ARVIND SMARTSPACES LTD

Develops residential real estate across Ahmedabad, Bengaluru, and now Mumbai, primarily through apartments, high-rise towers, and plotted (horizontal) developments under joint development or owned-land models. FY26 revenue was INR 564 crores (down from INR 713 crores in FY25, per management) with an EBITDA margin of 30.55%, while the headline metric it tracks — annual booking value — hit a record INR 1,550 crores, up 22% YoY, with Q4 FY26 alone crossing INR 600 crores for the first time. Earnings come from customer advances and collections against bookings, with construction outflows funded in parallel, producing FY26 net operating cash flow of INR 417 crores and an unrealised OCF pool of over INR 4,970 crores expected to be collected over the next 4–5 years. Land is sourced through business development — FY26 added projects carrying INR 3,140 crores of top-line potential, including a Mumbai entry via a Santacruz redevelopment and a post-year-end high-rise project of ~INR 2,400 crores, described as the largest single deal so far. FY27 plans include 6 launches (1 Ahmedabad, 3 Bengaluru, 2 Mumbai) with combined inventory of INR 3,000–3,500 crores and a raised BD lock-in target of INR 4,000–5,000 crores. The cost structure shows other operating expenses at 23.5% of revenue as the largest visible bucket, followed by employee costs at 15% and materials at 6.9%, while the balance sheet runs at a net debt-to-equity of 0.26 against a self-imposed 1:1 ceiling.