Puravankara Limited (NSE: PURVA | BSE: 532891) declared its financial performance in the second quarter (Q2) and first half (H1) of the fiscal year 2026 that ended September 30, 2025. The company has recorded a considerable expansion in sales and collections, which is supported by strategic pipeline additions.

Financial and cumulative performance

Puravankara has recorded the total revenue amounting to ₹663 crore in the second quarter of the financial year, an equivalent of 28% in comparison with the fiscal year-on-year (YoY). The financial performance of the quarter was a net loss of ₹42 crore.

The operational performance in Q2 FY26 was good, as pre-sales were strong. The overall sales value of the company during the quarter was ₹1,322 crore, and this is an increase of 4% over the previous year. This was attained on a sales volume of 1.5 million square feet (msft).

There was also an enhanced average sales realisation per square foot, which rose to 7% to ₹8,814 psft. The quarterly customer collections reflected an 8% increase on a year-on-year basis, standing at ₹1,047 crore. Concerning the projects completed, Puravankara has delivered 663 units in the quarter of 0.67 msft, which earns it the said total income of ₹663 crore.

During the initial six months of the fiscal year ( H1 FY26 ), Puravankara registered a cumulative total revenue of ₹1,201 crore, against which the consolidated net loss of the six months is ₹111 crore. The operational performance of the company in H1 FY26 was high.

The gross sales value was 2,445 crore, which was achieved through the area sold of 2.75 million square feet. The mean sales realisation of the half-year period was ₹8,891 psft. The overall customer collections of H1 FY26 amounted to ₹1,904 crore. The firm transferred ₹1,330 units in the 1st half, which equated to 1.36 msft, and earned an overall revenue of ₹1,201 crore.

Debt ratio and pipeline growth

The company was very active in strengthening its development pipeline in the first half of FY26, acquiring land parcels and strategic partnerships totaling more than 6.36 msft of potential developable area. This growth has a Gross Development Value (GDV) worth more than ₹9,100 crore.

A joint venture in Hardware Park, North Bengaluru, on a 24.59-acre piece of land, offering 3.48 msft of developable land and a potential GDV of more than ₹3,300 crore. In Balegere, East Bengaluru, a joint development with the developable area of 0.85 msft over 5.5 acres and a total potential GDV exceeding ₹1,000 crore.

The decision to award a redevelopment initiative in Chembur, Mumbai, opening up in excess of 1.28 msft of about 4 acres, and a likely GDV of ₹2,100 crore. A high-end redevelopment project in Malabar Hill, Mumbai, won by one of their wholly-owned subsidiaries, which provides 0.75 msft of prime development on 1.43 acres, whose GDV is estimated at approximately ₹2,700 crores.

The company has a 12.67 msft in-launch pipeline, with the landmark 3.4 msft project at Bengaluru at KIADB Hardware Park and the Andheri Lokhandwala redevelopment project, where the company plans to launch in the upcoming January 2026.

Puravankara has a strong financial standing. The accumulated estimated surplus of all completed, ongoing, and pipeline projects as of September 30, 2025, is high and amounts to over ₹15,568 crore. This excess is explained as the estimate of surplus of completed and current projects, ₹7,679 crore, the estimate of surplus of commercial projects, ₹2,008 crore, and the estimate of surplus of pipeline projects, ₹5,881 crore.

The net debt of the company is estimated at ₹2,894 crore against this huge estimated surplus, implying a healthy debt cover of more than 5x. Q2 FY26 had a net debt-to-equity ratio of 1.77. The weighted average cost of debt has decreased to 11.32%  as of September 30, 2025.

Conclusion

The Q2 FY26 results of Puravankara Limited were noted with good operational parameters, such as ₹1,322 crore in pre-sales and ₹1,047 crore in collections that contributed to a total of ₹663 crore in Q2 revenue (up 28% YoY). The strategic acquisition of more than 6.36 msft of developable area with an estimated GDV of more than ₹9,100 crore in H1 FY26 will substantially enhance the revenue potential in the future. Puravankara is structurally well-placed to leverage the long-term positive growth trend in the India real estate market and fulfill its ambitious roll-out plans over the next few quarters, given an estimated overall project surplus of over ₹15,568 crore, which gives it a healthy over 5x coverage on its net debt of ₹2,894 crore.