Arvind SmartSpaces Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Arvind SmartSpaces Ltd filed with BSE on 29 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
Arvind SmartSpaces reported FY26 bookings of INR1,550 crores, up 22% year-on-year, with Q4 bookings crossing INR600 crores for the first time. Full-year revenue declined to INR564 crores from INR713 crores due to timing of revenue recognition, while Q4 PAT grew 103% year-on-year to INR44 crores. Management outlined a business development target of INR4,000-5,000 crores for FY27 and discussed cost pressures, sustenance sales trends, and new project launches in Mumbai, Bengaluru and Ahmedabad.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Annual booking value: INR1,550 crores (FY26)
p. 4
“we achieved our highest ever annual booking value of INR1,550 crores, representing a strong 22% year-on-year growth”
Priyansh Kapoor, page 4 of the filed PDF · View the filing
New launches contribution to bookings: approximately INR930 crores (FY26)
p. 4
“New launches contributed nearly 60% of annual bookings amounting to approximately INR930 crores, reflecting both healthy market demand and strong customer confidence in our offerings”
Priyansh Kapoor, page 4 of the filed PDF · View the filing
Bengaluru bookings contribution: INR485 crores (FY26)
p. 5
“Bengaluru continues to be a key growth engine for us, contributing INR485 crores and accounting for almost 31% of our annual bookings”
Priyansh Kapoor, page 5 of the filed PDF · View the filing
Revenue: INR564 crores (FY26)
p. 6
“For FY26, we reported revenues of INR564 crores as against INR713 crores last year”
Priyansh Kapoor, page 6 of the filed PDF · View the filing
Adjusted EBITDA: INR156 crores (FY26)
p. 6
“Adjusted EBITDA stood at INR156 crores compared to INR196 crores last year, while PAT came in at INR103 crores versus INR119 crores in FY25”
Priyansh Kapoor, page 6 of the filed PDF · View the filing
Q4 revenue: INR155 crores (Q4 FY26)
p. 6
“For the quarter, our revenue stood at INR155 crores compared to INR163 crores last year”
Priyansh Kapoor, page 6 of the filed PDF · View the filing
Q4 adjusted EBITDA growth: 26% year-on-year to INR56.4 crores (Q4 FY26)
p. 6
“Q4 adjusted EBITDA grew 26% year-on-year to INR56.4 crores, while PAT grew 103% year-on-year to INR44 crores against INR21.8 crores in the corresponding quarter last year”
Priyansh Kapoor, page 6 of the filed PDF · View the filing
Net operating cash flow: INR417 crores (FY26)
p. 6
“Strong collections and healthy profitability translated into net operating cash flows of INR417 crores during FY26, further reinforcing the resilience and quality of our business model”
Priyansh Kapoor, page 6 of the filed PDF · View the filing
Q4 operating cash flow: INR96 crores (Q4 FY26)
p. 6
“During Q4 alone, operating cash flow stood at INR96 crores”
Priyansh Kapoor, page 6 of the filed PDF · View the filing
Unrealized operating cash flows: exceeding INR4,970 crores
p. 6
“Based on the current project pipeline, we estimate unrealized operating cash flows exceeding INR4,970 crores, which we expect to realize over the next 4 to 5 years”
Priyansh Kapoor, page 6 of the filed PDF · View the filing
Final dividend per equity share: INR2.25 (FY26)
p. 7
“the Board of Directors has recommended a final dividend of INR2.25 per equity share of face value of INR10 each”
Priyansh Kapoor, page 7 of the filed PDF · View the filing
FY26 business development value: approximately INR3,200 crores (FY26)
p. 7
“So Amit, for FY26, like you said, we have done BD, which is approximately about INR3,200 crores”
Priyansh Kapoor, page 7 of the filed PDF · View the filing
Net debt-to-equity ratio: 0.26
p. 13
“We are at 0.26 net debt-to-equity ratio, as you see”
Priyansh Kapoor, page 13 of the filed PDF · View the filing
Sustenance sales: more than INR600 crores (FY26)
p. 14
“So we have done more than INR600 crores of sustenance sales in the last financial year”
Priyansh Kapoor, page 14 of the filed PDF · View the filing
Q4 sustenance sales: almost close to INR180 crores (Q4 FY26)
p. 14
“And even the last quarter, we did almost close to INR180 crores from sustenance”
Priyansh Kapoor, page 14 of the filed PDF · View the filing
HDFC platform utilization: INR350 crores used of INR600 crores platform
p. 11
“we had a platform of about INR600 crores with HDFC. From that, we have already used INR350 crores”
Amit Chamaria, page 11 of the filed PDF · View the filing
Goregaon project economic interest: 44% profit share
p. 22
“our economic interest, like you mentioned, comes to about a 44% kind of profit share”
Priyansh Kapoor, page 22 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.
Business development lock-in — INR4,000 crores to INR5,000 crores · FY27
stated firmly by Priyansh Kapoor
p. 7
“We believe this year, we can have BD lock in about INR4,000 crores to INR5,000 crores for the financial year”
Priyansh Kapoor, page 7 of the filed PDF · View the filing
Bookings growth — 25% to 30% CAGR · 4 to 5 years
stated as an aspiration by Priyansh Kapoor
p. 9
“long-term guidance remains at 25% to 30% CAGR over the 4 to 5 years”
Priyansh Kapoor, page 9 of the filed PDF · View the filing
Bookings growth — 35% to 40% · FY27
stated conditionally by Priyansh Kapoor
p. 9
“I think we have a chance that we can do about 35% to 40% in the current financial year”
Priyansh Kapoor, page 9 of the filed PDF · View the filing
New project launches — 6 launches, inventory of INR3,000 crores to INR3,500 crores · FY27
stated firmly by Priyansh Kapoor
p. 9
“We think put together, we might be putting out inventory about INR3,000 crores to INR3,500 crores with these 6 launches as some of the launches which are fairly big will be brought in the market in phases”
Priyansh Kapoor, page 9 of the filed PDF · View the filing
EBITDA margin on new sales — 22% to 25% · current year
stated conditionally by Priyansh Kapoor
p. 15
“we are fairly confident that we can continue to maintain the trajectory of 22% to 25% even in the current year”
Priyansh Kapoor, page 15 of the filed PDF · View the filing
Net debt-to-equity ratio ceiling — not to exceed 1:1
stated firmly by Priyansh Kapoor
p. 13
“our guidance remains that we will not exceed a ratio of 1:1”
Priyansh Kapoor, page 13 of the filed PDF · View the filing
Sustenance sales growth — about 15% over FY26 · FY27
stated conditionally by Priyansh Kapoor
p. 16
“our understanding is sustenance can show a growth of about 15% over what we have delivered in FY26”
Priyansh Kapoor, page 16 of the filed PDF · View the filing
OCF trajectory — same absolute numbers as FY26 · FY27
stated conditionally by Priyansh Kapoor
p. 18
“we are looking at maintaining the same trajectory for OCF that we have probably delivered in FY26 in terms of the absolute numbers”
Priyansh Kapoor, page 18 of the filed PDF · View the filing
OCF as percentage of collections — closer to 25%, near-term 25% to 30% · long run / next few years
stated as an aspiration by Priyansh Kapoor
p. 8
“in the long run, our guidance remains closer to that 25%. But I think for now, we might be somewhere in the 25% to 30% range for the next few years”
Priyansh Kapoor, page 8 of the filed PDF · View the filing
Revenue recognition — FY27
stated as an aspiration by Priyansh Kapoor
p. 12
“we do expect to show strong growth over what we have reported in the FY26 financial year”
Priyansh Kapoor, page 12 of the filed PDF · View the filing
Unsold launched inventory liquidation — 3 years · next 3 years
stated conditionally by Priyansh Kapoor
p. 19
“So what is launched, I think 3 years is a fair assumption to make right now”
Priyansh Kapoor, page 19 of the filed PDF · View the filing
Mumbai BD sweet spot deal size — INR500 crores to INR1,000 crores
stated as an aspiration by Priyansh Kapoor
p. 21
“our sweet spot is somewhere between INR500 crores to INR1,000 crores”
Priyansh Kapoor, page 21 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 capital deployed via investing activities exceeded INR600 crores in FY26, and guided FY27 BD lock-in of INR4,000-5,000 crores.
Answered by Priyansh Kapoor
Asked by Amit Srivastava: What is the equity/capital deployed for FY26 BD and what is FY27 BD guidance?
p. 8
“So last year, if you see across our portfolio, Amit, we have actually got investing activities exceeding about INR600 crores”
Priyansh Kapoor, page 8 of the filed PDF · View the filing
Management attributed the difference to the nature of the projects, with Mumbai projects being joint development and redevelopment structures versus outright acquisitions in Bengaluru.
Answered by Priyansh Kapoor
Asked by Amit Srivastava: Why is OCF from the Mumbai pipeline lower relative to Karnataka pipeline?
p. 8
“Mumbai the 3 projects that we have, one, is a joint development, the other 2 are actually redevelopment. So hence, the OCF numbers are actually lower than the outright project”
Priyansh Kapoor, page 8 of the filed PDF · View the filing
Management said costs have risen about 4% but the company has budgeted contingency cushion and does not currently need to pass this on.
Answered by Priyansh Kapoor
Asked by Jainam Shah: Are rising commodity costs being passed on to customers?
p. 11
“we are seeing almost a 4% increase in the costing of the product that we are actually offering to the customer”
Priyansh Kapoor, page 11 of the filed PDF · View the filing
Management said they expect to monetize most of the pipeline within 4 to 5 years.
Answered by Priyansh Kapoor
Asked by Bajrang Bafna: What is the expected timeline to monetize the roughly INR5,000 crore cash flow pipeline?
p. 12
“largely, we're expecting to monetize most of this in the next 4 to 5 years. That is what we are currently targeting from this”
Priyansh Kapoor, page 12 of the filed PDF · View the filing
Management reiterated a comfortable net debt-to-equity ratio of 0.26 and a self-imposed ceiling of 1:1.
Answered by Priyansh Kapoor
Asked by Bajrang Bafna: What is the outlook on debt levels given expansion into Maharashtra and the asset-light model?
p. 13
“currently, our debt position even right now remains very comfortable. We are at 0.26 net debt-to-equity ratio, as you see”
Priyansh Kapoor, page 13 of the filed PDF · View the filing
Management said markets have become more stable rather than showing worrying signs, citing continued strong sustenance sales.
Answered by Priyansh Kapoor
Asked by Bajrang Bafna: Given AI-related layoffs in the IT sector, how is Bengaluru demand holding up?
p. 14
“today, at least our interpretation is that markets have become more stable”
Priyansh Kapoor, page 14 of the filed PDF · View the filing
Management said sufficient contingency has been budgeted to absorb near-term cost increases without margin risk.
Answered by Priyansh Kapoor
Asked by Pankaj: What cushion exists to protect EBITDA margins amid Middle East crisis-driven inflation?
p. 15
“we are fairly confident that we can continue to maintain the trajectory of 22% to 25% even in the current year. And the way we have started and what we are actually seeing in quarter 1, we don't feel that there is any margin risk”
Priyansh Kapoor, page 15 of the filed PDF · View the filing
Management said cancellations are part of normal business and attributed slower sales to delayed site experience readiness, with a stronger sales activation planned.
Answered by Priyansh Kapoor
Asked by Pankaj: What is the reason behind cancellations at the Forest Trails project?
p. 15
“Forest Trails, we have been trying to get the customer experience ready. So this is a row house villa project”
Priyansh Kapoor, page 15 of the filed PDF · View the filing
Management said sustenance sales could grow about 15% while launches would grow faster to reach the overall 35-40% target.
Answered by Priyansh Kapoor
Asked by Harsh Pathak: What proportion of FY27 growth is expected from sustenance sales versus new launches?
p. 16
“our understanding is sustenance can show a growth of about 15% over what we have delivered in FY26. So 15% of growth can come from there”
Priyansh Kapoor, page 16 of the filed PDF · View the filing
Management said OCF is expected to be largely flat versus FY26 due to increased construction outflow.
Answered by Priyansh Kapoor
Asked by Ritwik Sheth: What is the expected OCF trajectory for FY27?
p. 19
“Largely. But again, I think very difficult to probably give an exact guidance because it's a function of how much outflow goes towards construction”
Priyansh Kapoor, page 19 of the filed PDF · View the filing
Management said close to half of the team working directly with the CEO joined in the last year.
Answered by Priyansh Kapoor
Asked by Biplab Debbarma: How many senior executives have been added to the team in the last year?
p. 21
“almost close to 50% of the team that is now working directly with me has actually come in the last 1 year”
Priyansh Kapoor, page 21 of the filed PDF · View the filing
Risks flagged
Rising commodity and material costs increasing project costs
p. 11
“we are noticing an increase across the costing and the material that we are procuring. So there is an increase across the portfolio”
Priyansh Kapoor, page 11 of the filed PDF · View the filing
Approval timeline slippage affecting launch schedule
p. 10
“this risk of some slippage always remains in our business from an approval standpoint”
Priyansh Kapoor, page 10 of the filed PDF · View the filing
Decision not to proceed with Surat project due to technical and legal complexities
p. 6
“we have decided not to proceed with the project as we were not comfortable with certain technical and legal complexities associated with it”
Priyansh Kapoor, page 6 of the filed PDF · View the filing
Decline in annual revenue due to timing of revenue recognition of some projects
p. 6
“The decline in annual revenue was primarily due to the timing of the revenue recognition of some of the projects”
Priyansh Kapoor, page 6 of the filed PDF · View the filing
AI-driven layoffs in the IT sector potentially affecting demand in Bengaluru
p. 13
“we are also continuously tracking all the markets that we are in quite closely. So something definitely we also want to keep a watch on”
Priyansh Kapoor, page 13 of the filed PDF · View the filing
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