Aditya Birla Real Estate Reports Q3 FY26 Presales Surge 276% YoY to ₹2,536 Crore; Appoints Keyur Shah as New CFO
Record Quarter Drives Full-Year Guidance Upward
Aditya Birla Real Estate reported Q3 FY26 presales of ₹2,536 crore, a 276% year-on-year increase, while collections rose 157% YoY to ₹1,290 crore. For the nine-month period of FY26, presales reached ₹3,848 crore (up 64% YoY), with collections at ₹2,347 crore (up 44% YoY). The company is confident of surpassing its FY26 sales guidance of ₹8,000 crore, driven by new launches and a strong business development pipeline.
Pravaah Achieves Full Sell-Out in 24 Hours
The quarter's performance was anchored by two flagship launches. Birla Pravaah in Gurugram achieved ₹1,850 crore in presales within 24 hours, demonstrating robust market demand. The company also launched Birla Evam in Manjri, Pune. Multiple additional project launches are scheduled for Q4 FY26.
Senior Leadership Transition Announced
The Board appointed Keyur Shah as Chief Financial Officer effective 1 March 2026, following the planned retirement of CFO Snehal Shah. Shah brings three decades of real estate investment and HDFC group experience to reinforce the company's financial and stakeholder strategy. This appointment consolidates financial leadership across the parent company and its core real estate arm Birla Estates Private Limited, signaling greater strategic and operational alignment within the group's real estate businesses. Shah joined Birla Estates as CFO in May 2023 after serving as MD and CEO of HDFC Property Ventures Limited, with prior experience at KPMG and Castrol India.
Commercial Portfolio and Five-Year Targets
The company targets ₹1,000 crore in annual rental income within five years and is exploring partnerships for its commercial segment. Business development aims include concluding deals worth at least ₹10,000 crore before March 31, 2026, with target BD guidance of ₹10,000 to ₹15,000 crore for the year. The company reiterated its FY28 growth target of ₹15,000 crore.
Balance Sheet Strength
The company's net debt stands at ₹3,500 crore, translating to a net debt-to-equity ratio of approximately 0.8, a position deemed comfortable and allowing for further debt-funded growth. Approximately ₹4,500–5,000 crore have been deployed in land acquisitions and development activities to date. Project margins range from 25–30% to over 40% for owned projects, indicating strong underlying project economics.
Execution Headwinds and Timeline Adjustments
A notable challenge is the postponement of the Niyaara Tower C launch to H1 FY27 due to unforeseen approval delays stemming from a Supreme Court order. Upcoming launches discussed include Thane Birla, Hindalco land, a new phase of Arika, a project in Boisar, and a new phase at Pune Punya. The company is exploring partnerships for its commercial portfolio, aiming for ₹1,000 crore in annual rentals within 4–5 years.
Context: Developer Footprint Across India
With over 125 years of legacy, Aditya Birla Group forayed into real estate in 2016. ABREL is the holding company of Birla Estates Private Limited, a premium player in the residential and commercial real estate segment with a fast-expanding presence in key markets of MMR, NCR, Bengaluru, and Pune. Birla Estates' bookings have grown at a compound annual growth rate of 77% since FY20, with reported sales of ₹8,087.5 crore in FY25 and aims to cross ₹15,000 crore annually in the coming years. In FY26, the company successfully launched 8 new projects across four key regions, underpinned by a 23.5% year-on-year increase in collections, reflecting strong operational execution and sustained demand for premium residential ecosystems.