Key Financial Performance Figures

Q2 FY27 Performance (Quarter Ended September 30, 2026):

  • Revenue from Operations: ₹771 crore (up 19% YoY)
  • EBITDA: ₹119 crore (up 10% YoY)
  • EBITDA Margin: 15.5%
  • Profit After Tax (PAT): ₹48 crore (compared to ₹51 crore in Q2 FY26)
  • PAT Margin: 6.1%

H1 FY27 Performance (Half Year Ended September 30, 2026):

  • Revenue from Operations: ₹1,400 crore (up 13% YoY)
  • EBITDA: ₹218 crore (up 4% YoY)
  • EBITDA Margin: 15.6%
  • PAT: ₹87 crore (compared to ₹98 crore in H1 FY26)
  • PAT Margin: 6.2%

Operational and Strategic Updates

Order Book & Inflows:

  • Order book as of September 30, 2026: ₹13,013 crore
  • Order mix: 54% public sector, 46% private sector
  • New orders secured in FY27 year-to-date: ₹2,487 crore
  • Active bid negotiations ongoing for ₹3,270 crore

Project Execution & Client Updates:

  • Achieved highest-ever quarterly revenue driven by execution ramp-up across key sites
  • Added Mahindra Lifespace Developers Limited as a new client
  • Improved working capital efficiency, reducing working capital cycle by 11 days compared to Q1 FY27

Project-wise Revenue Contribution (H1 FY27):

  • CIDCO: ₹178 crore
  • MHADA: ₹123 crore
  • Leisure Valley: ₹95 crore
  • Raymonds: ₹100 crore
  • Downtown: ₹111 crore
  • M3M: ₹60 crore
  • Godrej Mahalakshmi: ₹50 crore
  • IOCL Andheri: ₹40 crore
  • MCGM Bhandup: ₹63 crore (consolidated)
  • Maldives Project: ₹169 crore (consolidated)

Commodity Price Impact & Provisions:

  • Elevated commodity prices (steel, aluminum, electrical items) continued to exert margin pressure
  • Impact mitigated through contractual escalation clauses in projects
  • No additional provisions made in Q2 FY27 (following ₹20 crore provision in previous quarters)
  • Potential for provision reversal in future quarters if commodity prices stabilize

Capital Expenditure:

  • H1 FY27 Formwork purchase: ₹64.2 crore
  • H1 FY27 Plant and machinery purchase: ₹10.57 crore
  • Full-year FY27 formwork procurement budget: ₹135-140 crore
  • Fixed asset revenue turnover ratio: 4.7% (quarter ending September 30, 2026)

Management Guidance and Outlook

Revenue Guidance:

  • FY27: ₹4,500 crore (already achieved ~₹2,500 crore in H1)
  • FY28: ₹4,000 crore (unchanged)

Margin Guidance:

  • EBITDA Margin: 15.5%-16.5% for FY27
  • Cash PAT Margin: 10.5%-11.25% for FY27

Project-specific Outlook:

  • MHADA: Expect 25% revenue increase in remainder of FY27; 40%+ growth expected in FY28
  • CIDCO: Expect 35-40% run rate increase in Q3/Q4 FY27; ₹50 crore/month run rate expected in FY28 (₹150 crore/quarter, ₹600 crore/year)
  • Signature Global: Currently ~₹15 crore/month; expected to reach ₹18-19 crore/month from Q4 FY27 (excluding NGT impact)
  • Mahindra Lifespace: Revenue recognition expected to start from Q1 FY28 (possibly Q4 FY27)
  • NBCC: Current run rate of ₹60 crore/month; potential for ₹65-70 crore/month absent NGT issues
  • IIT Bombay: Only ₹70 crore frontage handed over against ₹550 crore project; full frontage expected by March 31, 2027

Other Strategic Updates:

  • Company divided into 4 Business Units with dedicated CEOs to improve execution efficiency
  • Promoter pledge reduction: Reduced by ₹35 lakh shares in FY27; only 50 lakh shares remain pledged for company limits with State Bank of India
  • Target to eliminate all promoter pledge by March 31, 2027
  • Debt expected to remain at current levels with net debt reduction anticipated by March 31, 2027

Risk Factors and Challenges

NGT Impact:

  • Potential revenue loss of ₹45-50 crore in Q3/Q4 FY27 due to NGT restrictions in Delhi NCR region
  • Complete construction ban in NCR from November 5-20, 2026 (15 days already impacted)
  • Uncertainty about total duration of NGT restrictions

Commodity Price Volatility:

  • Steel prices increased from ₹47,000 to ₹62,000 per metric ton
  • Aluminum formwork increased from ₹10,500 to ₹14,500 per square meter (40% increase)
  • Government price variation indices lagging actual market inflation

Labor Availability:

  • Potential impact from UP elections in Q4 FY27
  • Previous impact from Bengal elections in Q1 FY27

Balance Sheet and Working Capital

Receivables Position:

  • Contract assets: ₹279 crore (non-current) + ₹1,179 crore (current) = ₹1,458 crore gross
  • Negative contract assets: ₹217.62 crore
  • Net contract assets: ₹1,240.38 crore
  • Retention money: ₹170 crore (steady despite revenue growth)
  • Trade receivables: ₹1,182 crore (after ECL provisioning)
  • Total net receivables: ~₹2,400 crore (77-78% of projected FY27 revenue)
  • Working capital days reduced by 11 days quarter-on-quarter

Recovery of Old Debtors:

  • Properties held for sale: ₹48 crore (target for H2 FY27 recovery)
  • H1 FY27 recovery: ₹5-6 crore physical cash flow
  • Total expected recovery: ₹52-54 crore by FY27 year-end
  • Cumulative recovery achieved: ~₹200 crore out of ₹350 crore originally stuck