Arvind SmartSpaces LimitedQ1 FY27 Results & Financial Update
Arvind SmartSpaces Limited: Q1 FY27 consolidated results and company financials – revenue ₹317.63 Cr, PAT ₹97.39 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Arvind SmartSpaces price & chart
Quarter overview
Quarterly earnings analysis
Arvind SmartSpaces reported a consolidated revenue from operations of INR 317.63 crore for the quarter ended June 30, 2026, accompanied by total income of INR 322.03 crore.
Profit before tax for Q1 FY27 stood at INR 133.90 crore, while total profit after tax reached INR 97.39 crore, resulting in an owner-attributable net profit of INR 99.01 crore after adjusting for non-controlling interests.
Basic earnings per share for the quarter was reported at INR 21.80 on a consolidated basis, reflecting strong underlying profitability driven by robust sustenance sales and healthy collections.
Operational momentum was highlighted by a 147 percent year-on-year surge in new bookings to INR 432 crore, alongside a 76 percent increase in collections to INR 336 crore compared to the corresponding period of the previous year.
Adjusted EBITDA for the quarter expanded to INR 152 crore, supported by active project execution and steady demand across key residential micro-markets.
During the quarter, the company maintained a healthy balance sheet position with a net debt (interest-bearing funds) to equity ratio of 0.29x as of June 30, 2026, compared to 0.26x at the end of March 2026, generating net operating cash flows of INR 81 crore.
Profit after tax was ₹97.39 Cr for the reported quarter. EPS was ₹21.72 for the reported quarter.
01 · Business model
What does Arvind SmartSpaces do?
Arvind SmartSpaces Limited operates as the real estate development arm of the Lalbhai Group, focusing on the delivery of residential and commercial real estate solutions across India.
Headquartered in Ahmedabad, the company has established a development footprint spanning approximately 100.1 million square feet across key markets including Ahmedabad, Gandhinagar, Baroda, Bengaluru, the Mumbai Metropolitan Region (MMR), and Pune.
The business model emphasizes a partnership-led development strategy, leveraging joint development agreements and redevelopment projects alongside owned land parcels to scale operations while maintaining capital discipline.
02 · Historical context
What shaped the business before this quarter
Established in 2008, Arvind SmartSpaces builds upon a corporate legacy spanning over 128 years originating from the Lalbhai Group.
The company's long-term credit rating was upgraded to AA- (Stable) by India Ratings and Research from the earlier A+ rating, reflecting disciplined capital allocation and enhanced financial flexibility.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹317.63 Cr |
| Total income | ₹322.03 Cr |
| Profit before tax | ₹133.90 Cr |
| Profit after tax | ₹97.39 Cr |
| EPS | ₹21.72 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 30.7% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 42.2% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹4.39 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Topline growth and strong booking performance were driven by robust sustenance sales across ongoing residential projects in core focus markets.
Customer collections advanced by 76 percent year-on-year to INR 336 crore, providing steady liquidity inflows to support construction activity.
What drove margins
Adjusted EBITDA reached INR 152 crore for the quarter, bolstered by favorable project mix, realization trends, and disciplined cost control across construction phases.
05 · Demand, customers & order book
Where demand is coming from
New sales bookings grew by 147 percent year-on-year to INR 432 crore during Q1 FY27, up from INR 175 crore in the corresponding period of the previous year.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The company's business falls within a single operating segment of developing commercial and residential units, rendering separate Ind AS 108 segment disclosures inapplicable.
Geography and market mix
Operations remained concentrated across Ahmedabad, Gandhinagar, Baroda, Bengaluru, MMR, and Pune, with strategic additions in Mumbai and South Ahmedabad.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The cumulative real estate development portfolio reached approximately 100.1 million square feet across national markets.
Projects, capex and execution
In April 2026, the company entered into a joint development agreement for a high-rise residential project in Goregaon, Mumbai, offering an estimated revenue potential of approximately INR 2,400 crore and a saleable carpet area of around 0.67 million square feet.
In June 2026, the company added a residential horizontal development project in Metal, South Ahmedabad, via a joint development model, featuring an estimated topline potential of approximately INR 180 crore and a saleable area of around 2.5 million square feet.
08 · Strategy & new businesses
How the company is trying to change its growth mix
During the quarter ended June 30, 2026, the company through its subsidiary Arvind Skyline Pvt. Ltd. acquired a 49 percent equity stake in Oxford Navrang Realtors Private Limited (ONRPL), establishing de-facto operational control under Ind AS 110.
09 · Reported developments
What changed operationally
India Ratings and Research upgraded the company's long-term credit rating to AA- (Stable) from A+, enhancing financial flexibility for future expansion.
10 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Net operating cash flow for the quarter stood at INR 81 crore, marking an increase compared to INR 27 crore in the corresponding period of the previous year.
Capital allocation & funding
The net debt (interest-bearing funds) to equity ratio was recorded at 0.29x as of June 30, 2026, compared to 0.26x as of March 31, 2026.
11 · Management guidance & targets
What management is targeting from here
Management stated that the company is well positioned to add INR 4,000 to 5,000 crore of new projects and achieve approximately 35 percent to 40 percent growth in bookings during FY27.
12 · Beyond the numbers
What changed beyond the numbers
Statutory Auditor Transition
The Board of Directors took note of the resignation of M/s. S R B C & Co LLP as statutory auditors effective August 7, 2026, and recommended the appointment of M/s. Walker Chandiok & Co LLP to fill the casual vacancy and serve for a five-year term subject to shareholder approval.
13 · Previous-quarter changes
What changed since the previous quarter
The net debt-to-equity ratio shifted slightly from 0.26x at March 31, 2026, to 0.29x at June 30, 2026.
14 · Key Q&A
The quarter, answered directly
What does Arvind SmartSpaces do?
Arvind SmartSpaces Limited operates as the real estate development arm of the Lalbhai Group, focusing on the delivery of residential and commercial real estate solutions across India.
What is the clearest takeaway from Q1 FY27?
Arvind SmartSpaces reported a consolidated revenue from operations of INR 317.63 crore for the quarter ended June 30, 2026, accompanied by total income of INR 322.03 crore.
What drove revenue or demand?
Topline growth and strong booking performance were driven by robust sustenance sales across ongoing residential projects in core focus markets.
What mattered most for margins or profitability?
Adjusted EBITDA reached INR 152 crore for the quarter, bolstered by favorable project mix, realization trends, and disciplined cost control across construction phases.
What changed operationally beyond the headline numbers?
The cumulative real estate development portfolio reached approximately 100.1 million square feet across national markets.
What is management guiding or targeting from here?
Management stated that the company is well positioned to add INR 4,000 to 5,000 crore of new projects and achieve approximately 35 percent to 40 percent growth in bookings during FY27.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Annual Booking Growth: Monitor progress toward achieving the targeted 35 percent to 40 percent growth in annual bookings for FY27.
- 02
New Project Integration: Track execution milestones and launch schedules for the newly acquired projects in Goregaon, Mumbai, and South Ahmedabad.
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