NSE: PURVA · BSE: 532891
PURAVANKARA LIMITED
Develops and sells residential real estate across India, with Bengaluru and Mumbai as core markets and a smaller commercial leasing portfolio. In FY26, the business booked presales of ₹7,407 crores (+55% YoY) and collected ₹4,258 crores from customers, while reporting revenue of ₹3,739.83 crores. Average price realisation was ₹10,213 per sq ft for FY26, with premium and high-value housing (above ₹1 crore) making up 53% of sales. Six new projects were added in FY26 covering roughly 12 million sq ft of development potential with an estimated Gross Development Value (GDV) of ₹15,200 crores, including a Bandra launch with ₹2,700 crores GDV. The company also operates commercial assets Zentech (Bengaluru) and Aerocity, with Zentech roughly 44% pre-leased and Aerocity's occupancy certificate received. Other operating expenses dominate the cost base at 71.1% of revenue (largely land and construction costs), with materials at 9.2% and employee costs at 8.3%. Net debt stood at ₹2,321 crores with net debt-to-equity at 1.31x and cost of debt at 11.05%; the company is also evaluating data centres, warehousing, and senior-living as new verticals. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Residential development and sales, Commercial leasing and development. Cyclical, land-intensive residential real-estate developer with a growing commercial leasing book and high leverage (net debt/equity 1.31x).
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 955 | 1,236 | 2,185 | 2,014 | 3,740 |
| EBITDA (ex other income) | 214 | 230 | 463 | 292 | 692 |
| margin % | 22.4 | 18.6 | 21.2 | 14.5 | 18.5 |
| Owners' profit | 0 | 0 | 42 | 0 | 64 |
| EPS, as reported (₹) | 6.22 | 2.80 | 1.78 | (15.18) | 2.69 |
| ROE % · ROCE % | 7.2 · 23.3 | 3.3 · 15.4 | 2.2 · 20.3 | (10.5) · 17.6 | 3.2 · 35.7 |
| Debt / equity (x) | 1.27 | 1.47 | 1.74 | 2.48 | 3.14 |
| Cash from operations | 134 | 145 | 896 | (531) | 345 |
| Capex | (6) | (30) | (54) | (43) | (63) |
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 | 496 | 318 | 542 | 524 | 644 | 1,069 | 1,502 | 849 |
| Profit before tax | (13) | (116) | (111) | (90) | (57) | 79 | 145 | 26 |
| Net profit | (17) | (93) | (88) | (69) | (43) | 58 | 110 | 25 |
| EPS (₹) | (0.71) | (3.90) | (3.62) | (2.85) | (1.76) | 2.53 | 4.77 | 1.22 |
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 | 1,64,917 | 37.1 | 3.63 | 49.7 | 9.7 | 6.0 | 8.6 | 37.1 |
| LODHA DEVELOPERS LIMITED | 1,01,079 | 24.5 | 4.31 | 20.2 | 14.6 | 15.7 | 25.1 | 40.5 |
| THE PHOENIX MILLS LTD | 67,952 | 53.1 | 4.75 | 26.3 | 10.9 | 9.9 | 32.7 | 63.4 |
| PRESTIGE ESTATE LTD | 59,932 | 52.6 | 3.58 | 17.4 | 7.8 | 6.8 | 11.8 | 38.1 |
| OBEROI REALTY LIMITED | 58,212 | 19.1 | 3.25 | 16.8 | 14.0 | 15.5 | 24.0 | 61.1 |
| GODREJ PROPERTIES LTD | 47,804 | 29.9 | 2.47 | 22.0 | 9.5 | 11.4 | 46.3 | 107.7 |
| BRIGADE ENTER. LTD | 17,613 | 20.5 | 2.34 | 13.7 | 9.6 | 6.8 | 23.9 | 41.9 |
| ANANT RAJ LIMITED | 16,622 | 28.0 | 2.86 | 22.6 | 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/E (TTM) | 28.8 | 20.5 | 38 of 57 | 34% |
| P/B | 2.6 | 1.9 | 42 of 64 | 35% |
| ROCE | 3.6 | 6.4 | 46 of 66 | 31% |
| ROE | 3.2 | 8.0 | 48 of 64 | 25% |
| Debt / Equity | 3.1 | 0.4 | 64 of 64 | 0% |
| EBITDA margin | 25.6 | 29.6 | 36 of 66 | 46% |
| Revenue growth | 61.9 | 12.8 | 17 of 67 | 76% |
| Profit growth | 136.8 | 7.5 | 11 of 66 | 85% |
| Market cap | 4613 | 1781 | 18 of 67 | 74% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Puravankara to discuss September quarter and half-year results on November 3 | board shareholder meetings | low | — | — |
| 27 Oct 2026 · Puravankara to participate in Avendus Spark Conference | board shareholder meetings | low | — | — |
| 26 Oct 2026 · Board meeting to approve September 2026 results | results | low | — | — |
| 19 Oct 2026 · Puravankara incorporates wholly owned subsidiary Burgundyprime Realty | strategic transactions | medium | — | — |
| 13 Oct 2026 · Puravankara Q2 pre-sales jump 62% YoY to about Rs 2,136 crore | business updates | high | — | — |
| 13 Oct 2026 · Puravankara Q2 pre-sales up 62% YoY at Rs 2,136 crore | business updates | high | — | — |
| 12 Oct 2026 · Puravankara signs JDA for Bengaluru land parcel worth Rs 2500 crore | strategic transactions | high | — | — |
| 9 Oct 2026 · Puravankara allots final tranche of Rs 25 Cr NCDs, completes Rs 300 Cr raise | fund raising | high | — | — |
| 9 Oct 2026 · Newspaper notice on special window for converting physical shares to demat | compliance | minimal | — | — |
| 8 Oct 2026 · RTA confirms demat of share certificates for Sep 2026 quarter | compliance | minimal | — | — |
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.