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    Puravankara

    PURVA
    Realty·25 May 2026
    Management Summary

    Puravankara delivered a landmark Q4 and FY26, achieving record presales and a return to profitability. The company significantly expanded its land bank and launch pipeline, driving strong sales volume and realization. Despite increased interest expenses, net debt saw a reduction, and management provided robust guidance for FY27 presales and further debt reduction, signaling continued positive momentum.

    Highlights

    5

    • Q4 FY26 Presales of INR3,547 crores, up 190% YoY and 151% QoQ, driven by successful new launches and existing portfolio traction.

    • FY26 Presales of INR7,407 crores, an all-time high, reflecting 55% YoY growth.

    • Q4 FY26 PAT of INR111 crores, a strong recovery from a loss of INR88 crores in the prior year quarter.

    • FY26 business development added over 12 million sq ft of potential developable area with an estimated GDV of INR15,200 crores.

    • Net debt reduced by INR160 crores in Q4 FY26, and cash and bank balance stood at INR1,695 crores, indicating strong liquidity.

    Concerns

    2

    • Interest expenses increased to INR600 crores for the year, though management attributed this to incremental debt for business development and fair value accounting.

    • Collection growth (15% YoY for FY26) lagged presales growth (55% YoY for FY26), primarily due to large Q4 launches whose collections will spill into the next financial year.

    Key financials

    Metrics

    8

    Periods

    2

    Q4 FY26

    6
    • Presales
      ₹3,547 Cr
      YoY+1.9%QoQ+1.5%
    • Total Income
      ₹1,541 Cr
      YoY+1.7%
    • EBITDA Margin
      22%
    • PAT
      ₹111 Cr
    • Sales Volume
      3.01 Mn
      YoY+112.0%

    FY26

    2
    • Presales
      ₹7,407 Cr
      YoY+55.0%
    • Total Income
      ₹3,846 Cr
      YoY+84%

    Order Book

    high confidence

    Total Value

    ₹ 7,407 crores

    as of 2026-03-31

    quantified
    55.0% YoY

    Inflow this qtr

    ₹ 3,547 crores

    Pipeline

    other

    Launch pipeline of 14.85 million sq ft inventory with an estimated GDV of INR22,547 crores.

    "FY26 was a landmark year with highest ever quarterly and annual sales performance, supported by strong launch momentum and healthy customer demand."

    Source:
    Prepared remarks

    Capital allocation

    8
    high confidence
    CategoryHeadline
    Debt

    Net ₹2,321 crores · 1.3x EBITDA

    Cost 11.1%

    M&A

    Chembur Redevelopment

    joint venture · announced

    M&A

    Malabar Hills Redevelopment

    joint venture · announced

    M&A

    Hennur Road Joint Development

    joint venture · announced

    M&A

    Balagere East Bengaluru Joint Development

    joint venture · announced

    Guidance & targets

    4
    CategoryTargetPriority
    Presales
    Presales Value
    ~INR11,200 crores
    		High
    Presales
    Presales Composition from New Launches
    52%
    		High
    Presales
    Presales Geographical Split (Southern Market)
    ~INR7,000 crores
    		High
    Debt
    Debt Reduction
    ~INR750 crores
    		High

    Bandra Project Launch Timeline

    Next quarter (Dusshera to Diwali period)
    CurrentVacation notice underway, aiming for Dusshera to Diwali launch
    TargetLaunch initiated or firm timeline provided

    Why it matters

    A key Mumbai project with an estimated GDV of INR2,700 crores, its launch is crucial for future sales and revenue.

    The Bandra launch as of now, the vacation notice is underway. Members are leaving. By end of June, we hope that the members will vacate, post which we will demolish and start working on our launching timeline. So, I think we're looking at around the Dusshera to Diwali as a launch period for us to launch.

    How to verify

    order_book.pipeline

    Risks & concerns

    3
    RiskSeverity

    Geopolitical uncertainties impacting customer behavior

    Management acknowledged geopolitical situations are undesirable but noted that people often invest in India during distress, and rupee depreciation encourages investment. No substantial change in customer behavior observed. — Analyst downplayed

    medium

    Construction cost inflation

    Construction costs increased by 6-7% due to diesel prices, but management stated that margins and contingencies already account for this, and they are not unduly concerned. — Analyst acknowledged

    medium

    Past project launch slippages and approval delays

    Management admitted to past slippages due to regulatory changes (e-Khata, planning authority, Greater Bengaluru Authority) but expressed confidence that current projects are in advanced stages and will proceed to launch. — Analyst acknowledged

    low

    Q&A highlights

    8

    “The Bandra launch as of now, the vacation notice is underway. Members are leaving. By end of June, we hope that the members will vacate, post which we will demolish and start working on our launching timeline. So, I think we're looking at around the Dusshera to Diwali as a launch period for us to launch. The second part of the question was on the GDV, the GDV of the asset right now is around INR2,700 crores up for a sale portion.”

    Provides specific timeline and estimated value for a key upcoming project in Mumbai.

    asked by Deepak Purswani

    2 min read5 chapters

    Detailed Narrative

    01

    Record Presales and Strong Financial Performance in FY26

    Puravankara achieved a landmark year in FY26, reporting its highest ever quarterly and annual sales performance. Q4 FY26 presales surged to INR3,547 crores, representing a 190% year-on-year and 151% sequential growth. For the full fiscal year, presales reached an all-time high of INR7,407 crores, a 55% increase over FY25. This strong performance translated into a Q4 FY26 PAT of INR111 crores, a significant turnaround from a loss of INR88 crores in the same period last year, and an EBITDA margin of 22% for the quarter.

    02

    Robust Launch Pipeline and Business Development Additions

    The company significantly bolstered its future growth pipeline by adding over 12 million square feet of potential developable area in FY26, with an estimated Gross Development Value (GDV) of INR15,200 crores. This included key redevelopment opportunities in Mumbai (Chembur and Malabar Hills) and joint development projects in Bengaluru (Hennur Road, Balagere, and near Airport). The total launch pipeline for the next year stands at 14.85 million square feet with an estimated GDV of INR22,547 crores, providing strong revenue visibility.

    03

    Debt Reduction and Liquidity Management

    Puravankara demonstrated prudent financial management by reducing its net debt by INR160 crores during Q4 FY26, bringing the total net debt to INR2,321 crores as of March 31, 2026. The net debt to equity ratio stood at a healthy 1.31x, and cash and bank balances were INR1,695 crores, ensuring operational stability. The cost of debt also saw a further decline to 11.05%, reflecting improved financial health.

    04

    Positive Outlook and FY27 Guidance

    For FY26-27, Puravankara has provided strong guidance, targeting presales of approximately INR11,200 crores. This is expected to be driven by 48% sustained sales and 52% from new product launches. The company also aims for a debt reduction of approximately INR750 crores in the upcoming fiscal year, excluding strategic business development borrowings. Geographically, about INR7,000 crores of the targeted sales are expected from the Southern market.

    05

    Commercial Portfolio Traction and Diversification Plans

    The commercial real estate portfolio is gaining momentum, with the Occupation Certificate (OC) received for Aerocity and expected for Zentech this month. Zentech is already ~44% leased or sold before OC, and Aerocity is seeing good inquiries from Grade A companies and GCCs. The company is also exploring new growth verticals such as data centers and warehousing, focusing on leasing-based models, and considering entry into the senior housing segment, leveraging its large township developments.

    This is an AI-generated summary of a publicly available earnings call transcript. It is for informational purposes only and does not constitute investment advice, a recommendation, or an endorsement. inve.money is not a SEBI-registered investment advisor. Please consult a qualified financial advisor before making any investment decisions.