This article first appeared on GuruFocus .
Release Date: February 11, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Arvind SmartSpaces Ltd ( BOM:539301 ) reported its highest ever 9-month bookings and collections, with bookings improving by 5% year-on-year to INR 938 crores.
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The company has a strong project pipeline with new projects in Bangalore, Ahmedabad, and Vastrapur, enhancing its vertical development portfolio.
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Sustenance sales have become a meaningful contributor to overall bookings, adding stability and predictability to sales and cash flows.
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The company maintains a strong balance sheet with a net debt of INR 79 crores as of December 31, 2025, reflecting robust financial health.
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Arvind SmartSpaces Ltd ( BOM:539301 ) is actively expanding its portfolio in high-quality micromarkets with disciplined capital deployment, indicating strategic growth.
Negative Points
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Revenue for the 9 months was reported at INR 409 crores, down from INR 550 crores in the previous year, indicating a decline in revenue generation.
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EBITDA for the 9 months stood at INR 100 crores, compared to INR 150 crores last year, showing a decrease in profitability.
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The company faces challenges with regulatory approvals, particularly in Bangalore, which has slowed down project launches.
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There is a noted slowdown in the broader real estate market, with some participants lowering their guidance, which could impact future sales.
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The transition in leadership, with Kamal Singhal stepping down as managing director, may pose challenges in maintaining strategic continuity.
Q & A Highlights
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Warning! GuruFocus has detected 8 Warning Signs with BOM:539301.
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Q: Can you provide details on the GDP of launches in the first nine months of FY26 and the sales proportion at launch? A: We launched Everland in Q2 with about INR 500 crores of inventory, achieving 90% sales within three months. Other launches are planned for Q4, including projects in Baroda and Ahmedabad. We expect to launch around INR 1,500 crores of inventory in Q4, with a typical sales rate of 30-40% at launch. CEO, Mr. Prayanj Kapoor
Q: How should we view the presales guidance and business development (BD) targets? A: We maintain our sales guidance of INR 1,600-1,700 crores, considering different asset classes and the upcoming industrial project. For BD, we have achieved INR 2,510 crores and aim for INR 3.5-4,000 crores. The mix will be 60-70% JD, with recent acquisitions being outright to balance the portfolio. CEO, Mr. Prayanj Kapoor
Q: Are there any concerns about a slowdown in the industry, particularly in Bangalore? A: While the market isn't showing euphoric growth, the opportunity remains significant. Approval processes in Bangalore have been slower due to regulatory changes, but we expect momentum to improve. We plan to launch one project in Bangalore by the end of the financial year. CEO, Mr. Prayanj Kapoor
Q: What is the expected impact of the new labor codes on profitability? A: We have assessed the impact and taken a provision of INR 2.59 crores for the quarter ending December. The impact on our P&L is about 1.5% for the quarter. CFO, Mr. Ahmed Jamaria
Q: How does Arvind SmartSpaces plan to handle potential market slowdowns, especially with IT sector challenges? A: We focus on cash flow and velocity rather than banking land. Our strategy includes market diversification across Gujarat, Mumbai, and Bangalore, and asset diversification. We remain confident in our brand and execution capabilities to navigate market challenges. Chairman, Mr. Kulleen Lalbai
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
