BSE Realty Real Estate Sector Regulatory Filings — October 28, 2026

Consolidated Q2 FY27 PAT rose 13.3% YoY to ₹156.49 Cr (from ₹138.18 Cr) and EBITDA rose 21.04% YoY to ₹215.37 Cr, showing profit growth well ahead of 4.9% revenue growth

Standalone revenue from operations grew 8.7% YoY to ₹402.83 Cr and standalone PAT grew 9.1% YoY to ₹80.96 Cr, indicating the core standalone business is compounding

Infomerics upgraded the long-term rating to IVR A-/Stable and short-term rating to IVR A2+, an external credit validation that supports lower funding costs

Birla Navya Phase I delivered with Phase III deliveries planned by end of FY28, providing a multi-year visible project pipeline

NCLT approval of the ISMDPL capital reduction lifts stake from 58.33% to 68.10% by cancelling 3,25,69,360 shares for ₹1,350 Cr cash, consolidating control over a material mall asset

Half-year cost of sales declined 1.7% YoY to ₹848.35 Cr while H1 revenue grew 5.7%, implying gross spread expansion on the consolidated base

QIP proceeds of ₹1,100 Cr are 47.9% deployed (₹526.52 Cr) with no deviation from objects, and the data-centre allocation of ₹440 Cr shows ₹114.27 Cr cumulatively used, supporting execution discipline

Quarterly other income fell 2.5% QoQ to ₹17.42 Cr from ₹19.35 Cr, a small non-operating drag that slightly dilutes earnings quality

Consolidated cash declined to ₹718.33 Cr from ₹899.46 Cr since March 31, 2026, a drawdown of roughly ₹181 Cr in six months that weakens the liquidity cushion

Consolidated inventories surged to ₹1,507.37 Cr from ₹1,057.59 Cr (up about 43%) since March 31, 2026, tying up working capital ahead of revenue conversion

Consolidated inventories rose about 43% to ₹1,507.37 Cr from ₹1,057.59 Cr in six months while consolidated cash fell to ₹718.33 Cr from ₹899.46 Cr, so cash generation is lagging profit growth

Consolidated other current liabilities jumped to ₹512.75 Cr from ₹136.22 Cr at March 31, 2026, a roughly 276% increase that needs explanation on the nature of the obligations

Depreciation and amortisation more than doubled to ₹26.50 Cr from ₹10.64 Cr YoY and employee costs rose to ₹10.89 Cr from ₹8.97 Cr, so the profit expansion rests partly on revenue growth outpacing a rising cost base

Q2 revenue growth of 4.9% trails PAT growth of 13.3%, meaning profit gains depend on non-recurring or cost-timing factors that may not repeat

Standalone inventories rose to ₹669.25 Cr from ₹552.68 Cr at March 31, 2026, a 21% increase that corroborates the consolidated build-up is not solely a subsidiary effect

The Composite Scheme of Arrangement is still pending NOCs from exchanges and SEBI, and completion timing is not yet fixed, creating structural uncertainty

The ISMDPL buyout is contingent on the certified NCLT order still being awaited and on a 30-day RoC filing window, so timing slippage is possible

Only ₹526.52 Cr of the ₹1,100 Cr QIP has been utilized as of September 30, 2026, and the data-centre allocation has only ₹114.27 Cr used against ₹440 Cr, so capital is still largely undeployed

Infomerics upgrade to IVR A-/Stable with a short-term upgrade to IVR A2+ supports a potential narrowing of the cost-of-debt spread and improved institutional access

Consolidated EBITDA up 21.04% YoY against revenue up 4.9% shows operating leverage that could sustain double-digit profit growth if revenue growth accelerates

The ₹440 Cr data-centre allocation from the QIP, with ₹325.73 Cr still unutilized, positions the company for a new recurring-revenue segment as capex converts

Phase I delivered and Phase III due by end of FY28 provides a visible multi-year revenue runway with pre-sold or pre-identified demand to be recognized

₹145.27 Cr of the ₹185 Cr land acquisition allocation is already deployed, indicating land is being secured ahead of development, which supports future project launches

Raising the ISMDPL stake to 68.10% at a ₹1,350 Cr price with an independent valuation report from Bansi S. Mehta Valuers LLP gives the parent full economic consolidation of the asset, accretive to minority-adjusted earnings

Standalone PAT growth of 9.1% and revenue growth of 8.7% suggest the parent-level business is growing faster than the group average, a quality core that merits valuation credit

The November 5, 2026 board meeting on Q2/H1 FY27 results and the November 6 investor call provide a near-term event to re-rate the stock on forward guidance

Anant Raj's consolidated PAT grew 13.3% against 4.9% revenue growth and EBITDA grew 21.04%, showing that realty earnings currently hinge on margin and cost-structure gains rather than volume expansion [implication: investors should test whether this margin tailwind is durable]

Inventories rose 43% consolidated and 21% standalone in six months, indicating developers are stockpiling land, material and work-in-progress to support upcoming project phases, which lifts funding needs [implication: rising inventory with falling cash raises financing dependence]

The ₹1,100 Cr QIP, with ₹440 Cr earmarked for a data-centre subsidiary, signals realty groups diversifying into digital infrastructure, with only about 48% of total proceeds utilized so far [implication: diversification adds growth optionality but deployment timing is the key execution variable]

The Phoenix Mills' buyout of CPP Investments' stake in ISMDPL reflects a sector pattern of large developers buying out institutional co-investors to gain full control of high-yield commercial assets [implication: lower minority leakage improves cash-flow capture for parent shareholders]

Depreciation more than doubled and employee costs rose about 21% YoY at Anant Raj, consistent with asset-heavy developers absorbing commissioning costs from new commercial and data-centre assets [implication: reported margins may compress as newly commissioned assets begin depreciating]

Infomerics' rating upgrade, clean QIP monitoring with no deviations from objects, and scheduled results with trading-window controls point to improving disclosure and governance standards across the sector [implication: governance quality is an emerging differentiator for institutional capital]

Pending NOCs from NSE, BSE and SEBI after bank NOCs were received; monitor for approval timing and any conditions attached [timing: expected shortly after the Q2 disclosure]

Watch the next quarterly balance sheet for whether consolidated inventories of ₹1,507.37 Cr convert to revenue and whether cash of ₹718.33 Cr stabilizes [timing: next quarterly results]

The jump to ₹512.75 Cr from ₹136.22 Cr needs disclosure of the underlying obligations, which may appear in the notes to the next results [timing: next quarterly results]

Track utilization of the ₹325.73 Cr unused data-centre allocation and ₹39.73 Cr unused land allocation in the next monitoring report [timing: next Infomerics monitoring report]

Watch for the certified NCLT order copy, RoC filing and the ₹1,350 Cr cash payment within 30 days of RoC filing to confirm stake move to 68.10% [timing: pending certified order]

Board to consider standalone and consolidated results for the quarter and half year ended September 30, 2026, followed by investor/analyst call [timing: November 5, 2026 board meeting; November 6, 2026 call; trading window closed through November 7, 2026]

Monitor construction and delivery milestones toward the end-FY28 Phase III handover [timing: by end of FY28]