Financial Performance Highlights (Q1 FY27 vs YoY)

  • Bookings: ₹432 crore (147% increase from ₹175 crore in Q1 FY26)
  • Collections: ₹336 crore (76% increase from ₹191 crore in Q1 FY26)
  • Revenue from operations: ₹318 crore (212% increase from ₹102 crore in Q1 FY26)
  • Adjusted EBITDA: ₹152 crore (508% increase from ₹25 crore in Q1 FY26)
  • Profit After Tax (PAT): ₹97 crore (708% increase from ₹12 crore in Q1 FY26)
  • Net operating cash flow: ₹81 crore (200% increase from ₹27 crore in previous year)
  • Net Debt to Equity ratio: 0.29x as of June 30, 2026 (compared to 0.26x as of March 31, 2026)

Business Development Updates

  • April 2026: Entered joint development agreement for high-rise residential project in Goregaon, Mumbai
  • Estimated revenue potential: ₹2,400 crore
  • Saleable carpet area: 0.67 million sq.ft.
  • June 2026: Added residential horizontal development project in Metal, South Ahmedabad under joint development model
  • Estimated topline potential: ₹180 crore
  • Saleable area: 2.5 million square feet

Credit Rating Update

  • Long-term credit rating upgraded to AA- (Stable) by India Ratings & Research from previous "A+" rating
  • Upgrade reflects company's disciplined approach to growth
  • Expected to enhance financial flexibility for future expansion

Management Outlook for FY27

  • Target to add ₹4,000–5,000 crore of new projects
  • Expected bookings growth of approximately 35%-40% for the year

Management Commentary

Mr. Priyansh Kapoor, Managing Director & CEO, stated that the strong performance was driven by robust sustenance sales and healthy collections backed by disciplined execution. He noted that Q1 FY27 was the highest ever quarter for business development with two deals, aligning with the company's strategy of strengthening presence in focus markets while maintaining disciplined capital allocation. He expressed confidence in the structural growth drivers for the residential real estate sector and the company's ability to participate sustainably.

Company Background

Arvind SmartSpaces Limited is the real estate development arm of the Lalbhai Group, established in 2008 with ~128+ years legacy. The company has developed ~100.1 million square feet of real estate across Ahmedabad, Gandhinagar, Baroda, Bengaluru, MMR, and Pune.