ARIHANTSUP / Q3-FY26 / claim-ledger

Audit the questions that mattered.

Arihant Superstructures · Analyst questions, management answers, and the quality of the response where the ledger is available.

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WatchQ3-FY26 · 2026-02-10Back to quarter ↗

Questions audited

10

Answered directly

80%

Numeric claims

4

Consistency

contradicted

Question ledger

What was answered, and how?

Ji · Research desk

partial

Investment outlay, IRR, payback for hotel and gymkhana; construction timeline; operator partner.

total investment in the Jim Khana is envisaged at 25 odd crores and for the hotel it will be 225 crores. So total investment outlay will be 350 crores... break even time expected for both these assets to break even will be around 8 years.

Amit Aija · Edji Havan Company

evasive

Target debt-equity range and average cost of borrowing; interest cost doubled YoY.

debt we'll be increasing the debt by say another 150 odd crores... we are very comfortable on that because these are long-term debts

Amit Aija · Edji Havan Company

direct

Impact of IT sector slowdown on real estate demand.

in Mumbai now it's not only the IT sector which is dominating the real estate sales. There are many other industries... I don't see real estate demand being largely affected because of the dip in the IT sector

Amit Aija · Edji Havan Company

direct

Marketing cost as percentage of revenue.

direct marketing cost goes to around 1 and a half% average.

Shivani · Research desk

direct

Why is absorption slow for Advika project despite connectivity?

when we started the project in 2022 we were able to sell about 10% of the inventory but between the stage of the plinth till the RCC completion we did not witness great sales... now since the product is ready... sales are picking up

Shivani · Research desk

direct

Terms of new JV: area sharing ratio, capital commitment, profit share.

an area sharing JV. We have to give a certain number of units to the land owner. There's no capital commitment or profit commitment.

Shivani · Research desk

direct

Plan to increase asset-light projects to reduce capital intensity and debt.

we are open but it will not happen significantly because majority of the projects that we do are where we purchase the land... the proportion of the asset light model can increase from 19% and increase to upwards of around 25%

Shivani · Research desk

direct

Margin comparison between JV and wholly-owned projects.

margins are similar on a revenue P&L basis. Only the capital infusion is the difference in a JV versus a outright purchase project.

Amish · Novite Investment

partial

Pre-sales for 9 months and full year; EBITDA margin guidance; update on villa projects.

for 9 months the total sales we achieved was 664 cr rupees in value... evida margins which are around 23 25% today which should increase to 28 29% in the coming quarters... world vas already launched... town villas launch expected in next financial year

Amish · Novite Investment

direct

Revenue recognition method for villa projects.

we don't follow project completion method we follow percentage completion method. So once we cross the 10% project completion threshold we start recognizing revenue... So maybe in a quarter or two world villas will also start contributing to the revenues.

Amit Agra · Edgihava

direct

Average selling price trend and cost increase; any slowdown?

cost is increased marginally by 200 rupees per square foot... this quarter we sold more units in the premium luxury segment which contributed and helped us achieve a average selling price of 7,500 which used to be usually averaging at around 6,200 to 6,500 in the previous quarters.

Raman · Research desk

direct

Capital allocation priority: land acquisition, annuity assets, or deleveraging?

in the main listed entity the focus is on developing the annuity assets first. Second will be to expand the business by adding more lands and third would be the debt reduction... all subsidiaries become debt free in the next two years.