Financial Performance Summary

Revenue and Profitability

  • Revenue from Operations: INR 4.70 billion (INR 470 Crores) in Q1FY27, up 72% from INR 2.73 billion (INR 273 Crores) in Q1FY26
  • EBITDA: INR 1.05 billion (INR 105 Crores) in Q1FY27, significantly increased from INR 0.29 billion (INR 29 Crores) in Q1FY26
  • EBITDA Margin: 21.3% in Q1FY27 compared to 10.1% in Q1FY26, representing significant margin expansion
  • PAT: INR 0.52 billion (INR 52 Crores) in Q1FY27, increased from INR 0.16 billion (INR 16 Crores) in Q1FY26, representing 221% YoY growth
  • This represents the company's highest-ever Q1 PAT performance

Operational Metrics

  • Pre-Sales: INR 6.17 billion (INR 617 Crores) in Q1FY27, driven by resilient sustenance sales and continued homebuyer confidence
  • Collections: INR 5.99 billion (INR 599 Crores) in Q1FY27, reflecting strong execution and healthy operating cash flows
  • Operating Cash Flows: INR 0.68 billion (INR 68 Crores) in Q1FY27

Project Portfolio and Development

  • Added 2 new projects in Q1FY27 with total GDV of INR 5.47 billion (INR 547 Crores)
  • Completed 1 project with total construction area of 0.07 million Sqft in Q1FY27
  • Strong pipeline of upcoming launches with estimated GDV of INR 80 billion (INR 8,000 Crores) across MMR
  • Projects planned over coming quarters to enhance market position and drive sustainable growth

Debt Position and Credit Ratings

  • Gross Debt: ~INR 8.76 billion (INR 876 Crores) as of Q1FY27
  • Gross Debt/Equity ratio: 0.30:1 as of Q1FY27
  • Net Debt/Equity ratio: 0.02:1 as of Q1FY27
  • Credit Ratings: Achieved dual "AA- (with Stable Outlook)" ratings
  • ICRA upgraded from "A+ (With Stable Outlook)" to "AA- (with Stable Outlook)"
  • CRISIL maintains "AA- (with Stable Outlook)" rating

Management Commentary

According to Mr. Boman Irani, Chairman and Managing Director:

  • Q1FY27 marks a steady start building on strong momentum from FY26
  • Robust pipeline of launches with INR 80 billion GDV planned across MMR to support pre-sales guidance for FY27
  • Strong execution capabilities, disciplined project delivery, and favorable market fundamentals position company for sustainable growth
  • Strong balance sheet and healthy liquidity position support growth opportunities and efficient pipeline execution
  • Business focuses on redevelopment, MMR expansion, with competitive advantages including asset-light business model, stakeholder management, customer-centric approach, technological advancements, and experienced leadership team

Company Background

  • Incorporated in 1995, prominent MMR-based real estate developer
  • Leader in redevelopment space with substantial portfolio across MMR
  • 41 Completed Projects, 17 Ongoing Projects, 21 Forthcoming Projects
  • Delivered over 29+ million square feet of construction area
  • Pipeline of over 46 million square feet of construction area in progress
  • Has housed 19,000+ families including re-housing 1,900+ existing families through redevelopment projects