Veegaland highlights Rs 431 cr of unrecognised order-book revenue
Standalone net profit was Rs 9.72 cr, while management said construction progress would determine when the unrecognised revenue enters the P&L.
Filed 06 Oct 2026, 15:04 IST · VEEGALAND (VEEGALAND)
Key takeaways
- Management said the order book includes Rs 431 cr of unrecognised revenue that is expected to enter the P&L as construction progresses.
- Standalone operating margin was 17.51%, while Rs 1.30 cr of other income remained modest relative to Rs 12.99 cr of profit before tax.
- The company booked 1,46,786 sq ft in the quarter and launched the Rs 150 cr Amora residential project in Maradu, Kochi.
Standalone profit was largely operating-led
Veegaland reported standalone revenue of Rs 74.32 cr and operating profit of Rs 13.01 cr in Q1FY27, implying a 17.51% operating margin. The gap between operating profit and profit before tax was limited, with interest at Rs 1.10 cr and depreciation at Rs 0.22 cr. Other income was Rs 1.30 cr against profit before tax of Rs 12.99 cr, so it did not dominate reported earnings.
Bookings and project additions support the development pipeline
The company said it booked 1,46,786 sq ft during the quarter. Management said the portfolio has 12 ongoing and three upcoming projects, and highlighted the launch of Amora in Maradu, Kochi, with an estimated developable value of Rs 150 cr. The project is positioned in the premium segment with 3 BHK and 3 BHK-plus-study configurations.
Order-book revenue recognition remains tied to construction progress
The presentation puts total order value at Rs 910 cr, including Rs 431 cr of unrecognised revenue. Management said this unrecognised amount is expected to flow into the P&L over time as construction advances under the percentage-of-completion method. Tax was Rs 3.27 cr at a 25.14% tax rate, so the quarter's net profit of Rs 9.72 cr was not driven by a low reported tax rate.
Q1FY27 at a glance
Standalone figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q1FY27 |
|---|---|
| Revenue | ₹74 cr |
| Other income | ₹1 cr |
| Expenses | ₹61 cr |
| Operating profit | ₹13 cr |
| Operating margin (%) | 17.51% |
| Interest | ₹1 cr |
| Depreciation | ₹0 cr |
| Profit before tax | ₹13 cr |
| Tax | ₹3 cr |
| Net profit | ₹10 cr |
| EPS (₹) | ₹2.88 |
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 booked 1,46,786 square feet during the quarter.
Guidance & outlook
- The company says its order book provides strong revenue visibility, with ₹431 crore of unrecognised revenue.
- The company expects unrecognised revenue to flow into the P&L as construction progresses.
Expansion
- Veegaland launched the Amora project in Maradu, Kochi, with an estimated developable value of ₹150 crore.
- The company has 12 ongoing and three upcoming projects in its portfolio.
New products
- Veegaland launched Amora, a premium residential project in Maradu, Kochi, offering 3 BHK and 3 BHK plus study configurations.
What to watch
- Recognition of the Rs 431 cr unrecognised revenue as construction progresses.
- The next reported operating margin against 17.51%.
- Quarterly bookings compared with the 1,46,786 sq ft booked in Q1FY27.