PURVA
Micro CapPuravankara Limited
Real Estate
Puravankara Limited is an Indian real estate developer primarily focused on residential projects across South and West India. The company also develops commercial assets and is exploring diversification into new growth verticals like data centers and warehousing. It reported its highest ever quarterly and annual sales performance in FY26.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 55/100Rev +177% YoY · margin expansion · +41% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,502 Cr | +177.1% | +40.5% |
| EBITDA | ₹301 Cr | +903.3% | +37.4% |
| Operating margin | 20.0% | +1400 bps | +0 bps |
| PAT | ₹110 Cr | NDF | +89.7% |
| PAT margin | 7.3% | +2356 bps | +189 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Puravankara reports record Q4 and FY26 presales, up 190% YoY and 55% YoY respectively, driven by new launches and improved realizations. Net debt declined sequentially, and the company provided strong FY27 guidance.
Puravankara delivered robust operational performance in Q4 FY26, achieving record presales and strong growth in collections and realizations. The significant project pipeline additions and ambitious FY27 guidance for presales and debt reduction are positive. However, the high interest cost and historical launch slippages warrant close monitoring.
New Project Launches
Successful new launches like Purva Northern Lights and Purva Estrella drove Q4 FY26 presales.
Robust Business Development
Added six new projects across key markets, including Mumbai and Bengaluru, with over 12 million square feet of potential development area.
Premium & High-Value Housing Demand
Buyer preference continues to shift towards premium and high-value housing, accounting for nearly 53% of overall residential sales.
Brand Strength in Key Markets
Company brand played a key role in achieving strong numbers in Mumbai, alongside product design and asset identification.
New Projects Added (FY26)
Added six new projects with approximately over 12 million square feet of potential development area and estimated GDV of around INR15,200 crores.
Mumbai Redevelopment Projects
Secured Chembur (1.2 msf, GDV INR2,100 crores) and Malabar Hills (0.7 msf, GDV INR2,700 crores) redevelopment opportunities.
Bengaluru Joint Development Projects
Added projects in Hennur Road (0.84 msf, GDV INR1,300 crores), Balagere (0.85 msf, GDV INR1,000 crores), Attibele (6.4 msf, GDV INR4,800 crores), and Northern Bangalore (3.48 msf, GDV INR3,300 crores).
Commercial Asset Commissioning
Received OC for Aerocity; Zentech OC expected any time this month.
Strong Macroeconomic Fundamentals
India's economy remained resilient with real GDP growth estimated at 7.6% in FY25-26, supported by strong domestic demand and investment.
Improving Infrastructure & Demographics
Outlook for the real estate sector remains positive, supported by improving infrastructure and favorable demographics.
Shift to Premium Housing
Buyer preference continues to shift towards premium and high-value housing, reflecting sustained demand for larger and lifestyle-oriented developments.
Potential NRI Investment
Rupee depreciation should encourage people to put more money into India, coupled with global uncertainties.
Global Uncertainties
Geopolitical conditions in West Asia may lead to higher energy prices, supply chain disruption, and increased logistics costs.
Moderation in GDP Growth
RBI has projected a GDP growth of 6.9% for FY26-27 compared to 7.6% in FY25-26, indicating a moderation.
Rising Construction Costs
Witnessing some 6% to 7% construction costs going up because of recent diesel price increases.
Project Launch Slippages
Historically, there have been some slippages in launching projects due to delays in approvals and changing planning parameters.
High Interest Expenses
Annual interest cost increased to INR600+ crores, implying a 15% interest cost on gross debt, which management attributes to business development debt.
Uncertainty in NRI Behavior
Global uncertainties could lead to some uncertainties about NRI earnings outside the country, potentially impacting investment decisions.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing overall growth and market traction in the real estate sector, especially for annual performance. QoQ comparison is relevant for understanding sequential momentum from new project launches and immediate impact on collections and debt management.
Presales (Q4 FY26)
INR3,547 crores, registering a strong growth of 190% year-on-year and 151% sequentially.
Presales (FY26)
INR7,407 crores, reflecting a robust year-on-year growth of 55%.
Customer Collections (Q4 FY26)
INR1,213 crores, up 36% year-on-year.
Customer Collections (FY26)
INR4,258 crores, reflecting a growth of 15% year-on-year.
FY26-27 Presales Guidance
Targeting a presales value of approximately INR11,200 crores for FY26-27, with 48% from sustained sales and 52% from new launches.
FY26-27 Debt Reduction Target
Targeting a debt reduction of approximately INR750 crores for FY26-27, excluding incremental borrowing for strategic business development.
Diversification into New Verticals
Looking at growth verticals like data centers, warehousing, and retail, open to opportunities that meet requisite benchmark IRR rates.
Geographical Expansion
Looking at NCR (Delhi, Noida, Gurgaon) as an expansion strategy for the business.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| FY26-27 Presales Target | FY26 presales: INR7,407 crores | Achievement of the INR11,200 crores presales target for FY26-27, particularly the contribution from new launches. |
| Net Debt Reduction | Net debt as of March 31, 2026: INR2,321 crores | Progress towards the targeted INR750 crores debt reduction in FY26-27, excluding strategic business development borrowings. |
| Launch Pipeline Execution | Planned launch pipeline: 14.85 million square feet inventory with GDV of INR22,547 crores. | Timely launch of key projects, especially Bandra (Dusshera to Diwali launch period), and overall execution of the 21 msf launch guidance. |
| Commercial Leasing Traction | Aerocity OC received, Zentech 44% leased/sold. | Conversion of significant RFPs into large deals for Aerocity and continued leasing momentum in Zentech. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
42NeutralSMA20 -3.2% / mo
Technical chart
PURVAweekly · 3Y-50.5%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 45.
- SMA20 falling (~3.3% over last month) — short-term momentum negative.
- RSI(14) at 45 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 31% off 52W high · 30% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Growth contributes 17/25 to the score.
- Cash flow contributes 5/10 to the score.
- Valuation contributes 3/30 to the score.
Main drags
- Altman Z is 0.7, in distress territory.
- Fair-value margin of safety is negative at -135.2%.
- Balance sheet is weaker at 0/15; verify the latest quarterly trend.
Real estate valuation: NAV, pre-sales, debt, and inventory quality
Real estate valuation depends more on project economics and balance sheet than simple PE.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 15th percentile of the scored universe and 21st percentile within Real Estate. Main check: balance sheet trust is weak at 8/100.
Mixed Trust Lite: Promoter holding is 75%. Key concern: Debt/equity is 2.78.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Real Estate: 21st pctile, median 61 · Micro: 10th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 75%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.6%.
- ▸9 years of positive FCF.
Trust risks
- ▸Debt/equity is 2.78.
- ▸Altman Z is 0.80.
- ▸2 recent quarters had PAT decline worse than 25% YoY.
- ▸Interest coverage is 1.0x.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 75.70
- P/B
- 2.69
- EV/EBITDA
- 14.21
- Market Cap
- 4824.00Cr
Profitability
- ROE
- 3.62%
- ROCE
- 11.20%
- ROA
- 0.33%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 31.00%
- EPS 5Y
- 78.00%
- Revenue 3Y
- 45.00%
- EPS 3Y
- 3.00%
Balance Sheet
- Debt/Equity
- 3.13
- Interest Coverage
- 1.02×
- Altman Z
- 0.71
- Book Value
- 75.40
Cash Flow
- FCF Yield
- 1.74%
- FCF Positive Y
- 9/5
- OCF
- 345.00 Cr
- EPS TTM
- 2.69
Shareholding
- Promoter Hold
- 75.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 25%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Real Estate — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.