Arvind SmartSpaces Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Arvind SmartSpaces Ltd filed with BSE on 14 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
Arvind SmartSpaces reported Q1 FY27 presales of INR432 crores, up 147% year-on-year, with revenue of INR318 crores versus INR102 crores a year earlier and adjusted EBITDA of INR150 crores versus INR25 crores, driven largely by the BU received for Phase 1 of the Orchards project in Bengaluru. Collections grew 76% year-on-year to INR336 crores, and net operating cash flow for the quarter was INR81 crores. Management reiterated its full-year FY27 guidance of 35-40% bookings growth, business development of INR4,000-5,000 crores, and EBITDA margins on new sales of 22-25%.
Numbers mentioned
Presales/Bookings: INR432 crores (Q1 FY27)
p. 3
“We have started the year with a very strong Q1 with presales of INR432 crores, which is a 147% growth year-on-year.”
Kulin Lalbhai, page 3 of the filed PDF · View the filing
Revenue: INR318 crores (Q1 FY27)
p. 5
“For the first quarter of FY27, the company reported revenue of INR318 crores compared with INR102 crores in the corresponding quarter of previous year.”
Priyansh Kapoor, page 5 of the filed PDF · View the filing
Adjusted EBITDA: INR150 crores (Q1 FY27)
p. 5
“Adjusted EBITDA stood at INR150 crores versus INR25 crores in the previous year.”
Priyansh Kapoor, page 5 of the filed PDF · View the filing
Profit after tax: INR97 crores (Q1 FY27)
p. 5
“Profit after tax for the quarter has grown to INR97 crores as against INR12 crores in the corresponding quarter last year.”
Priyansh Kapoor, page 5 of the filed PDF · View the filing
Collections: INR336 crores (Q1 FY27)
p. 5
“Collection for the quarter has grown by 76% on a year-on-year basis to INR336 crores.”
Priyansh Kapoor, page 5 of the filed PDF · View the filing
Net operating cash flow: INR81 crores (Q1 FY27)
p. 5
“Strong collections and healthy growth in construction spend enabled us to generate net operating cash flows of INR81 crores during Q1 FY27, further strengthening our financial position and reflecting the resilience of our business model.”
Priyansh Kapoor, page 5 of the filed PDF · View the filing
Net debt to equity: 0.29x (Q1 FY27)
p. 5
“Net debt to equity has remained at 0.29x, leaving enough headroom to raise fresh debt while maintaining healthy debt equity ratio.”
Priyansh Kapoor, page 5 of the filed PDF · View the filing
Unrecognized revenue balance: INR3,825 crores (Q1 FY27)
p. 5
“Further, as on the end of the quarter, the unrecognized revenue balance was INR3,825 crores.”
Priyansh Kapoor, page 5 of the filed PDF · View the filing
Business development added: approximately INR2,600 crores GDV (Q1 FY27)
p. 5
“We added projects with an aggregate gross development value of approximately INR2,600 crores, which includes redevelopment project in Goregaon, Mumbai and the horizontal residential development in South of Ahmedabad.”
Priyansh Kapoor, page 5 of the filed PDF · View the filing
Estimated operating cash flow from existing portfolio: over INR5,119 crores (next 4 to 5 years)
p. 5
“Looking ahead, our existing project portfolio provides strong cash flow visibility with estimated operating cash flows of over INR5,119 crores expected to be realized over the next 4 to 5 years.”
Priyansh Kapoor, page 5 of the filed PDF · View the filing
Credit rating: AA- with stable outlook
p. 3
“Another encouraging development during the quarter was the upgradation of our long-term credit rating by India Rating to AA- with a stable outlook.”
Kulin Lalbhai, page 3 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.
Bookings growth — 35% to 40% over previous year · FY27
stated firmly by Priyansh Kapoor
p. 6
“We continue to hold our guidance for the full year FY27. So we expect to reach a bookings growth of 35% to 40% over previous year, business development of INR4,000 crores to INR5,000 crores during this year and EBITDA margins on new sales in the range of 22% to 25%.”
Priyansh Kapoor, page 6 of the filed PDF · View the filing
Business development GDV — INR4,000 crores to INR5,000 crores · FY27
stated firmly by Priyansh Kapoor
p. 6
“business development of INR4,000 crores to INR5,000 crores during this year and EBITDA margins on new sales in the range of 22% to 25%”
Priyansh Kapoor, page 6 of the filed PDF · View the filing
EBITDA margin on new sales — 22% to 25% · FY27
stated firmly by Priyansh Kapoor
p. 6
“EBITDA margins on new sales in the range of 22% to 25%. The building blocks to achieve this are firmly in place.”
Priyansh Kapoor, page 6 of the filed PDF · View the filing
Launch pipeline booking value — INR3000 crores to INR3,500 crores · FY27
stated firmly by Priyansh Kapoor
p. 7
“So Amit, we have guided for about INR3000 crores to INR3,500 crores of booking value that we are intending to put in terms of the fresh supply in the market.”
Priyansh Kapoor, page 7 of the filed PDF · View the filing
Operating cash flow — INR400 crores to INR500 crores · FY27
stated firmly by Priyansh Kapoor
p. 8
“And what we mentioned even in our previous call that this year, we are targeting to be somewhere in the range of INR400 crores to INR500 crores on the OCF front.”
Priyansh Kapoor, page 8 of the filed PDF · View the filing
Land/BD cash outflow — INR600 crores to INR900 crores · FY27
stated conditionally by Priyansh Kapoor
p. 10
“So today, when we look at the land outflows, we might be closer to in the range of INR600 crores to INR900 crores.”
Priyansh Kapoor, page 10 of the filed PDF · View the filing
Comfortable leverage (net debt to equity) — 1:1 · medium term
stated as an aspiration by Priyansh Kapoor
p. 13
“So we have said also in the past, and we are maintaining our comfort at 1:1 debt equity.”
Priyansh Kapoor, page 13 of the filed PDF · View the filing
Bookings CAGR — 25% to 30% CAGR · next 4 to 5 years
stated as an aspiration by Priyansh Kapoor
p. 15
“I think our guidance has been that we can continue to grow at about 25% to 30% CAGR.”
Priyansh Kapoor, page 15 of the filed PDF · View the filing
Mumbai launches this year — 2 out of 3 projects · FY27
stated conditionally by Priyansh Kapoor
p. 11
“we are hopeful that we are able to bring at least 2 out of the 3 projects in Mumbai, in the market, in the current year.”
Priyansh Kapoor, page 11 of the filed PDF · View the filing
Real estate pricing appreciation — next 2 to 3 years
stated as an aspiration by Priyansh Kapoor
p. 19
“So we believe, I think now the price increases should be slightly moderated.”
Priyansh Kapoor, page 19 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 it is a combination of both strong underlying market demand and the specific appeal of the Aqua City project.
Answered by Priyansh Kapoor
Asked by Amit Srivastava: Is the strong presales growth driven by underlying market demand or project-specific factors like Aqua City?
p. 6
“Yes. I would say, Amit, the underlying demand is still quite strong.”
Priyansh Kapoor, page 6 of the filed PDF · View the filing
Management guided for INR3,000-3,500 crores of booking value across six launches spanning Ahmedabad, Bengaluru and Mumbai.
Answered by Priyansh Kapoor
Asked by Amit Srivastava: What is the launch pipeline GDV for the next few quarters?
p. 7
“So Amit, we have guided for about INR3000 crores to INR3,500 crores of booking value that we are intending to put in terms of the fresh supply in the market.”
Priyansh Kapoor, page 7 of the filed PDF · View the filing
Management said this year's OCF target is INR400-500 crores, in line with last year's INR400 crores, and attributed the quarter's OCF to higher construction outflows.
Answered by Priyansh Kapoor
Asked by Amit Srivastava: What is the expected OCF for the full year given quarterly trends appear to be flattening?
p. 8
“So last year, we had done about INR400 crores of OCF. And what we mentioned even in our previous call that this year, we are targeting to be somewhere in the range of INR400 crores to INR500 crores on the OCF front.”
Priyansh Kapoor, page 8 of the filed PDF · View the filing
Management said they expect strong growth over the previous year but declined to give an exact range due to uncertainty in OC timing.
Answered by Priyansh Kapoor
Asked by Dhananjay: What will revenue recognition run rate look like this financial year given some OCs are lined up in Q4?
p. 10
“But very difficult to give an exact range at this particular stage because some of the OCs are lined up in the fourth quarter as well, and that can sometimes meaningfully swing the revenue recognition because it's just dependent on the last approval.”
Priyansh Kapoor, page 10 of the filed PDF · View the filing
Management said Mumbai could grow faster in GDV addition but would not come at the cost of focus on Gujarat or Bangalore.
Answered by Priyansh Kapoor
Asked by Vishal: Will MMR become a larger contributor than Gujarat given recent business development activity there?
p. 11
“So we do expect, yes, Mumbai is going to be a very large contributor. But it won't be at the cost of probably any defocus on Gujarat or Bangalore.”
Priyansh Kapoor, page 11 of the filed PDF · View the filing
Management said plotted projects typically recognize over 2-3 years and high-rise projects over about 4 years, with all of it expected to be recognized within the next 4 years.
Answered by Amit Chamaria
Asked by Anirudh Sharma: What is the expected timeline for converting the INR3,800 crores unrecognized revenue into reported revenue?
p. 13
“Broadly, I would say that all of this would get recognized over the next 4 years.”
Amit Chamaria, page 13 of the filed PDF · View the filing
Management said investors should treat the company average of about 25% EBITDA margin as the sustainable figure, with Orchards this quarter being an outperformer.
Answered by Priyansh Kapoor
Asked by Prisha: Is the 48-49% adjusted EBITDA margin this quarter sustainable?
p. 18
“But at the same time, probably factor in a 25% EBITDA at this particular stage as a company average.”
Priyansh Kapoor, page 18 of the filed PDF · View the filing
Management said the price increase cycle is stabilizing and future increases are likely to be more moderate than in recent years.
Answered by Priyansh Kapoor
Asked by Arvind Singh: What is management's view on future price appreciation in the real estate industry?
p. 19
“But at least when we are underwriting, our business plan, we are ensuring we are not dependent on very large price hike.”
Priyansh Kapoor, page 19 of the filed PDF · View the filing
Management said the rapid uptick phase has passed and demand is now stabilizing, though structural demand remains strong.
Answered by Priyansh Kapoor
Asked by Arvind Singh: Where does management see the industry in the real estate cycle?
p. 19
“I think now we are in a stage where probably the cycle demand is stabilizing.”
Priyansh Kapoor, page 19 of the filed PDF · View the filing
Risks flagged
Revenue recognition is dependent on approval timing and can swing meaningfully by quarter
p. 7
“I think the revenue recognition is still a little sporadic because it is very, very approval linked.”
Priyansh Kapoor, page 7 of the filed PDF · View the filing
Labor/manpower costs have been rising due to construction activity
p. 10
“So I think so generally, the cost of manpower labor, I think, has been on the uptick in the last few years with a lot of construction activity, which is ongoing.”
Priyansh Kapoor, page 10 of the filed PDF · View the filing
Slower construction outflows have historically been an industry problem
p. 8
“And it's generally one of the problems in the industry has been slower construction outflows.”
Priyansh Kapoor, page 8 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.