ARIS DaaS order book rises 117% to Rs 2,817 crore in October

ARIS reported DaaS gross development value of Rs 2,817 crore at 31 October, describing its live order book as 117% higher than in March and covering 15 projects. The figure is the expected sale value of projects under mandate, not ARIS revenue; the model earns through a GDV-linked fee and exclusive material supply.

What does ARIS’s DaaS order book represent?

ARIS’s Developer as a Service, or DaaS, order book represents the expected sale value of property projects under its mandates, measured as gross development value, or GDV. ARIS reported a live order book of more than Rs 2,750 crore and separately disclosed Rs 2,567 crore at 30 September across 15 projects. The presentation specifies that GDV is not ARIS revenue.

ARIS says its DaaS offering can cover five stages of a project: land-use planning and approvals, project finance arrangements and tracking, material sourcing and delivery, site execution management, and sales, collections and handover support. Its mandates can apply to land, plotted, villa and vertical projects, as well as new launches and ongoing projects. DaaS is delivered through Unitern, the name used in ARIS’s filings.

How quickly has ARIS’s DaaS order book grown?

ARIS reported that its live DaaS order book rose 117% since March, with GDV increasing from Rs 1,267 crore at 31 March to Rs 1,839 crore at 30 June and Rs 2,817 crore at 31 October. The number of projects under DaaS mandate also increased to 15 from 10 at 30 June, adding five mandates over that period.

ARIS identified Ramdev Plaza Phase II as a Rs 250 crore addition in October. The presentation separately shows Rs 2,567 crore at 30 September and Rs 2,817 crore at 31 October, which incorporates the stated October addition. Other project names are withheld, so the disclosure does not show the GDV or stage of completion for each of the remaining 14 mandates.

How does ARIS earn from DaaS mandates?

ARIS says DaaS generates income through a fee on GDV, including a monthly retainer, and through exclusive material supply to every project under mandate. The Rs 2,817 crore GDV figure therefore indicates the expected sale value of the underlying projects, while ARIS’s revenue depends on the contracted fee and the volume and value of materials it supplies.

ARIS says DaaS projects are externally funded and that it deploys no capital into them, with its cost being its team. The materials available through its wider portfolio include aggregates, ready-mix concrete, asphalt or bitumen, steel, cement, blocks, electricals, plumbing products, tiles, sanitaryware and paints. The presentation does not disclose fee percentages, expected material-supply revenue, margins or project-level profitability for the 15 DaaS mandates.

What materials and technology support ARIS’s DaaS model?

ARIS had 11.7 million tonnes of reserved annual contract-manufacturing capacity at 30 September, up from 9.1 million tonnes at 30 June. The capacity is exclusive to ARIS and spans 23 partner plants: 7.33 million tonnes of aggregates across nine plants, 3.22 million tonnes of ready-mix concrete across 11 plants, and 1.15 million tonnes of asphalt or bitumen across three plants.

The largest market capacity was Chennai at 4.72 million tonnes, followed by Mumbai at 3.67 million tonnes, Bengaluru at 2.17 million tonnes and Jharkhand at 1.15 million tonnes. ARIS reported contract-manufacturing revenue growth of 309% from FY24 to FY26. These capacity and revenue figures relate to the contract-manufacturing segment rather than specifically to DaaS, but they describe the supply base available to the integrated model.

ARIS also reported 3.6 lakh deliveries on its in-house technology system and more than 14 lakh digitised documents as of 30 September 2026. The system auto-created 64% of delivery documents and managed more than 5,860 customers and vendors. Its pricing intelligence maps buy and sell prices, while its credit and risk engine tracks customer limits, exposure and receivables in real time.

How does DaaS fit ARIS’s stated plans and financial context?

ARIS lists winning more DaaS mandates as the first of its three strategic priorities for the next 18 months, alongside adding exclusive partner plants and expanding into new geographies. The company says each additional DaaS project also buys materials from ARIS. It labels these priorities as directional rather than guidance.

At the company level, ARIS reported operating cash flow of Rs 60.1 crore in H1 FY27, compared with profit after tax of Rs 42.9 crore and earnings before interest, tax, depreciation and amortisation, or EBITDA, of Rs 66.2 crore. Net working-capital days declined to 54 in Q2 FY27 from 97 in Q1 FY26. The presentation does not provide DaaS-specific cash flow, working-capital or profit data.

Management’s FY30 outlook is for consolidated revenue of about Rs 3,000 crore, compared with Rs 1,068 crore in FY26, and profit after tax of about Rs 225 crore, compared with Rs 60 crore in FY26. It also projects an EBITDA margin of 12% to 13%, versus 9.4% in FY26, citing a mix shift toward contract manufacturing and DaaS. ARIS states that this outlook is management guidance, is forward-looking and may differ from actual results.

Conclusion

ARIS’s DaaS disclosure shows a larger developer-services pipeline, rising from Rs 1,267 crore of GDV at 31 March to Rs 2,817 crore at 31 October, alongside an increase to 15 mandates from 10 at 30 June. The commercial link is the combination of a GDV-based fee and exclusive materials supply, although GDV is explicitly not revenue and the presentation gives no mandate-level economics.

The next disclosures to watch are additional mandates, material-supply conversion and any data on DaaS revenue or profitability. ARIS’s stated 18-month priority is to scale DaaS, while management’s FY30 outlook calls for about Rs 3,000 crore of revenue and about Rs 225 crore of profit after tax, without specifying the contribution expected from DaaS.