Puravankara Limited returns to profit on Q2 revenue of Rs 1,051 crore

Puravankara returned to profit in Q2FY27, reporting profit after tax of Rs 82 crore against a Rs 42 crore loss a year earlier, as revenue rose 59% year on year to Rs 1,051 crore. The company cited higher handovers, improving realisations and sustained sales across its residential portfolio.

How did Puravankara's Q2FY27 earnings change?

Puravankara moved from a loss to a profit in Q2FY27, with profit after tax reaching Rs 82 crore versus a Rs 42 crore loss in Q2FY26. Total revenue increased to Rs 1,051 crore from Rs 663 crore, a 59% year-on-year rise. The company attributed the quarterly performance to higher handovers, improving realisations and sales across its residential portfolio.

The improvement also showed in earnings before interest, tax, depreciation and amortisation, or EBITDA, margin, which rose to 27% in Q2FY27 from 18% in Q2FY26. This was a nine-percentage-point increase alongside the revenue gain of Rs 388 crore. The result marks a reported reversal from the year-earlier quarterly loss rather than a revenue increase alone.

For H1FY27, Puravankara reported total revenue of Rs 1,928 crore, up 60% year on year, and profit after tax of Rs 107 crore, compared with a Rs 111 crore loss in H1FY26. EBITDA margin for the first half increased to 26% from 17%. The half-year figures extend the Q2 shift in reported earnings, with the company recording profit after a loss in the comparable prior-year period.

What drove Puravankara's Q2FY27 sales growth?

Puravankara recorded Q2FY27 pre-sales of Rs 2,762 crore, up 109% year on year, including approximately Rs 626 crore of divestment value from Purva Zentech. Sales volume reached 2.38 million sq. ft., up 59%, while units sold rose 12% to 1,403. The larger rise in sales value than in unit volumes coincided with a 32% increase in average realisation to Rs 11,607 per sq. ft.

Customer collections increased 24% year on year to Rs 1,301 crore in Q2FY27. The company therefore reported higher sales value, volume, realised pricing and collections during the quarter, although each measure grew at a different rate. The 109% increase in sales value included the Purva Zentech transaction, which should be distinguished from the residential sales activity reflected in the rest of the portfolio.

In H1FY27, residential and commercial sales stood at Rs 3,575 crore. Puravankara also completed the divestment of 5.46 lakh sq. ft. of Purva Zentech commercial office space for an asset value of Rs 625.94 crore, taking overall reported achievement to Rs 4,200.94 crore. That total represented 37.51% of the company's annual sales guidance of Rs 11,200 crore.

How did Puravankara's handovers, pending recognition and debt move?

Puravankara handed over 977 units covering 0.97 million sq. ft. in Q2FY27, compared with 663 units covering 0.67 million sq. ft. in Q2FY26. The addition of 314 units and 0.30 million sq. ft. of handovers accompanied the 59% rise in quarterly revenue. Management said the greater conversion of execution into revenue and earnings reflected higher handovers during the period.

H1FY27 handovers totalled 1,722 units, compared with 1,330 units in H1FY26. As of September 30, 2026, Puravankara had 4.28 million sq. ft. of completed inventory, comprising 3,644 units, pending revenue recognition. The company also completed 0.41 million sq. ft. across two towers at One Park Avenue (Panorama) in Mumbai during Q2FY27, bringing first-half completions to 2.13 million sq. ft.

Net debt declined by Rs 470 crore during Q2FY27 to Rs 2,366 crore as of September 30, 2026, from Rs 2,836 crore on June 30, 2026. Gross debt stood at Rs 3,763 crore and was reduced by Rs 180 crore during the quarter. Net debt to equity improved to 1.26 at the end of Q2FY27 from 1.57 at the end of Q1FY27.

What is Puravankara's project pipeline and cash-flow outlook?

Puravankara added projects with potential gross development value, or GDV, of Rs 8,900 crore in Q2FY27 across Bengaluru, Mumbai and Greater Noida. These additions took potential GDV secured in H1FY27 to Rs 14,100 crore across seven transactions. The September 2026 Greater Noida land entry, Puravankara's entry into the Delhi-NCR market, carries estimated GDV potential of Rs 5,200 crore.

The other disclosed September additions included redevelopment rights for three Bangur Nagar residential societies in Goregaon West, Mumbai, with approximately 1.05 million sq. ft. of developable area and estimated GDV of Rs 2,600 crore. During Q2FY27, Puravankara also launched Purva Heritage in Bengaluru, Miami at Breach Candy in Mumbai and a new phase of Provident Equinox in Bengaluru, opening about 1.00 million sq. ft. for sale.

As of September 30, 2026, Puravankara estimated total surplus from ongoing projects at Rs 8,149 crore, commercial projects at Rs 1,692 crore and pipeline projects at Rs 8,725 crore. The aggregate estimated surplus was Rs 18,566 crore over the next three to five years. These are company estimates, not reported cash generated in Q2FY27.

Conclusion

Puravankara's Q2FY27 result combined a return to profitability with revenue of Rs 1,051 crore, pre-sales of Rs 2,762 crore and a 27% EBITDA margin. Higher handovers of 977 units, a 32% gain in average sales realisation and a Rs 470 crore quarterly reduction in net debt were the reported operational and balance-sheet measures accompanying the profit reversal.

Next, investors can watch progress toward Puravankara's Rs 11,200 crore annual sales guidance, of which Rs 4,200.94 crore had been achieved in H1FY27 including the Purva Zentech monetisation. Management also plans launches with approximately Rs 22,600 crore of potential GDV across 16.41 million sq. ft., while 3,644 completed units remained pending revenue recognition at September 30, 2026.