The call ran from 10:59 AM to 11:50 AM IST (51 min).

Key takeaways

Q2 standalone revenue rose 38% and PAT 31%, helped by marketing fees. FY27 standalone revenue target reiterated despite slow H1 awards.

Guidance and delivery
EBITDA Margin: guided vs achieved	8.00% achieved Guided 5.00%–6.00%, 33.3% above the top of the range
Management target	Revenue 25.0% FY28

Highlights
Revenue growth	Standalone revenue ₹2,890 Cr, +38% YoY; consolidated ₹3,396 Cr.
Margins	Standalone EBITDA margin ~8% vs 5–6% range; partly marketing-fee driven.
Order book	Standalone ₹1.12 lakh Cr; consolidated ₹1.26 lakh Cr; no cancellations.
Demand visibility	State-government redevelopment pipeline; ₹15–16k Cr awards expected this year.
Management confidence	Balanced to optimistic; reiterates guidance despite slow H1 awards.

Growth

Standalone revenue ₹2,890 Cr (+38% YoY); consolidated ₹3,396 Cr. About ₹100 Cr of H1 marketing fees inflated margins.

Outlook

FY27 standalone revenue ₹13–14k Cr reiterated; FY28 consolidated revenue ₹21–22k Cr, PAT ₹1,500 Cr.

Risks

Only ₹1,500 Cr fresh awards in Q2; ₹13–14k Cr FY27 target needs heavy H2 ramp; Delhi AQI curbs halt sites.

Last quarter's promises, checked

Delivered

EBITDA margin 6.5–7% min → 8.77% Q1 standalone (= BEAT)

Partly delivered

FY27 standalone revenue ₹13,000–14,000 Cr → reiterated; H1 standalone ₹1,823 Cr + ₹2,890 Cr (= PARTIAL)
FY27 PAT ₹1,100–1,200 Cr → Q2 standalone PAT ₹225 Cr, ~₹100 Cr fee-aided (= PARTIAL)

Missed

FY27 award expectation ₹20,000–25,000 Cr → now ₹15,000–16,000 Cr; Q2 fresh awards ₹1,500 Cr (= MISS)
37-D sales 'next quarter onwards' → sales from Jan 2027 (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 6 Nov 2026, 3:58 PM IST. Open it on ALFA Filings ›