The call ran from 4:28 PM to 5:55 PM IST (1 h 27 min).

Key takeaways

Q2 profit rebound is largely handover-driven, but net debt rose to ₹761 Cr and FY27 needs a steep H2 ramp. The FY28 target slide was dropped, then reaffirmed without a fresh number.

Highlights
Revenue growth	Q2 revenue ₹272 Cr, +19% YoY, driven by carried-over handovers.
Margins	EBITDA margin ~23% in Q2 vs ~8% LY; long-run target mid-20s.
Order book	Unsold GDV ~₹13,000 Cr incl. upcoming; ongoing only ~₹1,400 Cr.
Demand visibility	Demand described as steady; launches slated Nov–Mar, Mangiri deferred.
Management confidence	Balanced-to-optimistic; defensive on debt, deflects FY28 target question.

Growth

Q2 revenue +19% YoY, EBITDA ~3x to ₹62 Cr, PAT +151%. Expenses were flat, but growth is timed by handovers, not steady demand.

Outlook

FY27 revenue ₹1,500–1,600 Cr, EBITDA ~₹300 Cr; H1 revenue ₹543 Cr implies a heavy H2 load.

Risks

Net debt ₹761 Cr (up ~76%); H2 needs ~₹957–1,057 Cr revenue; FY28 slide dropped; Pune launch slipped.

Last quarter's promises, checked

Delivered

PAT +20–25% FY27 → Q2 PAT ₹21.6 Cr, +151% (= BEAT, H1 only)
EBITDA margin 22–24% FY28 → Q2 ~23% (= BEAT, single qtr)

Partly delivered

Revenue growth ≥20% → Q2 +19%, Q1 +4% (= PARTIAL)
Balance-year handovers ₹1,560 Cr → H2 needs ₹957–1,057 Cr (= PARTIAL)
FY28 revenue ₹2,500 Cr, PBT ₹250 Cr → slide dropped, no number reaffirmed (= PARTIAL)

Missed

Manjari (Pune) launch Q3 → slipped (= MISS)
Gearing 'not very significantly higher' short-term → D/E 0.29→0.51, net debt ₹432→761 Cr (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 13 Nov 2026, 7:06 PM IST. Open it on ALFA Filings ›