NSE: ARKADE · BSE: 544261
ARKADE DEVELOPERS LIMITED
Develops residential and commercial real estate in the Mumbai Metropolitan Region, earning revenue from the sale of apartments, commercial units, and mixed-use developments. In FY26, pre-sales reached ₹901 crore, with 315,000 sq.ft of area sold, up 26.6% over the prior year. The project portfolio includes the recently launched Arkade Sapphire at Santacruz West, a boutique mixed-use development, and the larger Filmistan project in Goregaon West, acquired in FY26 for ₹347.6 crore on a 4-acre parcel with a projected gross development value of ₹3,500 crore. Material costs account for 69.6% of revenue, reflecting land and construction inputs, while employee costs run at 3.9% and other operating expenses at 3.8%. The developer has expanded into Thane (projected GDV ₹1,900 crore) and holds redevelopment rights over 13.5 acres in Mumbai's western suburbs with a projected GDV of ₹4,500 crore. A related-party transaction of ₹18,217.09 lakh with BOM OXY Limited is classified as non-current investments, alongside BOM OXY's appointment as a medical oxygen production and distribution partner. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Residential development, Commercial development, Mixed-use developments. Asset-heavy, cyclical Mumbai-focused real estate developer
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 683 | 816 |
| EBITDA (ex other income) | 206 | 7 |
| margin % | 30.2 | 0.9 |
| Owners' profit | 157 | 5 |
| EPS, as reported (₹) | 9.25 | 0.29 |
| ROE % · ROCE % | 17.8 · 22.2 | 0.6 · 0.9 |
| Debt / equity (x) | 0.13 | 0.11 |
| Cash from operations | (218) | (119) |
| Capex | (9) | (31) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 202 | 225 | 131 | 159 | 264 | 197 | 197 | 147 |
| Profit before tax | 58 | 67 | 45 | 38 | 62 | 53 | (145) | 26 |
| Net profit | 43 | 50 | 33 | 29 | 46 | 40 | (110) | 19 |
| EPS (₹) | 2.82 | 3.04 | 1.96 | 1.55 | 2.47 | 2.17 | (5.90) | 1.03 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DLF LIMITED | 1,66,093 | 37.4 | 3.65 | 50.1 | 9.7 | 6.0 | 8.6 | 37.1 |
| LODHA DEVELOPERS LIMITED | 1,00,949 | 24.5 | 4.31 | 20.2 | 14.6 | 15.7 | 25.1 | 40.5 |
| THE PHOENIX MILLS LTD | 68,130 | 53.2 | 4.76 | 26.4 | 10.9 | 9.9 | 32.7 | 63.4 |
| PRESTIGE ESTATE LTD | 61,258 | 53.8 | 3.66 | 17.7 | 7.8 | 6.8 | 11.8 | 38.1 |
| OBEROI REALTY LIMITED | 58,867 | 19.3 | 3.28 | 16.9 | 14.0 | 15.5 | 24.0 | 61.1 |
| GODREJ PROPERTIES LTD | 47,761 | 29.8 | 2.47 | 21.9 | 9.5 | 11.4 | 46.3 | 107.7 |
| BRIGADE ENTER. LTD | 18,001 | 20.9 | 2.39 | 13.9 | 9.6 | 6.8 | 23.9 | 41.9 |
| ANANT RAJ LIMITED | 16,878 | 28.4 | 2.90 | 22.9 | 9.6 | 10.2 | 58.7 | 32.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 2.2 | 1.9 | 36 of 64 | 44% |
| ROCE | 0.8 | 6.4 | 54 of 66 | 19% |
| ROE | 0.6 | 8.0 | 56 of 64 | 13% |
| Debt / Equity | 0.1 | 0.4 | 17 of 64 | 75% |
| EBITDA margin | 20.1 | 29.6 | 40 of 66 | 40% |
| Revenue growth | (7.8) | 12.8 | 50 of 67 | 26% |
| Profit growth | (33.6) | 7.5 | 49 of 66 | 26% |
| Market cap | 1968 | 1893 | 33 of 67 | 52% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Arkade Developers to hold earnings call on October 29, 2026 | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Board to approve September 2026 quarter and half-year results | results | low | — | — |
| 6 Oct 2026 · Reg 74(5) Cert: All Shares in Demat Form, Q2 FY27 | compliance | minimal | — | — |
| 24 Sept 2026 · Arkade Developers marks 2 yrs post-IPO; upcoming project GDV up 500% to ₹18,000 cr | compliance | low | — | — |
| 24 Sept 2026 · Arkade Developers closes trading window from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 24 Sept 2026 · Arkade Developers 40th AGM: All 6 resolutions passed; ESOP 2026 approved | compliance | minimal | — | — |
| 22 Sept 2026 · 40th AGM concludes; ESOP 2026 and key resolutions passed | board shareholder meetings | medium | — | — |
| 22 Sept 2026 · Arkade Developers 40th AGM proceedings held on September 22, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 15 Sept 2026 · Arkade Developers to host analyst and investor site visit on Sept 30, 2026 | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Arkade Developers to hold investor meet on September 16, 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.