Financial Performance (Q2 FY27)

  • Operating Revenues: INR 1,332 Mn
  • EBITDA: INR 280 Mn with EBITDA Margin of 20.99%
  • Profit After Tax: INR 106 Mn with PAT Margin of 7.92%
  • Basic EPS: INR 1.56 per share
  • Other Income: INR 15 Mn
  • Depreciation: INR 7 Mn
  • Interest: INR 148 Mn
  • Profit Before Tax: INR 139 Mn
  • Tax: INR 34 Mn

Quarterly Comparison (Q2-FY27 vs Q2-FY26)

  • Operating Revenue increased 8.62% from INR 1,227 Mn to INR 1,332 Mn
  • EBITDA decreased 6.63% from INR 299 Mn to INR 280 Mn
  • EBITDA Margins declined 338 basis points from 24.37% to 20.99%
  • PAT increased 6.00% from INR 100 Mn to INR 106 Mn
  • PAT Margins declined 23 basis points from 8.15% to 7.92%

Half-Yearly Performance (H1-FY27)

  • Operating Revenues: INR 2,648 Mn (up 8.70% from H1-FY26)
  • EBITDA: INR 555 Mn (down 16.95% from H1-FY26)
  • EBITDA Margins: 20.97% (down 647 basis points from H1-FY26)
  • PAT: INR 203 Mn (down 21.37% from H1-FY26)
  • PAT Margins: 7.68% (down 294 basis points from H1-FY26)
  • Basic EPS: INR 3.83 per share (up 5.80% from H1-FY26)

Debt Position (as on 30th September 2026)

  • Gross Debt: INR 9,022 Mn
  • Cash and Cash equivalents: INR 173 Mn
  • Investments/Deposits: INR 574 Mn
  • Net Debt: INR 8,275 Mn
  • Unsecured Loans & Others: INR 4,345 Mn
  • Adjusted Net Debt: INR 3,930 Mn
  • Net Worth: INR 4,749 Mn
  • Adj. Secured Net Debt/Equity: 0.83
  • Net debt serviceable (Institutions/Bank): Approximately INR 3.9 Billion
  • Lenders: HDFC Bank, SBI, ICICI Bank, STCI Finance Limited, ICICI Ventures, Tata Capital, Federal Bank & Bajaj Housing Finance
  • Unsecured debt of INR 4.35 Billion is payable when enabled and accrued to lenders

Operational Highlights

  • Pre-sales: INR 1,727 Mn with 236 units sold (220,715 sq. ft. area sold)
  • Collections: INR 1,545 Mn
  • Unsold Inventory: 275 units valued at INR 529 Mn
  • Gross Development Value: INR 14,000 Cr+
  • Under Development: 21 mn sq. ft. across 19 projects
  • Developed Area: 12.7 mn sq. ft. in MMR & Jodhpur
  • Units Delivered: 14,200+ units across 67 projects
  • Team Strength: 430+ professionals

Strategic Developments

  • Succession Framework: Board approved comprehensive succession and leadership framework to institutionalize the organization
  • ITC Hotels Partnership: Wholly owned subsidiary Dwellcons Limited entered into Hotel Management Agreement with ITC Hotels Limited for a 227-room, five-star luxury hotel under 'Mementos by ITC Hotels' brand at World Villas
  • Hospitality Portfolio: Growing focus on annuity-generating assets including the 227-key luxury hotel and a 108-key 4-star hotel in Khopoli
  • Club 10 Gymkhana: 10.5-acre project intended to create recurring revenue through membership fees, F&B sales, event rentals, and sports facilities

Project Portfolio Details

Ongoing Residential Projects (17 projects)
  • Total Units: 7,067 units
  • Units Booked: 4,129 units
  • Total Saleable Area: 70,69,600 sq. ft.
  • Area Sold: 42,43,158 sq. ft.
  • Sale Value of Booked Area: INR 26,730 Mn
  • Amount Received: INR 20,805 Mn
  • Value of Unsold Inventory: INR 18,679 Mn
  • Total Estimated Receivable: INR 24,257 Mn
  • Revenue Recognized: INR 18,510 Mn
  • Estimated Balance Cost to Complete: INR 9,143 Mn
Key Ongoing Projects Include:
  • Aspire Phase 1 (Panvel): 99.90% complete, 1,148/1,210 units sold
  • Aspire Phase 2 & 3 (Panvel): 56.80% complete, 615/692 units sold
  • Aalishan Phase 2 (Kharghar): 80.20% complete, 299/432 units sold
  • Advika (Vashi): 76.69% complete, 171/327 units sold
  • World Villas Phase 1 (Chowk): 30.07% complete, 62/180 units sold
Forthcoming Residential Projects
  • MMR Projects: 6,523 units with 1,27,34,215 sq. ft. area and revenue potential of INR 96,680 Mn
  • Jodhpur Projects: 1,968 units with 18,30,453 sq. ft. area and revenue potential of INR 6,900 Mn
  • Total Portfolio: 14.6 mn sq. ft. with revenue potential of INR 100,000 Mn

Business Strategy

  • Mirroring Population Matrix: Product mix across income segments - Luxury (41%), Mid-Income (30%), Affordable (29%)
  • Diversified Portfolio: Operations across 12 micro-markets in MMR and Jodhpur
  • Asset Light Model: 15% of ongoing development under JVs, JDs and DMs in mid-income segment
  • Annuity Income Focus: Developing recurring revenue streams through hospitality assets and gymkhana

Management and Governance

  • Board of Directors: 8 members including Chairman & MD Ashok Chhajer, Whole Time Director Nimish Shah, Joint MDs Parth Chhajer and Bhavik Chhajer, and 4 Independent Directors
  • Management Team: Includes CFO Udit Kasera, Company Secretary Manoj Dhondge, VP Sales Hariharan Nadar, VP Marketing Teji Ghosh, DGM HR Sumit Basak, and VP Projects Vijaykumar Muttur
  • ESG Initiatives: Focus on environmental sustainability (rainwater harvesting, waste management, energy efficiency), social responsibility, and strong governance framework

Historical Financial Performance

| Particulars (INR Mn) | FY23 | FY24 | FY25 | FY26 | H1 FY27 |

| Operating Revenues | 3,984 | 5,101 | 4,988 | 5,510 | 2,648 |

| EBITDA | 775 | 1,132 | 1,046 | 1,266 | 555 |

| EBITDA Margins (%) | 19.45 | 22.19 | 20.97 | 22.98 | 20.97 |

| PAT | 427 | 692 | 547 | 460 | 203 |

| PAT Margins (%) | 10.72 | 13.57 | 10.97 | 8.35 | 7.68 |

| Basic EPS (INR) | 7.63 | 10.91 | 12.64 | 10.65 | 3.83 |