Any current/future new fundraising through debt or equity?

As of the call, Arihant Superstructures Limited currently has net debt of around INR 685 crores and is comfortable with increasing this to around INR 750-800 crores in the near future. Out of this, INR 300 crores are unsecured loans payable flexibly, and secured debt is INR 385 crores, with comfort to sustain secured debt up to INR 500 crores. Future debt raising will mostly be for annuity assets like the Gymkhana and the hotel. There are no significant land acquisitions planned for FY '26, so limited need for fresh fundraising. The company prefers to fund expansions through internal accruals

Any current/future capex/capital investment/strategic investment?

Target capex for construction in FY '26 is around INR 650 crores. Limited new land acquisitions planned in FY '26; company feels it has sufficient land bank for projects over next 2-3 years. New debt primarily to be utilized for annuity assets such as the Gymkhana and the 5-star hotel linked with the World Villas project. Marketing spend for World Villas will continue at similar levels as last year to maintain visibility. No major fundraising planned; preference is to manage with existing debt capacity (comfortable up to INR 750-800 crores net debt). Focus on execution and completion of recent

Future growth expectations in sales/revenue/volumes?

The company targets a conservative growth of 20% to 25% in sales/revenue for FY '26 and beyond. Growth drivers include new project launches such as Arihant Avanti (third tower), Arihant Aspire Panvel (launch anticipated by Q2/Q3 FY '26), Arihant Aloki Kharghar (last two towers), and Arihant Anmol Badlapur (two buildings). Sustainable EBITDA margins of around 24%-25% are expected for FY '26, improving to 26%-27% as newer higher-margin projects contribute. Sales for premium projects are expected to increase, with average realization per sq. ft. rising from around INR 6,084 in FY '25 to INR

Future growth expectations in earnings/operating earnings/profits/EPS?

The company expects to sustain EBITDA margins around 24-25% in the coming quarters as new projects acquired over the last 2 years start contributing. EBITDA margins are projected to grow to around 26-27% once these projects fully contribute to revenue. Arihant Superstructures aims for a sales growth of 20-25% in FY '26, maintaining a conservative yet optimistic outlook. The guidance of 20-25% CAGR growth across presales, revenue, EBITDA, and PAT is being maintained for the coming year. Delay in growth last year was mainly due to environmental clearance issues causing halted constructio

Current/ Expected Orderbook/ Pending Orders?

The company’s total Gross Development Value (GDV) impacted by environmental clearance stays is approximately INR 2,600 crores. Sales bookings for FY 2025 stood at INR 889 crores with 1,568 units sold. New project launches planned in FY 2026 include phases at Arihant Avanti (Shilphata), Arihant Aspire (Panvel), Arihant Aloki (Kharghar), and Arihant Anmol (Badlapur). Construction halted on some projects like World Villas due to pending environmental clearances but sales continue. Expectation to resume construction for World Villas by Q2-Q3 FY 2026 with revenue recognition from Q4 FY 2026. No maj

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Arihant Superstructures LtdQ1 FY25Realty

Arihant Superstructures Ltd Q1 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹255P/E: 25.3Market Cap: ₹1.2K CrSector: Realty

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Order

Capex

Yes

1 of 5 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 2

→The company targets a conservative growth of 20% to 25% in sales/revenue for FY '26 and beyond.
→Growth drivers include new project launches such as Arihant Avanti (third tower), Arihant Aspire Panvel (launch anticipated by Q2/Q3 FY '26), Arihant Aloki Kharghar (last two towers), and Arihant Anmol Badlapur (two buildings).
→Sustainable EBITDA margins of around 24%-25% are expected for FY '26, improving to 26%-27% as newer higher-margin projects contribute.
→Sales for premium projects are expected to increase, with average realization per sq. ft. rising from around INR 6,084 in FY '25 to INR 6,500–6,700 in FY '26.
→Land acquisitions will be limited in FY '26, focusing on execution of existing land bank (~307 acres+).
→Environmental clearance issues currently delaying some projects (World Villas, Arihant Anaika, etc.) are expected to resolve by Q3 FY '26, enabling revenue recognition to resume by Q4 FY '26.
→Ongoing marketing spends will continue to boost visibility, especially for flagship projects like World Villas.

Margin guidance

Category 3

→The company expects to sustain EBITDA margins around 24-25% in the coming quarters as new projects acquired over the last 2 years start contributing.
→EBITDA margins are projected to grow to around 26-27% once these projects fully contribute to revenue.
→Arihant Superstructures aims for a sales growth of 20-25% in FY '26, maintaining a conservative yet optimistic outlook.
→The guidance of 20-25% CAGR growth across presales, revenue, EBITDA, and PAT is being maintained for the coming year.
→Delay in growth last year was mainly due to environmental clearance issues causing halted construction and delayed revenue recognition.
→Interest costs and employee expenses increased, impacting margins in the recent year, but these are expected to normalize as new projects generate cash flow.
→New project launches and ongoing projects, especially in affordable housing and premium segments, are expected to drive future earnings.

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Fundraise plans

→As of the call, Arihant Superstructures Limited currently has net debt of around INR 685 crores and is comfortable with increasing this to around INR 750-800 crores in the near future.
→Out of this, INR 300 crores are unsecured loans payable flexibly, and secured debt is INR 385 crores, with comfort to sustain secured debt up to INR 500 crores.
→Future debt raising will mostly be for annuity assets like the Gymkhana and the hotel.
→There are no significant land acquisitions planned for FY '26, so limited need for fresh fundraising.
→The company prefers to fund expansions through internal accruals and manageable debt rather than equity.
→No immediate plans for equity fundraising were mentioned.

Order book

→The company’s total Gross Development Value (GDV) impacted by environmental clearance stays is approximately INR 2,600 crores.
→Sales bookings for FY 2025 stood at INR 889 crores with 1,568 units sold.
→New project launches planned in FY 2026 include phases at Arihant Avanti (Shilphata), Arihant Aspire (Panvel), Arihant Aloki (Kharghar), and Arihant Anmol (Badlapur).
→Construction halted on some projects like World Villas due to pending environmental clearances but sales continue.
→Expectation to resume construction for World Villas by Q2-Q3 FY 2026 with revenue recognition from Q4 FY 2026.
→No major land acquisitions planned for FY 2026; focus is on executing existing land bank of over 307 acres.
→Capex target for FY 2026 is approximately INR 650 crores for construction activities.

Capex plans

Yes

→Target capex for construction in FY '26 is around INR 650 crores.
→Limited new land acquisitions planned in FY '26; company feels it has sufficient land bank for projects over next 2-3 years.
→New debt primarily to be utilized for annuity assets such as the Gymkhana and the 5-star hotel linked with the World Villas project.
→Marketing spend for World Villas will continue at similar levels as last year to maintain visibility.
→No major fundraising planned; preference is to manage with existing debt capacity (comfortable up to INR 750-800 crores net debt).
→Focus on execution and completion of recently acquired projects with healthy margins rather than aggressive expansion or acquisitions this year.

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