1. Opening Hook
While India’s real estate crowd was bragging about “launching towers,” Arvind SmartSpaces quietly turned profitable building trust (and villas). Q2 FY26 wasn’t skyscraper-level thrilling — revenue halved YoY, but the company’s tone? Calm, caffeinated, and very “long-term value creation.”
The MD called the sector “transparent and institutionalized,” which is corporate-speak for “we now actually pay taxes.” The CEO spoke of agility, city P&Ls, and control like a B-school TED Talk — you could almost hear McKinsey nodding. But wait till the CFO starts flexing ₹4,100 crore of unrealized operating cash flow — that’s where it gets interesting.
2. At a Glance
- Revenue ₹140 Cr (↓47% YoY) – Profitability met potholes on the Ahmedabad expressway.
- EBITDA ₹31 Cr (↓63% YoY) – Margins took the stairs instead of the elevator.
- PAT ₹18 Cr (↓58% YoY) – Not broke, just “strategically cash-flowing.”
- Bookings ₹432 Cr (↓7% YoY) – Slow start, but H2 promises caffeine shots.
- Collections ₹236 Cr (↓10% YoY) – Customers taking their sweet time paying for “smart spaces.”
- Net Debt: Negative ₹32 Cr – The CFO’s favorite yoga pose: debt-free asana.
- Operating Cash Flow ₹125 Cr (+368% QoQ) – Clearly, money does grow on land.
3. Management’s Key Commentary
“We’ve built a scalable platform with city-level leadership and clear accountability.”
(Translation: Decentralized power without chaos — like Starbucks, but for plots.)
“India’s real estate sector is now transparent and institutionalized.”
(Or in other words, ‘brokers are out, Excel sheets are in.’)
“We entered Vadodara with a ₹700 Cr topline potential horizontal project.”
(Because Surat took too long and Baroda had better chai.) ☕
“Bookings grew 147%
sequentially, driven by Arvind Everland’s 954-unit blitz.”
(When Gujarat buys, it buys — 82% inventory gone before the CFO finished his slide.)
“Net debt remains negative; we generated ₹152 Cr in operating cash in H1.”
(That’s CFO for ‘We’re rich but cautious.’)
“We’re focused on profitability, cash flow, and design-led products.”
(Basically, we’ll build beautiful things — slowly.) 😏
“H2 will see 4–5 launches including Baroda, Bangalore, and Mumbai.”
(H2 looks like a festival season for approvals — if the gods cooperate.)
4. Numbers Decoded
| Metric | Q2 FY26 | YoY | QoQ | Remark |
|---|---|---|---|---|
| Revenue | ₹140 Cr | -47% | +38% | “Tapered” but recovering. |
| EBITDA | ₹31 Cr | -63% | +27% | Construction costs doing push-ups. |
| PAT | ₹18 Cr | -58% | +51% | Profit crawl mode: ON. |
| Bookings | ₹432 Cr | -7% | +147% | Everland to the rescue. |
| Collections | ₹236 Cr | -10% | +23% | Cash coming in… fashionably late. |
| Net Debt | (₹32 Cr) | — | — | Still debt-free and proud. |
| Operating Cash Flow | ₹125 Cr | +4% | +368% | Free cash flowing smoother than cement. |
| Unrealized Cash Flow (Pipeline) | ₹4,110 Cr | — | — | Future CFO brag material. |
TL;DR – Slow revenue, fast launches, faster cash flow.
5. Analyst Questions (and Management Spin)
Q: “Are you still confident of 30% pre-sales growth?”
A: “Absolutely. H1 was warm-up; H2 is the real show.”
(Translation: We’ll
