Arihant Superstructures LtdQ4 FY26Realty

Arihant Superstructures Ltd

Q4 FY26 Earnings Call Analysis

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Revenue guidance

Category 2

→FY '25 Revenue Growth: Expected around 20% growth over FY '24 revenue of INR511 crores.
→FY '26 Revenue Growth: Projected CAGR of 26%, indicating strong growth momentum.
→Q4 FY '25 Deliveries: Anticipated to be around INR250 crores, driven by multiple projects reaching the 10% completion threshold.
→Pre-sales Guidance: INR1,200 crores for FY '25 and INR1,550 to INR1,600 crores for FY '26.
→EBITDA Margins: Targeting around 30%-33% EBITDA margin at project level, with company-level EBITDA margins expected to improve from 23% last year.
→Ongoing and forthcoming project momentum supported by new land acquisitions (87+ acres added in current financial year) and increased capital availability.
→Real estate market sentiment remains positive, boosted by infrastructure projects like Navi Mumbai Airport and metro expansions, expected to sustain demand across affordable, mid-income, and premium housing segments.

Category 3

→Q3 FY '25 reported a consolidated revenue of INR151 crores, up 26% YoY, and EBITDA of INR43 crores, up 66% YoY, indicating strong growth momentum.
→EBITDA margin hit a record high for the company at 28% in Q3 FY '25.
→Profit Before Tax increased by 77% YoY to INR33.34 crores; Profit After Tax was up 63% YoY at INR25.4 crores.
→Guidance for FY '25 revenue growth is around 20% over INR511 crores of FY '24.
→For FY '26, a revenue CAGR growth target of 26% is expected.
→Project-level EBITDA margins targeted at 30%-33%; achieved 28% in Q3 FY '25 and aiming to maintain/improve.
→Pre-sales guidance: INR1,200 crores for FY '25 and INR1,550-1,600 crores for FY '26, supporting future cash flows and profitability.
→Debt repayments to start from FY '27, with interest capitalization on ongoing projects enhancing near-term P&L.
→New project launches and strong demand across premium, mid-income, and affordable segments underpin growth.

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Yes

→No explicit mention of new debt fundraising going forward; existing debt was primarily taken for land acquisitions.
→The company aims to rely on customer sales and internal accruals for funding project developments, minimizing additional debt.
→There was a preference share capital infusion plan of INR 25 crores in the hotel subsidiary Dwellcons, with INR 5 crores expected to convert into equity in Q4 FY '25.
→Promoter funds contributed significantly to unsecured debt, with an average cost of 13% per annum, but no mention of fresh fundraising from external lenders.
→Credit rating has been obtained (BBB- stable outlook), and efforts are ongoing to improve the rating, which may support future financing if needed.
→No direct indication of immediate equity fundraising apart from the preference share infusion in the subsidiary.

→Current GDV (Gross Development Value) stands at INR 12,500 crores.
→Portfolio includes 307 acres of land as of December 2024, up from 220 acres in April 2024.
→Recent land acquisitions: 23 acres at Chowk for Town Villas (GDV potential INR 2,500 crores) and 11-acre addition to World Villas.
→Approx. 75%-80% of the GDV expected to be completed in 5 years, balance in 2 years thereafter.
→Around 57% of GDV (INR 7,000+ crores) is concentrated in the Navi Mumbai Airport Panvel area.
→16% of ongoing/forthcoming projects are under asset-light models (JV, JDA, redevelopment).
→The company aims for 20% growth in revenue for FY '25 and a CAGR of 26% for FY '26 onwards.
→Multiple projects are nearing revenue recognition as they cross the 10% completion threshold.

Yes

→For FY '25, Arihant Superstructures plans capex of around INR 25-30 crores focused on three major luxury projects: World Villas, Club 10 Gymkhana, and a 5-star hotel.
→Construction work has started on World Villas and Club 10; excavation work has begun for the hotel.
→The World Villas and Club 10 projects have a development timeline of about 2 years, targeting first deliveries by December 2026.
→The Club 10 Gymkhana is expected to be completed by calendar year 2027.
→The 5-star hotel is anticipated to be ready by March 2028.
→Credit facilities are available from SBI to support the capex from FY '26 onwards.
→Preference share capital infusion of INR 25 crores planned into hotel subsidiary Dwellcons, with a portion converting into equity in Q4 FY '25.

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