KOCHI: Skyline Builders, one of Kerala’s most well-known real estate developers, is facing financial pressure even as it embarks on its first phase of international expansion.
The company’s revenue and net profit saw a notable decline in fiscal 2025, reflecting a shift in business momentum despite a solid reputation and a robust project pipeline.
According to a CRISIL report reaffirming the company’s ‘DA2+’ grading – which denotes a “very good” ability to execute real estate projects – Skyline’s overall operating strengths remain intact. However, its financial performance paints a more cautious picture.
Revenue, net profit down
In FY 2025, Skyline Builders reported a standalone revenue of Rs146.74 crore, down sharply from Rs219.91 crore in the previous year. Net profit also halved, falling to Rs15.79 crore from Rs31.99 crore. The company’s net worth declined slightly to Rs332.37 crore, though it continues to operate with zero external debt – a rare strength in the real estate sector.
Interestingly, customer advances rose to Rs102.88 crore in FY 2025, compared with Rs84.33 crore in FY 2024. This indicates that demand for the company’s ongoing projects remains healthy, even as overall revenue fell.
Currently, the developer has 12 projects under construction across Kochi, Calicut, Thrissur, Trivandrum, and Kannur, totaling 11.39 lakh sq. ft. An additional 13 upcoming projects are in the pipeline, expected to add another 18 lakh sq. ft. of saleable area.
Founded in 1989 by Abdul Azeez, Skyline Builders has completed 151 projects covering nearly 15.5 million sq. ft. It remains a key player in Kerala’s housing market, with a strong brand and experienced leadership. The company also enjoys a DA2+ developer grading from CRISIL, reaffirmed until May 2026.
Eyes market beyond India
Looking ahead, Skyline is attempting to broaden its footprint beyond India, with its first international project launched in 2024 under a subsidiary, Skyline Builder Ltd Liability. A second overseas project is slated for 2025. While these moves signal ambition, they also come at a time when the company’s domestic business appears to be under strain.
CRISIL, while positive on Skyline’s execution capability, flagged its geographic concentration within Kerala, limited exposure to commercial and retail developments, and a need to adopt more automated, system-driven internal processes.
In short, Skyline Builders stands at a turning point – financially conservative, operationally capable, and exploring global markets – but under pressure to convert its project momentum into stronger earnings. How well it manages this transition could define its next phase of growth.
