BSE Realty Real Estate Sector Regulatory Filings — October 27, 2026

Sustenance sales up 83% YoY to INR5,054 crore and collections up 31% YoY to INR5,318 crore, indicating strong cash conversion from existing projects

Management expects H2 FY27 to be its best ever period for launches and sales and to surpass full-year guidance across key operating metrics

Targets INR15,000 crore cash collections and INR7,000 crore operating cash flow in H2, with positive free cash flow expected

H1 FY27 bookings of INR16,669 crore up 7% YoY, showing resilience despite a 6% YoY decline in Q2 bookings

Total income up 38% YoY to INR2,575 crore, confirming top-line momentum from deliveries

Q2 booking value fell 6% YoY and 7% QoQ to INR8,008 crore on 3,658 units (6.2 million sq ft), signaling near-term launch-dependent softness

EBITDA down 72% YoY to INR171 crore and net profit down 62% YoY to INR154 crore despite revenue growth, indicating severe margin compression

Mahalunge moved to 100% ownership after JV partner exit, simplifying control and consolidating economics going forward

EBITDA fell 72% YoY and net profit fell 62% YoY while total income rose 38%, a large divergence that makes near-term earnings unreliable as a valuation anchor

H2 targets of INR15,000 crore collections and INR7,000 crore operating cash flow depend heavily on back-ended launches; any slippage would widen the gap to guidance

Q2 booking value declined 6% YoY and 7% QoQ, suggesting the H1 growth of 7% is not yet a sustained trend

Orris JV resolved via arbitration with consolidation losses recognized in Q2, a one-off hit that contributed to the profit decline and signals partner-dispute exposure

JV partner exit at Mahalunge increases capital commitment and balance sheet exposure to that project, raising funding requirements

Positive free cash flow is targeted for H2 with ROE of 20% only expected in FY28, so the return profile remains a multi-year proposition

Management guiding to its best ever launch and sales period in H2 FY27, a potential re-rating catalyst if delivered

Collections up 31% YoY and sustenance sales up 83% YoY point to a cash-flow inflection that could support deleveraging and positive free cash flow

EBITDA depressed by back-ended deliveries and one-off JV losses; normalization of these items could lift margins sharply in FY28

Mahalunge at 100% ownership captures full project economics, a value-accretion lever relative to the prior JV structure

Guidance of 20% reported ROE in FY28 provides a clear measurable milestone for investors to track against

Booking and collection metrics are strong (H1 bookings +7% YoY, collections +31% YoY) while reported profits compress (EBITDA -72%), a pattern where revenue recognition lags cash inflows; implication is that investors should weight cash-flow and bookings metrics over reported earnings during delivery-heavy periods

Management's reliance on H2 launches to deliver record sales implies that developer performance in the current cycle is heavily second-half weighted; implication is that H1 results are an incomplete read and guidance credibility will be tested in Q3 and Q4

Mahalunge buyout and Orris arbitration settlement reflect active portfolio rationalization among developers; implication is that partner exits can drive short-term consolidation charges but simplify control and improve long-term economics

Targets focus on operating cash flow and positive free cash flow alongside 20% ROE, signaling a shift from growth-at-any-cost toward capital efficiency; implication is that balance-sheet strength and return metrics are likely to drive valuation in this sub-sector

Track actual launch volumes and sales against the 'best ever' H2 claim; key test of guidance credibility in the next reporting period

Monitor whether collections track toward the INR15,000 crore H2 target, a key checkpoint on cash conversion

Verify progress toward the INR7,000 crore H2 operating cash flow and early evidence of positive free cash flow

Watch whether Q3 booking value recovers from the 6% YoY and 7% QoQ decline or continues to soften

Assess whether margins recover as back-ended deliveries complete and one-off Orris consolidation losses roll off

Monitor development and funding progress now that the project is wholly owned

Track interim progress toward the 20% reported ROE target as a longer-term value marker