Puravankara Limited has posted a strong financial turnaround for the third quarter of FY26, ending two consecutive quarters of losses. In Q3FY26, Puravankara reported a Profit After Tax (PAT) of ₹58.48 crore, compared to a loss of ₹94 crore in Q3FY25, underscoring a sharp recovery driven by improved execution, project completions and operating discipline. The company's total revenue also surged, with Bengaluru-based real estate developer Puravankara Ltd reporting a consolidated net profit of Rs 58.48 crore for the third quarter of fiscal 2026 ended in December, compared to a loss of Rs 93.73 crore in the same period last year, on revenue that rose 231% year-on-year to over ₹1,100 crore.
The recovery follows a rough patch earlier in the fiscal year. This single quarter's performance has meaningfully offset a large part of the cumulative losses recorded in the previous two quarters, primarily due to handover delays in H1FY26 arising from regulatory transitions, including e-Khata implementation and by-law changes. Those disruptions had earlier pushed the company into the red, with Puravankara reporting a net loss of Rs 68.55 crore in the first quarter of the financial year 2026 ended 30 June, as compared to a net profit of Rs 14.78 crore in the same quarter the previous year, on the back of a dip in handovers and sales due to regulatory changes.
Collections and pre-sales momentum were central to the Q3 rebound. The company reported an increase in customer collections by 22 per cent year-on-year to ₹1,140 crore, which the earnings call described as an all-time quarterly high of INR1,140 crores. On the sales side, sales value grew 17 per cent YoY, supported by sustained demand across key markets and strong price realisations, while average realization improved by 12% year-on-year to Rs. 9,500 per square foot.
Delivery execution also picked up pace in the quarter. In the quarter, about 1,116 homes were handed over, covering 1.23 million square feet, taking the nine-month tally to cumulative handovers of 2,446 homes aggregating 2.58 million sq. ft., reaffirming the Company's focus on timely delivery and customer commitments. Profitability metrics improved sharply too, with the earnings call noting that the EBITDA margin reaching 23% in Q3 FY'26, up from 10% in Q3 FY'25.
Management struck a confident tone on the outlook. Commenting on the results, Ashish Puravankara, Managing Director, Puravankara Limited, said the return to profitability in Q3 reflects the underlying strength of our business and the momentum we are building across execution, sales and cash flows, adding that improved realisations and timely project deliveries have translated into strong revenue growth and a meaningful recovery in profitability, marking a clear inflection point in the earnings trajectory. Balance sheet metrics also strengthened during the quarter, with net debt at approximately INR2,482 crores as of December 31, 2025, translating to a net debt-to-equity ratio of 1.47x, after the company reduced gross debt by INR35 crores and net debt by INR244 crores during the quarter, while cash and bank balances remained strong at INR1,082 crores.
Looking ahead, the company is signalling an aggressive launch pipeline. During 9MFY26, Puravankara expanded its development pipeline by adding over 12.7 million square feet of potential developable area, with an estimated gross development value of around Rs 13,900 crore, spanning key markets such as Bengaluru and Mumbai. For the near term, for Q4 FY26, the company plans to launch projects worth approximately Rs. 6,700 crore across Mumbai and Bengaluru markets.
For homebuyers, this turnaround carries practical significance. A developer generating higher collections and reducing debt is typically better positioned to fund construction on schedule, reducing risk of the very handover delays that dented Puravankara's own H1 FY26 numbers. With commercial assets also nearing completion — the Zentech project has sold 127,000 square feet and leased 90,000 square feet to IKEA, and both Zentech and Aerocity projects are expected to receive occupation certificates by end of March 2026 — the broader portfolio appears to be gaining operational momentum heading into FY27.
