Puravankara (PURVA) Q4 24/25 earnings summary

Executive summary

• FY25 sales reached INR 5,006 crores with a sales volume of 5.67 million sq ft, but sales value declined 15% YoY and profitability dropped, resulting in a net loss of INR 186 crores; Mumbai and Pune's sales contribution rose to 15% as non-Bengaluru projects now constitute over half of ongoing developments.

• The group operates across luxury, premium affordable, and plotted developments, with a pan-India presence and a land bank exceeding 24.56 million sq ft.

• Robust launch pipeline of 13.5 million sq ft planned for FY26, with significant land investments of INR 1,284 crores adding 8 million sq ft and a GDV of INR 13,000 crores.

• Audited results for FY25 show both standalone and consolidated net losses, with auditors issuing unmodified opinions.

• Board approved new and re-appointed auditors, and expanded through acquisitions and JV agreements, including a 25-acre project in North Bengaluru.

Financial highlights

• FY25 consolidated revenue was INR 2,013.61 crores, down from INR 2,185.26 crores in FY24; standalone revenue was INR 917.50 crores.

• EBITDA margin for FY25 was 18%, down from 23% in FY24; Q4FY25 EBITDA margin was 9%.

• Net loss for FY25 was INR 186 crores (consolidated), with standalone net loss at INR 198.75 crores.

• Customer collections for FY25 grew 9% YoY to INR 3,937 crores; average realization per sq ft increased 10% YoY.

• Operating cash flows for FY25 were negative, with consolidated operating cash flow at ₹(498.54) crore.

Outlook and guidance

• Strong launch pipeline for FY26, with new projects and land bank replenishment expected to drive growth and margin improvement.

• Estimated future cashflow surplus of INR 15,949 crores, including INR 8,505 crores from ongoing projects and INR 5,574 crores from pipeline launches.

• Management confident in resolving approval delays and defending ongoing legal and tax matters.