NEW DELHI: Tulip Infratech, based in Gurugram, has reported a turnover of approximately ₹450 crore for FY25, with profits ranging from ₹80–90 crore, yielding margins of 15–20%, as disclosed by Parveen Jain, chairman & managing director of the company.
The firm anticipates that its revenue in the current fiscal year will remain largely stable, with potential fluctuations of ±10%. It aims to maintain margins between 10–20%, supported by controlled leverage, strategic pricing, and consistent progress on ongoing construction projects.
The company adopts a conservative operational model, limiting itself to a maximum of four simultaneous projects at a time. In 2025, it completed one residential project, while another initiated in 2020 was partially delivered in 2024 and fully completed in the last fiscal year.
Following the pandemic, Tulip launched a new project on Golf Course Road in 2022 and subsequently introduced two more residential developments—one in 2024 and another in 2025—after successfully absorbing previous inventory.
A significant project that commenced in 2025 covers roughly two million sq ft (20–22 lakh sq ft) and is being developed in phases, with Phase I comprising nearly 250 apartments across 7–8 lakh sq ft. The initial units were launched at ₹14,500–15,000 per sq ft, and the company anticipates a price rise of ₹4–5 lakh per apartment in subsequent phases as construction progresses and the project approaches completion.
Tulip Infratech primarily relies on joint development agreements (JDAs) and maintains a limited owned land bank. Most projects are executed in collaboration with landowners, allowing the company to evade hefty upfront land acquisition costs.
The JDAs enable the firm to preserve cash flows, reduce leverage, and minimize the necessity for aggressive pricing, albeit with slightly lower margins than outright land purchases. Given the high land prices, Jain considers JDAs the most feasible operational model moving ahead.
Tulip has no immediate plans to expand beyond Gurugram and has excluded markets like Noida from its growth strategy. Its primary focus remains on residential development, with minimal involvement in commercial real estate through small office components in select projects.
