Executive Summary
The India BSE REALTY digest for 30-Oct-2026 is dominated by Q2/H1 FY27 earnings from three index heavyweights — Lodha Developers, The Phoenix Mills, and Aditya Birla Real Estate — alongside routine investor-meet and compliance notices from Anant Raj and Brigade Enterprises.
The overarching theme is a sharp divergence between H1 strength and Q2 sequential deceleration: Lodha's H1 FY27 revenue rose 29.8% YoY to ₹94,641 mn and PAT jumped 62.9% to ₹23,866 mn, yet Q2 revenue fell 10.6% QoQ and PAT dropped 26.2% QoQ with operating margin compressing to 36.12% from 43.11%. Phoenix Mills showed the same pattern — H1 revenue +7.7% and PAT +16.5% YoY, but Q2 consolidated revenue grew only 3.4% YoY as its Residential segment collapsed 65.2% YoY to ₹6,075.59 Lakh, offset by a 16.1% YoY rise in Property & Related Services. Aditya Birla Real Estate delivered explosive income growth (Q2 total income +755% YoY to ₹268 cr, H1 +309% to ₹355 cr) but shocked with Q2 presales of only ₹298 cr and a deferral of the Worli Tower C launch to Q2 FY28, explicitly guiding FY27 presales below last year's ₹8,000 cr. Portfolio-level signals are mixed-to-positive on balance sheet quality (Lodha net D/E 0.21x vs 0.5x ceiling, cost of debt stable at 7.8%; ABREL net debt-free) but negative on near-term sales momentum and margin trajectory. The most critical actionable development is ABREL's guidance cut and launch deferral, which contrasts with Lodha's H1 pre-sales already covering >40% of full-year guidance. Insider activity was absent across all filings, and capital allocation disclosures were limited to routine Company Secretary transition at Lodha. Investors should rotate toward annuity-heavy, balance-sheet-light names (Phoenix Mills' retail/office annuity grew 16% revenue and 21% EBITDA) while monitoring residential presales risk at ABREL and margin sustainability at Lodha.
Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →
Filing types in this digest: Corporate governance
Tracking the trend? Catch up on the prior BSE Realty Real Estate Sector Regulatory Filings digest from October 23, 2026.
Investment Signals (12)
- Lodha Developers ↓ (BULLISH)▲
H1 FY27 revenue surged 29.8% YoY to ₹94,641 mn and PAT jumped 62.9% YoY to ₹23,866 mn, with H1 pre-sales of ₹96.7 bn (+7% YoY) already covering >40% of full-year guidance; net D/E stable at 0.21x vs 0.5x ceiling and cost of debt steady at 7.8%
- Lodha Developers ↓ (BULLISH)▲
Q2 FY27 Adj. EBITDA margin expanded 180 bps YoY to 36.2% (H1 39.8%, +540 bps YoY) and PAT margin rose 170 bps to 22.1% (H1 24.6%, +510 bps), showing underlying profitability improvement despite QoQ revenue decline
- Lodha Developers ↓ (BULLISH)▲
Debt-Equity ratio improved to 0.42 as at 30-Sep-2026 from 0.46 a year earlier, and Q2 EPS rose to ₹10.14 basic (vs ₹7.90 in Q2 FY26) while H1 EPS jumped to ₹23.87 (vs ₹14.66)
- The Phoenix Mills ↓ (BULLISH)▲
Annuity businesses (Retail, Offices, Hotel, Asset Management) grew revenue 16% YoY to ₹1,055 cr and EBITDA 21% YoY to ₹669 cr in Q2 FY27, lifting consolidated EBITDA margin to 62% from 60% (+2 pps) and H1 margin to 61% from 60%
- The Phoenix Mills ↓ (BULLISH)▲
H1 FY27 consolidated revenue grew 7.7% YoY to ₹2,22,775.05 Lakh and PAT after associates rose 16.5% YoY to ₹82,150.70 Lakh, with H1 standalone PAT up 10.9% to ₹18,869.13 Lakh and diluted EPS improving to ₹5.27 from ₹4.76
- Aditya Birla Real Estate ↓ (BULLISH)▲
H1 FY27 total income grew 309% YoY to ₹355 cr and Q2 income surged 755% YoY to ₹268 cr, with collections up 39% YoY to ₹1,465 cr; company remains net debt-free and reiterated long-term presales target of ₹15,000 cr by FY29
- Lodha Developers ↓ (BULLISH)▲
Other income rose to ₹1,175 mn in Q2 FY27 from ₹804 mn in Q2 FY26 (+46% YoY), providing a non-operating cushion to earnings
- Lodha Developers ↓ (BULLISH)▲
Q2 FY27 pre-sales grew 10% YoY to ₹5,037 cr despite management flagging Middle East conflict and rising interest rate concerns, suggesting resilient housing demand
- The Phoenix Mills ↓ (BULLISH)▲
Property & Related Services segment revenue grew 16.1% YoY to ₹92,508.98 Lakh in Q2 FY27, with segment result (PBT & interest) at ₹53,679.26 Lakh, demonstrating core commercial asset strength
- Lodha Developers ↓ (BULLISH)▲
Consolidated net cash from operating activities turned to ₹13,722 mn inflow for H1 FY27 vs ₹5,154 mn outflow in H1 FY26, a sharp working-capital improvement
- Aditya Birla Real Estate ↓ (BULLISH)▲
Q2 FY27 collections of ₹1,465 cr (+39% YoY) and net debt-free status provide liquidity to fund the deferred Worli Tower C launch into Q2 FY28
- Lodha Developers ↓ (BULLISH)▲
Q2 FY27 revenue rose 17.6% YoY to ₹44,674 mn (from ₹37,985 mn) and net profit rose 28.3% YoY to ₹10,135 mn, confirming YoY growth even as sequential momentum slowed
Risk Flags (10)
- Aditya Birla Real Estate↓ [HIGH RISK]▼
Q2 FY27 presales collapsed to just ₹298 cr and management explicitly guided FY27 presales will fall short of last year's ₹8,000 cr; Worli Tower C launch deferred to Q2 FY28, pushing a key catalyst out by at least two quarters
- Aditya Birla Real Estate↓ [HIGH RISK]▼
Birla Arika recorded ₹114 cr of cancellations in Q2 FY27 and ₹120 cr over two quarters, with Birla Pravaah adding ₹7 cr of cancellations — a sign of buyer stress or project-specific issues
- Lodha Developers↓ [HIGH RISK]▼
Q2 FY27 revenue fell 10.6% QoQ to ₹44,674 mn (from ₹49,967 mn) and PAT dropped 26.2% QoQ to ₹10,135 mn (from ₹13,731 mn), with operating margin compressing to 36.12% from 43.11% QoQ and net margin to 22.71% from 26.94%
- Lodha Developers↓ [MEDIUM RISK]▼
Cash and cash equivalents declined sharply to ₹12,680 mn at 30-Sep-2026 from ₹27,026 mn at 31-Mar-2026 (-53%), even as net debt rose ₹3.5 bn QoQ to ₹52.8 bn — liquidity buffer thinning
- Lodha Developers↓ [MEDIUM RISK]▼
Consolidated finance costs rose to ₹1,853 mn in Q2 FY27 from ₹1,565 mn YoY (+18.4%), and management flagged rising interest rates and Middle East conflict as demand risks
- The Phoenix Mills↓ [HIGH RISK]▼
Residential Business segment revenue collapsed 65.2% YoY to ₹6,075.59 Lakh in Q2 FY27 (from ₹17,452.79 Lakh) and segment profit before interest & tax fell to ₹3,858.02 Lakh from ₹11,663.11 Lakh YoY, dragging overall growth to just 3.4%
- The Phoenix Mills↓ [MEDIUM RISK]▼
Standalone Q2 FY27 net profit slipped 1.7% YoY to ₹12,714.44 Lakh after a ₹1,215.00 Lakh exceptional settlement charge, and consolidated finance cost rose to ₹10,316.14 Lakh from ₹9,193.98 Lakh YoY (+12.2%)
- The Phoenix Mills↓ [MEDIUM RISK]▼
Consolidated non-current borrowings jumped to ₹5,54,379.17 Lakh as at 30-Sep-2026 from ₹4,70,440.38 Lakh as at 31-Mar-2026 (+17.8%), a material leverage increase that bears watching
- The Phoenix Mills↓ [MEDIUM RISK]▼
Hospitality segment profit before interest and tax declined 4.9% YoY to ₹4,114.22 Lakh in Q2 FY27, showing weakness beyond the residential drag
- Lodha Developers↓ [LOW RISK]▼
Company Secretary transition — Ms. Sanjyot Rangnekar took early retirement effective 30-Oct-2026 and Ms. Savita Kodain was appointed effective 31-Oct-2026 — creates a brief governance continuity gap at a critical reporting juncture
Opportunities (9)
- The Phoenix Mills↓ (OPPORTUNITY)◆
Annuity-led model is the standout — Retail/Office/Hotel/Asset Management revenue +16% YoY to ₹1,055 cr and EBITDA +21% to ₹669 cr in Q2 FY27, with consolidated EBITDA margin at 62%; investors can play the commercial real estate cycle with lower residential cyclicality
- Lodha Developers↓ (OPPORTUNITY)◆
H1 FY27 pre-sales of ₹96.7 bn already covers >40% of full-year guidance, and Q2 pre-sales grew 10% YoY to ₹5,037 cr despite macro headwinds; any Q3 recovery in Mumbai MMR launches could drive guidance upgrade
- Lodha Developers↓ (OPPORTUNITY)◆
Net D/E at 0.21x vs 0.5x ceiling and cost of debt stable at 7.8% leaves significant balance-sheet headroom for land acquisition or buybacks; H1 operating cash inflow of ₹13,722 mn vs outflow of ₹5,154 mn last year signals improving cash conversion
- Aditya Birla Real Estate↓ (OPPORTUNITY)◆
Net debt-free balance sheet with H1 total income up 309% YoY to ₹355 cr and collections up 39% to ₹1,465 cr; the deferred Worli Tower C launch into Q2 FY28 creates a known catalyst window and FY29 presales target of ₹15,000 cr implies a multi-year re-rating path if execution holds
- Aditya Birla Real Estate↓ (OPPORTUNITY)◆
Q2 FY27 income of ₹268 cr (+755% YoY) reflects revenue recognition ramp-up from prior-year launches; if cancellations at Birla Arika stabilize, the base effect could produce strong FY28 comparisons
- Anant Raj Limited↓ (OPPORTUNITY)◆
In-person Analyst/Institutional Investor meeting in Mumbai on 4-Nov-2026 (one-on-one and group format) is a near-term catalyst for management to articulate data-centre/realty strategy; watch for post-meeting disclosures
- Brigade Enterprises↓ (OPPORTUNITY)◆
Q2 FY27 earnings call audio recording uploaded 30-Oct-2026 under Regulation 46; investors can access management commentary on demand trends and margin outlook ahead of the next quarterly print
- Lodha Developers↓ (OPPORTUNITY)◆
Q2 FY27 EPS of ₹10.14 basic (vs ₹7.90) and H1 EPS of ₹23.87 (vs ₹14.66) show 50%+ earnings growth; if Q3 margins stabilize near H1 levels of 39.8%, full-year EPS could surprise positively
- The Phoenix Mills↓ (OPPORTUNITY)◆
H1 FY27 standalone PAT up 10.9% to ₹18,869.13 Lakh and diluted EPS up to ₹5.27 from ₹4.76 despite the ₹1,215 Lakh exceptional charge; excluding one-offs, core standalone profitability is improving
Sector Themes (6)
- H1 Strength vs Q2 Sequential Deceleration◆
Across Lodha and Phoenix Mills, H1 FY27 growth (Lodha revenue +29.8%, PAT +62.9%; Phoenix revenue +7.7%, PAT +16.5%) masked Q2 QoQ weakness (Lodha revenue -10.6% QoQ, PAT -26.2% QoQ; Phoenix Q2 revenue +3.4% YoY only). Implication: FY27 earnings may be front-loaded, and Q3/Q4 comparisons will be tougher.
- Residential Segment Stress◆
Phoenix Mills' Residential revenue collapsed 65.2% YoY to ₹6,075.59 Lakh and ABREL's Q2 presales fell to ₹298 cr with FY27 guidance cut below ₹8,000 cr. Lodha's Q2 pre-sales growth decelerated to +10% YoY from stronger prior trends. Implication: residential cycle is cooling even as commercial/annuity holds up.
- Annuity/Commercial Real Estate Outperformance◆
Phoenix Mills' annuity businesses grew revenue 16% and EBITDA 21% YoY, with Property & Related Services revenue +16.1% to ₹92,508.98 Lakh. Lodha's rental/annuity not separately disclosed but net D/E at 0.21x supports commercial expansion. Implication: investors should overweight commercial/retail REIT-like exposure.
- Balance Sheet Quality Divergence◆
Lodha net D/E 0.21x (cost of debt 7.8%), ABREL net debt-free, but Phoenix Mills consolidated non-current borrowings rose 17.8% to ₹5,54,379.17 Lakh since March. Implication: leverage is not uniform; Phoenix's borrowing increase warrants monitoring even as its annuity EBITDA grows.
- Margin Trajectory Mixed◆
Lodha Q2 operating margin compressed to 36.12% from 43.11% QoQ but Adj. EBITDA margin expanded 180 bps YoY to 36.2%; Phoenix consolidated EBITDA margin improved to 62% from 60%. Implication: YoY margin gains are intact but sequential compression at Lodha signals cost pressure from finance costs (+18.4% YoY) and project mix.
- Guidance and Launch Timing Risk◆
ABREL deferred Worli Tower C to Q2 FY28 and cut FY27 presales guidance below ₹8,000 cr, while Lodha's H1 pre-sales already cover >40% of full-year guidance. Implication: launch execution is the key differentiator for FY27 revenue recognition and stock performance.
Watch List (8)
-
FY27 presales trajectory after Q2 print of ₹298 cr and explicit guidance below ₹8,000 cr; watch for monthly/quarterly updates and any further launch delays beyond Worli Tower C (deferred to Q2 FY28)
-
Q3 FY27 pre-sales and margin trajectory — Q2 operating margin compressed to 36.12% from 43.11% QoQ; watch whether H1 Adj. EBITDA margin of 39.8% holds and whether net debt (₹52.8 bn) stabilizes after ₹3.5 bn QoQ increase
-
Consolidated borrowings rose 17.8% to ₹5,54,379.17 Lakh since March; watch Q3 capex and refinancing disclosures, plus Residential segment recovery after Q2 revenue collapse of 65.2% YoY
-
Analyst/Institutional Investor meeting in Mumbai on 4-Nov-2026 (one-on-one and group); watch for any post-meeting disclosures on data-centre/realty pipeline
-
Q2 FY27 earnings call recording uploaded 30-Oct-2026; monitor management commentary on demand and margins for read-across to Bangalore residential market
-
Company Secretary transition effective 31-Oct-2026 (Ms. Savita Kodain replacing Ms. Sanjyot Rangnekar); watch for any disclosure delays or governance commentary in Q3 filings
-
Birla Arika cancellations of ₹114 cr in Q2 and ₹120 cr over two quarters; watch Q3 cancellation trends and whether incentives are needed to stabilize sales
-
Hospitality segment PBT declined 4.9% YoY to ₹4,114.22 Lakh; watch Q3 hotel occupancy/ARR commentary and whether the segment returns to growth
Filing Analyses
(12)
30-10-2026
Lodha Developers Limited approved its unaudited consolidated and standalone financial results for the quarter and half year ended September 30, 2026, with revenue from operations rising 17.6% YoY to ₹44,674 million in Q2 FY27 (from ₹37,985 million) and net profit up 28.3% YoY to ₹10,135 million. However, performance declined sequentially — revenue fell 10.6% and net profit dropped 26.2% versus Q2 FY27's prior quarter (Q1 FY27: ₹49,967 million revenue, ₹13,731 million profit) — while total expenses rose 11.3% YoY to ₹32,473 million. Separately, the Board noted the early retirement of Company Secretary Ms. Sanjyot Rangnekar effective October 30, 2026, and approved the appointment of Ms. Savita Kodain as Company Secretary and Compliance Officer effective October 31, 2026.
- · Board meeting commenced at 3:30 p.m. IST on October 30, 2026; items approved until 5:30 p.m. IST, with the meeting still in progress for other items
- · Company Secretary transition: Ms. Sanjyot Rangnekar's early retirement effective close of business October 30, 2026; Ms. Savita Kodain appointed effective October 31, 2026 on Nomination and Remuneration Committee recommendation
- · Other income rose to ₹1,175 million in Q2 FY27 from ₹804 million in Q2 FY26
- · Employee benefits expense rose to ₹1,935 million in Q2 FY27 from ₹1,710 million in Q2 FY26
- · Depreciation, impairment and amortisation rose to ₹829 million in Q2 FY27 from ₹714 million in Q2 FY26
- · Current ratio declined to 1.74 as at Sep 30, 2026 from 1.83 a year earlier
- · Debt equity ratio improved to 0.42 from 0.46 YoY; total debts to total assets at 0.17
- · Debt segment scrip codes on BSE: 976262, 976764, 976895, 977163, 977293, 976923; NSE trading symbol LODHA
- · Auditor Walker Chandiok & Co LLP issued an unmodified review conclusion; prior periods reviewed by M S K A & Associates LLP
- · Two subsidiaries not reviewed by principal auditor: total assets ₹24.9 million, revenues Nil, net loss ₹0.8 million (quarter) and ₹0.3 million (YTD), net cash inflows ₹0.6 million for six months ended Sep 30, 2026
- · Citrine Enterprises LLP added as subsidiary w.e.f. May 14, 2026; LDC International PTE Limited w.e.f. September 22, 2026; Thane Commercial Tower A Management Private Limited ceased June 10, 2026
- · Opexifi Services Private Limited merged with One Box Warehouse Private Limited w.e.f. July 1, 2026
30-10-2026
Phoenix Mills' Q2 FY27 consolidated revenue rose just 3% YoY to Rs. 1,153 cr, with EBITDA up 7% to Rs. 710 cr and PAT up 11% to Rs. 424 cr, as annuity businesses (Retail, Offices, Hotel, Asset Management) grew strongly at 16% revenue to Rs. 1,055 cr and 21% EBITDA to Rs. 669 cr. However, the Residential & Others segment sharply declined, with revenue down 52% to Rs. 98 cr and EBITDA down 64% to Rs. 41 cr, dragging overall growth. H1 FY27 consolidated revenue grew 8% to Rs. 2,228 cr with EBITDA up 10% to Rs. 1,352 cr and PAT up 16% to Rs. 818 cr, while standalone Q2 PAT slipped 2% to Rs. 127 cr on a Rs. 12 cr subsidiary settlement charge.
- · Q2 FY27 EBITDA margin improved to 62% from 60% (up 2 pps); H1 margin 61% vs 60% (up 1 pps)
- · Standalone Q2 FY27 revenue Rs. 141 cr (+3% YoY); H1 standalone revenue Rs. 288 cr (+10% YoY)
- · Standalone H1 FY27 PAT Rs. 189 cr (+11% YoY) and diluted EPS Rs. 5.27 vs Rs. 4.76
- · Q2 FY27 standalone diluted EPS Rs. 3.55 vs Rs. 3.62 (-2%)
- · Gross debt rose Rs. 953 cr to Rs. 6,117 cr vs March 2026; net debt up Rs. 319 cr to Rs. 3,479 cr
- · Liquidity rose Rs. 634 cr to Rs. 2,638 cr vs March 2026; cost of debt 7.66% (241 bps over repo)
- · Net Debt/EBITDA steady at 1.2x as of Sep-26 vs 1.2x as of Mar-26
- · Offices leased occupancy 83% as of Sep-26 vs 70% Mar-24; established assets 79%, new assets 77%
- · Phoenix MarketCity Bangalore Q2 trading density growth only 2% YoY (flat)
- · Courtyard by Marriott Agra EBITDA fell 37% YoY in Q2 to Rs. 0.2 cr and 24% in H1 to Rs. 1.5 cr
- · Residential Q2 FY27 gross sales Rs. 84 cr, collections Rs. 85 cr, average sales price ~Rs. 37,300 psf
- · H1 FY27 residential revenue recognized Rs. 62 cr
- · Retail consumption growth ranged from 10% (Phoenix United Bareilly) to 68% (Phoenix Mall of Asia) in Q2
- · 20-year consolidated EBITDA CAGR of 26% (FY06 Rs. 26 cr to FY26 Rs. 2,637 cr)
- · Retail rental CAGR 13% and consumption CAGR 15% from FY13 to FY26
30-10-2026
Anant Raj Limited disclosed under Regulation 30 of SEBI LODR that it will hold an in-person Analyst/Institutional Investor meeting in Mumbai on Wednesday, 4th November, 2026, in one-on-one and group formats. The company explicitly stated that no unpublished price sensitive information will be shared during the meeting. The intimation is a routine scheduling disclosure with no financial data or performance metrics included.
- · Meeting scheduled for Wednesday, 4th November, 2026, in Mumbai, in-person
- · Meeting format: One-on-One/Group with Analysts/Institutional Investors
- · Scrip codes: ANANTRAJ (NSE) and 515055 (BSE)
- · CIN: L45400HR1985PLC021622
- · Registered office: CP-1, Sector-8, IMT Manesar, Haryana-122051; Head office: H-65, Connaught Circus, New Delhi-110001
- · Filing signed by Neeraj Kumar, Company Secretary, dated October 30, 2026
30-10-2026
Lodha Developers reported consolidated revenue from operations of ₹44,674 million for Q2 FY27, down 10.6% YoY from ₹49,967 million, while consolidated PAT fell 26.2% YoY to ₹10,135 million from ₹13,731 million. On a six-month basis, revenue rose 29.8% YoY to ₹94,641 million and PAT jumped 62.9% YoY to ₹23,866 million, helped by a sharp drop in cost of projects and inventory release. However, quarterly operating margin compressed to 36.12% from 43.11% QoQ and net profit margin fell to 22.71% from 26.94%, with cash and equivalents declining to ₹12,680 million from ₹27,026 million at March-end.
- · Consolidated cost of projects fell to ₹25,231 million in Q2 FY27 from ₹25,425 million QoQ and ₹21,991 million YoY
- · Consolidated finance costs rose to ₹1,853 million in Q2 FY27 from ₹1,565 million YoY
- · Consolidated inventories stood at ₹404,000 million as at 30-Sep-2026 vs ₹402,538 million at 31-Mar-2026
- · Consolidated cash and cash equivalents fell to ₹12,680 million as at 30-Sep-2026 from ₹27,026 million at 31-Mar-2026
- · Consolidated net cash used in investing activities was ₹24,106 million in H1 FY27 vs ₹8,043 million in H1 FY26
- · Consolidated net debt equity ratio rose to 0.21 from 0.20 QoQ
- · Consolidated debt service coverage ratio fell to 1.86 from 2.48 QoQ
- · Standalone revenue from operations was ₹32,748 million in Q2 FY27 vs ₹29,834 million YoY
- · Standalone PAT was ₹6,450 million in Q2 FY27 vs ₹3,356 million YoY
- · Scheme of merger with National Standard (India) Limited and Roselabs Finance Limited approved by shareholders on 09-October-2026, pending NCLT approval
- · Auditors expressed an unmodified conclusion on the limited review
30-10-2026
Lodha Developers reported Q2 FY27 (quarter ended 30-Sep-2026) consolidated revenue from operations of ₹44,674 million, down 10.6% YoY from ₹49,967 million, while consolidated PAT fell 26.2% YoY to ₹10,135 million from ₹13,731 million. For H1 FY27, consolidated revenue rose 29.8% YoY to ₹94,641 million and PAT jumped 62.9% YoY to ₹23,866 million, helped by inventory drawdown and higher other income. However, quarterly operating margin compressed to 36.12% from 43.11% QoQ and net profit margin fell to 22.11% from 26.94%, with cash and equivalents declining to ₹12,680 million from ₹27,026 million at FY26 year-end.
- · Consolidated cash and cash equivalents fell to ₹12,680 million at 30-Sep-2026 from ₹27,026 million at 31-Mar-2026
- · Consolidated net cash used in operating activities was ₹13,722 million inflow for H1 FY27 vs ₹5,154 million outflow in H1 FY26
- · Consolidated inventories stood at ₹404,000 million vs ₹402,538 million at FY26 year-end
- · Consolidated total debt-to-equity ratio 0.42; net debt equity 0.21
- · Debt Service Coverage Ratio declined to 1.86 from 2.48 QoQ; Interest Service Coverage Ratio 5.58 vs 5.53
- · Scheme of merger of two listed subsidiaries approved by shareholders on 09-Oct-2026, pending NCLT Mumbai approval
- · Standalone H1 FY27 revenue ₹76,527 million vs ₹63,327 million prior year; standalone PAT ₹16,945 million vs ₹9,799 million
- · Auditors issued unmodified limited review conclusion
30-10-2026
Lodha Developers reported Q2 FY27 PAT of ₹1,013 crore, up 28% YoY, on revenue of ₹4,468 crore (up 18% YoY), with PAT margin at 22.1%. H1 FY27 PAT surged 63% YoY to ₹2,386 crore, and pre-sales for the quarter grew 10% YoY to ₹5,037 crore, already covering over 40% of full-year guidance. However, net debt stood at ₹5,279 crore with a stable Net Debt/Equity of 0.2x, and management flagged concerns over Middle East conflict and rising interest rates, though direct impact on housing demand is expected to be limited.
- · Net Debt/Equity stable at 0.2x, well below ceiling of 0.5x
- · Exit cost of debt for Q2 FY27 remains stable at 7.8%
- · H1 pre-sales exceeded 40% of full-year guidance
- · Bengaluru expansion continues with another successful launch in North Bengaluru
- · NCR pilot progressing well, launch planned this festive season
- · Self-funded data center annuity strategy to enter execution mode over next 6 months
- · Expected 10x growth in annuity income from ₹300 crore to ₹3,000 crore between FY26 and FY32
- · Newsweek recognized Lodha in 'World's Most Trustworthy Companies' list for 2025 and 2026
- · Lodha Mathematical Sciences Institute hosted over 55 researchers this quarter, with more than 90 researchers from 15 countries expected over the semester
- · Six students secured second place at ETEAM 2026 in Switzerland; three gained research experience at University of California
- · Unnati enrolled over 6,000 individuals for health insurance and supported over 3,200 households
- · Report with RMI India Foundation found better surfaces, greenery and planning could lower Delhi's surface temperatures by up to 3.2°C
- · Report with Build Ahead found recycled aluminum could reduce emission intensity significantly
30-10-2026
Lodha Developers Limited (formerly Macrotech Developers) filed its Q2 FY27 investor presentation, reporting revenue of INR 44.7 bn (+17.6% YoY) and PAT of INR 10.1 bn (+28.3% YoY) for the quarter, with 1H FY27 revenue up 29.8% to INR 94.6 bn and PAT up 62.9% to INR 23.9 bn. However, pre-sales growth decelerated to INR 50.4 bn (+10% YoY) in Q2 and INR 96.7 bn (+7% YoY) in 1H, while collections were flat YoY at INR 34.5 bn in Q2 (though up 19% to INR 76.5 bn in 1H). Net debt rose INR 3.5 bn QoQ to INR 52.8 bn (0.21x D/E, well below the 0.5x ceiling) with cost of debt steady at 7.8%.
- · Q2 FY27 Adj. EBITDA margin 36.2% vs 34.4% (up 180 bps); 1H margin 39.8% vs 34.4% (up 540 bps)
- · Q2 FY27 PAT margin 22.1% vs 20.4% (up 170 bps); 1H 24.6% vs 19.5% (up 510 bps)
- · Net debt increased INR 3.5 bn QoQ to INR 52.8 bn; net D/E 0.21x vs 0.5x ceiling
- · Market-wise Q2 pre-sales: MMR INR 24.9 bn, Bengaluru INR 18.6 bn, Pune INR 5.3 bn, Others INR 1.6 bn
- · 1H FY27 launches: 3.5 mn sq.ft, est. GDV INR 40.8 bn across 7 projects
- · Rest-of-FY27 launch pipeline: 11.1 mn sq.ft, est. GDV INR 190.7 bn across 17 projects
- · 1H FY27 business development: 2.8 msf added, est. GDV INR 71 bn (Pune INR 23 bn, MMR INR 48 bn)
- · Operating cash flow INR 8.8 bn in Q2, INR 27.6 bn in 1H FY27
- · Surplus for capital providers INR 0.3 bn in Q2, INR 4.8 bn in 1H FY27
- · FY26 PAT INR 34.3 bn, >6x over FY21-26; RoE ~16%; FY26 Adj. EBITDA margin ~34%
- · Target PAT of INR 85+ bn by FY31 (~20% CAGR)
- · Total assets INR 627.1 bn vs INR 589.4 bn in Mar-26; total equity INR 253.6 bn vs INR 234.3 bn
- · Unsold GDV of INR ~2,000 bn (excl. LandCo land), sufficient for next 5 years of growth
- · Completed and ongoing unsold DevCo value INR ~39 bn and INR ~370 bn respectively
- · Data Centre: 1 GW / 438 acres; Offices & Retail 2.1 msf; Warehousing & Industrial 2.5 msf
- · Credit rating AA (Stable) with 7 upgrades since 2021
30-10-2026
Brigade Enterprises Limited disclosed that the audio recording of its Q2 FY 2026-27 earnings conference call with investors and analysts, held on October 30, 2026 for the quarter ended September 30, 2026, has been uploaded to the company's website under its Regulation 46 investor section. The filing is a routine compliance intimation and contains no financial results, guidance, or performance metrics.
- · Scrip Symbol: BRIGADE; Scrip Code: 532929
- · Filing reference number: BEL/NSE/BSE/ARD/30102026
- · Recording uploaded under Regulation 46 section of website: https://www.brigadegroup.com/investor/regulation-46/audio-recordings-of-post-earningsquarterly-calls
- · Document digitally signed on 2026.10.30 at 17:42:21 +05:30
30-10-2026
Lodha Developers Limited approved its unaudited consolidated and standalone financial results for Q2/H1 FY27 (quarter and half year ended September 30, 2026), with revenue from operations at ₹44,674 million for Q2 FY27, up 17.6% YoY from ₹37,985 million, while declining 10.6% QoQ from ₹49,967 million in Q2 FY26. Net profit rose 28.3% YoY to ₹10,135 million but fell 26.2% QoQ, and H1 FY27 revenue grew 29.8% YoY to ₹94,641 million with net profit up 62.9% to ₹23,866 million. Separately, the Board noted the early retirement of Company Secretary Ms. Sanjyot Rangnekar effective October 30, 2026, and approved the appointment of Ms. Savita Kodain as Company Secretary and Compliance Officer effective October 31, 2026.
- · Q2 FY27 EPS: Basic ₹10.14, Diluted ₹10.12 (vs Basic ₹7.90, Diluted ₹7.87 in Q2 FY26)
- · H1 FY27 EPS: Basic ₹23.87, Diluted ₹23.82 (vs Basic ₹14.66, Diluted ₹14.64 in H1 FY26)
- · Debt-Equity Ratio improved to 0.42 as at Sep 30, 2026 from 0.46 a year earlier
- · Net Debt Equity Ratio improved to 0.21 from 0.28 YoY
- · Current Ratio declined to 1.74 as at Sep 30, 2026 from 1.83 a year earlier
- · Current Liability Ratio rose to 0.87 from 0.83 YoY
- · Other expenses fell to ₹2,625 million in Q2 FY27 from ₹3,196 million in Q2 FY26
- · Tax expense for Q2 FY27 was ₹3,285 million (current tax ₹1,679 million + deferred tax ₹1,606 million)
- · Board meeting commenced 3:30 p.m. IST; items approved until 5:30 p.m. IST, with meeting continuing for other items
- · Auditor Walker Chandiok & Co LLP issued an unmodified conclusion on the consolidated results
- · Prior-period results reviewed/audited by M S K A & Associates LLP (unmodified conclusion dated Oct 30, 2025; audit opinion dated Apr 24, 2026)
- · Company Secretary transition: Sanjyot Rangnekar retires effective close of business Oct 30, 2026; Savita Kodain appointed effective Oct 31, 2026
30-10-2026
The Phoenix Mills Limited reported unaudited consolidated results for Q2/H1 FY27 (quarter and half year ended 30 September 2026). Consolidated revenue from operations rose 3.4% YoY to ₹1,15,280.65 Lakh in Q2 FY27 (vs ₹1,11,542.72 Lakh), while consolidated PAT after associates grew 11.2% YoY to ₹42,699.88 Lakh (vs ₹38,409.00 Lakh); H1 revenue grew 7.7% to ₹2,22,775.05 Lakh and H1 PAT rose 16.5% to ₹82,150.70 Lakh. However, growth was uneven: the Residential Business segment revenue collapsed to ₹6,075.59 Lakh in Q2 FY27 from ₹17,452.79 Lakh a year earlier, and standalone net profit slipped 1.7% YoY to ₹12,714.44 Lakh (vs ₹12,935.82 Lakh) after a ₹1,215.00 Lakh exceptional settlement charge. Standalone revenue from operations was ₹14,093.96 Lakh, up 2.6% YoY, with standalone H1 PAT up 10.9% to ₹18,869.13 Lakh.
- · Consolidated segment revenue: Property & Related Services ₹92,508.98 Lakh (Q2 FY27) vs ₹79,711.74 Lakh (Q2 FY25); Hospitality Services ₹17,513.80 Lakh vs ₹15,154.61 Lakh; Residential Business ₹6,075.59 Lakh vs ₹17,452.79 Lakh
- · Consolidated segment result (PBT & interest): Property & Related Services ₹53,679.26 Lakh; Hospitality Services ₹4,114.22 Lakh; Residential Business ₹3,858.02 Lakh (Q2 FY27)
- · Consolidated total expenses rose to ₹63,945.29 Lakh in Q2 FY27 from ₹63,167.36 Lakh YoY; finance cost increased to ₹10,316.14 Lakh from ₹9,193.98 Lakh
- · Consolidated borrowings (non-current) rose to ₹5,54,379.17 Lakh as at 30 September 2026 from ₹4,70,440.38 Lakh as at 31 March 2026
- · Consolidated total equity fell to ₹11,26,155.96 Lakh from ₹14,30,486.18 Lakh as at 31 March 2026, with non-controlling interest down to ₹2,16,229.40 Lakh from ₹3,31,631.94 Lakh
- · Standalone cash and cash equivalents fell to ₹548.16 Lakh as at 30 September 2026 from ₹3,326.10 Lakh at 31 March 2026
- · 31 subsidiaries not reviewed by the auditor reflected total assets of Rs.22,97,152.40 lakh, total revenues of Rs. 84,309 lakh (quarter) and Rs. 1,61,056.84 lakh (half year), and net profit after tax of Rs. 45,024 lakh and Rs. 71,262.87 lakh respectively
- · NCLT Chennai Bench approved merger of six step-down subsidiaries into Astrea Real Estate Developers Private Limited w.e.f. 10 September 2026 (appointed date 1 October 2024)
- · NCLT approved selective reduction of equity share capital of Island Star Mall Developers Private Limited vide order dated 27 October 2026
30-10-2026
Aditya Birla Real Estate reported strong 1HFY27 total income growth of 309% YoY to INR355 crore, with Q2 income up 755% YoY to INR268 crore, and collections rising 39% YoY to INR1,465 crore. However, Q2 presales were only INR298 crore, and the company deferred the Worli Tower C launch to Q2 FY28, which management acknowledged may impact current presales and cause FY27 presales to fall short of last year's INR8,000 crore. The company remains net debt-free and reiterated its long-term presales target of INR15,000 crore by FY29.
- · Q2FY27 presales were INR298 crore, and management indicated FY27 presales will not reach INR8,000 crore.
- · Worli Tower C launch deferred to Q2 FY28, which may impact current presales.
- · Birla Arika saw INR114 crore of cancellations this quarter and INR120 crore over two quarters; Birla Pravaah had INR7 crore of cancellations.
- · Birla Mrida plotted development has seen a slowdown in sales, with only 160 plots sold.
- · Net debt is zero; company is open to gearing for acquisitions.
- · Commercial rental income target increased from INR150 crore to INR1,500 crore, with 1.3 million sq ft commercial development planned at Worli.
- · Century Bhavan redevelopment expected to add INR400-450 crore in annual rent.
- · Construction cost for FY27 expected at INR1,300 crore; commercial capex of INR1,400-1,500 crore over 4 years.
- · GRESB score: 95.9/100 for standing investments, 100/100 for development; global sector leader.
- · CARE improved BEPL's credit outlook from AA stable to AA positive.
30-10-2026
The Phoenix Mills Limited reported unaudited consolidated results for Q2/H1 FY27 (quarter and half year ended 30 September 2026). Consolidated revenue from operations rose 3.4% YoY to ₹1,15,280.65 Lakh in Q2 FY27 (vs ₹1,11,542.72 Lakh), while consolidated PAT after associates grew 11.2% YoY to ₹42,699.88 Lakh (vs ₹38,409.00 Lakh). However, performance was mixed: the Residential Business segment revenue collapsed 65.2% YoY to ₹6,075.59 Lakh (vs ₹17,452.79 Lakh) and Hospitality segment profit before interest and tax declined 4.9% YoY to ₹4,114.22 Lakh, while Property & Related Services revenue grew 16.1% YoY to ₹92,508.98 Lakh. Standalone net profit fell 1.7% YoY to ₹12,714.44 Lakh, dragged by a ₹1,215.00 Lakh exceptional charge and higher depreciation.
- · H1 FY27 consolidated revenue from operations ₹2,22,775.05 Lakh vs ₹2,06,841.25 Lakh in H1 FY25; consolidated PAT after associates ₹82,150.70 Lakh vs ₹70,494.75 Lakh.
- · Residential Business segment profit before interest & tax fell to ₹3,858.02 Lakh in Q2 FY27 from ₹11,663.11 Lakh YoY, though it recovered from a ₹(1,190.52) Lakh loss in Q1 FY27.
- · Consolidated finance cost rose to ₹10,316.14 Lakh in Q2 FY27 from ₹9,193.98 Lakh YoY; consolidated borrowings (non-current) increased to ₹5,54,379.17 Lakh as at 30 Sep 2026 from ₹4,70,440.38 Lakh as at 31 Mar 2026.
- · Consolidated total equity declined to ₹11,26,155.96 Lakh as at 30 Sep 2026 from ₹14,30,486.18 Lakh as at 31 Mar 2026, with non-controlling interest falling to ₹2,16,229.40 Lakh from ₹3,31,631.94 Lakh.
- · Standalone cash and cash equivalents fell to ₹548.16 Lakh as at 30 Sep 2026 from ₹3,326.10 Lakh at 31 Mar 2026.
- · NCLT Chennai Bench approved merger of six step-down subsidiaries into Astrea Real Estate Developers Private Limited w.e.f. appointed date 1 October 2024.
- · NCLT order dated 27 October 2026 approved selective reduction of equity share capital of Island Star Mall Developers; balance consideration to CPP Investments recognised as financial liability.
- · 31 subsidiaries not reviewed by statutory auditor, reflecting total assets of Rs.22,97,152.40 lakh, total revenues of Rs. 84,309 lakh (quarter) and Rs. 1,61,056.84 lakh (half year), and net profit after tax of Rs. 45,024 lakh and Rs. 71,262.87 lakh respectively.
- · Board approved results at meetings held 30 October 2026; auditor issued unmodified limited review conclusion.
Get daily alerts with 12 investment signals, 10 risk alerts, 9 opportunities and full AI analysis of all 12 filings
₹500/mo after a 14-day free trial — no credit card required. See pricing or explore intelligence streams.
More from: BSE Realty Real Estate Sector Regulatory Filings
October 22, 2026
BSE Realty Real Estate Sector Regulatory Filings — October 22, 2026
October 21, 2026
BSE Realty Real Estate Sector Regulatory Filings — October 21, 2026
October 19, 2026
BSE Realty Real Estate Sector Regulatory Filings — October 19, 2026
October 17, 2026
BSE Realty Real Estate Sector Regulatory Filings — October 17, 2026
🇮🇳 More from India
View all →October 23, 2026
India Pre-Market Regulatory Roundup — October 23, 2026
India Pre-Market Regulatory Roundup
October 23, 2026
India Quarterly Results BSE NSE Announcements — October 23, 2026
India Quarterly Results BSE NSE Announcements
October 23, 2026
India Upcoming Corporate Actions BSE NSE — October 23, 2026
India Upcoming Corporate Actions BSE NSE
October 23, 2026
India Merger Acquisition MCA Regulatory Filings — October 23, 2026
India Merger Acquisition MCA Regulatory Filings