Key Financial Performance (Q2 FY27)

The company reported the following financial results for the quarter ended September 2026:

  • Revenue: INR 1,213 Mn, representing a 57% decline QoQ and 30% decline YoY
  • EBITDA: INR 979 Mn with an EBITDA margin of 80.7% (decline of 11% QoQ and 34% YoY)
  • PBT: INR 894 Mn (decline of 15% QoQ and 38% YoY)
  • PAT: INR 669 Mn with PAT margin of 55.1%, showing 59% growth QoQ but 38% decline YoY
  • EPS: INR 8.02 per share (59% growth QoQ, 38% decline YoY)

Ongoing Project Updates

Malabar Retreat (Residential Project)

  • Project progress: 87% complete
  • Booking status: 50% units booked (76 units)
  • Collections: INR 1,320 Mn received
  • Expected balance receivables: INR 3,050 Mn (from both booked and unbooked units)

Million Minds IT SEZ - Phase 1 (Commercial Project)

  • Total development: ~1.4 million square feet with 6.2 lakh sq ft carpet area
  • Project inaugurated by Hon'ble Union Home & Cooperation Minister Shri Amit Shah
  • Leasing status: ~70% of leasable area tied up with tenants including Global Capability Centers (GCCs), hybrid workspace providers, and technology firms
  • New LOIs executed with Airtel, Conga Software (US based), Flagler Health (AI health tech), and iBase-T (Aerospace & Defense software company)
  • Fit-outs and completion approaching, with lease rentals expected to commence by Q4FY27
  • ESG-certified Platinum project (IGBC Platinum rating)
  • Project cost funded from internal accruals with no additional debt requirement for balance construction

Million Minds IT SEZ - Phase 2 (Commercial Project)

  • Total development: ~1.5 million square feet with 6.6 lakh sq ft carpet area
  • Project plan finalized and submitted for approval
  • Bhumi Pujan scheduled during Q3FY27

Land Bank & Acquisitions

  • Total land reserves: ~513 acres (fully paid)
  • Land distribution: ~405 acres at Godhavi Township, ~65 acres at Million Minds SEZ, balance in Thaltej and Malabar Retreat corridors
  • New acquisition: 10 acre land acquired during Q2FY27
  • Additional parcels under negotiation/acquisition during Q4FY26, with partial payments already made

Project Portfolio Summary

| Particulars | Completed Projects | Ongoing Projects | Planned Projects |

| No. of projects | 22 | 2 | 4 |

| Type | Residential: 18, Commercial: 4 | Residential: 1, Commercial: 1 | N/A |

| Area (msf) | ~23 | 2.1 | 28.8 |

| Completion Date | Till now | July'24 – June'27 | Sep'26 – Oct'40 |

| Sales Value (Rs Mn) | ~26,800 | 15,000 | ~210,000 |

| FCF (Rs mn) | ~8,400 | 6,000 | ~125,000 (includes capitalized value of SEZ commercial projects) |

Market Context - Ahmedabad Real Estate

  • Ahmedabad ranked as India's most affordable housing market with EMI-to-income ratio of ~18% in 2025
  • Property values expected to appreciate by 10-15% annually
  • City selected as host venue for 2030 Commonwealth Games, boosting infrastructure development
  • Ranked India's cleanest large city in Swachh Survekshan 2024-25
  • Accounts for ~42% of Gujarat's real estate investments

Company Background

  • Incorporated in June 1991, IPO in 1993
  • Delivered 23 msf of residential and commercial real estate in Ahmedabad to date
  • Target to develop ~31 msf with total sales value of ~INR 225,000 Mn in coming years
  • Vision: "To be the most trusted, transparent, and admired real estate developer"

Historical Financial Performance (Consolidated)

| Particulars (INR mn) | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 |

| Revenue | 5,385 | 9,935 | 8,989 | 6,208 | 3,849 | 1,820 |

| EBITDA | 4,497 | 8,130 | 6,301 | 2,563 | 1,355 | (377) |

| PAT | 3,163 | 5,981 | 4,607 | 1,022 | 706 | (1,053) |

| EPS (INR) | 37.93 | 71.72 | 55.25 | 12.00 | 12.47 | (21.38) |

Balance Sheet Strength

  • Low capital gearing ratio reflecting prudent financial management
  • Strong internal accruals funding ongoing projects
  • Debt/Equity ratio: 0.13x in FY26