Arvind SmartSpaces Ltd. Q2 bookings rise 110% to Rs 906 crore

Arvind SmartSpaces Ltd. reported Rs 906 crore of Q2 FY27 bookings, 110% above Rs 432 crore a year earlier, with the August 2026 launch of Arvind Sylva contributing Rs 507 crore. Management said the Bengaluru project recorded more than Rs 500 crore of sales bookings and roughly 60% of its inventory within 30 days.

What drove Arvind SmartSpaces’ Q2 FY27 booking growth?

Arvind SmartSpaces’ Q2 FY27 booking increase was primarily driven by Arvind Sylva, its largest vertical project launched to date. The Sarjapur Road, Bengaluru project contributed Rs 507 crore, or about 56% of the Rs 906 crore quarterly total based on the company’s project-level data. Management said the August 2026 launch generated more than Rs 500 crore of sales bookings and represented roughly 60% of Sylva’s total inventory within 30 days.

Other projects also added to the quarter’s bookings. Arvind Iconia, launched toward the end of Q2 FY27 in Vastrapur, Ahmedabad, contributed Rs 81 crore and represented about 21% of its inventory, according to management. Aquacity added Rs 85 crore, while Skycrest, The Edge and Uplands Three contributed Rs 46 crore, Rs 42 crore and Rs 32 crore, respectively.

The booking mix shifted towards Bengaluru in Q2 FY27. Bengaluru accounted for 69% of quarterly bookings and Gujarat for 31%, while the H1 FY27 split was 51% Bengaluru and 49% Gujarat. The difference coincided with Sylva’s Rs 507 crore Q2 contribution, whereas Aquacity was the largest H1 contributor after Sylva, with Rs 360 crore of bookings.

How did Arvind SmartSpaces’ bookings compare with earlier periods?

Arvind SmartSpaces’ bookings increased by Rs 474 crore year on year, from Rs 432 crore in Q2 FY26 to Rs 906 crore in Q2 FY27. H1 FY27 bookings rose by Rs 731 crore to Rs 1,338 crore from Rs 607 crore in H1 FY26, a reported 120% increase. Q2 FY27 therefore represented about 68% of the first-half booking total, compared with Rs 432 crore in Q1 FY27.

The Q2 FY27 result also exceeded the Rs 612 crore reported in Q4 FY26, following a lower Rs 432 crore in Q1 FY27. Across the longer period disclosed by the company, bookings rose from Rs 601 crore in FY22 to Rs 1,550 crore in FY26, which management described as a 27% compound annual growth rate. The Rs 906 crore booked in Q2 FY27 was about 58% of FY26’s full-year bookings.

Fresh bookings do not translate directly into revenue in the same quarter under the company’s accounting approach. Arvind SmartSpaces said revenue recognition is based on transfer of control, project completion and satisfaction of performance obligations. That timing explains the difference between Q2 FY27 bookings of Rs 906 crore and revenue from operations of Rs 157.4 crore.

Did collections and cash flow rise alongside bookings?

Arvind SmartSpaces’ Q2 FY27 collections rose 77% to Rs 418 crore from Rs 236 crore in Q2 FY26. H1 FY27 collections similarly increased 77%, reaching Rs 754 crore from Rs 427 crore in H1 FY26. Gujarat generated 62% of Q2 collections and Bengaluru 38%, the reverse of the 69% Bengaluru contribution to quarterly bookings.

Aquacity led Q2 FY27 collections with Rs 100 crore, followed by Everland at Rs 77 crore, Sylva at Rs 46 crore and The Edge at Rs 42 crore. The project-level pattern differed from bookings because projects were at different stages: Sylva produced Rs 507 crore in bookings after its August launch but Rs 46 crore in collections during the quarter.

Net operating cash flow, or OCF, was Rs 152 crore in Q2 FY27, up 22% from Rs 125 crore in Q2 FY26. Q2 collections of Rs 418 crore were offset by Rs 172 crore of construction cost and other overheads, Rs 10 crore of taxes, and Rs 83 crore of direct land cost, joint development agreement and development-management sharing. H1 FY27 net operating cash flow was Rs 233 crore, comprising Rs 81 crore in Q1 FY27 and Rs 152 crore in Q2 FY27.

What did Arvind SmartSpaces report on earnings and new development?

Arvind SmartSpaces reported Q2 FY27 revenue from operations of Rs 157.4 crore, compared with Rs 140.5 crore in Q2 FY26. Adjusted earnings before interest, tax, depreciation and amortisation, or adjusted EBITDA, rose to Rs 45.3 crore from Rs 31.1 crore, while the adjusted EBITDA margin increased to 29% from 22%. The company defines adjusted EBITDA as EBITDA adjusted for interest included in cost of sales or interest inventorised.

Profit after tax was Rs 22.7 crore in Q2 FY27, versus Rs 18.1 crore a year earlier, and the profit-after-tax margin moved to 14% from 13%. For H1 FY27, revenue was Rs 475 crore against Rs 242 crore in H1 FY26, adjusted EBITDA was Rs 197 crore against Rs 56 crore, and profit after tax was Rs 120 crore against Rs 30 crore. Net debt to equity was 0.26 times at Q2 FY27, compared with 0.29 times in June 2026.

In September 2026, Arvind SmartSpaces entered a joint development agreement for a residential high-rise project on Sarjapur Road, Bengaluru. Management estimated revenue potential of about Rs 470 crore and saleable area of about 3.60 lakh square feet for the project. Including additions made in the preceding quarter, management said FY27 new business development had reached aggregate top-line potential of about Rs 3,100 crore.

Conclusion

Arvind SmartSpaces’ Q2 FY27 sales growth was led by a single newly launched Bengaluru project, with Sylva contributing Rs 507 crore of Rs 906 crore in bookings. Collections rose 77% to Rs 418 crore and OCF increased 22% to Rs 152 crore, while reported revenue of Rs 157.4 crore remained below bookings because revenue recognition follows project-completion and control-transfer milestones.

The next disclosed item to watch is execution of the September 2026 Sarjapur Road joint development agreement, which management estimates could generate about Rs 470 crore of revenue potential from 3.60 lakh square feet of saleable area. Management has also identified about Rs 3,100 crore of aggregate FY27 new-business top-line potential, while the presentation does not disclose Sylva’s sales pace beyond the initial 30-day period.