Financial Performance Highlights

Q2 FY27 Financials:

  • Revenue from Operations: INR 1,745 Mn (7.3% YoY growth from INR 1,627 Mn in Q2 FY26)
  • EBITDA: INR 306 Mn (36.0% YoY growth) with EBITDA Margin of 17.54% (371 bps improvement)
  • Profit After Tax: INR 165 Mn (52.8% YoY growth) with PAT Margin of 9.46% (282 bps improvement)
  • Diluted EPS: INR 1.81 (47.2% YoY growth)
  • Finance Costs: INR 86 Mn (8.9% YoY increase)

H1 FY27 Financials:

  • Revenue from Operations: INR 3,390 Mn (11.2% YoY growth from INR 3,048 Mn)
  • EBITDA: INR 599 Mn (38.0% YoY growth) with EBITDA Margin of 17.67%
  • Profit After Tax: INR 309 Mn (50.0% YoY growth) with PAT Margin of 9.12%
  • Diluted EPS: INR 3.46 (46.0% YoY growth)

Operational Performance

Q2 FY27 Operational Metrics:

  • Pre-sales: INR 1,090 Mn (26% YoY growth from INR 863 Mn)
  • Area Sold: 0.35 lakh sq. ft.
  • Average Realization: INR 30,821 per square foot (11% YoY increase)
  • Collections: INR 654 Mn (compared to INR 661 Mn in Q2 FY26)

H1 FY27 Operational Metrics:

  • Pre-sales: INR 1,987 Mn (compared to INR 1,959 Mn in H1 FY26)
  • Collections: INR 1,592 Mn (13% YoY growth from INR 1,404 Mn)

Project Portfolio Update

Ongoing Redevelopment Projects (as of September 30, 2026):

  • 21 projects under construction
  • Total Developable Area: 21,97,956 sq. ft.
  • Sale Carpet Area: 6,41,011 sq. ft.
  • Saleable Units: 805
  • Gross Development Value: INR 21,047 Mn
  • Sale Value of Booked Area: INR 16,916 Mn
  • Revenue Recognized: INR 13,366 Mn
  • 79.01% pre-sales across under-construction projects

Micro-market Distribution of Ongoing Projects:

  • Santacruz: 6 projects, 5,23,943 sq. ft., INR 6,211 Mn GDV
  • Goregaon: 2 projects, 6,08,677 sq. ft., INR 5,094 Mn GDV
  • Malad: 4 projects, 4,65,254 sq. ft., INR 3,580 Mn GDV
  • Andheri: 2 projects, 1,48,844 sq. ft., INR 1,479 Mn GDV
  • Bandra: 2 projects, 1,48,595 sq. ft., INR 1,737 Mn GDV

New Project Launches in Q2 FY27:

  • Goregaon project: 5.39 lakh sq. ft. developable area, INR 4,444 Mn GDV
  • Mahim project added: 3.96 lakh sq. ft. developable area, 0.98 lakh sq. ft. sale carpet area, 32 units, INR 4,909 Mn estimated GDV

Upcoming Project Pipeline

Balance FY27 (October 2026 – March 2027) Planned Launches:

  • 4 projects across Andheri, Chembur, Goregaon, Santacruz
  • Total Developable Area: 2,43,968 sq. ft.
  • Sale Carpet Area: 80,996 sq. ft.
  • Estimated GDV: INR 2,813 Mn

FY28 & FY29 Planned Launches:

  • 14 projects across multiple micro-markets
  • Total Developable Area: 17,20,769 sq. ft.
  • Sale Carpet Area: 4,84,026 sq. ft.
  • Estimated GDV: INR 19,787 Mn

IPO Proceeds Utilization

Net IPO Proceeds: INR 2,797.92 Mn (after deducting INR 358.08 Mn offer expenses)

Utilization as of September 30, 2026:

  • Government approvals, additional FSI and member compensation: INR 1,424.31 Mn allocated, INR 32.87 Mn utilized
  • Repayment of borrowings: INR 915.00 Mn fully utilized
  • Future acquisitions and general corporate purpose: INR 253.09 Mn allocated, INR 172.65 Mn utilized
  • Total utilized: INR 1,120.52 Mn

Debt Reduction

The Company repaid 47% of its outstanding debt, reducing net debt-to-equity ratio to (0.08)x.

Business Strategy Highlights

  • Focus on pure play redevelopment with 41 active bids for MCGM redevelopment projects
  • Asset-light model to reduce interest costs and accelerate project cycles
  • Implementing advanced construction technology including building information modeling
  • Digital marketing campaigns for unit sales
  • Environmental initiatives including e-waste recycling and pursuing green building certifications

Management and Board

Key management includes:

  • Pranav Kiran Ashar: Promoter, Chairman and MD (22 years experience)
  • Ravi Ramalingam: Promoter & Whole-time Director (17 years finance experience)
  • Ritu Jain: Company Secretary & Compliance Officer (14 years experience)

Historical Financial Trends

FY24-FY26 Performance:

  • Revenue: INR 4,475 Mn (FY24) → INR 6,363 Mn (FY25) → INR 7,616 Mn (FY26)
  • PAT: INR 396 Mn (FY24) → INR 623 Mn (FY25) → INR 713 Mn (FY26)
  • PAT Margin: 8.85% (FY24) → 9.79% (FY25) → 9.36% (FY26)

Cash Flow Potential

Identified cash flow potential of INR 36,850 Mn from launched, completed and upcoming projects:

  • INR 14,250 Mn from launched & completed projects (INR 10,119 Mn pending collections from sold units + INR 4,131 Mn from unsold inventory)
  • INR 22,600 Mn from upcoming redevelopment projects

Market Position

Company claims leadership position in MCGM redevelopment:

  • #1 in combined supply in MCGM Redevelopment projects launched between CY21-Q1 CY26
  • 30% contribution of redeveloped units by top 5 developers in Western Suburbs (34 projects)
  • 23% contribution in MCGM Region (37 projects)
  • 11% market share in Malad micro-market
  • 9% market share in Santacruz micro-market

Construction Track Record

Average project construction cycle: 26 months as of September 30, 2026

Completed 29 redevelopment projects with 1,430 total units