Arvind SmartSpaces LimitedReal EstateARVSMART
Q1 FY27 concall · earnings callArvind SmartSpaces Limited
The company started FY27 with strong presales growth of 147% YoY, driven by demand across its core markets and a robust launch pipeline.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Presales | ₹432 Cr | 147% | |
| Revenue | ₹318 Cr | — | |
| Adjusted EBITDA | ₹150 Cr | — | |
| Profit After Tax | ₹97 Cr | — | |
| Collections | ₹336 Cr | 76% | |
| Net Operating Cash Flow | ₹81 Cr | — | |
| Net Debt to Equity | 0.29x | — | |
| Unrecognized Revenue | ₹3,825 Cr | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹210.16 Cr+149.3% YoY-20.9% QoQ | ₹50.19 Cr+330.8% YoY+17.8% QoQ | ₹10.49+406.8% YoY+17.2% QoQ |
| Q2 FY25 | ₹265.58 Cr+265.5% YoY+256.6% QoQ | ₹42.60 Cr+293.4% YoY+822.1% QoQ | ₹8.95+368.6% YoY+1298.4% QoQ |
| Q1 FY25 | ₹74.47 Cr+11.4% YoY-36.6% QoQ | ₹4.62 Cr-49.2% YoY-76.3% QoQ | ₹0.64-63.8% YoY-81.3% QoQ |
| Q4 FY24 | ₹117.37 Cr+26.6% YoY+39.2% QoQ | ₹19.51 Cr+86.2% YoY+67.5% QoQ | ₹3.42+66.8% YoY+65.2% QoQ |
| Q3 FY24 | ₹84.30 Cr+60.2% YoY+16% QoQ | ₹11.65 Cr+130.2% YoY+7.6% QoQ | ₹2.07+120.2% YoY+8.4% QoQ |
TL;DR
- Q1 FY27 presales grew 147% year-on-year to INR432 crores.
- Revenue grew significantly to INR318 crores due to building use completion for the Orchards project in Bengaluru.
- Adjusted EBITDA was INR150 crores and PAT was INR97 crores.
- Net operating cash flow was INR81 crores for the quarter.
- Added business development projects with an aggregate GDV of approximately INR2,600 crores.
- Maintaining full-year guidance for bookings growth of 35-40%, business development of INR4,000-5,000 crores, and EBITDA margins of 22-25% on new sales.
Said on the call
“We have started the year with a very strong Q1 with presales of INR432 crores, which is a 147% growth year-on-year.”
From the Q&A
| Topic | What management said |
|---|---|
| Demand Strength and Sustenance Sales | Management stated underlying demand remains quite strong across core markets, and the strong Q1 was a combination of market strength and project appeal; sustenance sales are becoming a more important contributor due to improved processes and distribution. |
| Launch Pipeline and BD | Guidance is to launch INR3000-3500 crores of booking value via 6 projects (1 Ahmedabad, 3 Bengaluru, 2 Mumbai) in the current year; Business Development target is INR4000-5000 crores GDV, of which INR2,600 crores was added in Q1. |
| Margins and Revenue Recognition | Normalized portfolio EBITDA margin guidance is 22-25%; Q1's high margin (48-49%) was driven by the Orchards project and is not considered the sustainable average. Unrecognized revenue of ~INR3,800 crores is expected to be recognized over the next 4 years. |
| Operating Cash Flow and Leverage | Full-year OCF target is INR400-500 crores; comfortable net debt to equity ratio is up to 1:1, providing room for growth investments, with land outflows expected in the range of INR600-900 crores for the year. |
| Market Strategy and Future Growth | Focus remains on Mumbai, Bengaluru, and Ahmedabad; aim for 25-30% CAGR over 4-5 years; considering annuity assets like commercial/retail in the future but not currently. |
| Price Appreciation and Cycle | Management believes the rapid price increase cycle is stabilizing, with more moderated increases expected going forward, but structural demand in deep markets remains strong. |
Guidance
- Full-year FY27 bookings growth of 35% to 40% over previous year.
- Business Development GDV target of INR4,000 crores to INR5,000 crores for the year.
- EBITDA margins on new sales in the range of 22% to 25%.
- Target operating cash flow for the year in the range of INR400 crores to INR500 crores.
Source
Summary written from the transcript filed by Arvind SmartSpaces Limited for the call held on 7 Aug 2026; published 18 Aug 2026, 18:53 IST.
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