Financial Performance Highlights

Q2 FY27 Performance (Quarter Ended September 30, 2026):

  • Revenue from operations: ₹106.34 crores (28.66% increase from ₹82.66 crores in Q2 FY26)
  • EBITDA including other income: ₹22.78 crores (77% increase from ₹12.82 crores in Q2 FY26)
  • EBITDA margin: 20.90% (550 basis points improvement from 15.40% in Q2 FY26)
  • PAT: ₹15.99 crores (92% increase from ₹8.31 crores in Q2 FY26)
  • PAT margin: 14.70% (470 basis points improvement from 10% in Q2 FY26)

H1 FY27 Performance (Half Year Ended September 30, 2026):

  • Revenue from operations: ₹180.66 crores (45% increase from ₹124.16 crores in H1 FY26)
  • EBITDA including other income: ₹37.09 crores (96% increase from ₹18.92 crores in H1 FY26)
  • EBITDA margin: 20.10% (500 basis points improvement from 15.10% in H1 FY26)
  • PAT: ₹25.71 crores (123% increase from ₹11.53 crores in H1 FY26)
  • PAT margin: 14.20% (490 basis points improvement from 9.30% in H1 FY26)

Operational Performance

  • Pre-sales value increased by 37.6% year-on-year
  • Area booked increased by 19.6% year-on-year
  • Gross collections increased by 88.2% year-on-year
  • Average realization per square foot improved from ₹8,539 in June to ₹9,286 in September 2026

Capital Markets Activity

  • Successfully completed initial public offering (IPO) of equity shares
  • Shares listed on September 18, 2026
  • Raised ₹210 crores from the issue
  • IPO proceeds to be utilized for funding development of ongoing projects (as earmarked in prospectus), planned acquisitions, and general corporate purposes

Project Portfolio and Land Bank

  • Current land bank: 6.4 acres across Kochi and Kozhikode
  • 12 ongoing projects and 3 upcoming projects
  • Project distribution: 2 projects in Thrissur, 2 in Kozhikode, 3 in Thiruvananthapuram, remainder in Kochi
  • Three upcoming projects (Sarovar, Fortune, and East Port) scheduled for launch in Q3 FY27
  • Fortune project already approved by RERA and launched post-September 30, 2026
  • Amora project in Kochi: 68% of units booked as of September 30, 2026

Business Strategy and Market Position

  • Focus on premium and luxe residential segments in Kerala market
  • Target customers: professionals, business individuals, and NRIs
  • NRI sales contribute 48-50% of total sales
  • Biophilic urban homes concept as key differentiator
  • Operating in boutique apartment segment with 75-150 units per project average
  • Current order book: ₹1,080 crores with ₹500 crores already recognized as revenue
  • ₹500 crores of unrecognized revenue providing visibility through FY30-31

Expansion Plans

  • Evaluating opportunities for expansion beyond Kerala to neighboring geographies
  • No specific locations or geographies finalized yet
  • Focus remains on strengthening presence in Kerala markets (Kochi, Thiruvananthapuram, Kozhikode, Thrissur)
  • Disciplined approach to land acquisition and project selection

Margin Drivers and Sustainability

  • Margin improvement driven by product mix shift toward luxe series (higher-margin projects)
  • Cost efficiencies from projects nearing completion
  • Treasury income from fixed deposits of RERA-restricted funds
  • Gross margin improved from 26% in Q2 FY26 to 30.9% in Q2 FY27
  • Management confident about maintaining current margin levels

Cash Position and Debt

  • Unencumbered cash: ₹180 crores (primarily from IPO proceeds)
  • Debt-equity ratio: 0.15%
  • No intention to significantly increase leverage in short to mid-term
  • Project loans may be availed for financial discipline and home loan approvals

Market Dynamics

  • Strong demand driven by NRI investments (20% of India's ₹1,55,000 crores NRI remittances come to Kerala)
  • IT park developments in Kochi and Thiruvananthapuram supporting demand
  • Vizhinjam port development in Thiruvananthapuram boosting economic activity
  • Middle East geopolitical tensions driving NRI demand for Kerala residences
  • RERA implementation strengthening organized sector market share

Sales and Collection Patterns

  • Q2 and Q3 typically faster-selling quarters due to NRI travel during vacations/festivals
  • Q1 and Q4 traditionally slower quarters
  • Collections are milestone-based with no significant seasonality
  • Cancellation rates minimal post-agreement execution (mostly end-users)
  • Canceled apartments typically resold at higher prices

Marketing Approach

  • Digital marketing generating approximately 10,000 leads per month
  • Exhibitions in Gulf countries
  • Channel partner tie-ups
  • Referral programs
  • Institutional sales schemes with banks

Management Commentary

  • Emphasis on quality construction, timely delivery, and after-sales service
  • Commitment to transparency, strong governance, and investor communication
  • Focus on maintaining growth momentum while ensuring margin discipline
  • Confidence in sustaining current performance trends