PURVANSEQ4FY26May 19, 2026

Puravankara Limited

7,710words
102turns
9analyst exchanges
5executives
Management on call
Ashish Puravankara
MANAGING DIRECTOR – PURAVANKARA LIMITED
Mallanna Sasalu
CHIEF EXECUTIVE
Rajat Rastogi
CHIEF EXECUTIVE OFFICER,
Neeraj Gautam
CHIEF FINANCIAL OFFICER – PURAVANKARA LIMITED
Savita Singh
DOLAT CAPITAL MARKETS PRIVATE LIMITED
Key numbers — 40 extracted
7.6%
ded FY26. India's economy remained resilient during FY25-26 with the real GDP growth estimated at 7.6%, reinforcing its position among the fastest-growing major economies globally. Growth was suppor
6.9%
vironment and continued investment activity. Looking ahead, the RBI has projected a GDP growth of 6.9% for FY26-27 compared to 7.6% in FY25-26, indicating a moderation from the current year's high bas
rs,
moderation from the current year's high base. This expected easing is largely due to global factors, including geopolitical conditions in West Asia, which may lead to higher energy price, supply chai
INR10 million
uyer preference continues to shift towards premium and high-value housing with homes priced above INR10 million, accounting for nearly 53% of overall residential sales, reflecting a sustained demand for larger
53%
wards premium and high-value housing with homes priced above INR10 million, accounting for nearly 53% of overall residential sales, reflecting a sustained demand for larger and lifestyle-oriented dev
29.9 million
g during Q4 FY26 with gross leasing activity reaching approximately 29.9 million square feet, representing a 6% year-on-year growth. Demand remained broad-based across key market
6%
ity reaching approximately 29.9 million square feet, representing a 6% year-on-year growth. Demand remained broad-based across key markets and continued to led by the g
48%
cross key markets and continued to led by the global capacity centers, which accounted for nearly 48% of total leasing activity during the quarter. The continued preference for high-quality Grade A o
INR3,547 crore
tomer demand and improved realization across key markets. During Q4 FY26, our presales stood at INR3,547 crores, registering a strong growth of 190% year-on-year and 151% sequentially. The performance was dri
190%
ey markets. During Q4 FY26, our presales stood at INR3,547 crores, registering a strong growth of 190% year-on-year and 151% sequentially. The performance was driven by successful new launches and s
151%
FY26, our presales stood at INR3,547 crores, registering a strong growth of 190% year-on-year and 151% sequentially. The performance was driven by successful new launches and sustained traction across
INR7,407 crore
on across our existing portfolio. For the full year FY26, presales reached to an all-time high of INR7,407 crores, reflecting a robust year-on-year growth of 55%. Customer collection during Q4, FY26 stood at IN
Guidance — 20 items
Neeraj Gautam
opening
“I'm Neeraj Gautam, and I welcome you all to Puravankara Limited earnings conference call to discuss the performance for the fourth quarter and year ended FY26.”
Neeraj Gautam
opening
“I will begin with a brief overview of the macroeconomic and sector environment, followed by the company's operational and financial performance for the quarter and year ended FY26.”
Neeraj Gautam
opening
“India's economy remained resilient during FY25-26 with the real GDP growth estimated at 7.6%, reinforcing its position among the fastest-growing major economies globally.”
Neeraj Gautam
opening
“Looking ahead, the RBI has projected a GDP growth of 6.9% for FY26-27 compared to 7.6% in FY25-26, indicating a moderation from the current year's high base.”
Neeraj Gautam
opening
“On the residential real estate front, the market entered a phase of consolidation after a sustained period of strong growth during Q4 FY26.”
Neeraj Gautam
opening
“On the commercial real estate side, India's office market maintained a strong momentum, recorded its highest ever quarterly leasing during Q4 FY26 with gross leasing activity reaching approximately 29.9 million square feet, representing a 6% year-on-year growth.”
Neeraj Gautam
opening
“Moving to our operational performance for the quarter and the financial year ended FY26.”
Neeraj Gautam
opening
“FY26 has been a landmark year for the company.”
Neeraj Gautam
opening
“During Q4 FY26, our presales stood at INR3,547 crores, registering a strong growth of 190% year-on-year and 151% sequentially.”
Neeraj Gautam
opening
“For the full year FY26, presales reached to an all-time high of INR7,407 crores, reflecting a robust year-on-year growth of 55%.”
Risks & concerns — 3 flagged
One thing you have to look at is that our business if I look at business on a going concern basis, that means the kind of inflow I'm doing in the business, kind of outflow I'm doing in the business, whether overall basis I'm generating the surplus after meeting all my expenses or not.
— Neeraj Gautam
But right now, I think it's difficult to give any time line.
— Rajat Rastogi
And how is the actually company managing the impact of rising construction costs?
— Dandwani
Q&A — 9 exchanges
Q
Congratulations for a very good set of operating metrics, and strong guidance. Just wanted to check out a couple of things. Firstly, if I were to look into the Slide number 18 for the planned project pipeline, if you can give a broader sense in terms of the key projects like Bandra, how we are placed in terms of the launch pipeline? And what would be the GDV of these projects as a whole, which we are looking out to launch in the next year?
Rajat Rastogi
Good morning, everyone. My name is Rajat. The Bandra launch as of now, the vacation notice is underway. Members are leaving. By end of June, we hope that the members will vacate, post which we will demolish and start working on our launching timeline. So, I think we're looking at around the Dusshera to Diwali as a launch period for us to launch. The second part of the question was on the GDV, the GDV of the asset right now is around INR2,700 crores up for a sale portion. And for the entire launch pipeline of 14.85 million square feet inventory as a whole, would it be fair to say this would be
Q
I just had a few questions. So where was the incremental debt used for?
Neeraj Gautam
Incremental debt is used for the business development. If you look at, we have also mentioned about what kind of business development, we have done in the previous 12 months. And if you go to Slide number 32, we have given a detail about 6 projects we have added INR15,200 crores of GDV and that is where the incremental debt has been utilized. Partly the money would have also gone for the working capital for funding the launch expenses, etc, but substantial amount of incremental borrowing has used only and only for business development purpose. Okay. And one more question was how much is the Lo
Q
Thanks for the opportunity sir and congratulations for that. I had a query regarding Cash flow Slide . Total estimated surplus cash flow is INR19,290 crores. To arrive at that number, what kind of GDV we have included and after this INR19,000 crores of cash surplus, what kind of land we will remain with?
Neeraj Gautam
All three are different question in itself. See, if you go to our Slide number 25, how we arrive at the surpluses are we have -- there is a component of this is about INR8,816 crores, which is coming from the surplus from all current ongoing projects where either we have launched or we are about to launch. If I reduce all my construction and project expenses, what kind of surplus you're estimating to generate. After that, we have two commercial assets. If we choose to come exit out of those assets, what kind of surplus we're going to generate. After that which is INR2,131 crores. Besides that,
Q
Sir, what is the update on Malabar project on the approval side? And what is the price per square feet we are looking in this project?
Rajat Rastogi
So Malabar project, I think the DA has been completed. I think we are yet to register it, which we are going to do in the next 45-odd days. Subsequently, we're going to apply for approvals. So I think the approval time line is between 9 to 12 months. The pricing that we're looking at is around INR115,000 to INR120,000 on carpet areas. Okay. And I have one more question. And also given the ongoing geopolitical uncertainties, are you witnessing any change in customer behavior, particularly in delays in booking decisions from end users? And how is the actually company managing the impact of risin
Q
So I just want to know like what is the per square feet we are charging on the Northern Light project? And like what is the broader margin on such development we can expect? And what is the contribution of this project in this quarter, like presales contribution?
Mallanna Sasalu
So Northern Lights, we are at around INR10,700 per square feet and above is what is the average price realization is what we say. So that's where we are at this point of time. And usually, these kind of projects make in excess of 20% to 21% gross profit margins are there in a project like this. Apart from that, the third question is that I think it contributed for INR1,100 crores -- INR1,100 crores to INR1,200 crores for the quarter presales number. And I also want to know like can you throw some light on the margins in the redevelopment projects as well as in Purva provident and the Purva Lan
Q
Congratulations, Ashish and team for the strong Q4 performance and very encouraging to see the growth guidance as well as the outlook on debt reduction. So my first question is on the growth guidance that we have given and especially now that we are ramping up in Bangalore and Mumbai. So particularly to Bangalore, given this narrative on the demand impact due to AI. So what kind of dynamics are you seeing on ground? And what are the strategies we are adopting to counter that?
Mallanna Sasalu
I don't see that in the residential development at least that we are seeing any kind of a large difference. Yes, if you look at what I call the frenzy a year back, and that might not be there, but it's a very realistic market, Bangalore being very end user market. So it's been -- the sales have been steady. So you can also look at from our previous -- the launch that what we had. We did extremely well, and we sold around 30% of our project. And also that now there are another three projects which are coming up, and we are studying the market warming up the market, and we've got some encouragin
Q
Am I audible?
Neeraj Gautam
Yes, you are. So, congrats on very strong operating performance and very encouraging guidance as well. So just a bookkeeping question with respect to debt, which is not including NCD of INR1,400 crores. So, in P&L, whatever interest we are providing of INR650 crores, so are we also considering interest to be payable on NCD in that INR650 crores? Yes, yes. Because of the accounting norms borrowing the standards that is payable in our debt or even debt which I have taken, which is payable as a performance function of the project also. But on a fair value accounting perspective, I have to calcula
Q
Would like to congratulate you on great set of numbers. And sir, we have done well in FY -26 in terms of presales and collection. And I know we usually don't give such forward-looking guidance. But can we expect such growth going forward? And what will be the geographical split and...
Neeraj Gautam
We have given guidance this financial year. In my opening remarks, we have mentioned that next financial year, we are targeting a sales of INR11,200 crores as a company as a whole. Out of that, about INR7,000 crores will come from the Southern market and remaining sales we are expecting to come from the west and commercial business. Okay, sir. And sir, I would like to ask one more question that are we looking into the senior housing space as we have seen many players in the North has entered into, it has like a bit of higher margins. So, I just would like a comment on that? Yes. So basically,
Q
Thank you, everybody, for joining this conference call. And I hope myself and my colleagues have been able to answer all your questions. For any further questions, you reach out to us on our mail ID, which is provided on investor presentation. We'll be happy to give you any information and explanation. Thank you very much once again.
Management
Speaking time
Neeraj Gautam
22
Rajat Rastogi
16
Moderator
11
Deepak Purswani
11
Chintan Mehta
9
Mallanna Sasalu
8
Harsh Pathak
8
Dhananjay Mishra
7
Rupin Mathew
3
Dandwani
2
Opening remarks
Savita Singh
Thank you, Ryan. Good morning, everyone. I, Savita Singh, on behalf of Dolat Capital, welcome you all for the Q4 earnings conference call of Puravankara Limited. 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; Mallanna Sasalu, CEO of South; Mr. Rajat Rastogi, CEO, West and Commercial Assets; and Mr. Neeraj Gautam, CFO for the company. I shall now hand over the call to Mr. Neeraj Gautam for the opening remarks. Over to you, sir.
Neeraj Gautam
Thank you, Savita. Thank you, Ryan. Good morning, everyone. I'm Neeraj Gautam, and I welcome you all to Puravankara Limited earnings conference call to discuss the performance for the fourth quarter and year ended FY26. The financial results, investor presentation and press release have been filed with the Stock Exchanges and are available on the company website as well. I would also like to thank Dolat Capital for hosting today's call. I will begin with a brief overview of the macroeconomic and sector environment, followed by the company's operational and financial performance for the quarter and year ended FY26. India's economy remained resilient during FY25-26 with the real GDP growth estimated at 7.6%, reinforcing its position among the fastest-growing major economies globally. Growth was supported by a strong domestic demand, a stable policy environment and continued investment activity. Looking ahead, the RBI has projected a GDP growth of 6.9% for FY26-27 compared to 7.6% in FY25
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