Arihant Superstructures Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Arihant Superstructures Ltd filed with BSE on 17 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Arihant Superstructures reported Q1 FY27 sales bookings of 221 units covering 2.31 lakh square feet worth INR 173 crores, up 15% year-on-year in value terms, with consolidated operating revenue of INR 132 crores, up 9% from INR 121 crores a year earlier. EBITDA stood at INR 28 crores with a 21% margin, and PAT was INR 10 crores at a 7.4% margin. Management discussed the MMR and Navi Mumbai market, project completions, hospitality investments, and debt levels, noting net debt of INR 818 crores and net worth of INR 460 crores as of June 30, 2026.
Numbers mentioned
Sales bookings (units): 221 units (Q1 FY27)
p. 4
“During the quarter, the company achieved a sales booking of 221 units, which is equivalent to 2.31 lakh square feet and that is up by 15% on year-on-year in terms of area, amounting to INR 173 crores and again in value wise an increase of 15%.”
Ashok Chhajer, page 4 of the filed PDF · View the filing
Average selling price per square feet: INR 7,500 per square feet (Q1 FY27)
p. 4
“Our average selling price per square feet has also remained same at INR 7,500 per square feet”
Ashok Chhajer, page 4 of the filed PDF · View the filing
Average unit price: INR 78 lakhs per unit (Q1 FY27)
p. 4
“For this first quarter of Q1 FY27, the average price of the unit which has been sold stood at INR 78 lakhs per unit.”
Ashok Chhajer, page 4 of the filed PDF · View the filing
Collections: INR 161 crores (Q1 FY27)
p. 4
“The collections also for the quarter stood at INR 161 crores registered a yearly growth of 28%.”
Ashok Chhajer, page 4 of the filed PDF · View the filing
GDV: INR 14,000 crores
p. 4
“Our GDV (Gross Development Value) has increased from INR 6,000 crores to INR 14,000 crores in the last five years without any significant fundraise.”
Ashok Chhajer, page 4 of the filed PDF · View the filing
Consolidated operating revenue: INR 132 crores (Q1 FY27)
p. 5
“The consolidated operating revenue for Q1 FY27 stood at INR 132 crores, reflecting an increase of 9% Y-o-Y from INR 121 crores.”
Udit Kasera, page 5 of the filed PDF · View the filing
EBITDA: INR 28 crores (Q1 FY27)
p. 5
“The EBITDA stood at INR 28 crores and the EBITDA margin stood at 21%.”
Udit Kasera, page 5 of the filed PDF · View the filing
PAT: INR 10 crores (Q1 FY27)
p. 5
“The PAT for the quarter stood at INR 10 crores with a PAT margin of 7.4%.”
Udit Kasera, page 5 of the filed PDF · View the filing
Net debt: INR 818 crores (as on 30th June, 2026)
p. 5
“On the balance sheet, our net debt as on 30th June, 2026 stands at INR 818 crores and the net worth stands at INR 460 crores.”
Udit Kasera, page 5 of the filed PDF · View the filing
Capital employed in residential vs hospitality: 90% to 93% residential, 7% hospitality out of INR 730 crores
p. 9
“Out of INR 730 crores. 90% to 93% today is in residential and 7% is in hospitality till now.”
Ashok Chhajer, page 9 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Units delivered — 2,500 units · by end of FY27
stated firmly by Ashok Chhajer
p. 5
“We plan to deliver 2,500 units by the end of financial year 2027.”
Ashok Chhajer, page 5 of the filed PDF · View the filing
Project mix (premium/mid-income/affordable) — 40%-45% premium, 30%-35% middle income, 20% affordable · next two years
stated as an aspiration by Ashok Chhajer
p. 6
“We still will have a mixed bag of it and going forward we can say that we would aspire to have 40%-45% as premium segment and around 30% - 35% as middle income group segment and 20% as affordable housing.”
Ashok Chhajer, page 6 of the filed PDF · View the filing
EBITDA margin (real estate) — 30%-35%
stated conditionally by Ashok Chhajer
p. 7
“the EBITDA margins would gradually move up around, 30%- 35% once Town Villas and the villa projects contribute largely.”
Ashok Chhajer, page 7 of the filed PDF · View the filing
Hospitality PAT contribution — INR 50 crores+ · third or fourth year from now
stated as an aspiration by Ashok Chhajer
p. 8
“This represents an annuity income model, with both hotels expected to contribute INR 50 crores+.”
Ashok Chhajer, page 8 of the filed PDF · View the filing
Debt-to-equity ratio — this one year
stated conditionally by Ashok Chhajer
p. 8
“if the cash flows are healthy for the project of Arihant Advika, Vashi, which is nearing completion, that is where we see that the utilization of funds would be for repaying of the debt to a larger level and if that happens in this one year, then yes, the debt-to-equity ratio will go down.”
Ashok Chhajer, page 8 of the filed PDF · View the filing
Hospitality capex — INR 500 crores · three years
stated firmly by Ashok Chhajer
p. 9
“For three years the company will deploy INR 500 crores of capital, by debt or by internal resources for these projects.”
Ashok Chhajer, page 9 of the filed PDF · View the filing
PAT margin — higher than 20% · over a run of two years from now
stated as an aspiration by Ashok Chhajer
p. 10
“we feel that we are comfortable and we would be able to give up a PAT margins even higher than 20% over a run of two years from now.”
Ashok Chhajer, page 10 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management expects similar behaviour to past quarters with slightly higher numbers than last year but not exponential growth.
Answered by Ashok Chhajer
Asked by Aditya Banerjee: How much of current volume growth is structural and sustainable?
p. 10
“we feel that we are comfortable and we would be able to give up a PAT margins even higher than 20% over a run of two years from now.”
Ashok Chhajer, page 10 of the filed PDF · View the filing
Management said cost reduction isn't really possible given rising construction costs, but these can be offset against inventory in hand.
Answered by Ashok Chhajer
Asked by Aditya Banerjee: Can cost savings from efficiency initiatives be quantified?
p. 5
“The construction expenditures already is on a rise due to the geopolitical features, but given the inventory in hand, we are able to see that those increase in cost of the total project versus to the inventory in hand can be equalized or can be neutralized.”
Ashok Chhajer, page 5 of the filed PDF · View the filing
Management said it takes roughly 90 days on average under the percentage completion method.
Answered by Ashok Chhajer
Asked by Aditya Banerjee: What is the timeline for converting pre-sales into recognized revenue?
p. 6
“it takes around 90 days on an average for them to get into the mode of revenue recognition so, we can put up a cycle of 90 days as an average for every pre-sales happening to contribute to the revenue”
Ashok Chhajer, page 6 of the filed PDF · View the filing
Management said there are no plans for new capital investment this financial year given the existing INR 14,000 crore project pipeline.
Answered by Ashok Chhajer
Asked by Aditya Banerjee: Are there plans for new land acquisitions given current cost environment?
p. 6
“Going forward for this financial year, we don't have any program for new capital investments for the business development as there is a good handsome size of projects in hand worth INR 14,000 crores”
Ashok Chhajer, page 6 of the filed PDF · View the filing
Management said there are no plans for new geographic diversification since MMR/Mumbai 3.0 is already a large market.
Answered by Ashok Chhajer
Asked by Shilpa: Are there plans to diversify geographically beyond MMR?
p. 6
“For the sake of new geographical diversification with new cities, there are no plans for it in those ways.”
Ashok Chhajer, page 6 of the filed PDF · View the filing
Management said return on capital on completed projects is on an increasing trajectory, not declining.
Answered by Ashok Chhajer
Asked by Shiv: Where does management see the debt-to-equity ratio and ROCE trending?
p. 8
“the return on capital on a complete project basis, as you see, it's quite higher and it is, it is on an increasing trajectory, it is not on a downward trajectory.”
Ashok Chhajer, page 8 of the filed PDF · View the filing
Management said current asset values can comfortably absorb debt continuity for the next 10 years even if debt stays flat.
Answered by Ashok Chhajer
Asked by Advika Gupta: What debt level is management comfortable carrying through the growth cycle?
p. 9
“the asset values which we have can comfortably absorb debt continuity for even 10 years from now which means that for the next 10 years, even if the debt remains same and interest is secured, still the projects are all viable, the feasibility does not goes off.”
Ashok Chhajer, page 9 of the filed PDF · View the filing
Management explained margins vary by project type, with affordable housing at 9-10%, mid-income at 12-15%, and premium projects around 20% PAT with EBITDA 30-36%.
Answered by Ashok Chhajer
Asked by Advika Gupta: Is margin compression temporary or structural for newer projects?
p. 10
“the older projects and affordable housing projects which are below Rs. 5,000 per sq.ft, there the total margins are on a single digit and that is something to a tune of 9% to 10%.”
Ashok Chhajer, page 10 of the filed PDF · View the filing
Risks flagged
Slowdown in high-ticket segments above INR 10-30 crores in Mumbai
p. 3
“We have already seen in the sector that things above INR 10 crores, INR 15 crores, INR 25 crores, INR 30 crores in the city of Mumbai are facing a little slowdown.”
Ashok Chhajer, page 3 of the filed PDF · View the filing
Geopolitical tensions, crude oil and foreign currency movements slowing sales
p. 3
“This has been the effect due to the geopolitical tensions, crude oil movements, the foreign currency movement and also have been impacted by the real estate ventures and projects coming up in larger sizes.”
Ashok Chhajer, page 3 of the filed PDF · View the filing
Shortage of skilled manpower affecting project implementation
p. 3
“there is a shortage of man resources at skill development right from the workers at the labour at the site as well as the monitoring engineering team as well as the sales people and that becomes the key factor”
Ashok Chhajer, page 3 of the filed PDF · View the filing
Rising construction costs due to geopolitical factors
p. 5
“The construction expenditures already is on a rise due to the geopolitical features”
Ashok Chhajer, page 5 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.