On Day 3, Sri Lotus Developers & Realty Ltd. IPO was subscribed an impressive 74.10 times, marking one of the highest subscriptions among real estate IPOs after Arcade Developers in the past four years.
The overwhelming investor response was driven by the company’s solid FY25 financial performance, its focus on luxury redevelopment projects, and strong demand from both institutional and retail investors.
Let’s decode the financials of Sri Lotus Developers & Realty IPO to understand how the company stacks up. With an overwhelming subscription of 74 times—outpacing peer IPOs like Lodha Developers, Kalpataru, and Keystone Realtors—it’s worth examining what’s driving such investor interest. A closer look at the numbers can shed light on the fundamentals behind this impressive response.
| Parameter | FY25 | FY24 | FY23 |
| Total Income (₹ cr) | 548 | 453 | 159 |
| EBITDA (₹ cr) | 290.44 | 158.55 | 20.67 |
| OPM (%) | 53% | 35% | 13% |
| Profit After Tax | 228 | 120 | 16 |
| Net Cash from Operations (₹ cr) | -19.5 | 46.15 | 71.13 |
| Cash & Cash Equivalents (₹ cr) | 381 | 124 | 76 |
Source: Screener.in
Revenue surge: Total income rose 21% YoY in FY25 and 185% YoY in FY24, reflecting aggressive scale-up of high-margin redevelopment projects.
Margin excellence: EBITDA margin jumped to 53% - a level rarely seen in the sector - highlighting the profitability of Sri Lotus’ premium business model.
Profit growth: PAT showed exponential growth for two years running, underlining the success of luxury and redevelopment strategies.
| IPO Name | Issue Size (₹ cr) | Price Band (₹) | Total Subscription (×) | QIB (×) | NII (×) | Retail (×) |
| Sri Lotus Developers & Realty (2025) | 792 | 140–150 | 74.1 | 175.61 | 61.82 | 21.77 |
| Kalpataru Ltd (2025) | 1,590 | 387–414 | 2.26 | 1.29 | 3.12 | 1.31 |
| Arkade Developers (2024) | 410 | 121–128 | 106.83 | 163.16 | 163.02 | 51.39 |
| Signature Global (2023) | 730 | 366–385 | 11.88 | 12.71 | 13.54 | 6.82 |
| Suraj Estate Developers (2023) | 400 | 340–360 | 3.3 | 0.13 | 3.45 | 5.05 |
| Keystone Realtors (2022) | 635 | 514–541 | 2.01 | 3.84 | 3.03 | 0.53 |
| Lodha Developers Ltd (2021) | 2,500 | 483-486 | 1.36 | 3.05 | 1.44 | 0.40 |
Sri Lotus Developers not only captured the highest institutional participation (QIB demand at 175.61×) outpacing Arkade, but also won strong backing from High Net-worth Individuals (NIIs) and retail investors.
Already applied for this IPO? Visit Sri Lotus Developers IPO page to know the IPO Allotment Status
Luxury Redevelopment Expertise: Sri Lotus’ focus on Mumbai’s Juhu, Versova-Andheri West, Bandra West, and more micro-markets positions it squarely in the premium segment. Its projects command a luxury premium and face limited supply competition.
Celebrity and Strategic Backing: Endorsements and investments from the SRK family trust, Amitabh Bachchan, and the Roshan family bolstered investor confidence and generated strong media buzz.
Healthy Capital and Liquidity: As of FY25, the company held ₹381 crore in cash and equivalents, ensuring solid working capital and ability to fund new launches.
Exceptional Financial Momentum: With a 53% EBITDA margin, multi-year triple-digit percentage profit growth, and a scalable, asset-light project portfolio, Sri Lotus outclasses rivals on financial quality and growth trajectory.
| Company | Revenue (₹ cr) | OPM (%) | PAT (₹ cr) |
| Sri Lotus Developers & Realty | 548 | 53% | 228 |
| Arkade Developers | 683 | 30% | 157 |
| Signature Global (India) | 2,4980 | 2% | 101 |
| Suraj Estate Developers | 549 | 37% | 100 |
| Keystone Realtors | 2,004 | 10% | 188 |
| Kalpataru Ltd | 2,222 | 3% | 25 |
| Lodha Developers Ltd | 13,780 | 29% | 2,767 |
Source: Screener.in
Sri Lotus Developers & Realty leads in profitability by a wide margin, with an EBITDA margin of 53% and a PAT of ₹228cr on a mid-sized revenue base. This indicates highly efficient operations and strong pricing power, primarily attributed to its luxury redevelopment focus.
Sri Lotus Developers’ IPO has redefined investor appetite in India’s real estate sector, driven by its strong financials and sharp focus on luxury redevelopment. With industry-leading margins, rising revenues, and healthy earnings growth, the company has positioned itself as a serious contender in the premium realty space.
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