Eldeco Housing & Industries Limited H1 PAT rises 290%

Eldeco Housing & Industries Limited reported H1FY27 profit after tax, or PAT, of Rs 22.5 crore, up 290.1% year on year, while booking value fell 35.1% to Rs 200.6 crore. Total income increased 55.8% to Rs 103.2 crore, supported by higher collections, construction spending and operating margins despite no new project launches.

How much did Eldeco's H1FY27 profit increase?

Eldeco's consolidated PAT rose to Rs 22.5 crore in H1FY27 from Rs 5.8 crore in H1FY26, a 290.1% increase. Total income rose 55.8% to Rs 103.2 crore from Rs 66.2 crore, while profit before tax, or PBT, increased 250.2% to Rs 30.6 crore from Rs 8.7 crore.

Earnings before interest, tax, depreciation and amortisation, or EBITDA, rose 193.2% to Rs 32.2 crore from Rs 11.0 crore. EBITDA margin increased to 31.2% from 16.6%, while PAT margin rose to 21.8% from 8.7%, an increase of 1,309 basis points, where one basis point equals one-hundredth of a percentage point.

The first-half result included a more profitable Q1FY27 than Q2FY27. PAT was Rs 15.1 crore in Q1FY27 and Rs 7.4 crore in Q2FY27; however, Q2FY27 PAT was still 180.6% above Rs 2.6 crore in Q2FY26, and the quarterly PAT margin rose to 14.0% from 7.5%.

Why did Eldeco's H1FY27 bookings decline?

Eldeco's H1FY27 booking value declined because management said sales performance was moderated by the absence of new project launches. Booking value was Rs 200.6 crore, down 35.1% from Rs 309.2 crore in H1FY26, and area booked fell 48.7% to 2,47,019 square feet from 4,81,570 square feet.

The Q2FY27 comparison was different from the first-half result. Booking value increased 7.8% year on year to Rs 94.9 crore, although booked area declined 16.6% to 1,21,102 square feet from 1,45,153 square feet in Q2FY26.

Higher realisation accompanied lower booking volumes. Average realisation was Rs 8,121 per square foot in H1FY27, compared with Rs 6,909 per square foot in FY26. In Q2FY27, realisation was Rs 7,840 per square foot, below Rs 8,391 in Q1FY27 but above Rs 6,069 in Q2FY26.

What supported Eldeco's collections and execution?

Eldeco collected Rs 256.8 crore in H1FY27, an increase of 51.7% from Rs 169.4 crore in H1FY26. Q2FY27 collections rose 37.5% to Rs 125.6 crore from Rs 91.3 crore, exceeding the quarter's Rs 94.9 crore booking value.

Construction spending increased 53.8% to Rs 117.7 crore in H1FY27 from Rs 76.6 crore in H1FY26. In Q2FY27, construction spending rose 60.7% to Rs 59.9 crore, while deliveries reached 125 units covering 1,57,359 square feet, up 38.9% in units and 32.0% in area year on year.

H1FY27 deliveries totalled 177 units and 2,06,764 square feet. This represented a 7.3% decline from 191 units delivered in H1FY26, but delivered area increased 1.4% from 2,03,892 square feet, indicating a change in the mix of units handed over.

Eldeco's seven ongoing projects had 25,71,887 square feet of saleable area, with 9,33,330 square feet available, according to the project schedule. Eldeco Solano Gardens had the largest listed allotted-area value at Rs 432.4 crore and the largest balance pending at Rs 278.4 crore, with expected completion in June 2029.

How did Eldeco's quarterly income and margins change?

Eldeco's Q2FY27 total income rose 49.8% year on year to Rs 52.9 crore, compared with Rs 35.3 crore in Q2FY26. It was modestly higher than Rs 50.3 crore in Q1FY27, after total income of Rs 64.3 crore in Q4FY26.

Q2FY27 EBITDA was Rs 13.6 crore, below Rs 18.7 crore in Q1FY27 but above Rs 5.5 crore in Q2FY26. EBITDA margin was 25.6% in Q2FY27, compared with 37.1% in Q1FY27 and 15.7% a year earlier.

PAT followed the same sequential pattern. The Q2FY27 PAT margin was 14.0%, lower than 30.0% in Q1FY27 but higher than 7.5% in Q2FY26, while PAT of Rs 7.4 crore was less than the preceding quarter's Rs 15.1 crore.

What could support Eldeco's future bookings?

Eldeco management said upcoming launches are expected to support sales momentum, but the presentation does not disclose launch dates. Its forthcoming-project list totals 74.0 acres and 38,95,251 square feet of tentative saleable area across six projects, all shown with 100% economic interest.

The pipeline includes LDA GH-7 & GH-8, with 12,97,194 square feet of saleable area under planning, and Shaheed Path, with 10,06,635 square feet where final approval is awaited. Eldeco Palm Springs, spanning 19.5 acres and 3,20,000 square feet of saleable area, is also awaiting final approval.

Eldeco acquired 9.72 acres in Q2FY27 for future development. Its land bank for forthcoming projects under planning totals 67.5 acres, including 50.3 acres at an undisclosed location under contract, while Eldeco City Courtyard had sold more than 45% of its 37,342 square feet saleable area as of Q2FY27.

Conclusion

Eldeco's H1FY27 figures show earnings, collections and execution rising while fresh booking activity declined. PAT increased 290.1% to Rs 22.5 crore and collections rose 51.7% to Rs 256.8 crore, whereas booking value fell 35.1% to Rs 200.6 crore and booked area fell 48.7%.

The next factor to watch is whether management converts its 74.0-acre forthcoming-project pipeline into launches and bookings. Several projects remain under planning or await final approval, and 67.5 acres of land bank are under further aggregation or contract; the presentation gives no dates for launches.