Company is in real estate business (Residential & Commercial) with dominant presence in the Pune and growing presence in Mumbai and Bengaluru.
Q2 FY26 Earnings Results
-
Revenue from Operations: ₹139 crore, up 67.1% QoQ from ₹96.81 crore, but down 54.8% YoY from ₹320.96 crore in Q2 FY25, continuing a volatile trend in quarterly revenue recognition.
-
Profit After Tax (PAT): ₹-11.14 crore, which is a narrowed loss from ₹-16.88 crore in Q1 FY26, but a sharp decline from a profit of ₹10.34 crore YoY.
-
Earnings Per Share (EPS): ₹-1.18, an improvement from ₹-2.21 in Q1 FY26, but down significantly YoY from ₹1.28.
-
Operating margin (excluding other income): -26.85%, down from +5.25% YoY, reflecting severe fixed cost absorption issues and pressured execution.
-
Gross margin: -12.56%, with PAT margin at -8.03%, both unsustainable and marking significant operational challenges.
-
Q2 pre-sales improved 9% QoQ to ₹670 crore, and collections rose 8% QoQ to ₹596 crore, indicating reasonable demand in the underlying business, albeit with delayed revenue conversion.
Management Commentary & Strategic Insights
-
Management emphasized healthy QoQ improvement in pre-sales and collections, but acknowledged severe project execution delays and conversion shocks causing the collapse in recognized revenue.
-
The company remains optimistic regarding long-term demand in core markets, particularly Pune and Bengaluru, and intends to recover margins through operational restructuring, improved project delivery discipline, and cost optimization.
-
A new CEO search is underway to drive strategic turnaround, while negative net debt provides some financial cushion.
-
The board approved a merger of select subsidiaries and a review of underperforming assets to improve return on capital.
Q1 FY26 Earnings Results
-
Revenue from Operations: ₹96.81 crore, down 72.4% YoY, but profit after tax improved sequentially to a loss of ₹-16.88 crore versus a loss of ₹-26.18 crore in Q4 FY25.
-
Earnings per share (EPS): ₹-2.21 in Q1 FY26, down from ₹1.28 YoY.
-
Pre-sales value for Q1: ₹616 crore; collections: ₹552 crore, reflecting underlying housing demand even as project completions lagged.
To view the company’s previous earnings and latest concall transcripts, click here to visit the Alphastreet India news channel.