Puravankara Limited reported a strong financial turnaround in Q3 FY’26, achieving a Profit After Tax of INR58 crores compared to a loss last year, driven by 230% YoY growth in total income to INR1,104 crores. The company secured INR1,414 crores in Q3 presales, a 17% YoY increase, while collections hit an all-time quarterly high of INR1,140 crores. The management expressed optimism regarding a robust launch pipeline across the West and South regions, expecting continuous execution and debt management.
Q3 FY’26 Financial and Operational Performance
Puravankara Limited detailed its performance for the third quarter and nine months ended December 31, 2025. The company noted the resilience of India’s macroeconomic environment, with the RBI revising FY’26 GDP growth estimates upward to 7.4%.
Operationally, Q3 FY’26 saw presales reach INR1,414 crores, marking a 17% year-on-year growth. Quarterly collections were exceptionally strong at INR1,140 crores (22% YoY growth). Sales volume for the quarter stood at 1.49 million square feet, with average realization improving 12% YoY to INR9,500 per square foot.
For the 9-month period, presales totaled INR3,839 crores (9% YoY growth), and collections reached INR3,045 crores (8% YoY growth). Execution remained a focus, with 1.23 million square feet handed over in Q3.
Key Financial Metrics
The company reported significant financial improvement in Q3 FY’26. Total income surged to INR1,104 crores, a 230% year-on-year growth, primarily due to higher handovers. Revenue for the 9-month period increased by 51% YoY to INR2,305 crores.
Profitability saw a major uplift, with the EBITDA margin reaching 23% in Q3 FY’26, up from 10% in Q3 FY’25. This led to a net profit after tax of INR58 crores for the quarter, reversing the loss of INR94 crores seen in Q3 FY’25.
Debt and Liquidity Management
As of December 31, 2025, net debt stood at approximately INR2,482 crores, translating to a net debt-to-equity ratio of 1.47x. The company reduced its gross debt by INR35 crores and net debt by INR244 crores during the quarter. Cash and bank balances remained strong at INR1,082 crores, and the cost of debt declined to 11.08%.
Business Development and Pipeline
Puravankara expanded its pipeline significantly, adding 5 new projects during the 9-month period, totaling 12.76 million square feet of potential development area valued at approximately INR13,900 crores. Key additions included redevelopment projects in Mumbai (Chembur and Malabar Hills) and land acquisitions in Bengaluru.
Mumbai Launches
Management confirmed strong progress in the West region. The Andheri project (Phase 2) is slated for launch in February, having already received RERA approval. The Thane towers launch (inventory worth about INR800 crores) is expected by the end of February or early March. The Pali Hills project launch is targeted for end of March or April, with the Breach Candy (Miami) project expected in Q1 FY’27.
Southern Region Outlook
In Bengaluru, the company launched Purva Silversky (0.77 million sq. ft.) in Q3. Management is on track with the planned pipeline, expecting approximately 4 projects to launch in the current quarter (Q4) and the next (Q1 FY’27). The overall pipeline in the South suggests sales momentum should continue robustly.
Commercial Real Estate Update
On the commercial front, India’s office market showed momentum. Both the Zentech and Aerocity projects are expected to receive their occupation certificates (OC) by the end of March. Zentech has sold 127,000 sq. ft. and leased 90,000 sq. ft. to IKEA. Once fully leased, these assets are anticipated to generate an annuity rental income of close to INR200 crores.
Future Strategy and Debt Outlook
Management emphasized a strategy focused on high-quality, premium products in micro markets. Regarding debt, management confirmed that collections growth and disciplined business development will be key. They stated that scheduled repayments of INR682 crores are targeted over the next 12 months, and the company aims to manage debt at an optimum level while prioritizing business development in premium locations.
Source: BSE
