Explanation: Growth was driven by strong demand across all operating markets, with MMR being the largest contributor.
Financial Highlights
Revenue: ₹44.7bn in Q2FY27 (17.6% YoY growth); ₹94.6bn in 1HFY27 (29.8% YoY growth).
Adj. EBITDA: ₹16.1bn in Q2FY27 (23.5% YoY growth); ₹37.6bn in 1HFY27 (50.1% YoY growth).
Adj. EBITDA Margin: 36.2% in Q2FY27 (180 bps improvement); 39.8% in 1HFY27 (540 bps improvement).
PAT: ₹10.1bn in Q2FY27 (28.3% YoY growth); ₹23.9bn in 1HFY27 (62.9% YoY growth).
PAT Margin: 22.1% in Q2FY27 (170 bps improvement); 24.6% in 1HFY27 (510 bps improvement).
Net Worth: ₹253.6bn as of Sept-26.
Net D/E: 0.21x as of Sept-26.
Drivers: Higher revenue growth, improved operational efficiencies, and strong profitability.
Comparison: The company expects to easily exceed its PAT guidance for the fiscal year.
Key Risks: Not explicitly disclosed in the presentation.
Geographical Revenue Split
Domestic vs Export: Not explicitly broken down in the presentation. Performance is detailed by operational market (MMR, Pune, Bengaluru).
Regional Breakdown: MMR is the dominant market, followed by Bengaluru and Pune. NCR operations are starting in FY27.
Balance Sheet Snapshot (As of Sept-26 vs Mar-26)
Total Assets: ₹627.1bn (Mar-26: ₹589.4bn).
Inventories: ₹404.0bn (Mar-26: ₹402.6bn).
Trade Receivables: ₹44.6bn (Mar-26: ₹35.4bn).
Cash and Bank Balances: ₹35.3bn (Mar-26: ₹39.4bn).
Borrowings: ₹103.9bn (Mar-26: ₹98.8bn).
Total Equity: ₹253.6bn (Mar-26: ₹234.3bn).
Net Debt: ₹52.8bn.
Financial Health: Conservative leverage with net debt ceiling of <0.5x D/E; target to be debt-free at DevCo level in next few years.
Capex & Cash Flow Health
Operating CashFlow: ₹8.8bn in Q2FY27; ₹27.6bn in 1HFY27.
Growth Investments in DevCo (Land & approval cost): ₹5.6bn in Q2FY27; ₹17.1bn in 1HFY27.
Investment in RentCo (Annuity portfolio): ₹1.2bn in Q2FY27; ₹2.7bn in 1HFY27.
Dividend to Equity providers: ₹3.7bn in Q2FY27 and 1HFY27.
Free Cash Flow: Not explicitly stated.
Net Debt Movement: Decrease of ₹3.4bn in Q2FY27; Increase of ₹1.0bn in 1HFY27.
Investment Rationale: Focus on capacity expansion and building annuity income streams.
Strategic & R&D Initiatives
Investments in Innovation: Developing a large-scale Data Center park in Navi Mumbai on ~660 acres with 5 GW approved power.
Phase 1 (3.5 GW): Anchor operators include AWS, STT, and Digital Edge developing 1+ GW; plan to build 1 GW powered shell.
Expected impact: Target to generate ₹20+bn of annual rental income from the data center business.
Strategic Rationale: Expanding annuity income streams; targeting 10x growth in annuity income by FY32 (from FY26 base of ₹2.9bn).
Industry Trends & Business Environment
Macro/Industry Trends: Significant housing demand-supply gap with 14 million new homes required for high-income households this decade versus likely supply of ~2.75 million.
Impact on Company: Provides a long growth runway; company's market share in Top 6 cities is <3.5% in value terms.
Other trends: Supply-side consolidation due to regulatory push (RERA, GST) and funding squeeze for smaller developers.
Management Commentary & Growth Outlook
Strategic Outlook: Focus on delivering ~20% PAT CAGR; profit and brand focused strategy with low leverage.
FY Guidance: Expect to easily exceed PAT guidance for the fiscal year.
Market Share Targets: Aim to grow market share from the current <3.5% in Top 6 cities.
Risks and Opportunities: Palava & Upper Thane land bank (~3,700 acres) is a key opportunity, set to deliver INR 10+ tn of sales over next three decades with ~50% EBITDA margins.
ESG Updates
ESG Performance: Scored 78/100 in S&P Global Corporate Sustainability Assessment 2025; rated 'A' by MSCI; member of FTSE4Good Index Series.
Recognition: Only Indian real estate company featured in Newsweek's World's Most Trustworthy Companies' List for second consecutive year.
