The document is a transcript from the Q2 and H1 FY26-27 Earnings Conference Call held on November 05, 2026, at 10:30 a.m.
The purpose of the event was to discuss the company's financial results for the quarter and half year ended September 30, 2026, and provide key operational and business updates.
The call was moderated by Ms. Deepali Kumari from Arihant Capital Markets Ltd. Management participants were Mr. Parth Chhajer, Joint Managing Director, and Mr. Udit Kasera, Chief Financial Officer.
The call included a standard disclaimer that it may contain transcription errors and that the company assumes no responsibility for them.
Financial Highlights (H1 FY27)
Operating Revenue: INR 265 crore (9% YoY growth)
EBITDA: INR 56 crore
EBITDA Margin: 20.97%
Profit After Tax (PAT): INR 20.3 crore
PAT Margin: 7.68%
Financial Highlights (Q2 FY27)
Operating Revenue: INR 133 crore (9% YoY growth)
EBITDA: INR 28 crore (down 7% YoY, up 1.5% QoQ)
EBITDA Margin: 21%
Profit After Tax (PAT): INR 10.6 crore
PAT Margin: 7.92%
Net Worth: INR 475 crore
Net Debt: INR 827 crore
Unsecured Loans: INR 435 crore
Operational Highlights (Q2 FY27)
Sales Bookings: 236 units (2.2 lakh sq. ft.) valued at INR 173 crore
Average Price Per Sq. Ft.: INR 7,822 (vs. INR 7,500 in Q1 FY27)
Average Price Per Unit: INR 73.15 lakh
Collections: INR 154.5 crore
Operational Highlights (H1 FY27)
Sales Bookings: 457 units (4.52 lakh sq. ft.) valued at INR 345.8 crore
Average Price Per Sq. Ft.: INR 7,650 (vs. INR 7,500 in H1 FY26)
Average Price Per Unit: INR 75.6 lakh
Collections: INR 316 crore
Unsold Ready Inventory: 275 units valued at INR 53 crore
Key Project & Business Updates
Signed an agreement with ITC Hotels Limited on September 24, 2026, to develop a 227-room luxury hotel (including 44 suites) under the Mementos by ITC brand at the World Villas project in Chowk.
The hotel will be built on a 10-acre land parcel within the 90-acre World Villas development. It is expected to have one of the largest banqueting facilities in the region.
The project is based on a management contract model; Arihant will own the property, and ITC will manage and operate it.
Construction is expected to take about 3 years, with revenues anticipated to start from FY30 onwards.
Progress continues on the Club 10 Gymkhana, with the first slab started and over 800 memberships gathered.
A 108-key budget hotel is also planned, and the company is in talks to finalize an operator shortly.
Management Guidance & Commentary
FY27 Revenue Guidance: Targeting 20% growth for the full financial year.
FY27 EBITDA Margin Guidance: Targeting margins upwards of 25% for the full year.
Cost of Debt: The current blended cost is ~13%, expected to reduce to ~12.5% by end-FY27.
Demand Outlook: Management noted steady demand, with buyers moving up the price ladder. The mid-income segment (INR 50 lakh - INR 1.5 crore) is performing well.
Project Launches: More launches are planned in Panvel for Q3 and Q4 to boost pre-sales.
Question & Answer Takeaways
The decline in Q2 pre-sales was attributed to a planned focus on existing inventory, with more launches scheduled for H2.
Raw material costs have increased 4-5% over the last 8-9 months.
The Shilphata JV is structured as an 86% (Arihant) / 14% (landowner) area sharing agreement.
The Town Villas project now has a total saleable area of ~58 lakh sq. ft. with a GDV of ~INR 4,800 crore. Its launch is pushed to the next financial year.
The company's total land under development is 320 acres.
Annuity income from the hotel and Gymkhana is expected to start contributing from FY30.
Additional Notes Section
The document was an attachment to a regulatory filing submitted to BSE and NSE, containing the full transcript of the earnings conference call.
The filing included financial data and operational metrics as disclosed during the call.
The transcript contained a standard disclaimer noting it may contain transcription errors.
