Pranav Constructions : First listed quarter shows higher sales and profit
Think of Pranav Constructions as a Mumbai rebuild specialist that redevelops old housing societies in the western suburbs, giving residents new rehab flats and selling the extra flats. On 30 October 2026 it filed its first results as a listed company, with unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026 . Consolidated revenue was Rs 339.00 crore in H1 FY27 with profit after tax of Rs 30.93 crore, while the September IPO funded repayment of Rs 91.50 crore of borrowings . The takeaway is growth with a cleaner balance sheet, but the next leg depends on converting cash into approvals and launches.
Q2 and H1 in one view
Total income tracked revenue closely because other income stayed tiny. The table below shows the sequential and year-on-year comparison for revenue, income, costs and profit .
Source: .
| Consolidated P and L, Rs crore | Q2 FY26 | Q1 FY27 | Q2 FY27 | H1 FY26 | H1 FY27 | FY26 full year |
|---|---|---|---|---|---|---|
| Revenue from operations | 162.67 | 164.54 | 174.46 | 304.83 | 339.00 | 761.60 |
| Total income | 162.94 | 164.96 | 174.94 | 305.64 | 339.90 | 763.93 |
| Total expenses | 149.13 | 146.42 | 153.50 | 278.97 | 299.92 | 669.99 |
| Profit before tax | 13.81 | 18.55 | 21.43 | 26.67 | 39.98 | 93.94 |
| Profit for the period | 10.76 | 14.38 | 16.55 | 20.63 | 30.93 | 71.32 |
| Basic EPS in Rs | 1.23 | 1.65 | 1.81 | 2.37 | 3.46 | 8.18 |
Profit rose both sequentially and year on year. Basic and diluted earnings per share reflect the expanded post-IPO capital .
The cost structure shows the redevelopment cycle at work. A charge for inventory drawdown replaced the year-ago credit as completed stock was recognised as sales, while staff, depreciation and other overheads stayed contained .
Source: .
| Cost line, Rs crore | Q2 FY27 | H1 FY27 |
|---|---|---|
| Cost of projects | 114.88 | 226.13 |
| Changes in inventories of finished goods and work in progress | 17.31 | 29.86 |
| Employee benefits expense | 7.69 | 15.04 |
| Depreciation and amortisation | 1.01 | 2.00 |
| Other expenses | 4.01 | 8.10 |
Finance costs fell to Rs 8.60 crore in Q2 FY27 from Rs 10.19 crore in Q1 FY27. H1 finance costs were Rs 18.79 crore against Rs 15.65 crore a year earlier .
Standalone numbers are almost identical to consolidated. Standalone revenue and profit match the group because the two subsidiaries are very small .
The company says it operates in a single reportable segment of real estate development confined to India . The statutory auditor carried out a limited review and expressed an unmodified conclusion, with results approved on 30 October 2026 .
Growth sits on a longer climb in sales and margins
The Q1 FY27 investor presentation puts H1 in context as a continuation of rising revenue with faster EBITDA growth and margin expansion .
Source: .
| Rs crore and percent | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue from operations | 447.50 | 636.30 | 761.60 | 164.50 |
| EBITDA | 57.50 | 96.60 | 128.50 | 29.30 |
| EBITDA margin | 12.85 | 15.18 | 16.87 | 17.81 |
| Profit after tax | 39.60 | 62.30 | 71.30 | 14.40 |
| PAT margin | 8.85 | 9.79 | 9.36 | 8.75 |
Q2 FY27 held that margin level. EBITDA edged up sequentially while EBITDA margin eased slightly and net margin improved . The table below includes other income, so Q1 FY27 EBITDA is Rs 29.72 crore (18.1%) here against Rs 29.30 crore (17.81%) in the company presentation above.
Source: .
| Consolidated, Rs crore and percent | Q1 FY27 | Q2 FY27 |
|---|---|---|
| EBITDA | 29.72 | 31.04 |
| EBITDA margin | 18.1 | 17.8 |
| Net margin | 8.7 | 9.5 |
Management links momentum to execution on a substantially pre-sold book, higher realisation and construction-linked collections .
Source: .
| Q1 operational, Rs crore, sq ft and Rs per sq ft | Q1 FY26 | Q1 FY27 |
|---|---|---|
| Pre-sales value | 109.50 | 89.70 |
| Pre-sales area | 29446 | 22697 |
| Average realisation | 37187 | 39521 |
| Collections | 74.30 | 93.80 |
Pre-sales value fell as area sold fell, but realisation rose 6.3 percent year on year and collections rose 26 percent on construction-linked milestones .
In Q1 it added 2 new redevelopment projects at Sion and Kandivali with 1.40 lakh sq ft of developable area. It also launched a new project in Santacruz West and completed Lakshman Tower in Borivali West with receipt of occupation certificate .
It expects momentum to strengthen in the second half with 5 launches planned for the balance of FY27. It notes the second half has historically been stronger for Mumbai on festive demand, post-monsoon activity and higher registrations .
IPO terms and where the money has gone
The offer comprised a fresh issue and an offer for sale at the same price and face value, with listing in mid-September. Paid-up equity capital rose after the fresh issue, and net equity inflow after expenses supported deleveraging .
Source: .
| IPO term | Detail |
|---|---|
| Total shares | 28308481 |
| Fresh issue shares | 25451612 |
| Offer for sale shares | 2856869 |
| Face value in Rs | 10 |
| Issue price in Rs | 124 |
| Gross fresh proceeds in Rs crore | 315.60 |
| Offer for sale in Rs crore | 35.43 |
| Listing date | 15 September 2026 |
| Exchanges | BSE and NSE |
Utilisation to 30 September 2026 shows the Rs 91.50 crore debt-repayment allocation fully used (borrowings still stood at Rs 136.97 crore at end-September), but project spending has barely started .
Source: .
| IPO object, Rs crore | Planned | Utilised to 30 Sep 2026 | Unutilised |
|---|---|---|---|
| Approvals, additional FSI, alternate accommodation and hardship compensation for under-construction and upcoming projects | 145.72 | 3.29 | 142.43 |
| Repayment or pre-payment of borrowings | 91.50 | 91.50 | 0.00 |
| Future project acquisition and general corporate purposes | 42.57 | 17.27 | 25.31 |
| Net proceeds | 279.79 | 112.05 | 167.74 |
| Issue expenses | 35.81 | 22.74 | 13.07 |
| Gross proceeds | 315.60 | 134.79 | 180.81 |
Unutilised balances were held as Rs 8.19 crore in escrow, Rs 172.44 crore in the monitoring account and Rs 0.39 crore in the company current account, with the small excess explained as interest earned .
Balance sheet reset after listing
Fresh capital lifted equity and assets while borrowings fell. The snapshot below compares March-end with end-September on a consolidated basis .
Source: .
| Consolidated balance sheet, Rs crore | 31 Mar 2026 | 30 Sep 2026 |
|---|---|---|
| Total equity attributable to owners | 246.70 | 564.19 |
| Total assets | 1799.19 | 2135.54 |
| Current borrowings | 253.44 | 133.09 |
| Non-current borrowings | 5.01 | 3.88 |
| Cash and cash equivalents | 17.85 | 190.11 |
| Other current assets | 1541.41 | 1735.67 |
| Inventories | 143.85 | 113.99 |
| Trade receivables | 62.48 | 59.83 |
| Other current liabilities | 923.26 | 1047.90 |
H1 proceeds from borrowings were Rs 47.86 crore against repayments of Rs 169.32 crore . The cut matters because borrowings had funded growth before listing.
Source: .
| Pre-IPO leverage, Rs crore and times | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total borrowings | 99.40 | 196.50 | 258.40 |
| Finance costs | 18.00 | 23.30 | 32.70 |
| Debt to equity | 1.18 | 1.15 | 1.08 |
Cash jumped largely on the parked IPO balance, while other current assets remained the largest block for this model . Inventories fell as stock was sold and receivables eased.
Funding from customers and contractors continued alongside equity. Trade payables to other creditors were Rs 343.48 crore .
Cash flow ties it together. H1 profit before tax was Rs 39.98 crore but net operating cash was only Rs 13.31 crore after a Rs 311.66 crore build in loans, other financial assets and other assets, partly offset by amortisation of development rights and higher payables and other liabilities . The H1 cash build therefore depended on financing inflows.
What has to fire next
As of 30 June 2026 the company described itself as a pure-play redeveloper with 2050 plus units supplied across 38 projects .
Source: .
| Portfolio as of 30 Jun 2026 | Projects | Developable area in million sq ft |
|---|---|---|
| Completed | 29 | 1.47 |
| Under-construction | 20 | 1.66 |
| Upcoming | 18 | 2.01 |
Under-construction projects totalled 1658530 sq ft of developable area with 497004 sq ft of free-sale carpet excluding rehab. Gross development value was Rs 1657.34 crore at prevailing prices without escalation, led by Santacruz and Malad .
Upcoming projects totalled 2014069 sq ft developable with 579872 sq ft sale carpet. Value was Rs 2126.87 crore on the same price basis, split by launch window as below with timelines subject to regulatory approvals .
Source: .
| Upcoming launches | Projects | GDV in Rs crore |
|---|---|---|
| Balance FY27, Jul 2026 to Mar 2027 | 5 | 713.94 |
| FY28, Apr 2027 to Mar 2028 | 13 | 1412.93 |
Management frames asset-light redevelopment as reducing upfront land cost and interest cost. It says the approach accelerates cycles and allows faster recycling of a limited capital pool into more society bids .
It says FSI is secured during the initial construction phase to avoid delays, with in-house legal and liaison support for civic approvals. It cites in-house teams across business development, architecture, sales and construction, plus modelling, quality software and ERP to cut timelines and costs .
In that context, the Rs 142.43 crore still earmarked for approvals, FSI and member compensation on under-construction and upcoming projects, and the Rs 25.31 crore for acquiring new redevelopment projects and general corporate purposes, sit behind the 5 plus 13 launch pipeline that must convert pre-sales and collections into reported revenue .
---
Sources
- 1 We are hereby submitting the Integrated Filing (Financial) for the quarter and half year ended 30th September, 2026
- 2 Investor presentation, 2026-10-02
- 3 Pranav Constructions Ltd — historical financial matrix and financial statement analysis