### **Company Overview** Shriram Properties Limited (SPL) is a leading Indian residential real estate developer focused on the **mid-market and mid-premium housing segments**. Part of the diversified **Shriram Group**, SPL has over **25 years of experience** and has delivered **48 projects totaling over 29 million square feet (msf)**, catering to more than **31,000 families**. The company is publicly listed on the BSE and NSE, having completed its IPO in December 2021. SPL primarily operates across **Bangalore, Chennai, Kolkata, and Pune**, with a dominant presence in South India. The company has consistently ranked among the **top 3–5 developers** in its core markets and has built a reputation for **timely execution, customer-centric design, and strong governance**. --- ### **Strategic Positioning & Business Model** #### **1. Strategic Focus** - **Segment Focus**: SPL targets the **mid-market and mid-premium residential segment**, which accounts for approximately **74% of India’s national housing absorption**, providing a resilient, long-term growth runway. - **Geographic Markets**: Core operations span **Bangalore, Chennai, Kolkata, and Pune**, with **>85% of development activity** concentrated in these cities. The company is expanding its footprint in **Western India**, with Pune serving as a key growth engine. - **Pricing Strategy**: Prices range between **₹5,500–8,500/sq ft** in key micro-markets like Pune’s Undri and Bangalore, balancing **affordability with premium design and amenities**. #### **2. Asset-Light & Partnership-Driven Model** SPL operates on a **capital-efficient, asset-light business model**, leveraging multiple ownership structures: - **Own Development (OD)** - **Joint Development Agreements (JDA)** - **Joint Ventures (JV)** - **Development Management (DM)** This model allows SPL to **minimize land acquisition costs**, **reduce capital intensity**, and **accelerate project delivery**, while retaining strong operational control. --- ### **Growth Strategy & Long-Term Vision** SPL has launched **SPLNxT**, a **three-year strategic growth initiative (FY26–FY28)** with ambitious targets: - **Double pre-sales value** - **Triple revenue** - **Quadruple profits** relative to FY25 levels. This growth is underpinned by scalable operations, capital discipline, and a robust project pipeline. --- ### **Project Pipeline & Development Outlook (Nov 2025)** #### **1. Upcoming Project Pipeline** - **Total GDV (Gross Development Value)**: **₹11,470 crores** - **Pipeline Breakdown by Model**: - **Own Land**: ₹4,990 crores - **JDA**: ₹4,770 crores - **JV**: ₹580 crores - **DM**: ₹1,130 crores - **Total Area**: ~**17 million sq ft** SPL aims to **nearly double its upcoming pipeline within 18–24 months**, supported by over **20 million sq ft of land under active evaluation** in high-growth corridors like **Bangalore, Pune, and Chennai**. #### **2. High-Confidence Launches** - **2.7 million sq ft** of launch-ready projects with **₹2,200 crore GDV** - **New launches in Nov 2025** include: - **Bannerghatta Road, Bangalore**: 5-acre **premium villament project** (₹350 crore GDV), emphasizing **sustainable design and green spaces**. - **Yelahanka, North Bangalore**: 154-acre **eco-integrated township** adjacent to the ‘Mini Lalbagh’ biodiversity park, with ₹600 crore GDV. - **Hinjewadi, Pune**: Mixed-use **high-rise development** (0.7 million sq ft, ₹700 crore GDV), marking the **second Pune project** under a JDA model. #### **3. Recent Project Launches (H1 FY26)** - **Superstar, Pune** (0.89 msf): **48% sell-through** within 6 months - **The One, Bangalore** (0.5 msf): **80% sell-through**, located near Electronic City - **Springfield Phase 2, Kolkata** (0.28 msf): **43% sell-through** These launches reflect **strong end-user demand** and brand acceptance in both mature and new markets. --- ### **Market Expansion & Geographic Diversification** #### **1. Entry into Pune (2025)** - **Strategic Gateway to Western India** - **Superstar project** in **Undri** sold **250+ units in 4 months**, **exceeding local sales velocity** - **Second project in Hinjewadi** launched, targeting tech professionals - Over **20 million sq ft under evaluation** for future expansion - **Pune commercial deals closed**: >6 million sq ft, signaling strong capital and partner confidence SPL is **building a scalable platform** in Pune, with plans to **run 3–4 projects simultaneously** within 12–18 months. #### **2. Kolkata: Monetization & Scalability** - **314-acre integrated township**: *Shriram Grand City* with **33.5 million sq ft development potential** - Strategy: **Develop 10 million sq ft over 3–5 years**, **monetize remaining 22–23 million sq ft** via **FSI sales or partnerships** - **MoU with LOGOS Australia**: for a **logistics park** on **90 acres**, creating 50,000+ jobs and enhancing value unlock - **Key residential projects**: - *Shriram Grand-1*: Nearly fully sold - *Shriram Sunshine*: 90% Phase 1 sold #### **3. Future Markets** - **Long-term plans to enter Hyderabad and Mumbai** on a **cautious, case-by-case basis** - Expansion dependent on **successful Pune operations and market maturity** --- ### **Execution & Delivery Performance** #### **1. Handover Targets** - **FY25 target**: Deliver **3,000–3,500 units** - **H2 FY25 deliveries**: **~2,800 units** (over 2.5 million sq ft), generating **>₹1,000 crore in revenue recognition** - **Total deliveries since inception**: **>21,000 homes** #### **2. Ongoing Projects** - **Pipeline**: **43 projects** with **37.1 million sq ft potential**, including **18.5 million sq ft under active construction** - **7.7 million sq ft of sold but unrecognized inventory** expected to be delivered over the **next 2–3 years**, contributing to **>₹5,000 crores in future revenue** - **75% of ongoing project inventory already sold**, ensuring **de-risked revenue visibility** --- ### **Financial & Governance Strength** - **Debt-to-Equity Ratio**: **0.3x** (low leverage, conservative capital structure) - **CRISIL Credit Rating**: **A- (Stable)** – a testament to financial discipline and governance - **Business Development Pipeline**: Over **30 projects under evaluation** for addition to the pipeline - **Capital Efficiency**: DM model generates **10–22% of project revenues** as fees with minimal capital investment --- ### **Sustainability & Brand Positioning** #### **1. Green Development** - **EDGE-certified projects** in Bangalore and Chennai - Incorporates **zero liquid discharge (ZLD), solar power, and water recycling** - **Enhanced buyer appeal, faster approvals, and premium pricing opportunities** #### **2. Brand Strategy** - Rebranded in FY25 as **“aspirational, lifestyle-focused”** while retaining core **affordability** - Core Brand Pillars: **4S Framework** – *Sensible, Sensitive, Stylish, Spirited* - **25% of sales driven by referrals**, highlighting **strong customer trust and advocacy**