deals with vendors and uses commodity derivatives on recognised exchanges, never for speculation. - **Two named projects show the pipeline** - "The Gold Skyvilla" in Bhadaj was originally a subsidiary's project, taken over directly by Samor in late 2021 using ₹6 crore of unutilised IPO money; "The Leela by Samor" is a partnership project where Samor's profit share was restructured to 56.25% in February 2026. - **Execution is a juggling act** - the business depends on labour availability, timely government approvals, electricity and water access, weather, and the absence of litigation, with reputed contractors hired to do the actual building. ## 2. Trading of building materials: the cash engine that came first **For several years, the company bought and sold construction goods - the trading desk generated revenue while the real estate projects were still works-in-progress.** - **Goods sold before flats were ready** - in the period from December 2020 to March 2021, trading brought in about ₹9.6 crore of revenue; in FY22 it generated roughly ₹17.3 crore, all while the real estate segment reported zero revenue. - **Simple buy-and-sell logic** - revenue was booked when goods were dispatched or appropriated under the sale terms, and inventory was valued at the lower of cost or what it could realistically sell for. - **Now absorbed into the main business** - by the half-year to September 2024, the company reported only one segment: real estate activities, meaning the trading operation has been folded in or discontinued as a separate line. # Group structure and partners **A lean structure with no subsidiaries and one active project partnership, plus a small portfolio of outside investments.** - **No subsidiaries since 2023** - the company's only subsidiary, Samor & Motherland LLP, had its entire business purchased by Samor in May 2022 for about ₹2.2 crore and was subsequently struck off, leaving the parent with no subsidiaries as of March 2023. - **One active project partnership** - as of February 2026, Samor holds a 56.25% stake and profit share in "The Leela by Samor" partnership, alongside four other partners including Swastik Landmark Projects LLP. - **Investment book on the side** - the company holds quoted shares in Laxmi Goldorna House Limited and Sona Hi Sona Jewellers (Gujarat) Limited, mutual fund units, and a partnership interest in Laxmi Gold Orna House valued at about ₹2.9 crore as of March 2024.