PURVANSENovember 10, 2025

Puravankara Limited

7,578words
80turns
5analyst exchanges
5executives
Management on call
Ashish Puravankara
MANAGING DIRECTOR, PURAVANKARA LIMITED
Mallanna Sasalu
CHIEF EXECUTIVE OFFICER
Rajat Rastogi
CHIEF EXECUTIVE OFFICER
Niraj Gautam
CHIEF FINANCIAL OFFICER, PURAVANKARA LIMITED
Harsh Pathak
EMKAY GLOBAL FINANCIAL SERVICES
Key numbers — 40 extracted
7.8%
dscape which continues to underpin our sector's resilience: India's economic delivery is robust 7.8% year-on-year real GDP growth in Q1 FY'26, solidifying our position as the world's fastest growing
6.4%
1 FY'26, solidifying our position as the world's fastest growing major economy. The IMF forecasts 6.4% growth for full year while the RBI has upgraded its projection to 6.8% fueled by a strong domesti
6.8%
economy. The IMF forecasts 6.4% growth for full year while the RBI has upgraded its projection to 6.8% fueled by a strong domestic consumption and a rural rebound. On the monetary front, the RBI has c
100 basis point
domestic consumption and a rural rebound. On the monetary front, the RBI has cut the repo rate by 100 basis points to 5.5%, adopting neutral stance amid healthy liquidity conditions. In residential real estate,
5.5%
and a rural rebound. On the monetary front, the RBI has cut the repo rate by 100 basis points to 5.5%, adopting neutral stance amid healthy liquidity conditions. In residential real estate, demand re
2 crore
althy liquidity conditions. In residential real estate, demand remains strong especially in the 1-2 crores segment with price appreciation ranging from 5%-17% across major metros like Bangalore, Mumbai N
5%
, demand remains strong especially in the 1-2 crores segment with price appreciation ranging from 5%-17% across major metros like Bangalore, Mumbai NCR and Chennai. These fundamental positions Purav
17%
emand remains strong especially in the 1-2 crores segment with price appreciation ranging from 5%-17% across major metros like Bangalore, Mumbai NCR and Chennai. These fundamental positions Puravanka
Rs 1,322 crore
um. Turning to our financial and Operational performance: In Q2 FY'26, we recorded pre-sales of Rs 1,322 crores, a 4% increase from Rs. 1,270 crore in Q2 FY'25. Notably, this growth was driven solely by suste
4%
r financial and Operational performance: In Q2 FY'26, we recorded pre-sales of Rs 1,322 crores, a 4% increase from Rs. 1,270 crore in Q2 FY'25. Notably, this growth was driven solely by sustenance s
Rs. 1,270 crore
perational performance: In Q2 FY'26, we recorded pre-sales of Rs 1,322 crores, a 4% increase from Rs. 1,270 crore in Q2 FY'25. Notably, this growth was driven solely by sustenance sales, underscoring the endurin
7%
g the enduring customer trust on our portfolio and brand strength. Average price realization rose 7% year-on- year to Rs. 8,814 per square feet, reflecting sustained demand and effective pricing disc
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Guidance — 20 items
Niraj Gautam
opening
“As CFO of Puravankara Limited, I will take a few moments to highlight our key financial and operational achievements for Q2 FY'26, provide context on the macroeconomic environment and share our outlook for the balance of the year.”
Niraj Gautam
opening
“I will aim to keep this concise while addressing the metrics that matter most to you.”
Niraj Gautam
opening
“Let me start with the broader macro landscape which continues to underpin our sector's resilience: India's economic delivery is robust 7.8% year-on-year real GDP growth in Q1 FY'26, solidifying our position as the world's fastest growing major economy.”
Niraj Gautam
opening
“The IMF forecasts 6.4% growth for full year while the RBI has upgraded its projection to 6.8% fueled by a strong domestic consumption and a rural rebound.”
Niraj Gautam
opening
“Turning to our financial and Operational performance: In Q2 FY'26, we recorded pre-sales of Rs 1,322 crores, a 4% increase from Rs.”
Switching to business development
opening
“We have made meaningful strides in bolstering our pipeline during H1 FY'26, hitting over 6.36 million square feet of developable area, with a potential GDP of approximately Rs.”
Switching to business development
opening
“Looking forward, our H2 FY'26 pipeline includes 15.46 million square feet across Mumbai, Bengaluru, Chennai and Pune.”
Switching to business development
opening
“5,800 crore plus, which we expect to accelerate pre-sales momentum.”
Switching to business development
opening
“In summary, Q2 FY'26 was marked by steady topline growth, disciplined cash management and targeted expansion that fortify our long-term value creation.”
Deepak Purswani
qa
“Sir, my first question is related to the Mumbai pipeline, especially for the Andheri project and Miami project.”
Risks & concerns — 3 flagged
So, Thane is absolutely not a concern in terms of sales or velocity.
— Ashish Puravankara
When there is a money that's available for us at a 17% payable if the landlord is going to make 25% from the current valuation of the land, definitely we would like to, we want to take that risk and buy the land parcel and then go for it, right.
— Mallanna Sasalu
So, it is just that calculation and also of course capital investment and the risk against it that will be paid and then the decisions are going to be taken.
— Mallanna Sasalu
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Q&A — 5 exchanges
Q
Good evening, sir and thank you for the opportunity. Sir, my first question is related to the Mumbai pipeline, especially for the Andheri project and Miami project. It seems the launch has been delayed by another 3-4 months. If you can give broader sense, how should we see and what are the reasons we are facing the delays vis-à-vis the other players? That is my first question on the Mumbai. If you can please explain?
Niraj Gautam
I will request my colleague Mr. Rajat to answer this question. He is there on the call. Hi, Deepak ji. Just to answer your question, first on the Andheri launch, Andheri launch, we have received all the approvals, including MOAs. Vacation notice has already been served to the society. As we speak, members are leaving the society. We are in all good position to launch it in January. In fact, our sales office work and everything else has also started. Regarding the Miami launch, approvals are already going. We are already informed earlier that Miami launch is going to be either in Quarter 4 or i
Q
Thanks for the opportunity. My question is on the Thane project. So, we are seeing that the inventory there is still high. I mean, in Panorama, it's around 73%, whereas in the first phase also there is 59%. So, how is the pace there? What kind of demand we are seeing and what are the steps we are taking to push sales at this project?
Rajat Rastogi
So, just to explain about the Thane project, the existing towers we have not opened for sale. We are completing the existing towers. We are expecting the OC to come in Quarter 4 for the existing towers and that's when we are going to open these towers for sale. From the existing inventory right now, we are looking at launching two towers, which is one which is completed tower and other one a new tower, the one that we had launched. So, hopefully in Quarter 4, I just want to say that we are looking at the launch of that tower and that's when we are going to see much more inventory being sold. R
Q
Thank you for the follow-up opportunity, sir. Firstly, I wanted to check it out. Last year, we did a pre-sales of Rs. 5,000 crores. This time in the first halfon the sustenance basis, we have done a pre-sales of roughly Rs. 2,400 and something crores. So, if you can share the broader thoughts, I mean, how should we look into FY'26 and '27 pre-sales based on our launch pipeline as well as how do you see the current demand environment in each of the micro-markets?
Mallanna Sasalu
Looking at the numbers for FY'27 and so on and so forth would be a little bit of a stretch and whatever is left out in this year, the second half of the year, as you rightly pointed out, we do around Rs. 1,250 to Rs. 1,300 crores of sustenance. And we think that we will continue to have that kind of sustenance numbers, more or less. So, which means that we got another Rs. 2,600 crores. And as we said that we have around Rs. 12,000 crores of launches that's coming up, even if you are able to launch around 80% of that Rs. 9,000 crores or Rs. 10,000 crores. We sell anywhere from 30% to 50%. And s
Q
Thanks for the opportunity. Sir, I just want to understand on the debt part, what is the peak debt which we are targeting even in a per square foot basis and we can expect debt per square foot for commercial to start declining once we monetize or rental will start coming. Thank you.
Niraj Gautam
Chintan, if you look at today as an end of the quarter, we were at net debt of Rs. 2,894 crore and if I look at the debt in terms of per square foot, per square foot debt on residential was Rs. 859 per square foot and commercial it was Rs. 252 per square foot. Our commercial debt comprised of the debt for the two of our commercial projects, which the project Zentech, which we have already sold part of it for about 50,000 square feet already sold and as it completes, we are planning to sell this project and as we sell the project, the debt will be repaid and the commercial project Aerocity, whe
Q
Thank you. Thank you everybody for joining for this call. And if you need any further question, any clarification, please write to us. Me and my team is always available to answer your all questions and clarification. Thank you so much once again.
Management
Speaking time
Niraj Gautam
17
Rajat Rastogi
15
Harsh Pathak
10
Mallanna Sasalu
8
Deepak Pursawni
8
Moderator
7
Deepak Purswani
7
Chintan Mehta
3
Ashish Puravankara
2
On the PL side
1
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Opening remarks
Harsh Pathak
Thanks Yashasvi. Good evening, everyone. On behalf of Emkay Global, I would like to welcome the management of Puravankara Limited and thank them for this opportunity. We have with us today, Mr. Ashish Puravankara – Managing Director, Mr. Mallanna Sasalu – Chief Executive Officer (South), Mr. Rajat Rastogi – Chief Executive Officer (West & Commercial Assets) and Mr. Niraj Gautam – Chief Financial Officer. Also wishing Niraj ji the best for his new role as the CFO. I shall now hand over the call to the management for the opening remarks. Over to you, gentlemen.
Niraj Gautam
Thank you, Harsh. Good evening, everyone and thank you for joining us today. As CFO of Puravankara Limited, I will take a few moments to highlight our key financial and operational achievements for Q2 FY'26, provide context on the macroeconomic environment and share our outlook for the balance of the year. I will aim to keep this concise while addressing the metrics that matter most to you. Let me start with the broader macro landscape which continues to underpin our sector's resilience: India's economic delivery is robust 7.8% year-on-year real GDP growth in Q1 FY'26, solidifying our position as the world's fastest growing major economy. The IMF forecasts 6.4% growth for full year while the RBI has upgraded its projection to 6.8% fueled by a strong domestic consumption and a rural rebound. On the monetary front, the RBI has cut the repo rate by 100 basis points to 5.5%, adopting neutral stance amid healthy liquidity conditions. In residential real estate, demand remains strong especia
On the PL side
Revenue grew to Rs. 663 crore in Q2 compared to Rs. 520 crore last year. We reported a loss of Rs. 42 crore versus Rs. 20 crore in Q2 FY'25. Let me clear this. This is largely due to the timing of revenue recognition under IndAS and our strategic investment in new projects. It is not indicative of any underlying operational weakness. Our cash flows are robust, with operating cash generation supporting our growth initiatives, and our balance sheet remains strong.
Switching to business development
We have made meaningful strides in bolstering our pipeline during H1 FY'26, hitting over 6.36 million square feet of developable area, with a potential GDP of approximately Rs. 9,100 crore. Key additions include a 24.6-acre partnership at KIADB Hardware Park in North Bengaluru, a preferred developer status for eight societies in Chembur, Mumbai, adding to 1.2 million square feet, a 5.5-acre joint development in Balagere, East Bengaluru, valued at Rs 1,000 crore GDP. The prestigious Malabar Hills redevelopment in Mumbai, contributing to Rs 0.7 million square feet and a GDP of Rs 2,700 crore premium residential share. These moves diversify our exposure across premium and mid-income segments, enhancing revenue visibility. Our land bank now exceeds 32 million square feet, providing multi-year runway for launches and de-risking our growth trajectory. Looking forward, our H2 FY'26 pipeline includes 15.46 million square feet across Mumbai, Bengaluru, Chennai and Pune. This carries a potential
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