Arkade Developers Limited — Q3 FY26
Arkade Developers reported Q3 FY26 revenue of ₹199 crore, down ~14% YoY due to delayed OC recognition, but EBITDA margin expanded 30bps to 27.4%.
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
71%Questions answered2Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Why delay in launches and lower revenue this quarter?
Asked by Danj, Suli D securities
Management clearly explained reasons for delay and lower revenue with specific references to environmental clearances and OC timing.
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Question
why we are seeing uh I mean delay in uh launches and also uh uh this uh quarter numbers in terms of revenue uh we little bit of uh lower side. So what is this reason because we follow percentage completion method. So are we going uh slow in terms of execution?
Amitish (management)
launches uh uh got a bit delayed because the environmental clearances were taking time... the recognition in PNL is lower compared to last year. So last year uh same quarter we received OC for one of the project Santa Cruz project... This year we got a good pre-sale numbers but you know there is a time lag between the booking and the registration
Partial answer
High priority
What pre-sales growth from Bangor Nagar launch in FY26?
Asked by Danj, Suli D securities
Management reiterated existing CAGR guidance but did not quantify pre-sales growth from this specific launch.
no specific pre-sales growth number givendeferred to existing guidance
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Question
And this Bangon Nangar project which we are planning to launch. So with this launch what type of pre-sales growth we can see in FY26 because 9 months we have grown only 8%.
Amitish (management)
we are expecting a good sales from this project Lakshmi Ramana project and obviously that will complement the existing project. So we expect to achieve about whatever we have given the guidelines earlier because 20 25% tagger growth we are guiding for uh 2 three years.
Answered
High priority
Clarify Hindustan Times article about 80-100 acre project with 500 cr revenue.
Asked by Heath Sha, Excel PMS
Management directly stated the project is under negotiation with no definitive agreement, clarifying the article's status.
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Question
There is an article published by Hindustan Times... says that Arch developers are the second home market in Karaj Mel with almost 80 to 100 acre project and revenue of 500 crores. But since then there is no followup article and no disclosure or clarification from your side... can you clarify something?
Amitish (management)
it is yet under consideration. We haven't yet entered any definitive for the transaction and it is at advanced stage of negotiation but uh no definitive document as yet.
Answered
Medium priority
Explain the Silan Arcade de-merger disclosure.
Asked by Heath Sha, Excel PMS
Management provided timeline and expected completion quarter for the de-merger.
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Question
can you clear something about the silan arcade de merger disclosure that you gave almost one one and a half month back... can you tell what is happening in that demo merger?
Amitish (management)
that de merger is uh with nt and we we have given the next date the final date of the next month. So we expect the outcome next month. So by this quarter we we expect that de merger will be completed.
Evasive
High priority
Why guidance of 20-25% CAGR when GDV suggests 35-40%?
Asked by Heath Sha, Excel PMS
Management did not address the discrepancy between GDV potential and guidance, simply citing conservatism.
no quantitative explanationattributed to conservatism without specifics
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Question
the lineup that I just saw in the presentation that you provided it was almost uh 11,900 CR of stopline mixed let's say five to six years. So according to that the guidance that you just gave a couple of minutes back that is 20 to 25% CAGGR don't you think we easily able to cross that limit?
Amitish (management)
we are being conservative as always that is our DNA you know. Yeah. Give for less and strive to achieve more. That is what it is.
Partial answer
Medium priority
Total number of launches planned for next year?
Asked by Disha, Safire Capital
Management gave a vague answer with unclear terminology, not a clear count of launches.
unclear acronym 'PI's project'no specific number of launches
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Question
you mentioned that some of the launches got pushed back to the next year. So could you just help me with what are the total number of launches you're planning for the next year?
Amitish (management)
We looking at around PI's project minimum to launch in the coming year.
Evasive
Medium priority
What is the split of launches between H1 and H2 next year?
Asked by Disha, Safire Capital
Management avoided providing a split, citing dependency on approvals, and gave a generic quarterly launch plan.
no H1/H2 split givendeferred to approvals
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Question
And the split between H2 and H EDB of around uh 5,000 cr plus. Okay. And what what would be the share in H1 versus H2?
Amitish (management)
very difficult uh to it depends on the approvals and the RARA arrangement and everything but across the financial year it will be in the range of 5,000. We are launching a project like immediate basis the Bangalore project... they will try to uh launch one project every quarter next year.
Partial answer
High priority
Why only 20% growth guidance despite high GDV and 153 cr revenue from completion?
Asked by Disha, Safire Capital
Management explained growth deferral due to launch delays but did not reconcile the specific revenue figure mentioned.
did not directly address the 153 cr revenue pointfocused on profit margins instead
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Question
given what the previous participant also said because we have such a high GD value and I think this year also I think for the two projects that are on the completion side there's 153 K of revenue that will come in the books but still we're just writing for 20% growth. So why are we being...
Amitish (management)
because we did not have any new launch this year and that is because of the environmental clearances being stored you know so the launches got delayed otherwise the profit margins are handsome like we are making 200 cr pre- tax and uh the numbers are good enough
Answered
High priority
How do you look at margins going ahead?
Asked by Disha, Safire Capital
Management provided a clear margin guidance range.
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Question
in terms of your margins, I think there's been quite an expansion this quarter as well. How do you look at margins going ahead?
Amitish (management)
we expect to stabilize margins between 18 to 20% fat level.
Answered
Medium priority
What is the comfortable debt level and future debt plans?
Asked by Par Patel, Patel Investments
Management clearly stated preference for low debt and no plans for higher leverage.
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Question
we can see the net debt has been consistently on the lower end of the financial statement. So we just wanted to know what is the comfortable level that we plan to go to or if in future are we planning to take a higher debt or an upfront acquisition?
Amitish (management)
we have a good land bank a good project lineup without any substantial de debt. So we are very sensitive to that and would like to stay healthy this way with lesser debt
Answered
High priority
Will revenue from two OCs be recognized in Q4 or spill over?
Asked by Par Patel, Patel Investments
Management explained the revenue recognition method and timing upon OC receipt.
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Question
we were applying for two additional OC's in the quarter... will is there a possibility of revenue recognition in Q4 or will it spill over in the first quarter of 27?
Amitish (management)
part we follow the percentage completion method. So whatever has been sold till date and whatever percentage completion is done till date we have we have already recognized and so whenever we receive OC we'll recognize the 100% of the revenue for the sold unit
Answered
High priority
What is the expected GDV and pre-sales from Bangor Nagar project in H1 FY27?
Asked by Par Patel, Patel Investments
Management provided GDV and expected pre-sales percentage at launch.
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Question
I just wanted to know what is the expected GDV from it and in Q1 or H1 FI27 how much do we expect as pre-sales and collections?
Amitish (management)
total GDP for the project is about 225 crores and we expect about uh 25 25%. At the launch 25 okay 25% at launch.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| PAT margin guidance of 18-20% | 20% | 27% | Understated vs filing |
| Pre-tax profit of 200 cr | ₹200 cr | ₹40 cr | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.