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1. At a Glance
Arvind SmartSpaces develops homes and plots across Gujarat, Bengaluru and the Mumbai region.
Revenue for the quarter was ₹318 crore, against ₹102 crore a year earlier. Operating profit was ₹156 crore, against ₹21 crore. Profit after tax was ₹99 crore, against ₹11 crore. Screener, a financial data site, records the quarterly sales variation at 212% and the profit variation at 786%. Those belong to a range more often seen on a cricket scoreboard than an income statement.
Management attributed the step-up mainly to the building-use permission received for Phase 1 of the Orchards project in Bengaluru. On management’s account, a large slice of the quarter’s reported profit was waiting on a municipal office. Management also cautioned that revenue recognition remains “very, very approval linked” and therefore “still a little sporadic”.
Underneath the approvals, the operating machine ran to its own timetable. Bookings, the value of flats and plots customers agreed to buy, came in at ₹432 crore, up 147% year on year. Collections, the cash actually received, were ₹336 crore, up 76%. Net operating cash flow was ₹81 crore for the quarter. Business development added roughly ₹2,580 crore of topline potential in a single quarter. The chairman described that as the highest quarterly gross development value booked, meaning the sales a land pipeline could eventually produce.
In June, India Ratings, a credit-rating agency, 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. Unrecognised revenue, sold but not yet taken to the accounts, stood at ₹3,825 crore at quarter-end.
2. Introduction
Arvind SmartSpaces began in 2008 as Arvind Infrastructure Limited, a wholly-owned subsidiary of Arvind Limited in Ahmedabad. It was set up to carry out real estate and infrastructure development.
It is the real estate arm of the Lalbhai Group, whose textile lineage traces back to 1897. The group’s flagship Arvind Mill was established in 1931. That is a house which made cloth for ninety years before deciding that land, too, is sold by the square measurement.
The listing came through a demerger from Arvind Limited in 2015. What followed was a steady raising of the company’s own ceiling. It entered the Mumbai Metropolitan Region, and then Vadodara. It set up a residential development platform of ₹900 crore with HDFC Capital Advisors. A preferential issue of ₹85 crore went to HDFC Capital and the promoters. Forreste then began, the first project under the development-management model, in which the company develops somebody else’s land for a share of the revenue.
Bookings crossed ₹500 crore during the Covid disruption. They later crossed ₹1,100 crore, and reached ₹1,550 crore in the year to March 2026.
The last eighteen months added a good many pins to the map. December 2025 brought a Whitefield high-rise in Bengaluru, 4.6 lakh sq ft, at about ₹550 crore. February 2026 brought Sarjapur Road, 6.8 lakh sq ft, taken outright, at about ₹860 crore. March 2026 added another Whitefield high-rise, 2.5 lakh sq ft, at about ₹330 crore. April 2026 brought the Goregaon high-rise in Mumbai, at about ₹2,400 crore. June 2026 added a South Ahmedabad project across 58.25 acres, at about ₹180 crore.
February 2026 also brought a change at the top. Priyansh Kapoor was appointed managing director and chief executive with effect from 10 February 2026. Kamal Singal moved to the role of whole-time director for strategy and investments.
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3. Business Model: WTF Do They Even Do?
The company develops land in two orientations. It splits its portfolio into horizontal, meaning villas and developed plots, and vertical, meaning apartments.
As of June 2026, ongoing and planned projects run 34% horizontal and 66% vertical. By another cut, 92% is residential and the rest commercial or industrial. Mid-market housing is 86% of the mix, against 14% luxury. There is a category the company itself labels “Developed Plots with Golf/Club/Resort”. That is the trade’s way of saying it sold a field with a clubhouse attached.
The portfolio as on 30 June 2026 runs to 1.03 crore sq ft completed and 5.86 crore sq ft ongoing. A further 3.12 crore sq ft is planned for launch. That comes to roughly ten crore square feet of intention across Gujarat, Bengaluru and the Mumbai region.
Who owns what is the interesting part. The company describes this as an asset-light development model, meaning it builds largely on land it does not buy. The ongoing book is a taxonomy in itself. Aquacity is a joint venture at about 50% revenue share. Forreste is development management at about 10%. Arvind Greenfields in Vadodara is a joint development at 68.12%. The Park is held outright at 100%. Mullur Sarjapur and Nallurhalli
