Aditya Birla Real Estate (500040) Q2 25/26 earnings summary

Executive summary

• Achieved Q2 FY26 booking value of INR 8,895 million, up 111% year-over-year, with flagship projects in Mumbai and Bengaluru contributing significantly.

• 80% of launched areas sold as of September 30, 2025, reflecting robust demand and brand strength.

• Strategic alliances with IFC and Mitsubishi Estate for project development and capital infusion.

• Divested Century Pulp & Paper to focus on core real estate business.

• Recognized for ESG leadership, including the Sword of Honour and top GRESB ranking in Asia.

Financial highlights

• Q2 FY26 total income at INR 1,132 million, down from INR 2,758 million in Q2 FY25; EBITDA loss of INR 547 million versus profit of INR 364 million last year.

• Operating cash flow was -INR 4 billion in H1 FY26, with project development costs at INR 10 billion and collections at INR 9 billion; cash flow expected to normalize with upcoming billings.

• Net debt at INR 33,533 million as of Sep 2025; gross debt at INR 54,997 million.

• Construction cost for H1 was INR 350 crore, with total project development cost at INR 1,030 crore; H2 construction cost expected at INR 750 crore.

• PAT after discontinued operations at -INR 178 million for Q2 FY26 and -INR 1,204 million for H1 FY26.

Outlook and guidance

• Strong launch pipeline for FY26 with estimated GDV of INR 139,323 million across 7.8 million sq ft.

• Cumulative cash flow collections expected to reach INR 2,000 crore by December 2025.

• Targeting INR 10,000–15,000 crore of new business development deals before year-end.

• Vision to become a top real estate company in India within five years, with a focus on operational excellence and customer-centricity.

• Company is in process of divesting pulp & paper business to ITC Ltd.; conditions precedent under BTA are being satisfied.