The call ran from 3:59 PM to 5:02 PM IST (1 h 4 min).

Key takeaways

Q2 FY27 revenue of ₹576 Cr (+247% YoY) is handover-driven, with bookings of ₹834 Cr and collections up 20%. Management deflected on the Apollo encroachment and class action, and reiterated FY27 PAT over ₹250 Cr despite margin questions.

Highlights
Revenue growth	Q2 revenue ₹576 Cr, +247% YoY; H1 +49%, handover-driven.
Margins	H1 EBITDA ₹64 Cr, +59% YoY; analyst cites 18%→10% margin fall.
Order book	Q2 bookings ₹834 Cr vs ₹303 Cr YoY; no peer comparison.
Demand visibility	Senior-living H1 bookings ₹310 Cr; management sees FY27-28 dip.
Management confidence	Optimistic; deflected on Apollo encroachment and class action.

Growth

Q2 revenue +247% YoY on a ₹166 Cr base; H1 +49%. Recognition is delivery-led, while H1 collections grew only 13%.

Outlook

FY27 PAT over ₹250 Cr; ₹500 Cr PAT by FY30 (slipping). Senior-living ₹700 Cr+ bookings FY27, ₹1,500 Cr by 2030.

Risks

Analyst-cited EBITDA margin fell 18%→10%; management blamed legacy land costs. Apollo encroachment and class action unresolved; senior-living dip expected FY27-28.

Last quarter's promises, checked

Delivered

Guided ₹532 Cr revenue from Anmol P3 + Amarah P1 OCs in Q2 → Q2 revenue ₹576 Cr (= BEAT)
Guided H1 presales exit ₹1,050–1,100 Cr → Q1 ₹358 Cr + Q2 ₹834 Cr = ₹1,192 Cr (= BEAT)

Partly delivered

Guided FY27 revenue ~₹2,000 Cr → H1 ₹683 Cr (₹107 + ₹576), 34% of target; H2 unverified (= PARTIAL)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 5 Nov 2026, 6:48 PM IST. Open it on ALFA Filings ›