Arihant Superstructures Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Arihant Superstructures Ltd filed with BSE on 22 May 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 Q4 FY26 consolidated operating revenue of Rs. 181 crores, up 18.5% year-on-year, with EBITDA of Rs. 30 crores and PAT of Rs. 12 crores. For the full year, revenue was Rs. 551 crores with EBITDA margin improving to 23%, while management discussed sales bookings, collections, project deliveries, and the World Villas project during the call. Management also addressed debt levels, cash flow trends, and construction cost pressures from geopolitical developments in response to analyst questions.
Numbers mentioned
Consolidated operating revenue: Rs. 181 crores (Q4 FY26)
p. 3
“The consolidated operating revenue for Q4 FY26 stood at Rs. 181 crores, reflecting an increase of 18.5% YOY while showing a sequential growth of about 43% compared to Q3 FY26.”
Udit Kasera, page 3 of the filed PDF · View the filing
EBITDA: Rs. 30 crores (Q4 FY26)
p. 3
“The EBITDA stood at Rs. 30 crores, up 37% YOY and about 4% higher than the previous quarter.”
Udit Kasera, page 3 of the filed PDF · View the filing
EBITDA margin: 16.7% (Q4 FY26)
p. 3
“The EBITDA margin stood at 16.7% and the PAT for the quarter stood at INR 12 crores with a PAT margin of 6.58%.”
Udit Kasera, page 3 of the filed PDF · View the filing
Operating revenue: Rs. 551 crores (FY26)
p. 3
“For the financial year ended 31st March 2026, the operating revenue stood at Rs. 551 crores, representing a growth of about 10.5% YOY.”
Udit Kasera, page 3 of the filed PDF · View the filing
EBITDA margin: 23% (FY26)
p. 3
“The EBITDA was at Rs. 127 crores, an increase of 21% and the EBITDA margin improved to 23% by roughly 200 basis points.”
Udit Kasera, page 3 of the filed PDF · View the filing
Net worth: Rs. 450 crores (as on 31st March 2026)
p. 3
“The net worth of the company as on 31st March stands at Rs. 450 crores.”
Udit Kasera, page 3 of the filed PDF · View the filing
Sales bookings: 395 units, Rs. 313 crores (Q4 FY26)
p. 4
“During the quarter, the company achieved sales bookings of 395 units, equivalent to 3.98 lakhs square feet of area, amounting to Rs. 313 crores in value.”
Parth Chhajer, page 4 of the filed PDF · View the filing
Average price per square foot: Rs. 7,870 per square feet (Q4 FY26)
p. 4
“The average price per square foot achieved was Rs. 7,870 per square feet, which when compared to the same quarter last year, stood at Rs. 7,461 per square feet, reflecting a year-on-year increase in the average selling price by 5.5%.”
Parth Chhajer, page 4 of the filed PDF · View the filing
Collections: Rs. 169 crores (Q4 FY26)
p. 4
“Collections for the quarter stood at Rs. 169 crores.”
Parth Chhajer, page 4 of the filed PDF · View the filing
Sales bookings: 1,155 units, Rs. 977 crores (FY26)
p. 4
“For the year ended March 2026, the company achieved sales bookings of 1,155 units, equivalent to 12.58 lakhs square feet of area, amounting to Rs. 977 crores in booking value, which is an increase by 10% from the year before.”
Parth Chhajer, page 4 of the filed PDF · View the filing
Average price per square foot: Rs. 7,769 per square feet (FY26)
p. 4
“The average price per square foot achieved for the entire financial year stood at Rs. 7,769 per square feet versus Rs. 6,082 per square feet in the year FY25, reflecting a year-on-year increase of 27% in the average price achieved.”
Parth Chhajer, page 4 of the filed PDF · View the filing
Collections: Rs. 539 crores (FY26)
p. 4
“Collections for this financial year stood at Rs. 539 crores.”
Parth Chhajer, page 4 of the filed PDF · View the filing
Project deliveries: 1,721 units (FY26)
p. 4
“the company delivered a total of 1,721 units in the financial year 2026, which represents a substantial increase over the last previous years.”
Parth Chhajer, page 4 of the filed PDF · View the filing
Gross development value: approximately Rs. 14,000 crores (as of FY26)
p. 5
“our gross development value has now increased to approximately Rs. 14,000 crores from around Rs. 12,000 crores last year despite higher execution and deliveries in FY26.”
Parth Chhajer, page 5 of the filed PDF · View the filing
World Villas unsold inventory: 71 units, Rs. 14 crores book value (as of March 2026)
p. 5
“As of March 2026, the unsold inventory stood at 71 units which has a book value of Rs. 14 crores reflecting healthy absorption across our portfolio.”
Parth Chhajer, page 5 of the filed PDF · View the filing
Secured debt: 453 crores
p. 7
“our goal is that we reduce some of that in some ongoing projects, but then it will add on in the annuity asset project. So, I think it can increase by another 50 odd crores from here on.”
Parth Chhajer, page 7 of the filed PDF · View the filing
Blended cost of debt: 12.75%
p. 9
“So, the blended cost to the company is around 12.75% with respect to cost of debt.”
Parth 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.
EBITDA margin — 25%-27% · FY27
stated firmly by Parth Chhajer
p. 11
“However, we expect in this FY27 to increase our EBITDA margin and take it to 25%-27% range because the contribution from the new projects will add on to the P&L going further.”
Parth Chhajer, page 11 of the filed PDF · View the filing
Pre-sales growth — 25% to 30% CAGR · FY27
stated as an aspiration by Parth Chhajer
p. 9
“So, we expect to grow by 25% to 30% CAGR.”
Parth Chhajer, page 9 of the filed PDF · View the filing
Revenue — around Rs. (+700) crores · FY27
stated firmly by Parth Chhajer
p. 12
“we will be able to jump forward from the 500-550 crores top line to around Rs. (+700) crores this year.”
Parth Chhajer, page 12 of the filed PDF · View the filing
Project deliveries — upwards of 2,000 units · FY27
stated firmly by Parth Chhajer
p. 8
“But we are expecting a big number this financial year as well with respect to deliveries. It will go upwards of 2,000 very easily.”
Parth Chhajer, page 8 of the filed PDF · View the filing
Free cash flow — free cash flow positive · next financial year
stated firmly by Parth Chhajer
p. 8
“I think next financial year onwards, we should turn free cash flow positive.”
Parth Chhajer, page 8 of the filed PDF · View the filing
CAPEX — around (+400) crores · FY27
stated firmly by Parth Chhajer
p. 13
“CAPEX, we intend to spend around (+400) crores in construction this financial year across all the projects.”
Parth Chhajer, page 13 of the filed PDF · View the filing
Debt for gymkhana and hotel — around 75 crores · this financial year
stated firmly by Parth Chhajer
p. 13
“So, debt will be taken for the gymkhana and the hotel development, which will, I mean, this financial year, we should do a CAPEX of around 75 crores for these two assets.”
Parth Chhajer, page 13 of the filed PDF · View the filing
Overall debt — increase by another 50 crores
stated conditionally by Parth Chhajer
p. 13
“So, overall, debt could increase by another 50 crores from here. That's what we are envisaging.”
Parth Chhajer, page 13 of the filed PDF · View the filing
World Villas Phase-I completion — October 2027 · 2027
stated firmly by Parth Chhajer
p. 10
“For Phase-I, Phase-I is targeted at for completion by 2027 of October.”
Parth Chhajer, page 10 of the filed PDF · View the filing
World Villas overall project completion — 2030 · 2030
stated firmly by Parth Chhajer
p. 10
“And completion timeline for the entire project from today, it looks like it will go to 2030.”
Parth Chhajer, page 10 of the filed PDF · View the filing
World Villas unit sales — around 65-70 more units · this financial year
stated firmly by Parth Chhajer
p. 10
“This financial year, we expect sales of around 65-70 odd more units.”
Parth Chhajer, page 10 of the filed PDF · View the filing
Panvel hotel first revenue — 3 to 3.5 years
stated firmly by Parth Chhajer
p. 10
“we will expect 3 to 3.5 years from now to start triggering the first revenues for this.”
Parth 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 said the increase is mainly due to conversion of RERA carpet area to saleable area for easier comparison, plus some design changes.
Answered by Parth Chhajer
Asked by Anisha Agarwal: Is the area increase in World Villas and Town Villas entirely due to the 3.5 acre JV addition, and does it require regulatory approval or plan revision?
p. 5
“we converted the RERA carpet area, which was existing in the World Villa and Town Villa project to saleable area so that the parameters for judgment for all the factors leading to the costs as well as the sales for any project can be compared more comfortably and easily”
Parth Chhajer, page 5 of the filed PDF · View the filing
Management said it will be funded through internal accruals and debt, not equity.
Answered by Parth Chhajer
Asked by Anisha Agarwal: Will World Villas capex be equity funded or debt funded?
p. 6
“This is majorly going to happen through internal accruals from the project and debt. We are not considering any specific equity raised for World Villas project.”
Parth Chhajer, page 6 of the filed PDF · View the filing
Management estimated cost increases of 3-5% due to the geopolitical situation.
Answered by Parth Chhajer
Asked by Anisha Agarwal: What is the impact of rupee weakness and import-linked costs on construction materials?
p. 6
“We see that cost could change anywhere between 3% to 5% for a company like ours, also in the long term.”
Parth Chhajer, page 6 of the filed PDF · View the filing
Management said they target 33% EBITDA margin across segments generally, with World Villa and Town Villa yielding higher margins due to low land cost.
Answered by Parth Chhajer
Asked by Raj Kumar: What margin differences exist across premium, affordable, and other segments?
p. 7
“as a company, whenever we look at taking on a project, we expect a EBITDA margin of 33% across all the segments, and PAT margins to the tune of 24%.”
Parth Chhajer, page 7 of the filed PDF · View the filing
Management explained debt dynamics across projects, citing examples of loans being repaid as projects near completion.
Answered by Parth Chhajer
Asked by Aditya Banerjee: PAT declined despite revenue growth and interest costs rose sharply; what is the deleveraging plan?
p. 7
“our Arihant Aspire loan, which is from Tata Capital, the outstanding amount at the end of September was around 82 crores and at end of March, we are sitting at 40 crores.”
Parth Chhajer, page 7 of the filed PDF · View the filing
Management expects free cash flow to turn positive from next financial year.
Answered by Parth Chhajer
Asked by Aditya Banerjee: When will operating cash flow, negative for four years, turn positive?
p. 8
“I think next financial year onwards, we should turn free cash flow positive.”
Parth Chhajer, page 8 of the filed PDF · View the filing
Management confirmed increased focus on mid-income and luxury segments while affordable housing still contributes significantly to transaction count.
Answered by Parth Chhajer
Asked by Aditya Banerjee: Units sold fell while pre-sales value grew — is there an intentional shift to higher ticket products?
p. 8
“last year, we saw better performance from mid-income and luxury segment housing. So, things are changing.”
Parth Chhajer, page 8 of the filed PDF · View the filing
Management gave realization figures showing a 27% year-on-year increase driven by premium and mid-income sales.
Answered by Parth Chhajer
Asked by Vishal B: What is the trend in realization per square foot for the quarter and year?
p. 9
“we have seen a 27% increase in the average realization, which is majorly due to more sales coming from the premium and mid-income category of products.”
Parth Chhajer, page 9 of the filed PDF · View the filing
Management expects 65-70 more unit sales this year with Phase-I completion targeted for October 2027.
Answered by Parth Chhajer
Asked by Roshni: What is the velocity target and completion timeline for World Villas Phase-I?
p. 10
“This financial year, we expect sales of around 65-70 odd more units.”
Parth Chhajer, page 10 of the filed PDF · View the filing
Management attributed the decline to pre-operating and marketing expenses recognized when World Villas revenue recognition began, and expects margin improvement ahead.
Answered by Parth Chhajer
Asked by Amish Kanani: Why was Q4 EBITDA margin low despite revenue growth, and will margins improve going forward?
p. 11
“in Q4, we started recognition our World Villas Projects. So, the margin declined for obviously due to the interest as well as because when the project gets recognized for the first time, all the pre-operating expenses are also recognized with that.”
Parth Chhajer, page 11 of the filed PDF · View the filing
Management said revenue should rise to around Rs. 700 crores this year as key projects reach delivery and possession stages.
Answered by Parth Chhajer
Asked by Amish Kanani: Pre-sales have reached Rs. 1,000 crores but revenue is stuck near Rs. 550 crores — when will this gap close?
p. 12
“we will be able to jump forward from the 500-550 crores top line to around Rs. (+700) crores this year.”
Parth Chhajer, page 12 of the filed PDF · View the filing
Management said they are prioritizing margin over velocity and have increased prices, which slowed recent sales.
Answered by Parth Chhajer
Asked by Amish Kanani: Will World Villas Phase-II launch only after Phase-I gains traction?
p. 12
“We do not want to just give away the prices to the customers for the sake of doing more velocity.”
Parth Chhajer, page 12 of the filed PDF · View the filing
Management said prices have risen by about Rs. 1 crore per unit from launch levels.
Answered by Parth Chhajer
Asked by Amish Kanani: What price increases have been achieved for World Villas?
p. 12
“price increase for World Villas has happened by almost (+1) crore at realization levels from what we had started off.”
Parth Chhajer, page 12 of the filed PDF · View the filing
Management said transactions continue at similar levels to before the war, and incremental construction costs will be recovered from balance unit sales.
Answered by Parth Chhajer
Asked by Raj Shah: Are customers delaying booking decisions due to geopolitical uncertainty, and how is rising construction cost being managed?
p. 13
“Transactions are continuing to the similar levels as what it was before the war started.”
Parth Chhajer, page 13 of the filed PDF · View the filing
Management said they are in final stages and expect to announce the brand name this quarter.
Answered by Parth Chhajer
Asked by Tanya Arora: What is the status of finalizing the five-star hotel brand under World Villas?
p. 14
“We are almost in the final stages, by hopefully this quarter and we should be able to come back with the name that we have finalized.”
Parth Chhajer, page 14 of the filed PDF · View the filing
Risks flagged
Geopolitical situation raising construction material costs
p. 6
“the geopolitical situation as of now is not so great and is impacting the cost and manufacturing sector in big way.”
Parth Chhajer, page 6 of the filed PDF · View the filing
Rising cost of materials requiring price increases to recover margin
p. 6
“there is a higher cost which we will have to bear from what we expected to 3% to 5%. And we will be able to recover the same by increasing the selling price for the balance units.”
Parth Chhajer, page 6 of the filed PDF · View the filing
Customer panic and longer decision times due to geopolitical uncertainty
p. 13
“the situation is being witnessed by all with respect to some panic from some customers, but we are not seeing any stoppage with respect to decisions.”
Parth Chhajer, page 13 of the filed PDF · View the filing
Rising debt from annuity asset development offsetting repayment in other projects
p. 13
“So, overall, debt could increase by another 50 crores from here. That's what we are envisaging.”
Parth Chhajer, page 13 of the filed PDF · View the filing
Higher interest costs reducing PAT margins
p. 11
“the PAT margins reduced due to higher interest cost for this financial year versus the last financial year.”
Parth Chhajer, page 11 of the filed PDF · View the filing
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