Sri Lotus Developers & Realty
Mainboard₹792 Cr issue
+19.40%
Listing gain over issue price
Issue size
₹792 Cr
1 lot at cut-off
₹15,000
Lot size
100shares
Open
30 Jul 2025
Close
01 Aug 2025
Allotment
04 Aug 2025
Listing
06 Aug 2025
Listing performance
Issue price
₹150
Listed at
₹179.10
Listing-day close
₹196.85
Latest price
₹225.50
Close on 23 Oct 2026
Listing gain
+19.40%
Return since issue
+50.33%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 30 Jul 2025 – 01 Aug 2025
- Listing date
- 06 Aug 2025
- Face value
- ₹1 per share
- Issue price
- ₹150 per share
- Lot size
- 100 shares
- Total issue size
- ₹792 Cr
- Market cap at offer price
- ₹7,331 Cr
- Promoter holding
- 91.78% → 81.86% pre-issue → post-issue
- ISIN
- INE0V9Q01010
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Motilal Oswal Investment Advisors Ltd.
- Registered office
- 5th & 6th Floor, Lotus Towe, 1 Jai Hind Society, N S Road No.12/A, JVPD Scheme, Juhu, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 1,57,99,999 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 100 shares per lot, in multiples, at ₹150
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 100 | ₹15,000 |
| Retail (max) | 13 | 1,300 | ₹1,95,000 |
| S-HNI (min) | 14 | 1,400 | ₹2,10,000 |
| S-HNI (max) | 66 | 6,600 | ₹9,90,000 |
| B-HNI (min) | 67 | 6,700 | ₹10,05,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
1,57,99,999
Anchor portion
₹237 Cr
at ₹150 per share
Valuation and performance
Valuation at offer price
₹150 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.23 | 4.66 |
| P/E (×) | 28.68 | 32.19 |
| Price to book (×) | 7.01 | — |
| Market cap | — | ₹7,331 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 24.39%
- ROCE
- 27.22%
- Debt / equity
- 0.13
- PAT margin
- 41.46%
- EBITDA margin
- 52.57%
- NAV per share
- ₹21.39
- Price to book
- 7.01
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Sri Lotus Developers & Realty
Sri Lotus Developers and Realty Limited (formerly AKP Holdings Limited) was incorporated on February 17, 2015, and converted to a public company in December 2024. The company develops residential and commercial premises in Mumbai, Maharashtra, with a strategic focus on redevelopment projects in the ultra-luxury and luxury segments in the western suburbs. The company is led by Promoter Anand Kamalnayan Pandit, who has over 24 years of experience in the real estate business and has executed twelve projects in the western suburbs of Mumbai (eight residential and four commercial projects) developing over 3.32 million square feet. The company operates through a Special Purpose Vehicle (SPV) structure where each project is executed through subsidiaries. As of June 30, 2025, the company has completed 4 projects, has 5 ongoing projects, and 11 upcoming projects primarily located in the Western Suburbs of Mumbai. The company makes money through the development and sale of residential units, commercial spaces, and through redevelopment of cooperative housing societies.
Company Analysis
from RHPSri Lotus Developers and Realty Limited is a residential and commercial real estate developer focused on redevelopment projects in the ultra-luxury and luxury segments of Mumbai's Western Suburbs.
Sri Lotus Developers and Realty Limited (formerly AKP Holdings Limited) was incorporated on February 17, 2015, and converted to a public company in December 2024. The company develops residential and commercial premises in Mumbai, Maharashtra, with a strategic focus on redevelopment projects in the ultra-luxury and luxury segments in the western suburbs. The company is led by Promoter Anand Kamalnayan Pandit, who has over 24 years of experience in the real estate business and has executed twelve projects in the western suburbs of Mumbai (eight residential and four commercial projects) developing over 3.32 million square feet. The company operates through a Special Purpose Vehicle (SPV) structure where each project is executed through subsidiaries. As of June 30, 2025, the company has completed 4 projects, has 5 ongoing projects, and 11 upcoming projects primarily located in the Western Suburbs of Mumbai. The company makes money through the development and sale of residential units, commercial spaces, and through redevelopment of cooperative housing societies.
Real estate developmentResidential real estateCommercial real estateRedevelopment projects
Objects of the Issue
- Investment in our Subsidiaries, Richfeel Real Estate Private Limited, Dhyan Projects Private Limited and Tryksha Real Estate Private Limited for part-funding development and construction cost of our Ongoing Projects, Amalfi, The Arcadian and Varun, respectively ₹5,500.00 million p.27
- General corporate purposes p.27
- Investment in subsidiaries for part funding development and construction cost of Ongoing Projects ₹5,500.00 million p.57
- Investment in our Subsidiaries, Richfeel Real Estate Private Limited, Dhyan Projects Private Limited and Tryksha Real Estate Private Limited for part-funding development and construction cost of our Ongoing Projects, Amalfi, The Arcadian and Varun, respectively ₹5,500.00 million p.125
- General corporate purposes [●] p.125
- Repayment of borrowings
- Funding capex for new projects
- General corporate purposes
Issue Structure
- Total Issue
- Up to [●] Equity Shares of face value of ₹1 each aggregating up to ₹7,920.00 million
- Fresh Issue
- Up to [●] Equity Shares of face value of ₹1 each aggregating up to ₹7,920.00 million
- Offer for Sale
- Not Applicable
- Price Band
- ₹[●] per Equity Share (Floor Price) to ₹[●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares of face value of ₹1 each and in multiples of [●] Equity Shares
- Face Value
- ₹1 each
Business Model
The company develops and sells residential and commercial properties, primarily through redevelopment projects of cooperative housing societies in the Western Suburbs of Mumbai. Revenue is recognized based on fulfillment of performance obligations as set out in contracts with customers. The company undertakes majority of its projects through subsidiaries (Special Purpose Vehicles), with each project executed through a separate subsidiary entity.
Business Segments
Development and sale of residential properties including apartments, duplexes, penthouses and spacious apartments with terraces and balconies in the ultra-luxury and luxury segments
Development and sale of commercial office spaces and retail spaces
Development and construction of residential units in ultra-luxury and luxury segments in Mumbai's western suburbs
Residential redevelopment project located at Versova, Andheri (West), Mumbai. Estimated to have 31 units with total saleable area of 49,063 sq. ft. In initial stages of construction with estimated completion by Fiscal 2027-28.
Residential redevelopment project located at N. S. Road no. 10, JVPD Scheme, Mumbai. Estimated to have 93 units with total saleable area of 139,686 sq. ft. Currently in initial stages of construction with estimated completion by Fiscal 2026-27.
Residential redevelopment project located at 34, Carter Road, Bandra (West), Mumbai. Estimated to have 21 units with total saleable area of 33,745 sq. ft. Currently in initial stages of construction with estimated completion by Fiscal 2027-28.
Construction and development of 2BHK and 3 BHK flats with a price range of ₹ 3 crores to ₹ 7 crores
Construction and development of 3BHK, 4 BHK and 4+ BHK flats and penthouses, with a price of above ₹ 7 crores
Construction and development of commercial offices
Development and sale of residential apartments, bungalows, flats, and related residential real estate units
Development and sale of commercial office spaces, shopping centers, and related commercial real estate units
Development and sale of residential and commercial projects
Development of residential and commercial premises through redevelopment projects in ultra-luxury and luxury segments in Mumbai's western suburbs
SWOT Analysis
Strengths
- • Experienced promoter with 24+ years in real estate(p.26)
- • Strategic focus on high-value redevelopment in premium micro-markets(p.26)
- • Established project track record with timely completions(p.43)
- • Strong financial growth in profit after tax(p.29)
- • Significant revenue growth trajectory(p.29)
- • Strong financial performance with improving margins and returns(p.59)
- • Significant reduction in leverage; improved capital efficiency(p.59)
- • Strong growth in luxury segment demand aligned with company focus(p.61)
- • Established market position in ultra-luxury residential segment in Mumbai(p.61)
- • Track record of no project delays in last three years(p.58)
- • Strategic positioning in ultra-luxury and luxury segments of western suburbs Mumbai(p.126)
- • Asset-light model through development agreements enabling high operating cash flow(p.141)
- • Timely project completion record exceeding RERA deadlines(p.137)
- • Experienced promoters and management team(p.141)
- • Strong end-to-end capabilities for project execution(p.141)
- • Strong market position in ultra-luxury and luxury residential segments with growing demand(p.205)
- • Ability to command premium pricing significantly above market average(p.208)
- • Experienced promoter with 24+ years in real estate and track record of successful project delivery(p.204)
- • Consistent project completion ahead of schedule demonstrating strong execution capabilities(p.210)
- • Asset-light redevelopment model reducing capital requirements and improving returns(p.210)
- • Strong cash generation from pre-sales during construction phase(p.209)
- • Significant improvement in leverage ratios reflecting strengthened balance sheet(p.207)
- • High EBITDA margins demonstrating operational profitability and efficiency(p.207)
- • Established real estate developer with multiple successful projects and brand recognition(p.241)
- • No time or cost overruns in project execution(p.241)
- • Strong financial position with no loan defaults(p.241)
- • Diverse portfolio of residential and commercial projects across multiple locations(p.240)
- • Diversified real estate portfolio across residential and commercial segments(p.294)
- • Strong revenue growth with increasing profitability(p.320)
- • Significant cash generation and liquidity position(p.314)
- • Net cash position with negative net debt to equity ratio(p.330)
- • Strong equity base with substantial retained earnings(p.307)
- • Expanding subsidiary network with multiple operational entities(p.296)
- • Established presence in ultra-luxury and luxury segments in western suburbs(p.374)
- • Strong revenue growth trajectory across completed projects(p.374)
- • Significant profit margins improving substantially year-on-year(p.385)
- • Strong EBITDA margin expansion(p.381)
- • Growing project portfolio with high-value developments(p.385)
Weaknesses
- • High geographical concentration risk in Western Suburbs of Mumbai(p.41)
- • Significant unsold inventory in completed and ongoing projects(p.43)
- • Heavy dependence on single largest contractor(p.44)
- • Negative operating cash flows in recent fiscal years(p.46)
- • Regulatory compliance lapses with RBI and Companies Act(p.46)
- • Subsidiary dependence and dividend payment uncertainty(p.55)
- • High employee attrition rate in FY2025(p.56)
- • Revenue and expense volatility across periods(p.44)
- • Heavy dependence on residential luxury/ultra-luxury segment(p.61)
- • Reliance on related party transactions and potential conflicts of interest(p.61)
- • Unsecured borrowings that can be recalled by lenders(p.63)
- • Significant increase in trade receivables indicating collection risk(p.65)
- • High capital intensity requiring substantial upfront investments(p.58)
- • Promoter concentration with significant control post-IPO(p.57)
- • Lack of key man insurance despite dependence on key personnel(p.57)
- • High promoter concentration at 91.78% of issued capital(p.118)
- • Dependence on redevelopment projects with complex societal agreements(p.126)
- • Limited project portfolio with only five ongoing projects(p.127)
- • Exposure to regulatory changes in Maharashtra real estate(p.126)
- • Concentration of operations in western suburbs of Mumbai, particularly Juhu and Andheri West(p.212)
- • Limited diversification with 80.73% of FY2025 revenue from commercial segment concentrated in single project (Signature)(p.205)
- • High exposure to litigation affecting project approvals(p.206)
- • Significant pipeline of upcoming projects still in early stages with regulatory uncertainties(p.206)
- • High dependence on promoter group financing and related party transactions(p.278)
- • Concentrated ownership structure with promoters holding 80.75% pre-issue(p.277)
- • Significant related party transactions with promoter group entities(p.254)
- • High dependence on few key customers for revenue(p.330)
- • Significant unsecured borrowings from related parties(p.318)
- • High contract liabilities indicating deferred revenue recognition(p.324)
- • Complex corporate structure with multiple mergers and restructuring(p.311)
- • Dependence on subsidiary companies and associated entities for operations(p.296)
- • High dependence on limited number of key projects for revenue generation(p.385)
- • Significant related party borrowings and dependence on promoter financing(p.395)
- • Complex subsidiary and related party structure with multiple holding relationships(p.355)
- • High capital intensity with significant unsecured indebtedness across subsidiaries(p.395)
- • Negative operating cash flow despite profitability(p.387)
Opportunities
- • Shift toward asset-light redevelopment model(p.52)
- • Expansion into Eastern Suburbs and South Central Mumbai(p.42)
- • Growing domestic real estate market with strong long-term projections(p.26)
- • Luxury segment growth in premium Western Suburbs micro-markets(p.42)
- • Large pipeline of upcoming projects for future growth(p.43)
- • Expansion into new micro-markets within Mumbai (southern, central, eastern regions)(p.73)
- • Capitalize on growing high and ultra-high net worth individual segment(p.61)
- • Leverage asset-light business model for growth(p.67)
- • Growth in redevelopment projects with regulatory incentives(p.60)
- • Growing urban population and demand for housing in western Mumbai(p.161)
- • Consolidation of real estate sector favoring branded tier-1 developers(p.169)
- • Improved housing affordability and strong home loan availability(p.169)
- • Strong institutional bank credit growth to real estate developers(p.168)
- • Rising per capita income driving demand for premium residential units(p.160)
- • Government policy support through PMAY-U 2.0 and infrastructure investments(p.166)
- • Expanding into premium micro-markets of south central Mumbai and eastern suburbs(p.212)
- • Growing commercial office market in Andheri West with stable long-term growth prospects(p.212)
- • Increasing demand for commercial spaces with emerging trend toward smaller, customizable office units(p.208)
- • Shift in housing preferences from affordable to luxury segment indicating sustained demand momentum(p.212)
- • Large pipeline of upcoming redevelopment projects enabling capital-efficient growth(p.212)
- • Strong infrastructure developments enhancing connectivity and real estate attractiveness(p.179)
- • Expansion through acquisition and consolidation of real estate subsidiaries(p.241)
- • Growth in luxury residential and commercial real estate segments(p.238)
- • Infrastructure development and diversified real estate services(p.239)
- • Expansion through acquisitions and consolidation of subsidiary network(p.311)
- • Growing inventory of completed units for future revenue realization(p.314)
- • Large pipeline of ongoing construction projects for revenue growth(p.314)
- • Development of Employee Stock Option Scheme to attract talent(p.324)
- • Capacity to monetize real estate through joint development arrangements(p.299)
- • Strong market absorption in western suburbs with declining inventory overhang(p.376)
- • Continued capital price appreciation in primary market(p.376)
- • Redevelopment projects with high value creation potential(p.374)
- • Upcoming projects pipeline with strong market positioning(p.374)
- • Expansion into new micro-markets within Mumbai region(p.377)
Threats
- • Geographic concentration exposes to regional economic downturns(p.42)
- • Project completion delays expose to RERA penalties and customer dissatisfaction(p.43)
- • Rising interest rates reduce housing loan accessibility for customers(p.56)
- • Regulatory approval delays and conditions can impact project viability(p.51)
- • Construction material costs and labor supply volatility(p.44)
- • Changes in stamp duty and taxation policy affecting affordability(p.56)
- • Competition for redevelopment project bidding and tender qualification criteria(p.52)
- • Market cyclicality and economic slowdown impact demand(p.56)
- • Real estate sector cyclicality and market volatility(p.58)
- • Intense competition from national and regional developers(p.67)
- • Regulatory changes and RERA compliance risks(p.68)
- • Long project gestation periods expose to delays and cost overruns(p.57)
- • Redevelopment project risks including tenant and regulatory complications(p.60)
- • Inflation and rising construction costs(p.77)
- • Natural calamities and pandemic-related disruptions(p.78)
- • Customer payment defaults and receivables collection risk(p.65)
- • Macroeconomic slowdown affecting real estate demand(p.76)
- • RERA regulatory compliance requirements for real estate development(p.166)
- • Rising home loan rates impacting buyer affordability(p.169)
- • Increasing competition from large consolidated real estate developers(p.169)
- • Complexity of urban slum redevelopment projects with societal dependencies(p.129)
- • Risks from variation in construction costs and regulatory approval timelines(p.126)
- • High and rising property prices creating affordability challenges and limiting customer base(p.197)
- • Severe land scarcity and stringent regulatory approvals limiting new development opportunities(p.211)
- • Infrastructure strain and delays impacting real estate market attractiveness(p.198)
- • Intense competition from established and emerging developers leading to price pressures(p.198)
- • Environmental risks including flooding during monsoon seasons affecting property desirability(p.198)
- • Complex tenant rights and rent control laws complicating redevelopment projects(p.198)
- • Potential economic slowdown and high interest rates reducing housing demand(p.197)
- • Regulatory changes in labour laws and employment compliance requirements(p.236)
- • Compliance obligations under Construction Workers Act and BOCW Cess Act(p.236)
- • Contract labour compliance and regulatory registration requirements(p.237)
- • Inter-state migrant worker compliance obligations(p.236)
- • Real estate market cyclicality and economic sensitivity(p.328)
- • Regulatory and compliance risks in real estate development(p.320)
- • Interest rate and refinancing risks on debt obligations(p.302)
- • Construction cost inflation and material price volatility(p.320)
- • Liquidity risk in project-specific receivables and contract assets(p.324)
- • Foreign exchange risk and currency volatility exposure(p.328)
- • Intense competition from larger developers with greater resources(p.378)
- • Dependence on regulatory approvals and land availability constraints(p.376)
- • Volatility in construction material costs impacting margins(p.375)
- • Economic slowdown in Indian real estate sector affecting demand(p.376)
- • Exposure to multiple ongoing litigations affecting projects and profitability(p.399)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Anand Kamalnayan Pandit | Promoter | 80.75% | — |
| Roopa Anand Pandit | Promoter | Negligible | — |
| Ashka Anand Pandit | Promoter | Negligible | — |
| Anand Kamalnayan Pandit | Promoter | 91.78% | — |
| Anand Kamalnayan Pandit | Promoter | 80.75% | [●] |
| Roopa Anand Pandit | Promoter | Negligible | [●] |
| Ashka Anand Pandit | Promoter | Negligible | [●] |
| Anand Kamalnayan Pandit | Promoter / Chairman and Managing Director | — | — |
| Ashka Anand Pandit | Promoter / Executive Director | — | — |
| Anand Kamalnayan Pandit | Promoter | 80.75% | — |
| Roopa Anand Pandit | Promoter | Negligible | — |
| Ashka Anand Pandit | Promoter | Negligible | — |
| Anand Pandit | Promoter | 99.99% | 80.75% |
| Roopa Pandit | Promoter | 0.01% | 0.00% |
| Ashka Pandit | Promoter | — | 0.00% |
| Anand Kamalnayan Pandit | Promoter/Chairman and Managing Director | — | — |
| Anand Kamalnayan Pandit | Trustee of Ashka Pandit Family Trust | — | — |
| Roopa Anand Pandit | Trustee of Ashka Pandit Family Trust | — | — |
Leadership
Anand Kamalnayan Pandit · Chairman and Managing Director
Rakesh Gupta · CFO
Ankit Kumar Tater · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Sri Lotus Developers & Realty IPO FAQs
What is the lot size of Sri Lotus Developers & Realty IPO?
The minimum lot size of Sri Lotus Developers & Realty IPO is 100 shares. One lot costs ₹15,000 at the cut-off price.
When does Sri Lotus Developers & Realty IPO open and close?
Sri Lotus Developers & Realty IPO opened for subscription on 30 Jul 2025 and closed on 01 Aug 2025.
What is the listing date of Sri Lotus Developers & Realty IPO?
Sri Lotus Developers & Realty IPO listed on 06 Aug 2025.