transcript of Analyst/Investors call held on November 02, 2026

November 07, 2026 To To National Stock Exchange of India Limited, BSE Limited Exchange Plaza, Plot No. C/1, G Block Phiroze Jeejeebhoy Towers Bandra-Kurla Complex, Bandra (East), 21st Floor, Dalal Street, Mumbai Mumbai – 400 051 – 400 001 NSE Symbol: SURAJEST BSE Scrip Code: 544054 Dear Sir/Madam, Sub: Transcript of Analyst/Investors conference call held on November 02, 2026 Ref: Pursuant to Regulation 30(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 With reference to our letter dated October 28, 2026 intimating you about the conference call with Analyst/Investors which was held on November 02, 2026, please find attached the transcript of the aforesaid conference call. The above information will also be available on the website of the Company i.e. https://surajestate.com/investor-corner/ We request you to kindly take the above information on record. Thanking you, Yours faithfully, For Suraj Estate Developers Limited Mukesh Gupta Company Secretary & Compliance Officer ICSI Membership No.: F6959 SURAJ ESTATE DEVELOPERS LIMITED Aman Chambers, 3rd Floor, Century Bazaar, Prabhadevi, Mumbai, Maharashtra 400025 Call +91 022 2437 7877/+91 022 2436 0802/ +91 022 2432 7656/ +91 022 2436 3471 CIN No. L99999MH1986PLC040873 www.surajestate.com “Suraj Estate Developers Limited Q2 and H1 FY27 Earnings Conference Call” November 02, 2026 “E&OE - This transcript is edited for factual errors. In case of discrepancy, the audio recordings uploaded on the stock exchange on 2nd November 2026 will prevail.” MANAGEMENT: MR. RAHUL THOMAS – WHOLE-TIME DIRECTOR – SURAJ ESTATE DEVELOPERS LIMITED MR. SHREEPAL SHAH – CHIEF FINANCIAL OFFICER – SURAJ ESTATE DEVELOPERS LIMITED SGA, INVESTOR RELATIONS ADVISORS – SURAJ ESTATE DEVELOPERS LIMITED Page 1 of 8 Suraj Estate Developers Limited November 02, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Q2 and H1 FY27 Earnings Conference Call, hosted by Suraj Estate Developers Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. I would now hand the conference over to Mr. Rahul Thomas, Whole-Time Director from Suraj Estate Developers Limited. Thank you, and over to you, sir. Rahul Thomas: Good afternoon, everyone. I welcome you all to our Q2 and H1FY27 earnings conference call. Along with me, I have our CFO, Mr. Shreepal Shah; and SGA, our Investor Relations Advisors. I hope all of you have gone through our investor presentation uploaded on the stock exchanges and our company website. Before taking you through our performance, let me briefly touch upon the real estate market in which we operate. South and Central Mumbai continue to be among the city's most established and premium real estate markets. These locations benefit from well-developed social infrastructure, strong connectivity, proximity to key employment centers and an established commercial ecosystem. In the commercial segment, locations such as the CBD and Worli continue to see limited availability of quality Grade A office spaces, while Lower Parel remains as an active leasing destination, supported by demand from established corporate occupiers. This, coupled with limited development opportunities in these established locations, supports the premium positioning of the commercial market. On the residential side, South Central Mumbai continues to attract demand across the value luxury and luxury segments. Established neighborhoods such as Worli, Prabhadevi, Lower Parel, Parel, Dadar and Matunga remain preferred destinations for homebuyers. At the same time, redevelopment is playing an increasingly important role in creating new housing supply, particularly given the limited availability of vacant land parcels in these mature locations. These are the markets where Suraj Estate has built its presence and developed strong execution capabilities over the years. Our understanding of these micro markets, particularly our expertise in redevelopment and tenant settlement, position us to well capitalize on the opportunities emerging across the residential and commercial segments. Overall, we believe that the established nature of these locations, continued demand from homebuyers and commercial occupiers and the availability of redevelopment opportunities will continue to support the long-term attractiveness of South Central Mumbai. Coming to our business performance, we continue to witness healthy sales momentum during the quarter. During Q2 FY27, we recorded a sales value of INR206 crores compared to INR153 crores in the corresponding quarter last year, registering a growth of 35% year-on-year. Sales area increased by 19% to 41,487 square feet, while collection stood at INR104 crores, reflecting a growth of 46% over the previous year. Page 2 of 8 Suraj Estate Developers Limited November 02, 2026 On a half year basis, sales value stood at INR347 crores, registering a growth of 48% year-on- year. Sales area increased by 37% to 70,321 square feet, while collections stood at INR190 crores compared to INR186 crores in H1 of FY26. This performance reflects the continued contribution of our residential and commercial development and the healthy traction across our project portfolio. One of the key highlights during the quarter was the encouraging response to Suraj One Business Bay, our marquee commercial development in Mahim. This project has witnessed a strong market traction with approximately INR500 crores worth of inventory sold since its launch. We have also completed the acquisition of development rights for the adjoining land parcel, which will further enhance the scale and development potential of the project. With this expansion, the combined project will have an estimated saleable area of 3.59 lakh square feet, taking its GDV potential to around INR2,000 crores compared to the earlier estimate of INR1,200 crores. We believe this expansion will further strengthen our commercial portfolio and consolidate our presence in the Mahim Micro market. In addition, we have received Commencement Certificate for Lobo Villa and Ellis Villa, which is now named as Suraj Nova and work on the project has commenced. Located in Mahim West, this value luxury residential project is planned for the launch in Q3 FY27 with RERA registration also expected during the same quarter. Similarly, we have received Commencement Certificate for Suraj Madonna, a value luxury residential project in Dadar West, which is also targeted for launch and RERA registration in Q3 FY27. Together, 2 projects have an estimated combined GDV of INR250 crores and are expected to further strengthen our presence in the South Central Mumbai market. Moving to our overall project portfolio. As of September '26, our ongoing projects had achieved a cumulative sold area of 6.36 lakh square feet at an average realization of approximately INR46,170 per square foot. Collections received from these projects stood at INR1,770 crores with a balance receivable of approximately INR1,168 crores. In addition, our unsold area stood at 1.20 lakh square feet with an estimated GDV of around INR708 crores. Taking together the balance receivable from sold inventory and estimated value of unsold, the total estimated receivables from our ongoing projects stand at approximately INR1,876 crores, providing healthy visibility of future cash flows. Currently, we have 13 ongoing sites with a development area of 23.54 lakh square feet and a saleable RERA carpet of 7.57 lakh square feet. In addition, our upcoming pipeline comprises of 18 projects with an estimated carpet area of 13.46 lakh square feet. This provides us with a strong pipeline to support our growth in the coming years. Looking ahead, we remain positi [Showing first 8,000 characters — download PDF for full document]