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View Promises →Eldeco Housing And Industries Limited — Q4 FY26
Eldeco Housing reported a milestone FY26 with record bookings of ₹744 crores (up 120% YoY) and collections of ₹352.1 crores (up 39% YoY).
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Eldeco Housing reported a milestone FY26 with record bookings of ₹744 crores (up 120% YoY) and collections of ₹352.1 crores (up 39% YoY). Q4 bookings were ₹382.7 crores, driven by the successful launch of Solano Gardens (343 units sold out of 433 launched). Total income for FY26 was ₹175.7 crores, EBITDA ₹41.5 crores, and PAT ₹24.3 crores, though margins were impacted by one-time expenses of ~₹14 crores (GST input write-off and prior period costs). The company added ~₹2,000 crores of GDV through three land parcels in Lucknow, expanding the total pipeline to ~₹4,000 crores. Management guided for EBITDA margins of 30-35% and PAT margins of ~25% in FY27, driven by high-margin Imperia 2 revenue recognition. Key risk: construction cost inflation could pressure margins if not fully transmitted.
एल्डेको हाउसिंग ने वित्त वर्ष 2026 में रिकॉर्ड बुकिंग हासिल की। कुल बुकिंग ₹744 करोड़ रही, जो पिछले साल से 120% ज्यादा है। कंपनी ने ₹352.1 करोड़ का कलेक्शन किया, जो 39% बढ़ा। चौथी तिमाही में ₹382.7 करोड़ की बुकिंग हुई, खासकर सोलानो गार्डन्स प्रोजेक्ट की सफल लॉन्चिंग से। कुल आय ₹175.7 करोड़, मुनाफा (EBITDA) ₹41.5 करोड़ और शुद्ध मुनाफा (PAT) ₹24.3 करोड़ रहा। हालांकि, GST और पुराने खर्चों के कारण ₹14 करोड़ का एकमुश्त खर्च आया। कंपनी ने लखनऊ में तीन जमीनें खरीदकर कुल प्रोजेक्ट वैल्यू ₹4,000 करोड़ तक पहुंचा दी। अगले साल 30-35% EBITDA और 25% PAT मार्जिन का अनुमान है। जोखिम: निर्माण लागत बढ़ने से मुनाफा कम हो सकता है।
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One-time expenses impacting margins
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Booking Value (FY26)
₹744 Cr
+120% YoY
Record annual bookings driven by Solano Gardens launch and strong demand across projects.
Area Booked (FY26)
10.77 lakh sq ft
+100% YoY
Area booked doubled YoY, reflecting robust volume growth.
Collections (FY26)
₹352.1 Cr
+39% YoY
Steady improvement in cash flows, up nearly 39% year-on-year.
GDV Added (Q4)
₹2,000 Cr
New
Three land parcels added in Lucknow, enhancing medium-term growth pipeline.
What Changed vs Last Quarter
NEW
FY27 PAT margin guidance of ~25%
PAT margin expected to be around 25% in FY27, supported by the Imperia 2 project.
NEW
Construction spend to grow 15-20% in FY27
Construction expenditure expected to increase by 15-20% to approximately ₹200 crores in FY27, up from ₹177.7 crores in FY26.
NEW
New land parcels to launch by end of FY27
The three new land parcels (GDV ~₹2,000 crores) are expected to be launched towards the end of FY27, pending design and approvals.
UPDATED
FY27 EBITDA margin guidance of 30-35%
Management expects EBITDA margins in the range of 30-35% for FY27, driven by high-margin Imperia 2 revenue recognition.
DROPPED
FY26 to be best-ever booking year
Management expects FY26 to surpass all previous years in sales bookings, driven by Solano Gardens launch.
DROPPED
Solano Gardens first phase booked ~₹350 crore in expressions of interest
Post Q3, Solano Gardens launch saw strong response; ~₹350 crore booked as EOI, to convert to allotments next quarter.
NEW RISK
One-time expenses impacting margins
Q4 FY26 margins were hit by ~₹14 crores of one-time expenses (GST input write-off and prior period costs), which may recur if similar items arise.
NEW RISK
Construction cost inflation
Management noted that transmission of higher construction costs is not yet fully realized, which could pressure margins if costs rise further.
NEW RISK
Revenue recognition timing uncertainty
Despite project completion, revenue recognition depends on customer possession timing; Imperia 2 may see slower recognition than expected.
NEW RISK
Geopolitical and macro headwinds
Analyst raised concern about buyer sentiment due to geopolitical uncertainties and higher borrowing costs; management acknowledged potential impact on stock-market-linked buyers.
RISK GONE
Potential overpricing in Lucknow market
Management cautioned that overpricing could hurt affordability; market is strong but must avoid going beyond common man's reach.
RISK GONE
Approval delays for upcoming projects
Several projects await RERA approvals; any delay could impact launch pipeline and growth trajectory.
RISK GONE
Related party loan and cash flow management
Analyst raised concerns about related party loan and cash stuck in RERA accounts; management clarified loan repaid but cash flow remains constrained.
Fast read
Guidance and risk preview
Management expects EBITDA margins in the range of 30-35% for FY27, driven by high-margin Imperia 2 revenue recognition.
Q4 FY26 margins were hit by ~₹14 crores of one-time expenses (GST input write-off and prior period costs), which may recur if similar items arise.
View Risks →