Chapter 3

Bottom line

At FY26 close, ₹18,270 crore, or 44.5%, of Sunteck's ₹41,030 crore balance GDV was still upcoming, while launched GDV had contracted year on year [1]. My read is that the portfolio has scale but not yet a defensible NAV: launch timing and project-level economics remain unreported. The counterweight is ₹22,760 crore already launched. Formal launches and disclosed net economics for the largest upcoming projects would change that read.

The mix beneath GDV

The Sunteck Primer defines balance gross development value, or GDV, as potential value excluding sales already made. The additional decision variable is status. From FY25 to FY26, launched balance GDV fell from ₹24,760 crore to ₹22,760 crore, while upcoming GDV increased from ₹14,610 crore to ₹18,270 crore. The upcoming share therefore rose from 37.1% to 44.5% [2].

Source: company-classified launched and upcoming balance GDV [3].

New acquisitions more than replaced sales depletion in the headline total, but did not replenish the launched pool. This distinction matters because an upcoming project still requires some combination of design, approvals, registration and market launch before its GDV can begin converting on normal terms.

Source: FY26 project-level balance GDV and company launch classification; shares are calculated from ₹41,030 crore [4].

The concentration cuts both ways. Dubai is the largest single project at ₹9,000 crore, or 21.9% of total balance GDV, and remains upcoming. Kalyan is almost as large at ₹8,800 crore but is launched. Together they represent 43.3% of the portfolio, yet sit at very different conversion stages [5]. Excluding Dubai, the upcoming pool is ₹9,270 crore; the launch issue is broader than one project, but Dubai materially raises its weight.

Launch cadence

At the Q1 FY26 call, management targeted ₹11,000 crore of new launches over the remaining three quarters [6]. The list included ODC Fifth Avenue, Bandra, Andheri near the Western Express Highway, Mira Road, Vasai, Naigaon and Nepean Sea Road [7].

By Q3, management described ODC Fifth Avenue as effectively launched and a ₹400–500 crore Naigaon phase as launched [8]. Nepean Sea Road was already recording allocations to existing tenants, but had not received RERA approval for open-market sales [9]. At the year-end call, Andheri, additional Mira Road, Vasai and Naigaon phases were again described as launches for the next 12 months, with ₹6,000–7,000 crore of GDV indicated apart from the uncertain Dubai timing [10].

The company did not publish a final like-for-like FY26 launch tally, so the ₹11,000 crore target cannot be scored precisely. The status record nevertheless shows that several named components moved into the following year's plan. Nepean also shows why launch labels need care: tenancy allocations produced pre-sales before a standard RERA launch, so neither an upcoming label nor reported bookings alone gives a complete view of conversion readiness.

From gross value to economics

Sunteck's accounting policy explains the first deduction from GDV. In a JDA, the landowner can receive a percentage of constructed area or revenue proceeds, and the corresponding development right is measured and accounted for when the project launches [11]. The presentation does not give the project-level landowner share, remaining construction cost, selling cost or Sunteck economic interest for the 13-project GDV table [12].

Those omissions are economically material rather than presentational. The FY25 auditor tested inventory recoverability using expected project launch dates, future selling prices, selling costs and construction costs to complete [13]. These are the same inputs needed to turn gross selling value into a project NAV. The Financial Trajectory establishes how much capital the current build-out has already absorbed; this chapter's boundary is that the available project disclosure cannot allocate that capital or its expected return across the GDV pool.

Management's counter-case is a margin framework: it guided to 30–35% EBITDA margins on recent projects and 35–40% on the FY26 pre-sales blend [14]. If delivered, those economics would support value creation. They are not project-specific forecasts, however, and do not resolve ownership share or timing.

The most useful FY27 evidence would be a launched balance-GDV pool above ₹22,760 crore and an upcoming share below 35%, achieved through formal project launches rather than fresh additions to the denominator. Project-level area or revenue shares and cost-to-complete disclosure would then make a defensible NAV bridge possible. If upcoming GDV remains near 45% while the headline grows through acquisitions, execution risk will remain embedded in the reported scale.