Puravankara Ltd. Q2 FY26 Performance Analysis: Operational Growth Amidst Profitability Headwinds

Puravankara Ltd. demonstrated top-line growth in the second quarter of FY26. The company reported a 29.9% year-on-year increase in revenue. The company faced margin compression, leading to a 7.3% decline in EBITDA. Consequently, the consolidated net loss widened to ₹41.79 crore compared to the corresponding quarter last year. Pre-Sales: Achieved ₹1,322 crore, marking a 4% YoY increase, driven entirely by sustenance sales. Sales Volume: Total area sold stood at 1.5 million square feet. Sales Realisation: Average realisation improved by 7% YoY to ₹8,814 per square foot, indicating strong asset value. Collections: Customer collections remained robust, growing 8% YoY to ₹1,047 crore. Revenue from Operations: Grew 29.9% YoY to ₹644.4 crore (from ₹496 crore). EBITDA: Declined 7.3% to ₹104.47 crore (from ₹112.67 crore). EBITDA Margin: Contracted to 16.2% (from 22.7%), indicating significant cost pressures. Net Loss (Consolidated): Widened to ₹41.79 crore (from a loss of ₹16.78 crore). For the first half of the fiscal year, the company generated a total sales value of ₹2,445 crore from 2.75 million square feet. Total consolidated revenue for H1 stood at ₹1,201 crore, with a net loss of ₹111 crore. Net Debt: Stood at ₹2,894 crore. Projected Cash Flow: The company reports a total estimated surplus (from completed, ongoing, and pipeline projects) of ₹15,568 crore, providing a healthy net debt cover of over five times. Cost of Debt: The weighted average cost of debt has seen a reduction, standing at 11.32%. Net Debt-to-Equity Ratio: Reported at 1.77. Strategic & Future Outlook Management emphasized the addition of 6.36 million square feet to the development pipeline in H1 FY26, carrying an estimated Gross Development Value (GDV) of ₹9,100 crore.