1. Opening Hook
While interest rates dipped and GDP soared, Puravankara found itself wrestling not with demand but withpaperwork. Approvals, e-khatas, and pipeline clearances made Q2 feel like a Kafka novel in RERA wrapping. Yet, amidst all this bureaucratic drama, the company somehow managed to clock ₹1,322 crore in pre-sales, proving that India’s homebuyers still trust a 50-year-old brand to deliver bricks — even if not instantly. Profit dipped, but ambition didn’t. And yes, the Malabar Hill project might soon redefine “sky-high living” — literally and financially.Keep reading — things get spicy when spreadsheets meet skyscrapers.
2. At a Glance
- Pre-sales ₹1,322 crore (+4% YoY):Sustenance sales doing the heavy lifting; new launches still warming up.
- Revenue ₹663 crore (+27% YoY):Sales steady, accounting standards still confusing.
- Net loss ₹42 crore:Profit took a coffee break under IndAS. ☕
- Collections ₹1,047 crore (+8%):Customers are paying faster than approvals are clearing.
- Land Bank 32 million sq. ft.:Enough to build a small city — or three.
- Average Price ₹8,814/sq. ft. (+7%):Inflation who? Buyers still swiping.
3. Management’s Key Commentary
Niraj Gautam (CFO):“Loss is timing-related due to IndAS and investments, not operational weakness.”(Translation: Accounting killed the profit, not performance.)😏
“Collections of ₹1,904 crore in H1 show strong execution.”(Translation: Buyers still paying despite the profit line ghosting us.)
“We’ve added ₹9,100 crore GDV this half.”(Translation: Land hoarding level: pro.)
Mallanna Sasalu (CEO, South):“Regulatory transitions slowed some launches, but long term looks good.”(Translation: Government forms are our biggest construction project.)
Rajat Rastogi (CEO, West):“Malabar Hill redevelopment will yield EBITDA margins above 30%.”(Translation: Luxury buyers will fund our next decade.)
Ashish Puravankara (MD):“Focus is on brand, quality, and premium projects.”(Translation: We’re done chasing budget buyers; it’s penthouse season.)
“Our H2 pipeline is 15.46 million sq. ft. with ₹5,800 crore potential.”(Translation: We’re locked, loaded, and praying for MoEF approvals.)💼
4. Numbers Decoded
| Metric | Q2 FY26 | YoY Growth | Commentary |
|---|---|---|---|
| Pre-sales | ₹1,322 cr | +4% | Sustenance-driven, new launches delayed |
| Collections | ₹1,047 cr | +8% | Cash flowing smoother than approvals |
| Revenue | ₹663 cr | +27% | Recognized late, earned early |
| Net Profit | -₹42 cr | — | IndAS ate it |
| Avg Realization | ₹8,814/sq. ft. | +7% | Pricing power intact |
| Land Bank | 32 mn sq. ft. | — | Enough to last a decade |
| Pipeline (H2) | 15.46 mn sq. ft. | — | Mumbai + Bengaluru = ₹5,800 cr potential |
Revenue up, profit down, but portfolio thicker than a metro plan.
5. Analyst Questions
Q:Why delays in Mumbai launches?A (Rajat):Approvals nearly done; Andheri, Thane, Bandra launches in Q4.(Translation: Bureaucracy moves slower than cement drying.)
Q:Interest costs rising — concern?A (Niraj):Higher debt being serviced early; not a problem.(Translation: We pay on time, even if profits don’t.)
Q:Pune market update?A:Expanding aggressively, considering redevelopment too.(Translation: If Mumbai can do it, Pune can copy it.)
Q:Commercial assets like Aerocity and Zentech status?A:Leasing in progress, OC expected by Q4.(Translation: Rent cheques to start before the next election.)
Q:Pre-sales guidance for FY26-27?A (Mallanna):₹9,000-₹10,000 crore potential inventory; sales to follow.(Translation: Math optional, optimism mandatory.)
6. Guidance & Outlook
H2 FY26 is where
