ABREL posts ₹918 Cr PAT on pulp-paper exit gain; core realty swings to ₹143 Cr profit

Aditya Birla Real Estate (formerly Century Textiles), on a consolidated basis — the primary figure here — reported net profit of ₹918.70 Cr for Q2 FY27, against losses of ₹34.59 Cr in Q1 FY27 and ₹17.82 Cr in Q2 FY26. The headline swing is dominated by a ₹868.12 Cr exceptional gain recognised under discontinued operations on completion of the sale of the Pulp & Paper business to ITC Limited for ₹3,476 Cr consideration during the quarter. Standalone PAT was ₹838.64 Cr, about 9.6% below consolidated, the gap reflecting subsidiary-level real estate profit and ₹60.20 Cr attributable to non-controlling interests. No analyst consensus PAT estimate for the quarter could be located, so the print cannot be graded against the Street; no management press release/commentary on this result was available to quote. Strip out the one-off and the underlying picture is still a genuine turnaround: continuing operations (Real Estate, now the company's sole ongoing segment) swung to a profit of ₹143.31 Cr from losses of ₹66.96 Cr last quarter and ₹73.10 Cr a year ago. This was driven by a sharp jump in Real Estate segment revenue to ₹809.93 Cr from ₹171.99 Cr (Q1 FY27) and ₹83.14 Cr (Q2 FY26) — consistent with Indian real estate's completion-based revenue recognition, where quarterly topline is lumpy around project possessions rather than steady. Segment result (pre-finance-cost) followed the same arc, turning positive at ₹151.80 Cr from losses of ₹63.62 Cr and ₹72.66 Cr respectively — margin expansion on both an operating and net basis, not just a book gain masking continued operating losses. Management's prior (August 2026) guidance was informal — an internal ₹10,000-15,000 Cr business-development target for FY27 and a ₹15,000 Cr three-year presales goal — but this filing discloses no quarterly presales or BD-completion figures, so progress against that target is unconfirmed this quarter. Brokerage commentary (Emkay, August 2026) flagged FY27 presales as likely flat given a thin launch pipeline beyond Birla Niyaara P-3, with BD acceleration and higher presales expected only from FY28. The Pulp & Paper divestment proceeds visibly reshaped the balance sheet: consolidated net worth rose to ₹4,622.72 Cr from ₹3,699.20 Cr at FY26-end and debt-equity fell to 0.79x from 1.53x, building capacity for the targeted BD spend. Alongside the results, the board approved ₹1,650 Cr (Pune) and ₹2,600 Cr (Navi Mumbai) project additions this quarter and appointed Ms. Jayati Bansal, former SBI Deputy MD, as an independent director.