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Arvind Smartspaces reported strong pre-sales of ₹ 432 crore

ICICIdirect Research 10 Aug 2026 DISCLAIMER

News: Arvind Smartspaces reported strong pre-sales of ₹ 432 crore, up 147% YoY (-29% QoQ) for Q1FY27, led by strong response to new phase launch (Aquacity ₹ 274 crore) forming 63% of Q1FY27 presales and rest 37% from sustenance sales. Ahmedabad and Bangalore comprised 87% and 13% of sales mix. Collections were up 76% YoY (-5% QoQ) at ₹ 336 crore. Consequently, operating cash tripled YoY to ₹ 81 crore in Q1FY27. Net debt increased by ₹ 48 crore QoQ to ₹ 215 crore. In Q1FY27 company secured new business development of ₹ 2580 crore (a ₹2400 crore project in Goregaon with 43.5% profit share and ₹ 180 crore in Ahmedabad). On earnings front, consolidated revenues for Q1FY27 at ₹ 318 crore up 212% YoY (104% QoQ), EBITDA margins up 2814 bps YoY (up 1108 bps QoQ) at 49.2% and net profit up 8.9x YoY (+134% QoQ) at ₹ 99 crore.

View: The company reported healthy pre-sales booking led by strong response to new phase project launch in Gujarat. Collections also reported significant uptick YoY leading to strong operational cash flow generation. It has also secured qualitative business development in line with its long term roadmap. Its business development pipeline remains robust, and it is actively evaluating multiple opportunities across its core markets of Gujarat, Bangalore and MMR. On the financial front the company expects to continue to see strong revenue booking over FY27E on project completions. The company maintained pre-sales guidance of 35-40% YoY growth for FY27 and business development of ₹ 4000-5000 crore. It has a strong launch pipeline of 6 projects with total GDV of ₹ 3000-3500 crore for balance fiscal year.

Impact: Positive

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