Puravankara turns profit in Q1 FY27, consolidated PAT ₹25 Cr as revenue jumps 62% YoY

Puravankara's consolidated Q1 FY27 (quarter ended June 30, 2026) results show a swing back to profit — net profit for the period of ₹25.23 Cr against a ₹68.55 Cr loss in Q1 FY26 — with revenue from operations up 61.9% YoY to ₹848.72 Cr. Owners' share of profit was ₹28.93 Cr (basic EPS ₹1.22) after a ₹3.70 Cr loss attributable to non-controlling interests; standalone (parent-only) PAT was ₹17.87 Cr on revenue of ₹511.92 Cr. Sequentially both revenue (-43.5%) and PAT (-77.1%) fell sharply from Q4 FY26 (₹1,501.92 Cr revenue, ₹109.95 Cr PAT) — real estate revenue is booked on project completion and Q4 (fiscal year-end) is typically the heaviest completion quarter for this business, so the QoQ drop reads as a cyclical step-down rather than a deterioration. Margins improved on both counts YoY: operating margin (EBITDA-equivalent) expanded to ~22.2% from 12.7%, and net margin turned positive at 2.9% from -12.7%, helped by finance cost easing to 21.1% of revenue from 30.7% a year ago even as the absolute finance cost bill rose to ₹178.94 Cr. Versus Q4 FY26, OPM ticked up further (20.1%→22.2%) but net margin eased (7.1%→2.9%) as the tax line normalised (₹0.79 Cr this quarter vs a ₹21.53 Cr net tax credit in the loss-making Q1 FY26 and ₹35.01 Cr in Q4 FY26). One divergence worth flagging: standalone and consolidated tell very different growth stories this quarter — standalone revenue rose ~306% YoY (₹126.16 Cr to ₹511.92 Cr) while consolidated revenue rose only 61.9%, because subsidiary-level revenue actually fell roughly 15% YoY (~₹398 Cr to ~₹337 Cr); this quarter's topline was driven by the parent entity's own project completions rather than subsidiary/JV activity. No specific street consensus for Q1 FY27 PAT or revenue could be found — results were declared same-day, with the earnings call scheduled for August 17, 2026 — so vsStreet is unknown. Management has issued no formal quarter-level P&L guidance; the only forward figures on record are the FY26-27 targets from the May 19, 2026 concall — ₹11,200 Cr in pre-sales (48% from new launches) and ₹750 Cr in debt reduction. On the operating (non-P&L) side the company is tracking toward the presales goal: Q1 FY27 pre-sales rose 28% YoY to ₹1,439 Cr with collections up 40% YoY to ₹1,199 Cr. This filing carries no balance-sheet disclosure, so the ₹750 Cr debt-reduction target cannot be verified from these numbers. During the quarter the company signed four land deals (~41.9 acres, ₹5,200 Cr GDV, including a Bengaluru JDA worth ₹1,000 Cr GDV) and guaranteed ₹211.56 Cr for a subsidiary's NCDs (July 31, 2026); a separate transaction closure was delayed by 30 days per an August 11, 2026 disclosure. The sale of subsidiary Purva Ruby Properties Private Limited was still pending regulatory approval as of June 30, 2026 per this filing's notes, though it was subsequently reported completed on July 6, 2026 — outside this quarter's numbers. No management press release accompanied this filing in the source record, so framing here rests solely on the regulatory board-outcome letter and the financial statements. The quarter reset the base after Q1 FY26's loss, with both standalone and consolidated entities and both margin lines improving YoY, but the sequential fall confirms Q4 as the seasonally loaded completion quarter for this business. The next checkpoints are whether Q2 FY27 revenue stabilises above the Q1 print, whether the FY26-27 debt-reduction target shows up in balance-sheet disclosures, and how the now-completed Ruby Properties sale affects consolidated scope and non-controlling interests going forward.