ABREL · Realty
Aditya Birla Real Estate Ltd. reported revenue of ₹825 cr for July to September 2026, +741.8% on the year and +336.5% on the quarter. That is faster than this quarter has grown in recent years (−66.2% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹1,178 cr, +39.7% on the four before.
Operating profit (EBITDA) was ₹158 cr, a margin of 19.2%, +9,466 bps on the year and +4,931 bps on the quarter. It is the widest margin of the last 8 quarters (range −200.0% to 19.2%).
The company swung to a net profit of ₹919 cr from a loss of ₹18.0 cr a year earlier, with earnings per share of ₹76.86.
Of the 9 companies in Real estate, REITs and InvITs that have reported Q2 FY27 so far, Aditya Birla Real Estate Ltd. ranks 1st on revenue growth; the sector median is −3.4%. Its margin moved +9,466 bps on the year against a sector median of +370 bps.
Real estate revenue is booked when projects complete, so the quarterly statements lag the business; pre-sales and collections show where it actually is. The quarterly statements do not carry pre-sales, collections and launches; those come with the filing read.
On earnings per share of ₹67.86 over the last four quarters, the stock at ₹1,077.80 trades at 15.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Source: Quarterly statements
Turned profitable from a loss a year ago.
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,070 cr | ₹814 cr | ₹353 cr | ₹266 cr | ₹204 cr | ₹395 cr | ₹146 cr | ₹98.0 cr | ₹81.0 cr | ₹83.0 cr | ₹189 cr | ₹825 cr |
| YoY | — | — | −61% | −69% | −81% | −51% | −59% | −63% | −60% | −79% | +29% | +742% |
| EBITDA margin | 17.9% | 24.4% | 10.8% | 10.2% | −8.8% | −7.8% | −28.8% | −75.5% | −112.3% | −200.0% | −30.2% | 19.2% |
| Other income, % of PBT | 2% | −190% | 63% | 156% | — | — | — | — | — | — | — | 85% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 40% | 66% | 42% | 69% | — | — | — | — | — | — | — | 3% |
| Net profit | ₹80.0 cr | ₹21.0 cr | ₹17.0 cr | ₹3.0 cr | −₹42.0 cr | −₹135 cr | −₹27.0 cr | −₹18.0 cr | −₹75.0 cr | ₹5.0 cr | −₹35.0 cr | ₹919 cr |
| YoY | — | — | — | — | −153% | −743% | −259% | −700% | — | — | — | — |
| Core profit YoY | — | — | −86% | — | −132% | −133% | −691% | — | — | — | — | — |
| EPS | ₹7.46 | ₹0.34 | ₹0.70 | ₹0.23 | −₹3.63 | −₹11.73 | −₹2.28 | −₹1.41 | −₹6.52 | ₹0.97 | −₹3.45 | ₹76.86 |
| Flags | · | · | 4 | 2 | 2 | 2 | 2 | 2 | 1 | 1 | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Aditya Birla Real Estate Ltd. reported revenue of ₹825 cr (+741.8% on the year) and net profit of ₹919 cr (— on the year) for July to September 2026.
1 check raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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