Puravankara's operating margin beats peers, but interest limits profit
Other income exceeded profit before tax and the 3.04% tax rate supported net profit of Rs 25.23 cr.
Filed 14 Aug 2026, 16:30 IST · after market close · Puravankara Ltd (PURVA)
Key takeaways
- Consolidated operating profit of Rs 188.64 cr produced a 22.23% margin, 9.36 percentage points above the 12.87% median for 180 reported sector peers.
- Interest of Rs 178.94 cr absorbed most of operating profit, leaving profit before tax at Rs 26.02 cr despite Rs 28.39 cr of other income.
- Management said Q1FY27 land acquisitions in Bengaluru carried estimated GDV of Rs 5,200 cr, while the future launch pipeline spans 9.24 msft across 11 projects.
Price around the results
Operating performance led the quarter
Puravankara reported consolidated operating profit of Rs 188.64 cr on revenue of Rs 848.72 cr, resulting in a 22.23% operating margin. The margin was 9.36 percentage points above the 12.87% median among 180 Consumer Discretionary peers that had reported the quarter. With no sequential or year-on-year comparison provided, the quarter's operating position is best assessed against this sector benchmark.
Financing costs diluted operating earnings
Interest expense of Rs 178.94 cr nearly offset operating profit of Rs 188.64 cr, while depreciation added Rs 12.07 cr of further pressure before tax. Other income of Rs 28.39 cr was higher than profit before tax of Rs 26.02 cr, indicating that reported pre-tax earnings were not solely operating-driven. The 3.04% tax rate also supported net profit of Rs 25.23 cr.
Bengaluru acquisitions expand the launch pipeline
Management said the company completed four Bengaluru land acquisitions in Q1FY27 with estimated GDV of Rs 5,200 cr. It also said Westend is expected to launch in Q2FY27 with 0.26 msft of new developable area, followed by Bellandur in Q4FY27 with 0.44 msft. The presentation identifies a future launch pipeline of 9.24 msft across 11 projects and estimated surplus of Rs 19,831 cr across ongoing, pipeline and commercial projects.
Results were filed after market close
The results were filed after market close, so there is no reported market reaction to assess. The stock's response and whether it differs from its historical reaction pattern can be reviewed once trading data is available.
Q1FY27 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q1FY27 |
|---|---|
| Revenue | ₹849 cr |
| Other income | ₹28 cr |
| Expenses | ₹660 cr |
| Operating profit | ₹189 cr |
| Operating margin (%) | 22.23% |
| Interest | ₹179 cr |
| Depreciation | ₹12 cr |
| Profit before tax | ₹26 cr |
| Tax | ₹1 cr |
| Net profit | ₹25 cr |
| EPS (₹) | ₹1.22 |
Operating margin of 22.23% compares with a Consumer Discretionary sector median of 12.87% across 180 peers that have reported Q1FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- The company launched Emerald Bay Tower B12 in Pune during Q1 FY27, opening 0.13 msft of new developable area.
- The company completed 1.72 msft across projects in Pune, Mumbai and Goa during Q1 FY27.
Guidance & outlook
- Bellandur, Bengaluru is expected to launch in Q4FY27 with 0.44 msft of new developable area.
- Westend, Bengaluru is expected to launch in Q2FY27 with 0.26 msft of new developable area.
- The company projects total estimated surplus of ₹19,831 crore from ongoing, pipeline and commercial projects.
Expansion
- Q1 FY27 land acquisitions comprised four Bengaluru transactions with estimated GDV of ₹5,200 crore.
- The future launch pipeline contains 9.24 msft of developable area across 11 projects.
What to watch
- Whether operating margin remains above the 12.87% sector median.
- Whether interest expense stays close to the Rs 188.64 cr operating-profit level.
- Progress on the Westend launch expected in Q2FY27 and its planned 0.26 msft of developable area.