Operational Performance Q4 FY26

  • Presales: INR3,547 crore, representing 190% year-on-year growth and 151% sequential growth.
  • Sales Volume: 3.01 million square feet compared to 1.42 million square feet in Q4 FY25.
  • Average Realization: INR11,787 per square feet, showing 37% year-on-year improvement.
  • Customer Collections: INR1,213 crore, up 36% year-on-year.
  • Project Handovers: 1,301 homes aggregating 1.67 million square feet during the quarter.

Operational Performance Full Year FY26

  • Presales: INR7,407 crore (all-time high), reflecting 55% year-on-year growth.
  • Sales Volume: 7.25 million square feet for the full year.
  • Average Realization: INR10,213 per square feet, showing 21% year-on-year improvement.
  • Customer Collections: INR4,258 crore (record), reflecting 15% year-on-year growth.
  • Cumulative Handovers: 3,747 homes aggregating 4.25 million square feet for FY26.

Financial Performance Q4 FY26

  • Total Income: INR1,541 crore compared to INR564 crore in Q4 FY25 (173% growth).
  • EBITDA Margin: 22% for the quarter.
  • Profit After Tax: INR111 crore compared to loss of INR88 crore in Q4 FY25.

Financial Performance Full Year FY26

  • Total Income: INR3,846 crore compared to INR2,093 crore last year (84% growth).

Balance Sheet Position (as of March 31, 2026)

  • Net Debt: INR2,321 crore.
  • Net Debt-Equity Ratio: 1.31x.
  • Cash and Bank Balance: INR1,695 crore.
  • Cost of Debt: 11.05% (declined further during the quarter).
  • Net Debt Reduction: INR160 crore during Q4 FY26.

Project Launches and Business Development FY26

  • New Projects Launched: 3 projects (Purva SilverSky, Purva Northern Lights, Purva Estrella).
  • New Phases: 7 new phases of existing projects.
  • Total Developable Area: 6.39 million square feet launched, with 3.39 million square feet from new projects.
  • Business Development Additions: 6 new projects across key markets including Mumbai and Bengaluru.
  • Potential Development Area Added: Approximately 12 million square feet.
  • Estimated Gross Development Value (GDV): Approximately INR15,200 crore.

Specific Project Details

Mumbai Projects:

  • Chembur Redevelopment: 8 residential societies across nearly 4 acres, 1.2 million square feet developable area, estimated GDV ~INR2,100 crore.
  • Malabar Hills Project: 1.43 acres, 0.7 million square feet development potential, estimated GDV ~INR2,700 crore. DA completed, registration expected in next 45 days, approval timeline 9-12 months, pricing ~INR115,000-120,000 per square feet carpet area.

Bengaluru Projects:

  • Hennur Road JDP: Saleable area ~0.84 million square feet, estimated GDV ~INR1,300 crore.
  • Balagere JDP: Development potential ~0.85 million square feet, estimated GDV ~INR1,000 crore.
  • Attibele Land Parcel: 53.5 acres, development potential ~6.4 million square feet, estimated GDV ~INR4,800 crore.
  • Northern Bangalore JDP (with KVN Property Holdings LLP): Developable potential ~3.48 million square feet, estimated GDV ~INR3,300 crore.

Commercial Portfolio Update

  • Aerocity: Received OC, leasing process underway with good inquiries.
  • Zentech: OC expected this month (May 2026), already 44% leased or sold to Grade A companies.
  • FY26 Commercial Sales/Leasing: 2.6 lakh square feet.
  • Retail Portfolio: Developing 3 lakh square feet retail portfolio in Thane, Mumbai.

FY27 Guidance

  • Presales Target: INR11,200 crore.
  • Sales Source: 48% from sustained sales, 52% from new product launches.
  • Geographical Split: ~INR7,000 crore from Southern market, remainder from West and commercial business.
  • Debt Reduction Target: INR750 crore (excluding incremental borrowing for strategic business development opportunities).

Market Outlook and Strategy

  • Residential Market: Consolidation phase after strong growth, with premium housing (>INR10 million) accounting for 53% of sales.
  • Office Market: Highest ever quarterly leasing in Q4 FY26 at 29.9 million square feet (6% YoY growth).
  • Expansion Plans: Looking at NCR (Delhi, Noida, Gurgaon) for expansion; exploring data center, warehousing, and retail opportunities.
  • New Verticals: Considering senior housing space as future opportunity.

Project Specific Performance Q4

  • Lokhandwala Project: Contributed ~INR800 crore in presales during Q4.
  • Northern Lights Project: Contributed INR1,100-1,200 crore in presales during Q4, average price realization ~INR10,700 per square feet, expected margins 20-21%.

Land Bank and Cash Flow Projections

  • Current Land Asset: 56.48 million square feet.
  • Launch Pipeline Guidance: 21 million square feet.
  • Remaining Land Bank: ~35 million square feet.
  • Estimated Surplus Cash Flow: INR19,290 crore from ongoing projects, commercial projects, and launch pipeline.

Other Business Updates

  • Starworth (unlisted subsidiary): Order book of more than INR2,000 crore; financial statements published on company website.
  • Construction Costs: Expected to increase by 6-7% due to diesel price hikes, but margins protected with contingencies.