Puravankara (PURVA) Q1 25/26 earnings summary

Executive summary

• Pre-sales value reached INR 1,124 crores, up 6% YoY, with strong contributions from new launches in Mumbai and robust demand across regions; sales volume was 1.25 million sq ft, with average realization improving 9% YoY to INR 8,988 per sq ft.

• Revenue for the quarter was INR 539 crores, a 20% YoY decline, and the company reported a net loss of INR 69 crores due to timing of revenue recognition and expenses.

• EBITDA margin for the quarter stood at 15%, down from 22% YoY.

• Collections reached INR 857 crores, nearly double from Q1FY23, with rising contribution from the West region.

• Launch pipeline remains robust with 12.32 million sq ft planned, and non-Bangalore projects now account for over 50% of ongoing and planned projects.

Financial highlights

• Revenue from operations was INR 524.4 crores, down from INR 658.3 crores YoY.

• Net debt reduced by INR 138 crores sequentially, with net debt at INR 2,825 crores and a net debt/equity ratio of 1.68.

• Cost of debt declined to 11.35%.

• Customer collections for the quarter were INR 857 crores.

• Sales and marketing expenses for pre-sales fully charged to P&L as per Ind AS 115.

Outlook and guidance

• Cashflow visibility of INR 7,915 crores from ongoing projects over the next 3-5 years, with total projected surplus (including pipeline and commercial) at INR 15,427 crores.

• Over 4,500 units planned for delivery in FY26, with 3,015 units (3.65 million sq ft) already completed and awaiting e-Khata for handover.

• No specific pre-sales growth target disclosed, but management expects growth over last year driven by upcoming launches.

• Launches in West region (Thane, Andheri, Pali Hill, Miami) expected in late Q3 or early Q4, with Chembur redevelopment in Q2 next year.

• Multiple new launches and land acquisitions expected to expand the land bank and drive future growth.