Veegaland Q2 pre-sales rise 37.6% as collections jump

Veegaland Homes reported Q2 FY27 pre-sales of Rs 174.3 crore, up 37.6% year on year, as booked area increased 19.6% to 1.89 lakh sq ft and average realisation rose 17.3% to Rs 9,002 per sq ft. Gross collections increased 88.2% to Rs 125.22 crore during the quarter.

How did Veegaland's Q2 FY27 pre-sales change?

Veegaland's Q2 FY27 pre-sales increased to Rs 174.3 crore from Rs 126.7 crore in Q2 FY26 and Rs 129.9 crore in Q1 FY27. This represented year-on-year growth of 37.6% and quarter-on-quarter growth of 34.3%, compared with the immediately preceding Q1 FY27.

The Rs 47.6 crore year-on-year increase in pre-sales was accompanied by a Rs 58.69 crore increase in gross collections. Pre-sales rose from both the Q2 FY26 base and Q1 FY27, while collections recorded a faster reported growth rate than bookings in each comparison.

Booked area reached 1.89 lakh sq ft in Q2 FY27, compared with 1.58 lakh sq ft in Q2 FY26 and 1.47 lakh sq ft in Q1 FY27. Area increased 19.6% year on year and 28.6% quarter on quarter, so growth in booked value exceeded the increase in booked area on a year-on-year basis.

Veegaland also reported an early contribution from Amora in Kochi, launched in June 2026. The project booked 13 units in Q1 FY27 and 40 units in Q2 FY27, taking cumulative bookings to 53 of 78 units, or 68%, within four months.

What drove Veegaland's higher pre-sales value?

Veegaland's higher pre-sales value reflected both additional booked area and a higher average realisation of Rs 9,002 per sq ft in Q2 FY27. Average realisation was Rs 7,673 per sq ft in Q2 FY26, up 17.3%, and Rs 8,886 per sq ft in Q1 FY27, up 1.3% quarter on quarter.

Booked area rose 19.6% to 1.89 lakh sq ft year on year, while average realisation rose 17.3% to Rs 9,002 per sq ft. These two reported movements coincided with a 37.6% increase in pre-sales value to Rs 174.3 crore, rather than growth arising only from additional area.

Veegaland calculates average realisation from agreements executed with customers during the period. This differs from the pre-sales definition given for Amora, where a pre-sale is a unit booked by a customer after payment of a booking advance, irrespective of whether a sale agreement has been executed.

Amora has 1.61 lakh sq ft of saleable area across 78 units and recorded monthly bookings of 13 units in June, 18 in July, 11 in August and 11 in September. The presentation said its 53 booked units accounted for about one-third of Veegaland's H1 FY27 pre-sales, linking the June 2026 launch to first-half booking activity.

Why did Veegaland's collections grow faster than bookings?

Veegaland's gross collections rose 88.2% year on year to Rs 125.22 crore in Q2 FY27, exceeding the 37.6% increase in pre-sales value. Collections were Rs 66.53 crore in Q2 FY26 and Rs 70.97 crore in Q1 FY27, producing 76.4% quarter-on-quarter growth.

The year-on-year collection increase was Rs 58.69 crore, compared with a Rs 47.6 crore increase in pre-sales over the same period. The presentation reports the two measures separately and does not identify the projects, customer payment stages or other factors that caused the difference in growth rates.

Veegaland reported Q2 FY27 revenue from operations of Rs 106.34 crore, up 28.66% from Rs 82.66 crore in Q2 FY26. This revenue figure was below gross collections of Rs 125.22 crore in the quarter, while the presentation separately states that construction progress determines when unrecognised revenue enters the profit and loss account.

Profit after tax rose 92.34% to Rs 15.99 crore in Q2 FY27 from Rs 8.31 crore in Q2 FY26. EBITDA, or earnings before interest, tax, depreciation and amortisation, calculated by Veegaland including other income, increased 77.76% to Rs 22.78 crore and its margin expanded by 550 basis points to 20.9% from 15.4%.

What does Veegaland's order book indicate about future revenue?

Veegaland reported total order value of Rs 1,086.79 crore, of which Rs 501.35 crore, or 46%, was unrecognised revenue at Q2 FY27. The remaining Rs 585.44 crore, or 54%, had been recognised to date under agreements executed with customers.

The presentation says Rs 501.35 crore of unrecognised revenue will enter the profit and loss account over time as construction progresses under the percentage-of-completion method. This is distinct from Q2 FY27 revenue from operations of Rs 106.34 crore because recognition depends on project construction progress, rather than only on execution of customer agreements.

Veegaland had 18.58 lakh sq ft under development across 12 ongoing projects at Q2 FY27. Its Rs 1,086.79 crore total order value and the construction activity across these projects form the disclosed base for future revenue recognition.

The identified pipeline includes Sarovar, Fortune and East Fort in Kochi and Kozhikode, with 212 units and 4.62 lakh sq ft of saleable area. Veegaland estimates gross development value of Rs 450 crore for these projects and states that land has been acquired while approvals remain in progress.

Conclusion

Veegaland's Q2 FY27 operating figures show that Rs 174.3 crore of pre-sales combined a 19.6% increase in booked area with a 17.3% increase in average realisation. Gross collections of Rs 125.22 crore grew 88.2%, faster than pre-sales, while revenue from operations rose 28.66% to Rs 106.34 crore and unrecognised revenue stood at Rs 501.35 crore.

The next disclosures to watch are construction progress across the 12 ongoing projects covering 18.58 lakh sq ft, which affects recognition of unrecognised revenue, and approvals for the 212-unit pipeline. Amora's sales pace also remains relevant after it reached 53 bookings from 78 units within four months of its June 2026 launch.