VMPL

Bengaluru (Karnataka) [India], August 14: Puravankara Limited (NSE: PURVA | BSE: 532891), one of India's most trusted and admired real estate developers, reported a strong start to FY27, backed by improving realisations and disciplined execution across its residential and commercial portfolio.

Puravankara reported a Profit After Tax (PAT) of 25 crore in Q1FY27, compared to a loss of 69 crore in Q1FY26, while EBITDA margin expanded to 25% from 15%. The company handed over 745 homes covering 0.94 msft during the quarter, up from 667 units in Q1FY26, sustaining the execution momentum built through FY26.

Total revenue for Q1FY27 stood at 877 crore, up 63% YoY from 539 crore in Q1FY26. Operating inflows for the quarter stood at 1,423 crore, against operating outflows of 1,078 crore, resulting in an operating surplus of 345 crore.

In Q1FY27, the company recorded pre-sales of 1,439 crore, up 28% year-on-year, on sales volume of 1.36 million sq. ft. across 1,017 units. Average realisation rose 18% to 10,589 per sq. ft., while customer collections for the quarter grew 40% year-on-year to 1,199 crore, the highest first-quarter collections in three years.

Commenting on the company's performance, Ashish Puravankara, Managing Director, Puravankara Limited, said, 'Q1FY27 reflects the continued strengthening of our operating performance, with healthy growth in revenue, pre-sales and collections, alongside improved margins. As our portfolio progresses through completion and handover, we expect this execution momentum to support earnings visibility, with 2,777 completed units currently pending revenue recognition.

We continue to balance growth with disciplined capital allocation. During the quarter, we added 5,200 crore of GDV through four land transactions in Bengaluru. Further, the Purva Zentech transaction with ICICI Prudential AMC reinforces our focus on capital efficiency. With a strong launch pipeline and an estimated surplus of 19,831 crore over the next 3-5 years, we remain focused on delivering our FY27 sales guidance of 11,200 crore.'

Q1FY27 Highlights

Total area sold: 1.36 msft, up 9% year-on-year

Total sales value: 1,439 crore, up 28% year-on-year

Total units sold: 1,017

Average sales realisation: 10,589 psft, up 18% year-on-year

Collections: 1,199 crore, up 40% year-on-year

Total revenue stood at 877 crore, up 63% year-on-year

Profit after tax stood at 25 crore, against a loss of 69 crore in Q1FY26

EBITDA margin expanded to 25%, from 15% in Q1FY26

Possession

In Q1FY27, the company handed over 745 units, covering 0.94 msft, compared with 667 units in Q1FY26.

As of June 30, 2026, 3.20 msft of completed inventory (2,777 units) is pending revenue recognition.

The company completed 1.72 msft across ten towers and phases during the quarter: 1.00 msft in Goa (Provident Adora De Goa, Phases VIII to XI), 0.51 msft in Pune (Emerald Bay Towers B-2 and B-3, and Purva Aspire) and 0.21 msft in Mumbai (Purva Clermont, Wings A, D and E).

Projected Cash Flows:

As of June 30, 2026:

The total estimated surplus from ongoing projects stands at 8,976 crore.

The estimated surplus from commercial projects is 2,220 crore.

The estimated surplus from pipeline projects is 8,636 crore.

The overall estimated surplus across all categories stands at 19,831 crore over the next three to five years.

Debt

Gross debt stood at 3,942 crore as of June 30, 2026, reduced by 74 crore during the quarter even as the company deployed 574 crore towards land payments, advances and deposits.

Net debt stood at 2,836 crore, with a net debt-to-equity ratio of 1.57 for Q1FY27.

The cost of debt stood at 11.12% as of June 30, 2026.

Business Highlights (Q1 FY27)

In Q1FY27, Puravankara announced four land transactions in Bengaluru spanning approximately 41.93 acres, with a cumulative development potential of around 4.23 msft.

Mandur, Bengaluru: Secured a 14.57-acre land parcel with an estimated GDV of 2,300 crore, offering 1.8 msft of development potential.

Doddagubbi, North Bengaluru: Entered into a joint development agreement for an 11.23-acre land parcel with a potential GDV of over 1,100 crore and saleable area of 0.74 msft.

Sarjapura, Bengaluru: Entered into a joint development agreement for a 6.4-acre land parcel with a potential GDV of over 1,000 crore and saleable area of 0.8 msft.

Sanna Ammanikere, North Bengaluru: Acquired a 9.73-acre land parcel in the fast-developing airport corridor, with a GDV potential of approximately 800 crore and saleable area of 0.89 msft.

Purva Zentech, Bengaluru: Entered into a definitive agreement with ICICI Prudential AMC for the sale of the commercial property at an enterprise value of 625.94 crore. Of the total consideration, 145 crore will be received through the sale of shares of the SPV, while the balance will be realised through agreed balance sheet adjustments in accordance with the transaction structure.

Launch Pipeline

The company has 20.48 msft of planned launches across the Southern and Western markets, with an approximate GDV of 27,300 crore, with the majority of the pipeline concentrated in Bengaluru and Mumbai. The estimated future cash flow potential from total new launches (excluding new phases) is around 8,636 crore. The pipeline is supported by a redevelopment portfolio of five projects in Mumbai, representing 2.23 msft of saleable area on the company's share.

Editorial note on reported profitability

Under Ind AS 115 accounting norms, revenue and profit from residential projects are recognised only when homes are handed over, not when they are sold. As a result, there is usually a lag between sales performance and reported earnings.

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