EHIL H1 FY27 profit rises 290% as booking value falls 35%

Eldeco Housing and Industries Limited reported H1FY27 profit after tax of Rs 22.5 crore, up 290.1% year on year, while booking value fell 35.1% to Rs 200.6 crore as management said no new project launches moderated bookings. Consolidated total income increased 55.8% to Rs 103.2 crore and collections rose 51.7% to Rs 256.8 crore.

Why did EHIL’s H1FY27 profit rise while booking value fell?

EHIL’s H1FY27 profit rose because income expanded, operating margins increased and finance cost declined, even as booking activity was lower. Total income rose 55.8% year on year to Rs 103.2 crore, while earnings before interest, tax, depreciation and amortisation, or EBITDA, increased 193.2% to Rs 32.2 crore. EBITDA margin increased to 31.2% from 16.6% in H1FY26, a rise of 1,464 basis points, where one basis point equals one-hundredth of a percentage point.

Profit before tax rose 250.2% to Rs 30.6 crore and finance cost declined 33.0% to Rs 1.2 crore from Rs 1.8 crore. Profit after tax, or PAT, reached Rs 22.5 crore from Rs 5.8 crore, and PAT margin increased to 21.8% from 8.7%. Management said execution and collections improved in Q2FY27 and H1FY27, while booking performance remained moderated in the absence of new launches.

How far did EHIL’s bookings decline in H1FY27?

EHIL’s H1FY27 booking value declined 35.1% to Rs 200.6 crore from Rs 309.2 crore, while booked area declined 48.7% to 2,47,019 square feet from 4,81,570 square feet. The percentage decline in booked area exceeded that in booking value. EHIL reported average realisation of Rs 8,121 per square foot in H1FY27, compared with Rs 6,909 per square foot for FY26, though the presentation does not disclose an H1FY26 realisation figure.

The second quarter showed a different value trend. Q2FY27 booking value increased 7.8% year on year to Rs 94.9 crore, although booked area fell 16.6% to 1,21,102 square feet. Average realisation was Rs 7,840 per square foot in Q2FY27, below Rs 8,391 in Q1FY27 but above Rs 6,069 in Q2FY26.

Eldeco City Courtyard, a 1.68-acre commercial project, had more than 45% of its 37,342 square feet of saleable area sold as of Q2FY27, according to management. The ongoing-project schedule lists 37,367 square feet of saleable area at the project, with 16,740 square feet allotted and 20,627 square feet available. The minor difference in saleable-area figures appears across separate disclosures in the presentation.

Did collections and construction activity increase in H1FY27?

EHIL’s H1FY27 collections and construction spending both rose by more than 50%, alongside the increase in reported income. Collections rose 51.7% to Rs 256.8 crore from Rs 169.4 crore, while construction spending increased 53.8% to Rs 117.7 crore from Rs 76.6 crore. Collections exceeded H1FY27 booking value by Rs 56.2 crore, but the presentation does not provide a project-wise source or timing of those collections.

Deliveries presented a different pattern from bookings. EHIL delivered 177 units in H1FY27, down 7.3% from 191 units in H1FY26, while delivered area increased 1.4% to 2,06,764 square feet. In Q2FY27, deliveries were 125 units and 1,57,359 square feet, up 38.9% and 32.0%, respectively, from Q2FY26.

H1FY27 construction spending of Rs 117.7 crore was equal to about two-thirds of FY26 construction value of Rs 177.7 crore. The figures show higher collection and construction activity during the six months, but the presentation does not disclose project-level profit, revenue recognition or margin details that would assign the PAT increase to individual developments.

What projects could support EHIL’s future bookings?

EHIL listed 74.0 acres of forthcoming projects with tentative saleable area of 39,48,718 square feet across seven projects yet to be launched for booking. The list includes LDA GH-8, with 7,35,302 square feet under planning, Shaheed Path, with 10,06,635 square feet awaiting final approval, and Eldeco Namah, with 5,96,812 square feet where layout is approved. EHIL states that saleable area remains tentative until layout approval.

Management said upcoming launches are expected to support sales momentum and that it continues to aggregate land. EHIL acquired 9.72 acres in Q2FY27 for its future development portfolio. Separately, it listed 67.5 acres of land bank under planning, including 50.3 acres at an undisclosed location under contract and 8.9 acres at Eldeco Namah under further aggregation.

EHIL’s seven ongoing projects had 9,33,330 square feet available and Rs 596.0 crore of balance pending collections. Their total saleable area was 25,71,887 square feet, with Rs 1,084.2 crore of value of area allotted and Rs 488.1 crore collected. Eldeco Solano Gardens had the largest available area, at 2,87,631 square feet, and is expected to be completed in June 2029.

Conclusion

EHIL’s H1FY27 results show a clear split between booked sales and reported earnings. Booking value declined 35.1% to Rs 200.6 crore and booked area fell 48.7%, while PAT rose 290.1% to Rs 22.5 crore as total income, collections, construction spending and margins increased.

The next disclosed milestones are prospective launches from the 74.0-acre forthcoming-project pipeline and outstanding approvals for projects including Shaheed Path and Eldeco Palm Springs. Investors can also track the Rs 596.0 crore of pending collections from ongoing projects, whose expected completion dates range from November 2027 to June 2029.