Aditya Birla Real Estate (500040) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 saw robust operational momentum with India's GDP growth at 8.2%, strong demand in premium and luxury housing, and major launches in Gurugram and Pune, with 80% of launched area sold as of Dec 2025.

• Q3 FY26 booking value reached ₹25,361 Mn (up 276% YoY) and collection value ₹12,899 Mn (up 157% YoY), with area sold rising 325% YoY to 1.7 Mn sq ft.

• Strategic divestment of Century Pulp & Paper to ITC Ltd. for €34.98 Bn to focus on core real estate business.

• Board approved unaudited standalone and consolidated financial results for Q3 and nine months ended December 31, 2025.

• Appointment of Mr. Keyur Shah as CFO effective March 1, 2026, following the retirement of Mr. Snehal Shah.

Financial highlights

• Q3 FY26 pre-sales: INR 2,536 crores (+276% YoY); collections: INR 1,290 crores (+157% YoY); area sold: 1.7 Mn sq ft (+325% YoY).

• 9M FY26 pre-sales: INR 3,848 crores (+64% YoY); collections: INR 2,347 crores (+44% YoY); booking value: ₹38,481 Mn.

• Standalone Q3 revenue from operations: ₹63.05 Cr; net profit: ₹44.05 Cr; consolidated Q3 revenue: ₹80.79 Cr; net loss: ₹75.31 Cr.

• Gross rental income at INR 144 crores annually, targeting INR 1,000 crores in 4-5 years.

• Net debt stands at INR 3,500 crores (standalone debt-equity: 0.87; consolidated: 1.43); credit ratings at AA (Stable) and A1+.

Outlook and guidance

• FY26 sales guidance of INR 8,000 crores maintained; confident in achieving INR 150 billion pre-sales by FY28, supported by a strong launch pipeline.

• FY26 project launch pipeline includes 7.0 Mn sq ft with estimated GDV of ₹88,315 Mn; total project portfolio at 35.1 Mn sq ft with GDV of ₹703,154 Mn.

• Business development deals worth INR 10,000-15,000 crores expected to close before March 31, 2026.

• Revenue recognition in FY27 expected from Bengaluru (Birla Tisya) and Navya projects, with major recognition from Niyaara in FY28.

• Company is divesting its pulp & paper business and has discontinued textile operations.