Annual report
Reg. 34 (1) Annual Report. 18 Sep
Source: Bse
Puravankara Limited (PURVA)
Micro CapReal Estate stocks · Micro cap · NSE
Puravankara Limited is a real estate developer with a 50-year legacy, operating across 9 cities in India. It has completed 97 projects (59 msft delivered) and has 35.14 msft under development. The company maintains a land bank of 38 msft, with a focus on residential and commercial developments.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result14 Aug, 04:36 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Real Estate P/E 22.2 (n=72)
Technical timing lens
Trend score and candlestick chart
30Bearishfull bear SMA stack · SMA20 -3.0% / mo · MACD − · sector -6.4pp vs Nifty 500 (3M)
Stock trend: 21
Sector RS: 44
Sector 3M: -12.0% vs Nifty 500 -5.6%
Real Estate FPI tailwindBuilding
Latest FPI flow is positive, but a second consecutive positive fortnight is still required. View sector evidence
Technical chart
PURVAD candles · FIT view-5.4%Latest close ₹202.73 on 2026-10-19
Bar
+1.2%
RSI
42
MACD hist
-0.40
52W pos
33%
2026-10-19O ₹200.42H ₹203.69L ₹199.50C ₹202.73Vol 85,193 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
PURVANifty RealtyNifty 500
- PURVA
- -7.7%
- Nifty 500
- -5.6%
- Nifty Realty
- -11.0%
- Vs Nifty 500
- -2.2 pp
Chart stats
19 Oct 2026- From 52W high
- -29.4%
- 52W range position
- 33%
- ATR (14)
- 3.7%
- Volume vs 20D
- 0.50x
- Avg traded value
- ₹3.4 Cr
- 20D price channel
- ₹197.4 - ₹223.7
₹287.3
₹160.7 - ₹287.3
₹7.6
Latest completed session
20-session average
24.2% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · WATCHLIST36
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average45
Revenue +62.0% · PAT NDF YoY
Technical
Bearish30
Price trend and sector-relative-strength timing.
Valuation
Legacy model+10.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence57
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 45/100Rev +62% YoY · margin expansion
Filed 14 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹849 Cr | +62.0% | -43.5% |
| EBITDA | ₹189 Cr | +182.1% | -37.2% |
| Operating margin | 22.0% | +900 bps | +200 bps |
| PAT | ₹25 Cr | NDF | -77.3% |
| PAT margin | 2.9% | +1611 bps | -438 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 30.70
- P/B
- 2.76
- EV/EBITDA
- 12.27
- Market Cap
- 4922.00Cr
Profitability
- ROE
- 3.54%
- ROCE
- 11.20%
- ROA
- 0.88%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 31.00%
- EPS 5Y
- 78.00%
- Revenue 3Y
- 45.00%
- EPS 3Y
- 2.00%
Balance Sheet
- Debt/Equity
- 3.13
- Interest Coverage
- 1.17×
- Altman Z
- 0.76
- Book Value
- 75.40
Cash Flow
- FCF Yield
- 1.71%
- FCF Positive Y
- 9/5
- OCF
- 345.00 Cr
- EPS TTM
- 6.77
Shareholding
- Promoter Hold
- 75.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 37%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 849-43.5% vs prev
Net Profit
₹ CrLatest: 25.0-77.3% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 42.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~3.1% over last month) — short-term momentum negative.
- RSI(14) at 42 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 29% off 52W high · 26% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
37
RS percentile
Stage 1 Base / Transition
1M return
-5.0%
3M return
-7.7%
6M return
-7.1%
1Y return
-25.1%
RS 1D
+3
RS 20D
-6
Sector rank
#18
Industry rank
#71
Stage evidence
- Price is within 4.3% of the 30-week proxy.
- The 30-week proxy changed +0.9% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 79.98+0.92%
RS vs Nifty 50080
Valuation & peers
U-Score 36 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 36 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · WATCHLISTValuation5/30
Growth22/25
Quality1/20
Balance Sheet0/15
Cash Flow5/10
Piotroski
6/9 (+3)
Penalties
0
Raw sum
36
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
36/100 · legacy band WATCHLIST
Positive drivers
- Fair-value margin of safety is positive at 10.1%.
- Growth contributes 22/25 to the score.
- Cash flow contributes 5/10 to the score.
Main drags
- Altman Z is 0.8, in distress territory.
- Balance sheet is weaker at 0/15; verify the latest quarterly trend.
- Quality is weaker at 1/20; verify the latest quarterly trend.
Sector valuation model
Real estate valuation: NAV, pre-sales, debt, and inventory quality
Real estate valuation depends more on project economics and balance sheet than simple PE.
Primary lens
NAV and market cap versus project pipeline and pre-sales.
Secondary checks
Inventory age, net debt, collections, execution record.
Main risk check
Book value can overstate value if inventory is slow or debt is high.
PE
30.7
PB
2.8
EV/EBITDA
12.3
ROE
3.5%
ROCE
11.2%
FCF Yield
1.7%
Debt/Equity
3.1
MoS
+10.1%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
36
Previous: 36
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+10.1%
Previous: +10.1%
Score history
12 stored score snapshots. Latest stored move: +2 points.
20 Oct 2026
v4.3-runtime-valuation
34
34
34
34
34
34
34
34
34
34
34
36
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹107.17
-89.2% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹225.44
+10.1% MoS
PEG
0.64
Comparable companies
Peers
Business-comparable peers in Real Estate — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
DBREALTY
Micro
Valor Estate Limited
Real Estate
match 167
31
—
-1.3%
-801%
OVERVALUED
TARC
Micro
TARC Limited
Real Estate
match 165
29
—
8.6%
—
OVERVALUED
SUNTECK
Micro
Sunteck Realty Limited
Real Estate
match 165
56
18.9
5.8%
+45%
FAIR VALUE
MANINFRA
Small
Man Infraconstruction Limited
Real Estate
match 161
43
23.1
9.2%
+37%
WATCHLIST
EMBDL
Micro
Embassy Developments Ltd.
Real Estate
match 161
15
—
-9.2%
—
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-11T16:44:27.154Z
Management commentary snapshot
Puravankara reported a strong Q1 FY27, returning to profitability with a net profit of INR 25 Cr, compared to a loss of INR 69 Cr YoY. Total revenue surged 63% YoY to INR 877 Cr, while sales value increased 28% YoY to INR 1,439 Cr, driven by new launches and improved realizations.
The company demonstrated robust operational performance in Q1 FY27, with significant YoY growth in sales, collections, and revenue, leading to a return to profit. Strategic land acquisitions and a substantial launch pipeline indicate future growth potential, despite a QoQ increase in net debt due to land payments.
Current business mix
Regional Contribution to Sales Value (Q1 FY27)
Latest issuer-disclosed distribution across 4 reported categories.
Bengaluru59.0%
Chennai17.0%
Mumbai & Pune20.0%
Others4.0%
Growth engines
New Project Launches
South pre-sales value increased 23% YoY, driven by the launch of Purva Northern Lights (Mar-26) and sustenance sales. West & Commercial sales grew 44% YoY, led by Purva Estrella launch (Mar-26).
Strategic Land Acquisitions
Q1 FY27 saw 4 strategic land acquisitions in Bengaluru with an estimated GDV of INR 5,200 Cr, adding over 4 msft of development potential.
Redevelopment Portfolio in Mumbai
The company is strengthening its presence in high-value Mumbai micro-markets through 7 redevelopment projects, totaling 5.49 msft developable area (3.14 msft company share).
Diversified Project Pipeline
The planned pipeline of 15.05 msft is diversified across markets, with non-Bengaluru projects accounting for 46% and Mumbai & Pune for 25%.
Capacity and execution
Q1 FY27 Launches & Completions
Q1 FY27 saw 1.72 msft of project completions across Pune, Mumbai, and Goa. One new phase, Emerald Bay (Tower B12) in Pune, was launched (0.13 msft).
Planned Launch Pipeline
A total of 20.48 msft of planned launches are across South and West India, with an approximate GDV of INR 27,300 Cr. This includes 15.05 msft from new projects.
Land Bank Expansion
The company acquired 4 land parcels in Bengaluru in Q1 FY27, with a total GDV of INR 5,200 Cr and over 4 msft development potential.
Tailwinds
Handover Momentum
Increased handover of units (745 in Q1 FY27 vs 667 in Q1 FY26) contributed to higher revenue and profitability.
Improved Realization
Average realization increased 18% YoY, reflecting a better product mix, premiumization, and pricing strength across markets.
Strong Cashflow Visibility
Estimated total surplus potential of INR 19,831 Cr (next 3-5 years) from ongoing, commercial, and pipeline projects, covering total debt obligations.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
Real estate is a project-driven business with inherent seasonality. Year-over-year comparisons provide a clearer view of project cadence, market demand, and long-term operational trends, mitigating short-term quarterly fluctuations.
Sector KPIs management disclosed
Sales Value
Q1 FY27 sales value was INR 1,439 Cr, a 28% increase YoY from INR 1,124 Cr in Q1 FY26.
Sales Volume
Q1 FY27 sales volume was 1.36 msft, a 9% increase YoY from 1.25 msft in Q1 FY26.
Customer Collections
Q1 FY27 customer collections reached INR 1,199 Cr, up 40% YoY from INR 857 Cr in Q1 FY26. This is the highest first-quarter collection in three years.
Average Realization
Average realization improved 18% YoY to INR 10,589 per sft in Q1 FY27, reflecting better product mix, premiumization, and pricing strength.
Management forward view
Land Bank Expansion
Management states they are actively discussing multiple land acquisitions, have signed many MOUs, and expect these efforts to significantly expand the land bank in coming quarters.
Future Cashflow Potential
Management highlights an estimated future cashflow potential from total new launches (excluding new phases) of approximately INR 8,636 Cr.
Debt Management
Management claims the INR 19,831 Cr projected surplus sufficiently covers total debt obligations, including 'Payable When Able' debts.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Sales Value Growth | INR 1,439 Cr (28% YoY) | Sustained YoY growth in sales value, particularly from new launches and non-Bengaluru markets. |
| Customer Collections Growth | INR 1,199 Cr (40% YoY) | Continued strong collections momentum to support project funding and reduce reliance on external debt. |
| Progress on Planned Launches | 20.48 msft planned launches (GDV INR 27,300 Cr) | Timely execution and successful monetization of the substantial planned launch pipeline across South and West markets. |
| Net Debt / Equity Ratio | 1.57x | Stabilization or reduction in the net debt/equity ratio, demonstrating efficient capital management despite land acquisition investments. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
57Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 20th percentile of the scored universe and 32nd percentile within Real Estate. Main check: balance sheet trust is weak at 8/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
139 docs text-extracted · 58 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
20th percentile
overall median 67 · Real Estate: 32nd pctile, median 61 · Micro: 13th pctile, median 73
Evidence depth
Financial-only
139 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
8
weak · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
43
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 75%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.5%.
- ▸9 years of positive FCF.
Trust risks
- ▸Debt/equity is 3.13.
- ▸Altman Z is 0.78.
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸Interest coverage is 1.2x.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Puravankara Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 17 Sep - Puravankara secures Rs 2,600 crore redevelopment rights in Goregaon West, Mumbai, spanning 4.68 acres.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 4 Sep - Newspaper Advertisement-Notice of 40th Annual General Meeting and E-Voting Information.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
Annual report
Corrigendum To The Annual Report For The Financial Year 2025-26 18 Sep - Puravankara issued corrigendum correcting subsidiary labels and page numbers in FY2025-26 annual report.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.