Puravankara Ltd

Key developments

• JDA signed for 7.83-acre site in South-East Bengaluru.
• Estimated GDV of the deal: Rs 1,100 crore.
• Saleable area ~0.89 msft.
• Fifth Bengaluru land transaction for FY27.
• FY27 Bengaluru land development ~49.76 acres.
• FY27 Bengaluru GDV ~Rs 6,300 crore.
• FY27 Bengaluru saleable area ~5.12 msft.
• Proximity to Electronic City and Metro access.
• Ongoing Bengaluru saleable area ~35.14 msft.
• Total Bengaluru land bank ~40 msft; as of 30 Jun 2026.
• Completed projects: 97; Completed saleable area: 59 msft.

Order details

• Red Connect Private Limited awarded civil and structural works for Ritz Carlton Project, MRC Nagar, Chennai.
• Contract value ₹1,75,00,00,000 (₹175 crore) excluding GST.
• Execution period 32 months.
• Awarding entity is a domestic entity.
• The order is awarded to SICL, a wholly owned subsidiary of Puravankara Limited.
• No promoter group interest; no related party transaction.

Corporate guarantee details

• Corporate guarantee by Puravankara for Provident Housing Limited totaling Rs 199.99 crore to RBL Bank.
• Contingent liability; no current impact on Puravankara or consolidated results.
• Promoters and promoter group have no interest; Provident Housing Limited is the sole interested party.

Financial Performance

• Presales: INR 1,439 crores, +28% YoY.
• Volume: 1.36 mn sq ft, +9%.
• Avg realization: INR 10,589 per sq ft, +18%.
• Collections: INR 1,199 crores, +40%.
• Handover: 745 homes, 0.94 mn sq ft.
• Total income: INR 877 crores, +63%.
• EBITDA margin: 25% (vs 15% in Q1 FY26).
• PAT: INR 25 crores, vs loss INR 69 crores year-ago.
• Net debt: INR 2,836 crores; debt/equity 1.57x.
• Gross debt down by INR 74 crores in the quarter.
• Cash & bank balances: INR 1,106 crores.
• Avg cost of debt: 11.12%.

Balance Sheet & Cash Flows

• Acquisitions: four Bengaluru land deals; 43 acres and 4.23 mn sq ft.
• GDV from acquisitions: INR 5,200 crores.
• ICICI Prudential AMC deal: EV ~ INR 625 crores; close expected this month.
• Debt on asset (~INR 250 crores) to be repaid on completion.
• Land commitments: all paid; no unpaid land.
• Cash deployed from 31 Mar 2026 balance sheet for acquisitions.

Pipeline, Projects & Capex

• Bengaluru pipeline: 41.93 acres; 4.23 mn sq ft; GDV INR 5,200 crores.
• JV structure enables capital-efficient participation in growth.
• FY27 presales guidance: INR 11,200 crores reaffirmed.
• Launch pipeline guidance: INR 27,300 crores; some projects may shift quarters.
• Hebbal, Bangalore: new commercial project ~1.3 mn sq ft; start by Q4 FY27.
• Aerocity: OC for 1.3 mn sq ft; LOI INR 60–65 per sq ft.

Guidance & Outlook

• FY27 presales guidance reaffirmed at INR 11,200 crores.
• Pipeline launches expected to translate into cash flow; project-by-project tracking.
• Debt-reduction target of INR 700 crores; held despite new launches.
• Macro backdrop: RBI repo 5.25%; FY27 GDP ~6.7%; CPI ~5.0%.
• Delivery depends on sequencing of launches and timely approvals.

Q&A Highlights

• Q1 acquisitions funded from cash; no incremental gross debt.
• Aerocity Phase 2 to start after 70–80% occupancy; 0.9 mn sq ft remain.
• Estrella quarter gross sales ~INR 200 crores; West & Commercial ~INR 393 crores total in quarter.
• South region contribution ~INR 1,046 crores; total quarter sales ~INR 1,439 crores.
• Miami RERA approved; Pali Hill 100% vacated; Cityspire & Westend approvals progressing; Sept end RERA filing.
• No immediate senior-living plans; exploring data centers, warehousing, and NCR opportunities (Noida).
• Mumbai portfolio: ~INR 25,000 crores GDV; redevelopment/JDAs/plotted development ongoing.
• Guidance: project-by-project tracking; some launches moved between quarters; guidance under control.

Meeting Details

• Date: 17 August 2026; time not disclosed.
• Type/Mode: Analysts/Investors call; audio recording available.
• Event: Q1 FY27 results call; organizer Puravankara Limited.
• Availability: recording on the company's website.

Financial highlights

• Total revenue rose to ₹877 crore in Q1FY27.
• PAT stood at ₹25 crore, reversing Q1FY26 loss.
• EBITDA margin expanded to 25% from 15%.
• Pre-sales reached ₹1,439 crore, up 28% YoY.
• Sales volume: 1.36 msft across 1,017 units.
• Average realisation ₹10,589 per sq ft.
• Collections ₹1,199 crore, up 40% YoY.
• Handover: 745 units (0.94 msft) in Q1FY27.
• Completed 1.72 msft across ten towers in quarter.
• Inventory pending revenue recognition: 3.20 msft as of 30 Jun 2026.
• Launch pipeline: 20.48 msft across Southern and Western markets.
• Four Bengaluru land deals add ₹5,200 crore GDV.
• Purva Zentech sale to ICICI Prudential AMC; EV ₹625.94 crore.
• ₹145 crore via SPV shares; balance adjustments.
• Total estimated surplus across projects: ₹19,831 crore over 3-5 years.

Debt and liquidity

• Gross debt ₹3,942 crore as of 30 Jun 2026.
• Net debt ₹2,836 crore; debt-to-equity 1.57.
• Cost of debt 11.12% as of 30 Jun 2026.
• Capital deployment: ₹574 crore to land payments and deposits.

Strategic developments and outlook

• Four Bengaluru land deals totaling 41.93 acres.
• Development potential across parcels: 4.23 msft.
• Launch pipeline GDV ₹27,300 crore; area 20.48 msft.
• Redevelopment portfolio in Mumbai adds 2.23 msft saleable area.
• Total land bank ~38 msft; ongoing projects ~35.14 msft.
• FY27 sales guidance maintained at ₹11,200 crore.

Operational highlights

• Handover momentum supports earnings visibility with 2,777 pending revenue recognition units.
• Completed projects support a substantial future cash flow potential.

Company overview

• Residential and commercial real estate developer with pan-India footprint in 9 cities.
• Developable area as at 30 Jun 2026: 59.01 msft completed; land assets 38.34 msft; total 73.49 msft.
• 22,000+ homes under development; 59 million sq ft delivered across 97 completed projects.

Financial performance

• Total income ₹877 Cr; revenue from operations ₹849 Cr.
• Net PAT ₹25 Cr; PBT ₹26 Cr.
• Handover 745 units; area sold 1.36 msft.
• Sale value ₹1,439 Cr; average realisation ₹10,589 per sft.
• Collections ₹1,199 Cr; EBITDA margin 25%.

Operational highlights

• Emerald Bay launched; 0.13 msft developable area opened.
• Completions in Q1 FY27 total 1.72 msft across 9 projects.
• Mumbai redevelopment expanded to 5.49 msft developable and 3.14 msft saleable.
• New land acquisitions in Bengaluru; Mandur and Sanna Ammanikere; total GDV ₹5,200 Cr.
• Upcoming launches: 9.24 msft developable area across 11 projects; pipeline 35.14 msft.
• Possession momentum: 745 units handed over; 3.20 msft inventory completed.

Capital structure & liquidity

• Net debt ₹2,836 Cr; gross debt ₹3,942 Cr; cash ₹1,106 Cr.
• Debt declined ₹74 Cr in Q1 FY27; cost of debt 11.12%.
• Total estimated surplus ₹19,831 Cr across ongoing, pipeline, and commercial.

Strategic priorities & outlook

• Launch pipeline: 9.24 msft developable area across 11 projects; GDV ₹27,300 Cr.
• Land acquisitions with GDV ₹5,200 Cr; Bengaluru and Mumbai focus.
• Projected surplus visibility supports debt management and expansion.

Risks & mitigation

• Developable areas and launches subject to authorities' approvals.
• Launch dates may change; quarterly monitoring.

Governance & leadership

• Chairman: Ravi Puravankara; MD: Ashish Puravankara; CFO: Niraj Gautam.
• Independent directors: Anup Shah Sanmukh, KG Krishnamurthy, Shailaja Jha.
• Diverse investor base including FPIs and LIC.

Financial results approved

• Approved unaudited standalone Q1 FY2026 results for quarter ended 30 June 2026 with Limited Review
• Approved unaudited consolidated Q1 FY2026 results for quarter ended 30 June 2026 with Limited Review

Governance and annual actions

• Approved convening the 40th AGM for FY2025-26 on 25 September 2026 via video conferencing
• Approved Annual Report for FY2025-26 including Directors' Report and MD&A
• Appointed Mr. Subrahmanya Gupta Boda as CTO designated SMP, effective 19 May 2026

Regulatory, legal, and audit updates

• Auditor's Emphasis of Matter on ongoing legal proceedings; no provisions made
• Standalone tax impact Rs 28.84 crore from assessments
• Consolidated tax impact Rs 45.08 crore
• Arrangement to sell subsidiary Purva Ruby Properties Private Limited; subject to approvals
• Audit Committee review noted prior to Board approval

Other material items

• Audit Committee recommended unaudited results for Board approval

Sale of Purva Ruby Properties Private Limited

• Puravankara to divest Purva Ruby Properties Private Limited, with a sale value around ₹145 crore.
• Sale agreement dated June 30, 2026; connected documents signed by July 6, 2026.
• Completion is expected within 30 days from this intimation.
• Turnover contribution from Purva Ruby Properties Private Limited is ₹25,38,89,035.
• Puravankara Limited's group turnover is ₹2,399,01,37,354; Purva Ruby contributes 1.06%.
• Purva Ruby Properties has negative net worth; its contribution to group net worth is Nil.
• Buyer is Prishal Office Parks III Private Limited, not part of promoter group.
• The transaction is not a related party deal and requires no shareholder approval.
• Sale outside Scheme of Arrangement; Purva Ruby not an undertaking; no shareholder approval required.