Sri Lotus Developers & Realty Limited

Sri Lotus Developers & Realty Limited is a developer of residential and commercial premises in Mumbai, Maharashtra, with a focus in Redevelopment Projects in the Ultra Luxury Segment and Luxury Segment in the western suburbs.  The operations are strategically located in Mumbai, one of the biggest real estate markets in India. For the calendar years 2019 to 2023, the MMR was ranked first among the top seven Indian residential real estate markets (namely, MMR (Maharashtra), Pune (Maharashtra), Bengaluru (Karnataka), Hyderabad (Telangana), the National CapitalRegion, Chennai (Tamil Nadu) and Kolkata (West Bengal)) in terms of supply, absorption and average base selling price. They acquired land for the operations in the western suburbs of Mumbai in 2017, focusing on the Ultra-luxury and Luxury residential properties market. As of June 30, 2025, company has 4 Completed Projects, 5 Ongoing Projects and 11 Upcoming Projects. Historically, the focus has been on the western suburbs of Mumbai. In order to drive future growth, they are further expanding the reach into other micro-markets in southern and central regions of Mumbai, such as Nepean Sea Road and Prabhadevi, and eastern suburbs of Mumbai, such as Ghatkopar.  A substantial amount of the Completed Projects, Ongoing Projects and Upcoming Projects are redevelopment projects or joint development projects. As per financial performance, Sri Lotus Developers & Realty Limited has posted total income / net profits of Rs 169.95 Cr / 16.80 Cr (FY23), Rs 466.19 Cr / Rs 119.14 Cr (FY24) and Rs 569.27 Cr / 227.88 Cr (FY25). So as per previous financials data, company has shown good growth. Company has an average EPS of Rs 3.83 and average RoNW of 41.49% for last three fiscals. Issue is priced at a P/BV of 7.01 as per NAV of Rs 21.39/- as on 31.03.25. If we attribute latest earnings of FY23, FY24 and FY25 on equity post issue, then asking price is at a P/E of around 449.26, 61.23 and 32.17 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Monarch Networth Capital Limited and Motilal Oswal Investment Advisors Limited are associated with this IPO, and have handled 20 IPOs in last three fiscals. From last 12 IPOs, 10 opened above issue price or at par and remaining below issue price on the day of listing. As of now from last 12 IPOs, 10 are trading above issue price and remaining below issue price as on today.  ( As on 24.07.25 ) As per financials, Sri Lotus Developers & Realty Limited has shown good growth, RoNW is 24.39% and P/E is 449.26, 61.23 and 32.17 respectively as per FY23, FY24 and FY25 earnings. When compared with listed peers, issue looks fully priced. Company is a developer of residential and commercial premises in Mumbai, Maharashtra, which is highly competitive business segment. So, we give SUBSCRIBE rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 Anand Kamalnayan Pandit
• 2 Roopa Anand Pandit
• 3 Ashka Anand Pandit