In Q1FY26, the company recorded sales of Rs 1,124 crores, up 6% year-on-year, on sales volume of 1.25 million sq. ft. The average realisation rose 9% to Rs 8,988 per sq. ft, while collections stood at Rs 857 crores.
Commenting on the company’s performance, Mr Ashish Puravankara, Managing Director, Puravankara Limited, said, “This year marks our Golden Jubilee, and we are proud of the trust our customers have placed in us as well as the milestones we have achieved on this journey. In this quarter, we delivered a strong performance, with a 6% year-on-year increase in pre-sales, supported by healthy customer interest in our ongoing projects. Healthy collections for the quarter underscore the continued confidence that homebuyers have in our developments.
Our handovers and sales were less than our expectations due to regulatory changes, including e-Khata and changes in byelaws. However, our team is confident of achieving the scheduled handover and launches.
Our recent land acquisitions with an aggregate GDV potential of Rs 6,400 crores have further strengthened our growth pipeline. In Mumbai, redevelopment continues to gain traction, with our appointment as the preferred developer for eight housing societies in Chembur (GDV over Rs 2,100 crores). In the South, we have entered a JV for a 24.59-acre parcel near the airport in North Bengaluru (GDV over Rs 3,300 crores) and signed a JDA for a 5.5-acre parcel in Balegere, East Bengaluru (GDV over Rs 1,000 crores). These additions diversify our portfolio and position us strongly for sustained growth.”
Operational Q1FY26 Highlights:
- Total area sold: 1.25 million square feet (msft)
- Total sales value: Rs 1,124 crores
- Average sales realisation: Rs 8,988 per square foot (psft)
Consolidated Q1FY26 Financial Performance:
- Total revenue stood at Rs 539 crores
- Net loss for the period was Rs 69 crores
- Collections: Rs 857 crores
Possession:
- While regulatory changes such as the e-Khata process have impacted handover and revenue recognition timelines, we remain on track for the planned delivery of over 4,500 units during the financial year
- Out of planned handovers, 3.65 million square feet (3,015 units) have been completed and Occupancy Certificates (OC) received; these are currently awaiting e-Khata issuance for handover possession
- In Q1FY26, we handed over 667 units, covering 0.68 million square feet, generating revenue of Rs 539 crores
Projected Cash Flows:
As of 30 June 2025:
- The total estimated surplus from all completed and ongoing projects stands at Rs 7,915 crores
- The estimated surplus from commercial projects is Rs 1,934 crores
- The estimated surplus from pipeline projects is Rs 5,578 crores
- The overall estimated surplus across all categories exceeds Rs 15,427 crores
- The cost considered for surplus calculation does not include sales & marketing costs, corporate overheads, income tax and future repayment of debt
Launches
- Changes in byelaws and regulatory processes temporarily impacted the launch schedule. However, with the revised byelaws now notified, the company is back on track to launch 12.32 million square feet as per the planned timeline
- During the quarter, the company launched 1.16 million square feet across various phases of ongoing projects
Business development:
- Puravankara was selected as the preferred developer for eight redevelopment housing societies in Chembur, Mumbai, with a Gross Development Value (GDV) of over Rs 2,100 crores
- Entered into a joint venture for a 24.59-acre land parcel near Bengaluru International Airport, with a GDV of over Rs 3,300 crores
- Signed a Joint Development Agreement (JDA) for a 5.5-acre parcel in Balegere, East Bengaluru, with a GDV of over Rs 1,000 crores
Debt
- The weighted average cost of debt has reduced to 11.35% as of June 30, 2025, compared with last quarter
- Net debt stood at Rs 2,825 crores, with a net debt-to-equity ratio of 1.68 for Q1 FY26
India’s real estate sector is expected to continue demonstrating strong growth potential in FY26, supported by sustained end-user demand, improved affordability, and a favourable policy environment. Office leasing momentum remains robust, with nearly 49 million sq. ft. absorbed in H1CY25, while residential sales are projected to grow 5–7% through FY25–26, according to industry estimates. The recent rate cuts by the RBI have further boosted consumer sentiment and purchasing power. Puravankara is well-poised for continued expansion and is confident in its ability to capture emerging opportunities across key micro-markets.
