Eldeco FY26: Record bookings and collections reshape the growth runway

Eldeco Housing and Industries Limited closed FY26 with momentum that was visible in both operating metrics and financial results. Consolidated total income rose to ₹175.7 crore, up 22.3 percent year on year. EBITDA increased to ₹41.5 crore, up 16.5 percent, while profit after tax came in at ₹24.3 crore, a 12.9 percent rise. In Q4FY26, the company reported total income of ₹64.3 crore, up 70.9 percent from Q4FY25, with EBITDA of ₹10.8 crore and PAT of ₹4.8 crore.

But the bigger story in this update sits outside the profit and loss statement. FY26 was the year Eldeco reset its growth trajectory with record sales bookings and collections, led by a strong launch at Eldeco Solano Gardens and backed by fresh land aggregation in Lucknow’s prime corridors. Pre sales for FY26 reached 10.76 lakh sq. ft with a booking value of ₹743.9 crore, up 120.4 percent year on year. Collections grew to ₹352.1 crore, up 38.7 percent. Construction spend also rose, indicating the company is scaling execution to convert the sales pipeline into cash and handovers.

A year where operating metrics did the heavy lifting

In real estate, a year of strong bookings does not always translate into an immediate surge in reported revenues, because income recognition depends on construction progress and handover cycles. Eldeco’s FY26 numbers show this classic pattern. Income and profits moved up at a steady pace, but bookings and collections moved much faster, which signals that the business is building future revenue visibility.

The management described FY26 as a milestone year, pointing to record area booked, booking value, and collections. In Q4FY26, pre sales hit 5.13 lakh sq. ft worth ₹382.7 crore. For the full year, area booked increased 109.5 percent to 10.76 lakh sq. ft, and booking value increased 120.4 percent to ₹743.9 crore. Average realization for FY26 stood at ₹6,909 per sq. ft compared with ₹6,568 per sq. ft in FY25, suggesting pricing stayed firm even as volumes expanded.

Collections are often the cleaner indicator of demand quality and execution discipline because they reflect actual cash inflow. Eldeco collected ₹96.5 crore in Q4FY26, up 27.9 percent, and ₹352.1 crore for FY26, up 38.7 percent. This also aligns with management’s emphasis on improved cash conversion.

Deliveries were more mixed in the quarter, which again is common in project based businesses. Eldeco delivered 18,530 sq. ft in Q4FY26 versus 54,035 sq. ft in Q4FY25, and 26 units versus 66 units. On the full year basis, delivered area increased 5.0 percent to 2.78 lakh sq. ft and 280 homes were registered.

Financial summary: steady profitability, lower finance cost, and margin movement

The consolidated financial results show growth across income and profits, with finance cost declining meaningfully. Finance cost fell to ₹3.1 crore in FY26 from ₹4.3 crore in FY25. In Q4FY26, finance cost was just ₹0.3 crore versus ₹1.0 crore in Q4FY25. This supports the company’s narrative around balance sheet prudence and funding operations through customer advances.

Margins, however, tell a more nuanced story. EBITDA margin for FY26 was 23.6 percent versus 24.8 percent in FY25. PAT margin was 13.8 percent versus 15.0 percent. Quarterly margins were particularly volatile across FY26, with Q3FY26 showing a notably high EBITDA margin of 43.7 percent and PAT margin of 30.2 percent, while Q4FY26 EBITDA margin came in at 16.7 percent and PAT margin at 7.5 percent. The company did not provide a detailed explanation for the quarterly swings in the presentation, so investors should treat quarterly margin movement with caution and focus on the full year trajectory.

Solano Gardens and the pipeline build: where the FY26 shift came from

The single most important operational driver highlighted in this presentation was the launch of Eldeco Solano Gardens. The company reported a successful launch with booking of 5.11 lakh sq. ft and booking value of ₹384.5 crore. It also stated that 343 units were sold out of 433 units launched, spanning plots and villas. This kind of rapid absorption matters because it can pull forward collections and supports construction planning.

The on going projects table provides another lens. Across ongoing projects, Eldeco reported total saleable area of 23.50 lakh sq. ft, area launched of 21.64 lakh sq. ft, and area booked of 13.78 lakh sq. ft as of 31 March 2026. The value of area booked across these projects was ₹900.6 crore, with collections received of ₹296.6 crore and balance pending of ₹604.0 crore. This backlog of receivables is a key bridge between bookings and future cash flow, but the conversion depends on construction milestones and handovers.

Solano Gardens appears as a large contributor in the ongoing pipeline. The table shows an area booked of 4,07,993 sq. ft and booking value of ₹296.0 crore, with collections received of ₹33.7 crore and balance pending of ₹262.3 crore. The company also clarified that actual booking numbers were higher, at 5,11,319 sq. ft with booking value of ₹384.50 crore, suggesting the table reflects allotments only up to 31 March 2026. For investors, this indicates that a meaningful portion of FY26 bookings may still be early stage in terms of collections, and the next phases of construction progress and demand stability will determine how quickly the cash profile improves.

Beyond sales, Eldeco used FY26 to reinforce its medium term launch pipeline. The company secured three prime land parcels with around ₹2,000 crore of gross development value added to the pipeline. Two of these parcels were secured via local authority awards, which management positioned as a structure that enables lower risk and faster monetization. In terms of land aggregation, the company reported 6.69 acres secured in Q4FY26 and 15.52 acres in FY26.

The forthcoming projects table adds granularity to the visible launch runway. It lists projects such as Eldeco City, balance development at Eldeco Solano Gardens, commercial projects like Eldeco City Courtyard and Eldeco Imperia Avenue, and two residential sites LDA GH 8 and LDA GH 7 in Gomti Nagar Extension, won through LDA auctions. Total land area for forthcoming projects was shown at 16.9 acres with saleable area of 23.80 lakh sq. ft.

Separately, the presentation also discloses a land bank under planning across undisclosed locations and Shaheed Path, totaling 55.9 acres and described as under further aggregation or secured at a prime location.

Execution intensity and delivery readiness

Scaling construction is where many developers face friction, especially after a spike in bookings. Eldeco’s FY26 construction spend of ₹177.7 crore, up 13.9 percent year on year, suggests the company is leaning into execution rather than slowing down after the sales surge. Q4FY26 construction spend was ₹61.2 crore, up 20.3 percent.

A specific operational milestone was the completion certificate received for Eldeco Imperia Phase 2 in Q4FY26. In a project based business, such approvals are important because they unlock delivery readiness and can support final collections. Management explicitly linked this milestone to delivery readiness and monetization.

The management outlook focuses on three priorities. First is sustaining execution momentum with a steadily scaling construction pace. Second is accelerating collections through timely construction milestones and handovers. Third is converting the strengthened pipeline into launches through statutory approvals and readiness, while maintaining balance sheet prudence. The company also referenced the planned launch of balance area at Solano Gardens and three newly secured land parcels that enhance medium term growth visibility, subject to approvals.

Market positioning and what the presentation signals to investors

Eldeco positions itself as a long standing player in Uttar Pradesh, with a strong brand in Lucknow and a track record of execution across townships, group housing, villas, plots, and commercial assets. The presentation highlights over 40 years of experience, a large number of projects delivered at the group level, and a focus on prudent financial management through the use of customer advances.

The local market context also matters. The company pointed to Lucknow’s growth drivers such as rapid urbanization, infrastructure development, metro rail network, air connectivity, and the presence of major educational institutions including IIM Lucknow. While these are broad factors, they frame why management is leaning into land aggregation and project additions in Lucknow’s growth corridors.

Stock data provided in the deck shows a share price of ₹803 as of 25 May 2026, a 52 week high of ₹1,061 and low of ₹690, market capitalization of ₹790 crore, shares outstanding of 9.8 million, and free float of ₹341 crore or 43 percent. Shareholding as on 31 March 2026 is shown as promoters 55 percent, institutions 1 percent, and others 44 percent.

Closing view: FY26 was about demand validation and pipeline depth

Eldeco’s FY26 results show a company that is rebuilding its forward book at a faster pace than its reported revenues, with demand validation coming through record bookings and collections. The standout Solano Gardens launch and the addition of three prime land parcels with around ₹2,000 crore GDV point to a clear push to expand the development runway in Lucknow.

The key investor question now shifts from whether demand exists to how smoothly execution converts the new sales into collections, deliveries, and durable profitability. The company is already increasing construction spend and has highlighted approvals like the completion certificate at Imperia Phase 2. If the planned launches progress through statutory approvals and Solano Gardens continues to monetize as expected, the operating momentum built in FY26 can translate into stronger cash conversion in the periods ahead.