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Revenue
₹126.04 Cr
verified against source
Revenue YoY
-16%
reported change
EBITDA
₹29 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
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What the record says.
Arihant Superstructures reported a weak Q3 FY26 with consolidated revenue of INR 126 crore, down 16% YoY, and EBITDA of INR 29 crore, down 32% YoY. EBITDA margin contracted to 22.94%. PAT stood at INR 8 crore with a margin of 6.59%. Sales bookings were strong at INR 278 crore (288 units), driven by premium segment mix, lifting average realization to INR 7,555/sq ft (+38% YoY). Management guided EBITDA margins to improve to 28-29% as higher-margin villa projects contribute. Key risks include slow absorption in certain projects (e.g., Advika, Aria) and rising leverage from annuity asset development (gymkhana and hotel). The company expects the world villa project to be cash-neutral, with annuity assets providing long-term income.
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Guidance to track
- Management expects blended EBITDA margins to rise from current 23-25% to 28-29% as higher-margin villa and apartment projects contribute.
- World villas and town villas are expected to generate EBITDA margins of around 45%, while apartment projects will yield 30-33%.
- The town villas project is in approval stage and expected to launch in FY27.
- Management targets all subsidiaries to be debt-free within the next two years, while the main entity focuses on annuity assets.
Risks flagged
- Projects like Advika (72% complete, 35% sold) and Aria (zero sales in Q3) are seeing sluggish demand despite connectivity.
- Debt is expected to increase by ~INR 150 crore for gymkhana and hotel construction, with blended cost of debt at 12.5%.
- Analyst raised concern that IT sector slowdown could impact real estate bookings; management downplayed but acknowledged risk.
Key quotes
- The complete world villa project which is there would be a cash neutral project for the company. When I say world villa project it includes the Jim Khana as well as the five-star hotel.
- We expect margins to increase because the blend of the higher margin projects is starting to contribute to the revenue and the P&L.
- We are not witnessing any slowdown in the markets. I think especially after the airport opening markets have responded quite well over the last 45 days.
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