Aditya Birla Real Estate (500040) Q2 26/27 earnings summary

Executive summary

• H1 FY27 real-estate net total income rose 309% YoY to ₹355 crore and collections increased 39% to ₹1,465 crore; booking value fell 52% to ₹627 crore.

• Q2 FY27 consolidated net profit was ₹918.70 crore, including an ₹868.12 crore gain from the completed Pulp and Paper business sale; continuing-operations net profit was ₹143.31 crore.

• Portfolio GDV was ₹77,718 crore across 35.0 million sq ft of saleable area; Worli Tower C redesign adds ₹1,900 crore net GDV and shifts its launch to FY28.

Financial highlights

• Q2 FY27 real-estate net total income was ₹268 crore, up 755% YoY; H1 was ₹355 crore, up 309% YoY.

• Q2 collections were ₹752 crore, up 47% YoY; H1 collections were ₹1,465 crore, up 39% YoY.

• Q2 booking value was ₹298 crore, down 67% YoY; H1 booking value was ₹627 crore, down 52% YoY. Area sold declined 57% to 0.2 million sq ft in Q2 and 30% to 0.6 million sq ft in H1.

• Consolidated continuing-operations revenue and total income were ₹824.27 crore and ₹860.86 crore in Q2, and ₹1,012.32 crore and ₹1,066.58 crore in H1.

• Consolidated net profit was ₹884.11 crore in H1 FY27 versus a ₹44.90 crore loss in H1 FY26; H1 profit included discontinued-operations PAT of ₹808 crore.

Outlook and guidance

• FY27 launch pipeline carries estimated GDV of ₹4,728 crore across Birla Taranya, Khar redevelopment, Birla Navya, Birla Punya and Birla Evam; ongoing projects have ₹6,619 crore of sustenance sales potential.

• FY29 pre-sales target remains ₹15,000 crore; near-term annual guidance was declined, and current-year pre-sales are not expected to reach ₹8,000 crore.

• Business development additions reached ~₹6,200 crore in H1; additions are expected to exceed ₹10,000 crore annual guidance within a ₹10,000–15,000 crore target range.

• Planned launches include Khar in January–February, Vashi next year, new phases of Taranya and Punya, Hinjewadi in Q4 next year and Worli Tower C in Q2 next year.

• Estimated cash-flow potential comprises ₹15,742 crore of pending collections and ₹6,619 crore of unsold inventory, offset by ₹12,963 crore of remaining project cost, for estimated surplus of ₹9,397 crore.