Puravankara Arm Bags ₹311 Cr Bengaluru Housing Project
Overview
Puravankara Ltd.'s wholly-owned subsidiary, Starworth Infrastructure & Construction Ltd (SICL), secured a ₹311.18 crore contract for a major residential project in Bengaluru. The Sattva AANGANE development spans 3.04 million sq ft and is slated for execution over 37 months. This boosts Puravankara's order book amidst mixed quarterly results.
Major Contract Awarded
Puravankara Ltd. announced Tuesday that its subsidiary, Starworth Infrastructure & Construction Ltd (SICL), has secured a significant construction contract. The deal is valued at ₹311.18 crore for a large residential project in Bengaluru.
Project Scope and Timeline
The contract was awarded by Sattva Resi Pvt Ltd for the Sattva AANGANE residential development. Located in East Taluk, Bengaluru, the project encompasses approximately 3.04 million square feet of built-up area. Execution is planned over a 37-month period.
Corporate Governance and Past Orders
Puravankara clarified that the awarding entity, Sattva Resi Pvt Ltd, has no promoter or group interest in the company, ensuring the order does not constitute a related-party transaction. Earlier, in October, SICL had received a ₹211.53 crore order from SBR Builders for a residential project.
Financial Performance Snapshot
The new contract comes as Puravankara navigates recent financial results. The company reported a net loss of ₹41.79 crore for the second quarter of FY26, an increase from the ₹16.78 crore loss in the same quarter last year. Revenue for the quarter showed growth, rising 29.9% year-on-year to ₹644.4 crore. However, Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) saw a decline of 7.3% to ₹104.47 crore, with EBITDA margins narrowing to 16.2% from 22.7% year-on-year.
Market Reaction
Shares of Puravankara Ltd. traded fractionally higher, up 0.47% at ₹232.84 on the National Stock Exchange (NSE) following the announcement.
