Financial Performance Highlights

Q2 FY27 Performance:

  • Revenue from operations: ₹266.0 crore (57% YoY growth from ₹169.2 crore in Q2 FY26)
  • Profit After Tax after minority interest: ₹62.8 crore (14% YoY growth from ₹55.2 crore)
  • EBITDA: ₹80.6 crore with EBITDA margin of 30.3%
  • Real Estate segment revenue: ₹203.2 crore
  • EPC segment revenue: ₹62.8 crore

H1 FY27 Performance:

  • Revenue from operations: ₹484.3 crore (30% YoY growth from ₹372.1 crore in H1 FY26)
  • Profit After Tax after minority interest: ₹134.4 crore (21% YoY growth from ₹110.8 crore)
  • EBITDA: ₹152.1 crore with EBITDA margin of 31.4%
  • Real Estate segment revenue: ₹340.0 crore
  • EPC segment revenue: ₹144.3 crore

Corporate Actions

Share Buyback Program:

  • Open market buyback of ₹169.29 crore announced on September 3, 2026
  • Maximum buyback price: ₹171 per share
  • Buyback period: September 9, 2026 to December 16, 2026
  • Status as of October 28, 2026: 103.10 lakh shares bought back for ₹127.38 crore
  • Average buyback price: ₹123.55 per share
  • Completion: 75.2% of buyback size completed
  • Promoter group holding increased to 64.16% from 62.52% pre-buyback

Strategic Developments

Marine Lines Project Collaboration:

  • Landmark collaboration with Godrej Properties Group for Marine Lines seafacing project
  • Transaction structure: Development rights transferred to Godrej, MICL moves from Development Manager to revenue sharing partner
  • Recoups MICL's existing investment of ₹300+ crore
  • Provides future revenue sharing arrangement with Godrej
  • Project details updated: Carpet area increased from 6.2 lakh sq. ft. to 6.6 lakh sq. ft., GDV increased from ₹3,100 crore to ₹6,000+ crore

Operational Performance

Sales and Collections (H1 FY27):

  • Sales: ₹702 crore
  • Collections: ₹599 crore
  • Carpet area sold: 1.15 lakh sq. ft. in Q2 FY27, 2.0 lakh sq. ft. in H1 FY27

Project Launches and Deliveries:

  • Launched ultra-luxury project Marina Vista at Pali Hill, Bandra West with GDV of ₹500+ crore
  • Delivered Aaradhya Parkwood Towers C & D in June 2026, ahead of schedule
  • New project launches expected to drive sales momentum in H2 FY27

Project Portfolio Status:

  • Ongoing projects: 22.20 lakh sq. ft. carpet area across 8 projects
  • Upcoming projects: 28.12 lakh sq. ft. carpet area across 4 projects
  • Total estimated GDV of current portfolio: ₹21,025+ crore
  • EPC order book: ₹275 crore as of September 2026

Balance Sheet Position (Consolidated as of September 2026)

  • Total Equity: ₹2,414.7 crore
  • Total Borrowings: ₹48.1 crore
  • Cash & Cash Equivalents: ₹697.6 crore
  • Net debt-free status maintained
  • Liquidity invested in own projects: ₹1,388 crore

Management Commentary

Management stated that H1 FY27 was a strong half with significant growth in revenue and profitability. The collaboration with Godrej Properties Group is described as a "defining milestone" that unlocks ₹6,000+ crore revenue potential. The company is entering its next phase of growth with Vision 2031 targeting ₹35,000+ crore GDV.

Credit Rating

Maintains CARE A+ rating with stable outlook.