Arkade Developers Limited Q3FY26 Concall Decoded: ₹267 crore quarterly presales, yet revenue fell 14% YoY — real estate magic or timing trick?

1. Opening Hook

Mumbai real estate apparently didn’t get the global slowdown memo. While headlines scream macro worries and commodity spikes, Arkade just clocked its highest-ever quarterly presales. Not bad for a quarter where environmental clearances decided to take a vacation.

Revenue dipped, margins behaved, and management says growth isn’t delayed — just “deferred.” Classic real estate plot twist.

Five projects lined up. ₹5,000–7,000 crore GDV incoming. Filmistan being marketed like a Marvel release.

But here’s the real teaser: Is Arkade being conservative… or setting up for a dramatic sequel?

Read on. It gets interesting.

2. At a Glance

Presales up 21% YoY (₹267 cr) – Buyers showed up; approvals didn’t.
Collections up 19% YoY (₹212 cr) – Cash register still ringing.
Revenue down 14% YoY (₹199 cr) – OC timing played villain.
EBITDA margin at 27.4% – Margins flexed quietly.
PAT at ₹40 cr (20.2% margin) – Profits trimmed but respectable.
9M Revenue up 12% YoY (₹629 cr) – Growth hiding in plain sight.
Net debt low – Management allergic to interest payments.

3. Management’s Key Commentary

“The quarter gone by has been phenomenal for us.”

(Phenomenal, except revenue decided to nap this quarter. 😏)

“Launches got delayed because environmental clearances were taking time.”

(When bureaucracy blocks your CAGR.)

“We recorded highest pre-sales this quarter.”

(Booking strong. Recognition pending. Patience required.)

“Next financial year, we have a good lineup of launches.”

(Translation: FY27 is where the fireworks are.)

“We are being conservative as always. That is our DNA.”

(Underpromise, overdeliver — or at least that’s the script.)

“We expect to stabilize margins between 18% to 20% at PAT level.”

(Healthy. Not greedy. Very developer-core.)

“Filmistan has zero competition.”

(Zero competition is a bold word in Mumbai real estate. 😄)

Management tone: Confident. Conservative. Slightly promotional on marquee assets.

4. Numbers Decoded

Metric	Q3FY26	Q3FY25	YoY Change	What It Means
Presales	₹267 cr	₹220 cr	+21%	Demand intact
Area Sold	96,000 sq ft	74,000 sq ft	+30%	Ticket size steady
Collections	₹212 cr	₹178 cr	+19%	Cash flow healthy
Revenue	₹199 cr	₹231 cr	-14%	OC timing effect
EBITDA	₹54 cr	—

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