Puravankara (PURVA) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 pre-sales reached INR 1,322 crore, up 4% YoY, with average price realization rising 7% to INR 8,814 per sq ft and sales volume at 1.50 msft; H1 FY26 pre-sales totaled INR 2,455 crore, up 4% YoY.

• Revenue for Q2 FY26 grew to INR 681 crore (consolidated: INR 644.20 crore), up from INR 520 crore last year, but reported a consolidated net loss of INR 42.99 crore, mainly due to revenue recognition timing, higher expenses, and investments.

• Major land acquisitions in Bengaluru and Mumbai expanded the land bank to over 32 million sq ft, with a GDV of INR 9,100 crore and redevelopment portfolio in Mumbai at 4.38 msft.

• Launch pipeline for H2 FY26 includes 15.53 million sq ft across key metros, with sales potential exceeding INR 5,000 crore.

• Appointment of Mr. Niraj Kumar Gautam as CFO and KMP, effective September 24, 2025.

Financial highlights

• Q2 FY26 pre-sales: INR 1,322 crore (+4% YoY); H1 FY26 pre-sales: INR 2,455 crore (+4% YoY); Q2 FY26 revenue: INR 681 crore (consolidated: INR 644.20 crore); reported consolidated net loss: INR 42.99 crore.

• Q2 FY26 EBITDA margin at 18%, down from 28% YoY; H1 FY26 EBITDA margin at 17%, down from 24% YoY.

• Customer collections in Q2: INR 1,047 crore (+8% YoY); H1 collections: INR 1,904 crore (+1% YoY).

• Interest expenses for the quarter: INR 168.58 crore, up from INR 160.90 crore in the previous quarter.

• Net debt as of Sep 2025: INR 2,894 crore; net debt/equity ratio at 1.77; cash and cash equivalents at INR 705 crore.

Outlook and guidance

• H2 FY26 pipeline targets 15.53 million sq ft launches, with INR 12,000 crore of inventory expected to be brought to market.

• Cashflow visibility of INR 7,679 crore from ongoing projects over the next 3-5 years; estimated total surplus including pipeline and commercial projects at INR 15,568 crore.

• Delivery guidance for FY26 remains on track for over 3,100 units and 4.3 million sq ft.

• Multiple new launches planned in Bengaluru, Kochi, and Mumbai with expected launches in Q3/Q4 FY26.

• Management expresses confidence in defending ongoing legal and tax matters, with no provisions made for disputed claims.