The call has ended.

Key takeaways

Q2 FY27 consolidated revenue ₹80.2 Cr (+54.8% YoY), PAT ₹5.5 Cr, record quarter. Margins and occupancy (91%) strong; net debt rose to ₹185 Cr from ₹89 Cr, and management was defensive on leverage. No Q&A held.

Highlights
Revenue growth	Consolidated revenue up 54.8% YoY to ₹80.2 Cr; QoQ +49.2%.
Margins	Cash EBIT margin 23.8% vs 17.5%, up 625bps; EBITDA margin 50.8%.
Order book	Pipeline: 17 centres, 2.8 mn sq ft, ~3.5x current operational size.
Demand visibility	Flex office leasing up 37% in top 7 markets; GCC share rising.
Management confidence	Confident; emphasizes execution and cash conversion as priorities.

Growth

Revenue +54.8% YoY, EBITDA +54.3% to ₹40.8 Cr; Capital One ramp contributed.

Outlook

Pipeline 17 centres, 2.8 mn sq ft → 4.16 mn sq ft, 49 centres; no period or revenue guidance given.

Risks

No Q&A held; net debt ₹185 Cr up from ₹89 Cr; ₹100 Cr capex; cash conversion flagged as priority.

Last quarter's promises, checked

Delivered

Signed capacity ramp (no figure given) → revenue ₹53.8 Cr → ₹80.2 Cr, +49.2% QoQ (= BEAT, directional only)

Partly delivered

Ahmedabad 8.6 lakh sq ft: ~₹100 cr fit-out, ~8,500 seats, ~₹120 cr revenue → ₹100 cr fit-out spend cited; seats and revenue not reported (= PARTIAL)
₹100 cr NCD reflected from Q2 → net debt rise consistent; 11.75% coupon and 36m tenure not verifiable from Q2 data (= PARTIAL)

Missed

Implied deleveraging (net debt ₹81 Cr at Q1, ND/equity 0.4x) → net debt ₹185 Cr at Q2, up ~₹104 Cr (= MISS)
Margin improvement (no figure; Q1 Ind AS consol. EBITDA margin 56.3%) → Q2 EBITDA margin 50.8% (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 6 Nov 2026, 5:46 PM IST. Open it on ALFA Filings ›