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1. At a Glance
Revenue of ₹318 Cr against ₹102 Cr a year earlier. Operating profit of ₹156 Cr against ₹21. PAT of ₹99 Cr against ₹11. Screener records the quarterly sales variation at 212% and the profit variation at 786%, which is the sort of number range usually reserved for cricket scores rather than income statements.
Management attributed the step-up majorly to the building-use permission received for Phase 1 of the Orchards project in Bengaluru — meaning a large slice of this quarter’s P&L was, in a very real sense, waiting on a municipal office. Management also cautioned that revenue recognition remains “very, very approval linked” and therefore “still a little sporadic.”
Underneath the approval theatre, the operating machine did its own thing. Bookings came in at ₹432 Cr, up 147% year on year. Collections were ₹336 Cr, up 76%. Net operating cash flow was ₹81 Cr for the quarter. Business development added roughly ₹2,580 Cr of topline potential in a single quarter, described by the chairman as the highest quarterly GDV booked — a company that spent Q1 buying more Ahmedabad and Mumbai than it sold.
In June, India Ratings upgraded the long-term rating to IND AA-/Stable from IND A+/Stable. In August, the statutory auditor resigned and a new one was appointed the same day. The quarter, by any measure, was not uneventful. Unrecognized revenue stood at ₹3,825 Cr at quarter-end.
2. Introduction
Arvind SmartSpaces began life in 2008 as Arvind Infrastructure Limited, a wholly-owned subsidiary of Arvind Limited in Ahmedabad, set up to do real estate and infrastructure development. It is the real estate arm of the Lalbhai Group, whose textile lineage traces to 1897 and whose flagship Arvind Mill was established in 1931 — a house that made cloth for ninety years before deciding that plots of land are also, in a sense, something you sell by the square measurement.
The listing came through demerger from Arvind Limited in 2015. What followed reads like a company steadily raising its own ceiling: entry into the Mumbai Metropolitan Region, entry into Vadodara, a ₹900 Cr residential development platform with HDFC Capital Advisors, a preferential issue of ₹85 Cr to HDFC Capital and promoters, and the commencement of its first project under the development-management model, Forreste. Bookings crossed ₹500 Cr during Covid disruption, crossed ₹1,100 Cr, and reached ₹1,550 Cr in FY26.
The last eighteen months added rather a lot of pins to the map. December 2025: a Whitefield Bengaluru high-rise, 4.6 lakh sq ft, ~₹550 Cr topline. February 2026: Sarjapur Road, 6.8 lakh sq ft, ~₹860 Cr, outright. March 2026: another Whitefield high-rise, 2.5 lakh sq ft, ~₹330 Cr. April 2026: the Goregaon Mumbai high-rise at ~₹2,400 Cr. June 2026: a South Ahmedabad project across 58.25 acres at ~₹180 Cr.
February 2026 also brought a change at the top: Priyansh Kapoor was appointed MD and CEO effective 10 February 2026, with Kamal Singal moving to Whole Time Director – Strategy & Investments.
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3. Business Model: WTF Do They Even Do?
They develop land, in two orientations. The company splits its portfolio into Horizontal — villas and developed plots — and Vertical — apartments. As of June 2026, ongoing and planned projects run 34% horizontal and 66% vertical by one cut, 92% residential and the remainder commercial or industrial, and 86% mid-market against 14% luxury. There is a category the company literally labels “Developed Plots with Golf/Club/Resort,” which is the real estate industry’s way of saying: we sold you a field, but there is a clubhouse.
The portfolio as on 30 June 2026: 10.3 mn sq ft completed, 58.6 mn sq ft ongoing, 31.2 mn sq ft planned to launch. That is a hundred million square feet of intention across Gujarat, Bengaluru and the MMR.
The genuinely interesting bit is who owns what. This is described as an asset-light development model, and the ownership structures on the ongoing book are a taxonomy in themselves — JV at ~50% revenue share on Aquacity, DM at ~10% revenue share on Forreste, JD at ~68.12% on Arvind Greenfields Vadodara, outright 100% on The Park, and, for Mullur Sarjapur and Nallurhalli Whitefield, “HDFC Platform 2 Arvind Invst 33.33%.” By volume, 78% of the model is JDAs against 22% outright; by value, 68% against 32%. Somewhere in Ahmedabad is a legal team that has forgotten what a simple freehold looks like.
Scale sits in a handful of names. Aquacity carries 1.54 crore sq ft saleable and ₹1,090 Cr of booking value. Arvind Smartpark, the commercial one, is 90 lakh sq ft with ₹41 Cr booked so far — a project so early it is still mostly a plan with a completion year attached (2030). Uplands 2.0
