Puravankara Limited is a 50‑year old Bengaluru‑based real estate developer focused on residential, affordable, plotted and commercial development under brands Purva, Provident and Purvaland, delivering projects via owned assets, joint developments and redevelopment agreements across South and West India.

Operational recovery is evident in Q3 FY26: presales rose 17% YoY to INR1,414 crore, collections reached a record INR1,140 crore, and the company reported PAT of INR58 crore with a 23% EBITDA margin, reflecting stronger handovers, improved realizations and operational leverage compared with the prior year.

The company is scaling aggressively — adding ~12.76 msft of developable area in 9M FY26, acquiring large parcels such as Attibele (6.41 msft) and multiple Mumbai redevelopment assets, planning ~15 msft of launches (~INR18,000 crore GDV) and disclosing total estimated surplus cashflows of INR16,100 crore, suggesting significant near‑term monetisation potential.

Leverage is elevated but managed: net debt was INR2,482 crore with a net debt/equity ratio of 1.47x as at Dec‑25, while gross debt fell modestly QoQ and management expects collections, project‑linked financing and surplus cashflows to progressively reduce leverage as launches convert to sales and handovers.

Geographic diversification is advancing: Bengaluru remains the largest contributor (58% sales), but Western contribution rose materially (Mumbai & Pune 21% in 9M FY26) driven by redevelopment and greenfield launches; commercial assets (Purva Zentech, Purva Aerocity) also introduce annuity diversification and incremental GDV.