The call ran from 12:29 PM to 1:21 PM IST (52 min).

Key takeaways

Q2 bookings ₹906 Cr (2.1x YoY); H1 revenue ₹475 Cr (+96%). FY27 bookings guidance raised to 70–75%, but margin guidance kept at 22–25% despite claimed beats.

Highlights
Revenue growth	H1 revenue ₹475 Cr, +96% YoY; Q2 revenue ₹157 Cr.
Margins	Mgmt claims margins beat guidance; Q2 PAT margin ~14%; EBITDA guide 22–25%.
Order book	Unrealised OCF pipeline ₹5,197 Cr; FY27 BD potential ~₹3,100 Cr added.
Demand visibility	Life-stage buyer demand; H1 bookings cover ~90% of FY26 bookings.
Management confidence	Optimistic; guidance raised sharply, yet margin guide kept conservative.

Growth

H1 revenue +96%, PAT ~4x; Q2 PAT only +25%, indicating Q2 deceleration. Bookings +120% H1, lumpy launches.

Outlook

FY27 bookings ₹2,600–2,700 Cr (70–75%); BD ₹4,000–5,000 Cr, upper end likely; margin 22–25% retained; ~30% long-term growth.

Risks

Cost pressure from West Asia/crude; margin guide 22–25% unexplained against ~14% Q2 PAT margin; launch timing may slip into Q4; late-cycle market.

Last quarter's promises, checked

Delivered

Bookings +35–40% (₹2,100–2,200 Cr) → H1 +120%, guide raised (= BEAT)
OCF pipeline ~₹5,100 Cr → ₹5,197 Cr (= BEAT)

Partly delivered

Launches ₹3,000–3,500 Cr → Urban Silva ₹500 Cr; Q4 slip risk (= PARTIAL)
BD ₹4,000–5,000 Cr → ~₹3,100 Cr (= PARTIAL)
EBITDA 22–25% → undisclosed; Q2 PAT ~14% (= PARTIAL)

Missed

Gradual debt rise (net D/E 0.29x) → D/E 0.26x, definitions differ (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 6 Nov 2026, 4:15 PM IST. Open it on ALFA Filings ›