Eldeco H1 booking value falls 35% as realisation reaches ₹8,121

Eldeco reported a 35.1% year-on-year fall in H1FY27 booking value to ₹200.6 crore as no new projects were launched for booking, while average realisation increased to ₹8,121 per sq. ft. from ₹6,909 per sq. ft. in FY26. Management said forthcoming launches are expected to support sales momentum.

Why did Eldeco’s H1FY27 booking value decline?

Eldeco’s booking value declined because bookings were moderated by the absence of new project launches, according to Chairman and Managing Director Pankaj Bajaj. H1FY27 booking value was ₹200.6 crore, compared with ₹309.2 crore in H1FY26, while booked area declined 48.7% to 2,47,019 sq. ft. from 4,81,570 sq. ft. The percentage decline in area was therefore larger than the reduction in booking value.

The quarterly data shows that the H1 result included a comparatively steadier second quarter. Q2FY27 booking value increased 7.8% year on year to ₹94.9 crore from ₹88.1 crore, despite area booked falling 16.6% to 1,21,102 sq. ft. from 1,45,153 sq. ft. Q1FY27 booked area was 1,25,917 sq. ft., slightly above Q2FY27’s 1,21,102 sq. ft., based on Eldeco’s quarterly operating trend.

Did higher realisation offset Eldeco’s lower booked area?

Higher realisation partly offset Eldeco’s lower booked area, but it did not prevent the H1FY27 booking-value decline. Average realisation was ₹8,121 per sq. ft. in H1FY27, up ₹1,212 per sq. ft. from ₹6,909 per sq. ft. in FY26. That increase accompanied 2.1 lakh sq. ft. of bookings in H1FY27, compared with 10.8 lakh sq. ft. for the full FY26 period.

Quarterly pricing remained above the corresponding prior-year level even as it moved below Q1FY27. Q2FY27 average realisation was ₹7,840 per sq. ft., ₹1,771 per sq. ft. above Q2FY26’s ₹6,069 per sq. ft., but ₹551 per sq. ft. below Q1FY27’s ₹8,391 per sq. ft. Q4FY26 was the largest booked-area quarter in the five-quarter trend at 5,13,947 sq. ft., with average realisation of ₹7,446 per sq. ft.

The pricing history in the presentation shows a multi-year rise rather than a single-quarter movement. Eldeco reported average realisation of ₹3,779 per sq. ft. in FY22, ₹4,578 per sq. ft. in FY23, ₹4,968 per sq. ft. in FY24, ₹6,568 per sq. ft. in FY25 and ₹6,909 per sq. ft. in FY26. H1FY27’s ₹8,121 per sq. ft. was the highest figure in that disclosed series.

How did collections and construction progress during H1FY27?

Eldeco’s construction spend and delivery activity increased even as bookings declined in H1FY27. Construction spend rose 53.8% year on year to ₹117.7 crore from ₹76.6 crore, while delivered area increased 1.4% to 2,06,764 sq. ft. from 2,03,892 sq. ft. Delivered units, however, decreased 7.3% to 177 from 191.

Collections rose on both a quarterly and half-year basis, although the presentation contains two H1FY27 collection figures. Its consolidated highlights table reports ₹251.6 crore, up 48.6% from ₹169.4 crore in H1FY26, while the management commentary and operational-highlights page state ₹256.8 crore, up 51.7%. Q2FY27 collections in the consolidated table were ₹120.4 crore, up 31.8% from ₹91.3 crore.

Execution spending was most pronounced in Q2FY27, when construction expenditure rose 60.7% to ₹59.9 crore from ₹37.3 crore. During that quarter Eldeco delivered 125 units covering 1,57,359 sq. ft., versus 90 units and 1,19,256 sq. ft. a year earlier. The company also acquired 9.72 acres during Q2FY27, which management said expanded the land portfolio for future development.

What does Eldeco’s current project base show?

Eldeco’s seven ongoing projects had ₹1,084.2 crore of value allotted and ₹596.0 crore of balance pending collection, according to its operational snapshot. The portfolio had 23,64,090 sq. ft. launched out of 25,71,887 sq. ft. of saleable area, and 16,20,694 sq. ft. allotted as of the presentation date. Scheduled completion dates range from November 2027 for Eldeco Latitude 27 to June 2029 for Eldeco Solano Gardens and Eldeco Imperia Avenue.

Eldeco Solano Gardens represented the largest disclosed ongoing-project value, with ₹432.4 crore of area allotted, ₹154.0 crore collected and ₹278.4 crore pending. Eldeco Latitude 27 had ₹213.6 crore of allotted value and ₹153.9 crore collected, leaving ₹59.8 crore pending. Eldeco City Courtyard, a 1.68-acre commercial project with 37,342 sq. ft. of saleable area, had sold more than 45% of its area by Q2FY27.

The quarterly income and profit figures also improved while these projects progressed. H1FY27 total income increased 55.8% to ₹103.2 crore from ₹66.2 crore, earnings before interest, tax, depreciation and amortisation, or EBITDA, rose 193.2% to ₹32.2 crore, and profit after tax, or PAT, increased 290.1% to ₹22.5 crore. H1FY27 EBITDA margin was 31.2%, compared with 16.6% in H1FY26, while PAT margin was 21.8%, compared with 8.7%.

What launches could restore Eldeco’s booking volumes?

Eldeco has disclosed 74.0 acres of forthcoming projects with tentative saleable area of 39,48,718 sq. ft., which management identifies as projects yet to be launched for booking. The listed projects include Eldeco City, LDA GH-8, LDA GH-7, Shaheed Path, Eldeco Palm Springs and Eldeco Namah. Management said it has built an upcoming-launch pipeline and expects launches to support sales momentum.

The timing and approvals of that pipeline remain relevant because several projects were not yet launch-ready. Shaheed Path, with 10,06,635 sq. ft. of tentative saleable area across 7.0 acres, and Eldeco Palm Springs, with 3,73,467 sq. ft. across 19.5 acres, were awaiting final approval. Eldeco Namah, with 5,96,812 sq. ft. across 32.8 acres, had layout approval, while LDA GH-8 and LDA GH-7 were under planning.

Eldeco also listed a separate 67.5-acre land bank for forthcoming projects under planning. This included 50.3 acres at an undisclosed location under contract, 8.9 acres for Eldeco Namah under further aggregation and 4.9 acres for Eldeco Solano Gardens under further aggregation. The presentation notes that forthcoming-project area remains tentative until layout approval, so the 39,48,718 sq. ft. figure is not presented as final.

Conclusion

Eldeco’s H1FY27 sales slowdown was principally described by management as a launch-calendar issue: booking value fell 35.1% to ₹200.6 crore and booked area fell 48.7%, while average realisation reached ₹8,121 per sq. ft. Higher pricing, rising construction spend of ₹117.7 crore and H1 PAT of ₹22.5 crore distinguish the booking trend from the company’s reported operating and financial progress.

The next disclosed milestones are the launch readiness and approvals of 74.0 acres of forthcoming projects, especially Shaheed Path and Eldeco Palm Springs, which await final approval. Readers can also watch the conversion of the ₹596.0 crore balance pending across ongoing projects and whether future launches change booked area from H1FY27’s 2,47,019 sq. ft.