Puravankara Q2 profit hinged on Rs 149 crore exceptional item

For the quarter ended September 30, 2026, Puravankara Limited reported Rs 82 crore of total comprehensive income in Q2 FY27, but a Rs 149 crore exceptional item offset a Rs 55 crore pre-exceptional operating loss. The item produced Rs 94 crore profit before tax and Rs 84 crore net profit.

Why did Puravankara report Rs 82 crore in Q2 FY27?

Puravankara reported Rs 82 crore of total comprehensive income because its Rs 149 crore exceptional item exceeded the Rs 55 crore loss from operations before tax, associates and joint ventures. The detailed consolidated statement reports Rs 84 crore net profit for Q2 FY27, followed by a Rs 2 crore other comprehensive loss, which resulted in Rs 82 crore total comprehensive income.

The presentation’s profit bridge starts with the Rs 55 crore loss, adds the Rs 149 crore exceptional item and reaches Rs 94 crore profit before tax. A Rs 10 crore tax expense reduced this to Rs 84 crore net profit. The presentation labels the Rs 149 crore entry as an exceptional item but does not disclose its nature on the supplied pages.

The Rs 82 crore headline figure is therefore not the same measure as profit after tax, which was Rs 84 crore, nor the same as the pre-exceptional operating line, which was a Rs 55 crore loss. The presentation cover calls Rs 82 crore Q2 FY27 profit after tax, while the underlying statement distinguishes net profit from total comprehensive income.

What was Puravankara’s pre-exceptional operating result?

Puravankara’s pre-exceptional result was a Rs 55 crore loss in Q2 FY27. This is the line described in the consolidated statement as profit from operations before tax expense, the share of profit or loss of associates and joint ventures, and the exceptional item.

Total income was Rs 1,051 crore, comprising Rs 1,033 crore of revenue from operations and Rs 19 crore of other income. Total expenses were Rs 1,106 crore, leaving expenses Rs 55 crore above total income before the exceptional item was recognised.

The largest displayed expense was Rs 650 crore of sub-contractor cost, followed by Rs 231 crore of other expenses, Rs 180 crore of finance expense and Rs 159 crore of raw-material and component consumption. Land purchase cost was Rs 68 crore in Q2 FY27. These categories, together with the Rs 294 crore inventory decrease shown as a negative expense, form part of the reported Rs 1,106 crore expense total.

Puravankara also presented Q2 FY27 earnings before interest, tax, depreciation and amortisation, or EBITDA, of Rs 289 crore. EBITDA is a separate headline measure from the statutory profit line showing a Rs 55 crore loss, and the supplied presentation does not provide a reconciliation between the Rs 289 crore figure and that line.

How did Puravankara’s Q2 result change from earlier periods?

Puravankara’s pre-exceptional operating result changed from a Rs 26 crore profit in Q1 FY27 to a Rs 55 crore loss in Q2 FY27, while improving from a Rs 57 crore loss in Q2 FY26. The final profit comparison is not like-for-like because Q1 FY27 and Q2 FY26 show no exceptional item, whereas Q2 FY27 includes Rs 149 crore.

Total income rose to Rs 1,051 crore in Q2 FY27 from Rs 877 crore in Q1 FY27 and Rs 663 crore in Q2 FY26. Revenue from operations increased to Rs 1,033 crore from Rs 849 crore sequentially and Rs 644 crore year on year, but total expenses also rose to Rs 1,106 crore from Rs 851 crore and Rs 719 crore, respectively.

Sub-contractor cost increased by Rs 281 crore quarter on quarter, to Rs 650 crore from Rs 369 crore, and other expenses increased by Rs 45 crore to Rs 231 crore from Rs 186 crore. Land purchase cost, however, fell to Rs 68 crore from Rs 716 crore in Q1 FY27, a Rs 648 crore sequential reduction.

What drove Puravankara’s income growth and half-year outcome?

Puravankara attributed its 59% year-on-year increase in Q2 FY27 total income to unit handovers rising to 977 from 663 in Q2 FY26. Revenue from operations consequently rose by Rs 389 crore year on year, to Rs 1,033 crore from Rs 644 crore.

For H1 FY27, Puravankara handed over 1,722 units compared with 1,330 in H1 FY26. Revenue from operations increased to Rs 1,881 crore from Rs 1,169 crore, while total income increased 60% to Rs 1,928 crore from Rs 1,201 crore.

Puravankara recorded Rs 107 crore of total comprehensive income in H1 FY27, compared with a Rs 111 crore total comprehensive loss in H1 FY26. Yet the H1 FY27 statement still shows a Rs 29 crore pre-exceptional operating loss, compared with a Rs 147 crore loss a year earlier, before the same Rs 149 crore exceptional item lifted profit before tax to Rs 120 crore.

H1 FY27 land purchase cost rose to Rs 784 crore from Rs 68 crore, which the presentation says reflects increased investment in acquisitions. Operating surplus after tax and interest increased to Rs 524 crore from Rs 237 crore, but Rs 787 crore of investing activity contributed to a Rs 297 crore negative net operating surplus, versus a Rs 6 crore positive amount in H1 FY26.

Conclusion

Puravankara’s Q2 FY27 reporting combines higher project delivery with a material non-recurring statement item. Handovers increased to 977 units and total income reached Rs 1,051 crore, but expenses were Rs 1,106 crore and the pre-exceptional operating line was a Rs 55 crore loss. The Rs 149 crore exceptional item was larger than the Rs 94 crore reported profit before tax and was central to the Rs 82 crore total comprehensive income.

The next disclosed operating milestone is a planned 16.41 million square feet of launches across South and West markets up to Q1 FY28, including 13.96 million square feet of saleable area. Puravankara estimates approximate gross development value of Rs 22,600 crore for this pipeline, but states that areas remain subject to approvals and launch dates may change, making delivery timing, handovers and acquisition spending key matters to watch.