Shraddha Prime Bags Mulund Redevelopment CC; Revenue Pipeline Hits ₹420 Cr

Synopsis: Six days after receiving a commencement certificate for Shraddha Phoenix, Shraddha Prime Projects Ltd has secured another CC  for Shraddha Paradise Enclave in Mulund (West), a residential-cum-commercial redevelopment of Himgiri CHS with a revenue potential of Rs. 420-450 crore over three years, adding a combined pipeline that dwarfs the company’s current annual revenue.

A commencement certificate for a new redevelopment project brought this BSE-listed Mumbai developer back in focus on Wednesday. Under a Regulation 30 disclosure, the company confirmed receipt of the CC for Shraddha Paradise Enclave, a residential and commercial redevelopment project located in Mulund (West). The stock traded marginally higher on the news.

With a market capitalization of Rs. 666.82 crore, the shares of Shraddha Prime Projects Ltd were trading at Rs. 165.05 per share, up 1.16 percent from its previous closing price of Rs. 163.15. It is trading at a P/E of 18.11.

Shraddha Paradise Enclave involves the redevelopment of Himgiri CHS at Swapna Nagari, Nirmal Nagar-Agrawal Road, Mulund (West), under the BMC’s ‘T’ ward jurisdiction. The project carries a RERA carpet area of approximately 1,30,000 sq. ft. on the residential side and around 20,000 sq. ft. of commercial space, bringing total saleable area to roughly 1,50,000 sq. ft.

The company’s filing cites a revenue potential of approximately Rs. 420 crore over three years, though the accompanying press release puts the figure at Rs. 450 crore, a discrepancy between two simultaneous disclosures that retail investors should note.

This is the company’s second commencement certificate in six days. On April 9, Shraddha Prime disclosed receipt of a CC for Shraddha Phoenix, a project estimated to generate approximately Rs. 150 crore in revenue. Together, the two CCs represent a combined pipeline of Rs. 570-600 crore, nearly four times the company’s FY25 consolidated revenue of Rs. 156 crore. Mulund (West), a mid-range suburban market with access to both the Eastern and Western Express Highways, has seen steady redevelopment activity over the past several years.

The pace of pipeline addition warrants a closer look at the balance sheet. Consolidated borrowings rose from Rs. 103 crore in FY24 to Rs. 189 crore in FY25, and climbed further to Rs. 219 crore as of September 2025, a doubling in eighteen months.

 Free cash flow has been negative in each of the past three financial years, consistent with the capital cycle of real estate development, but the trajectory bears watching as multiple large projects move toward execution simultaneously. Working capital days stretched to 587 in FY25 from 464 in FY24, indicating that project-level cash cycles are lengthening.

Business Overview

Incorporated in 2007 and listed on the BSE (code: 531771), Shraddha Prime Projects Ltd is a Mumbai-based real estate developer with a portfolio spanning residential developments, slum rehabilitation, redevelopment, and MHADA projects. For FY25 (consolidated), the company reported revenue of Rs. 156 crore and a net profit of Rs. 25 crore against revenue of Rs. 84 crore and a net profit of Rs. 7 crore in FY24. For the December 2025 quarter, revenue came in at Rs. 129 crore with a PAT of Rs. 13 crore.

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