Siddha Group, based in Kolkata, aims to generate INR 1,894 crore in revenue by FY30 – over threefold the INR 600 crore it logged in FY26 – while widening its Mumbai redevelopment pipeline and launching initiatives in eastern and northern India. Managing Director Sanjay Jain discussed these revenue targets and the planned corporate restructuring during an interview with ET Realty at the CREDAI Natcon 2026 in Kolkata. The firm intends to finalise its stock-listing by March 2028.
Financial Targets and Projected Growth
Siddha Group has projected turnover of INR 852 crore in FY27, followed by INR 1,098 crore in FY28 and INR 1,434 crore in FY29. This trajectory indicates a rapid acceleration in revenue generation over the next three fiscal years. Jain described the INR 18 crore profit recorded in FY26 as an average year with limited growth, attributing the performance to slower market volumes and delays in plan approvals in West Bengal during the election period.
The developer aims to spend a total of INR 1,063 crore on three major projects in Navi Mumbai, Worli, and Shivaji Park. So far, the company has already committed about INR 100 crore to these initiatives, indicating a significant financial commitment ahead to support expected revenue increases over the next few years.
Mumbai Redevelopment Strategy
The Navi Mumbai project involves redeveloping a residential society near Palm Beach Road, covering roughly 16 lakh sq. ft. in total, with 5 lakh sq. ft. available for sale. Its estimated cost is INR 548 crore. Meanwhile, the Worli redevelopment, planned near the Bandra-Worli Sea Link, will be a 38-story structure with about 1.2 lakh sq. ft. of usable space. Approvals from regulators and RERA are anticipated by around December 2026 or January 2027, with construction costs expected to reach INR 165 crore.
At Shivaji Park, the developer is working on a mostly undeveloped two-acre plot, which will offer around 2.5 lakh sq. ft. of sellable space. The project’s estimated cost is INR 350 crore. The company plans to finish and hand over roughly 600 units in Mumbai and 300 units in Kolkata by FY27. This focus on Mumbai reflects the company’s belief that redevelopment offers stronger financial returns than simply acquiring land.
Expansion Beyond Mumbai
For over three decades, Siddha Group has been active in Kolkata and Jaipur, specializing in mid-range luxury housing. Until FY21, the company delivered around 10 lakh sq. ft. of space annually, totaling over one crore sq. ft. across that period. Currently, it is seeking three 10-acre land parcels in Kolkata and holds two plots in Jaipur, one of which spans about five acres. Additionally, the group is preparing three to four joint development ventures near Ghat Gate, Panchwati Crossing, and MI Road.
Two of the Jaipur projects are set to launch by March, pending necessary approvals. The company also plans to restructure its real estate operations by merging or demerging them with an existing listed entity within the group, aiming to create a publicly traded real estate platform by March 2028. However, there are no immediate plans for an IPO or raising capital from public markets; instead, the focus is on restructuring, determining market value, and later evaluating funding options.
Currently, the group’s total debt ranges between INR 350 crore and INR 400 crore. According to Jain, existing obligations could be fully repaid within the next 12 months if no new borrowing occurs, though upcoming projects will likely require additional project-specific financing. The long-term goal is to grow the listed platform into a company worth over INR 5,000 crore, with expansion driven by core development activities rather than financial strategies.
