Arvind SmartSpaces raises FY27 bookings target to Rs 2,700 crore

On November 6, 2026, Arvind SmartSpaces Limited raised FY27 bookings guidance to Rs 2,600-2,700 crore, implying 70%-75% year-on-year growth, after H1 FY27 bookings rose 120% to Rs 1,338 crore. The revised range replaces Rs 2,100-2,200 crore and management's earlier 35%-40% growth outlook.

What did ASL change in its FY27 bookings guidance?

ASL increased its FY27 bookings target to Rs 2,600-2,700 crore from Rs 2,100-2,200 crore, raising both ends of the range by Rs 500 crore. Management said the new target translates into 70%-75% year-on-year growth, compared with its earlier 35%-40% growth guidance.

The revision accompanied ASL's unaudited financial results for the quarter and half year ended September 30, 2026. Management attributed the higher guidance to its view of demand conditions, the upcoming launch pipeline and expected contributions from its sustenance sales portfolio.

ASL reported H1 FY27 bookings of Rs 1,338 crore, up 120% year on year, and H1 collections of Rs 754 crore, up 77%. H1 bookings represent 50% of the lower end and about 49.6% of the upper end of the revised Rs 2,600-2,700 crore full-year bookings range.

Management also reiterated FY27 adjusted earnings before interest, tax, depreciation and amortisation, or EBITDA, margin guidance of 22%-25%. The November 6 release did not disclose revised FY27 targets for revenue, profit after tax or collections.

How did ASL perform in Q2 FY27?

ASL reported Q2 FY27 bookings of Rs 906 crore, up 110% from Rs 432 crore in Q2 FY26, while collections rose 77% to Rs 418 crore from Rs 236 crore. The company said new launches and sustenance sales drove the bookings increase during the quarter ended September 30, 2026.

ASL's Q2 FY27 bookings growth of 110% exceeded its 11% rise in revenue from operations, which reached Rs 157 crore from Rs 141 crore. Adjusted EBITDA increased to Rs 45 crore from Rs 31 crore, while profit after tax rose to Rs 23 crore from Rs 18 crore.

Net operating cash flows were Rs 152 crore in Q2 FY27, increasing 88% quarter on quarter and 22% year on year, according to ASL. The ratio of net debt, defined by the company as interest-bearing funds, to equity declined to 0.26 times on September 30, 2026, from 0.29 times on June 30, 2026.

Which launches contributed to ASL's bookings growth?

ASL said Arvind Sylva, launched in August 2026 on Sarjapur Road in Bengaluru, recorded bookings of Rs 500 crore within 30 days. That sales value represented about 60% of the project's total inventory, and ASL described it as its largest vertical project launched to date.

Arvind Iconia, launched towards the end of Q2 FY27 in Vastrapur, Ahmedabad, generated bookings of Rs 81 crore, or about 21% of total inventory. The two disclosed projects together contributed Rs 581 crore of bookings, compared with ASL's Q2 FY27 total of Rs 906 crore.

Management said its highest-ever quarterly and half-yearly bookings and collections were supported by successful launches, sustenance sales and execution across projects. The release does not provide project-level revenue, cost or profit figures for Arvind Sylva or Arvind Iconia.

ASL's Q2 FY27 collections of Rs 418 crore were Rs 182 crore above the Rs 236 crore reported a year earlier. For H1 FY27, collections reached Rs 754 crore, while bookings of Rs 1,338 crore were 120% higher year on year.

What is ASL's FY27 business-development pipeline?

ASL reported about Rs 3,100 crore of FY27 new business-development top-line potential as of September 2026. This total included additions in the preceding quarter and a September 2026 joint development agreement for a residential high-rise project on Sarjapur Road in Bengaluru.

The Sarjapur Road joint development project has estimated revenue potential of about Rs 470 crore and saleable area of around 3.60 lakh square feet. ASL said the project contributed to the Rs 3,100 crore total business-development potential reported for the half year ended September 2026.

Management said projects under evaluation gave it a strong likelihood of reaching the upper end of its stated gross development value, or GDV, addition guidance of Rs 4,000-5,000 crore. GDV is separate from the Rs 906 crore of Q2 FY27 bookings, Rs 157 crore of Q2 revenue from operations and Rs 418 crore of Q2 collections.

ASL said its priority is to convert the pipeline into launches and deliveries while remaining prudent on capital. The release refers to a three-city strategy, but does not identify the three cities or provide launch dates and booking targets for projects still under evaluation.

What do ASL's cash flow and balance-sheet figures indicate?

ASL reported Rs 152 crore of net operating cash flow in Q2 FY27, alongside Rs 418 crore of collections and Rs 45 crore of adjusted EBITDA. The company stated that net operating cash flow rose 88% quarter on quarter and 22% year on year.

ASL's net debt-to-equity ratio moved to 0.26 times as of September 30, 2026, from 0.29 times as of June 30, 2026. The release defines net debt as interest-bearing funds but does not disclose the underlying debt amount, equity amount, interest expense or construction spending.

The company has developments across Ahmedabad, Gandhinagar, Baroda, Bengaluru, Mumbai Metropolitan Region and Pune, and cited about 100.4 million square feet of real estate development across the country. Its September 2026 Sarjapur Road agreement added around 3.60 lakh square feet of saleable area.

Conclusion

ASL's higher FY27 bookings guidance follows H1 bookings of Rs 1,338 crore and Q2 bookings of Rs 906 crore, supported by Rs 500 crore of bookings at Arvind Sylva and Rs 81 crore at Arvind Iconia. The new Rs 2,600-2,700 crore target is Rs 500 crore above the earlier range at both ends, while the 22%-25% adjusted EBITDA margin guidance remains unchanged.

The next disclosed issue is conversion of the roughly Rs 3,100 crore FY27 business-development potential into launches and deliveries. Management has also said projects under evaluation could support the upper end of its Rs 4,000-5,000 crore GDV-addition guidance, but the release gives no dates or project details for those potential additions.