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Revenue
₹166 Cr
verified against source
Revenue YoY
-20.95%
reported change
EBITDA
₹44 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Arvind SmartSpaces reported Q3 FY26 revenue of ₹166 crore (down 21% YoY) and EBITDA of ₹44 crore (down 27% YoY), with PAT at ₹29 crore (down 42% YoY). The decline reflects timing of project completions, but operational momentum was strong: 9-month bookings hit a record ₹938 crore (+5% YoY) and Q3 collections were ₹317 crore (+38% YoY). Operating cash flow surged 128% YoY to ₹169 crore. Management highlighted sustained sales run-rate of ~₹200 crore/quarter and a robust launch pipeline of ~₹1,500 crore in Q4. Key risks include regulatory approval delays in Bangalore and potential macro slowdown impacting demand. The company maintains a net debt of ₹79 crore and targets 25-30% pre-sales growth over the medium term.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated full-year pre-sales target despite lower-than-expected launches, expecting Q4 launches of ~₹1,500 crore GDV.
- Company targets 25-30% annual pre-sales growth over the next 3-4 years, supported by strong BD pipeline.
- Management expects to close the year with ₹3,500-4,000 crore of new business development, with Mumbai contributing.
- Company aims to keep leverage below 1x debt-to-equity, with current ratio at 0.13x.
Risks flagged
- Changes in Bangalore's regulatory environment have slowed project approvals, causing launch delays and uncertainty.
- Analyst raised concern about IT slowdown and stock market weakness affecting real estate demand; management acknowledged but expressed confidence in structural drivers.
- Implementation of new labor codes from November 2025 resulted in a ₹2.59 crore provision in Q3, with ongoing cost monitoring.
- Rapid team expansion and multiple new project launches may strain execution capabilities, though management is actively strengthening teams.
Key quotes
- Our mantra is velocity. We are not the variety to bank land and wait for market and prices to inch up. That has never been the DNA of this company.
- We are steering Arvind SmartSpaces towards an era of unprecedented scale. Yet, our DNA remains uncompromisingly rooted in our high capital efficiency and robust cash flow generation.
- We are very very focused on selling first home ownership and land ownership to the middle class. And I think this is a very structural story in India.
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