Arkade Developers Ltd(ARKADE)

NSE: ARKADEBSE: 544261

₹ 104.8-3.68%refreshed 23 Oct, 03:59 pm ISTMarket cap: ₹ 1,946 crNext results: 28 Oct 2026Website: www.arkade.inUpdated: 24 Oct 2026

About

Arkade Developers Ltd is a Mumbai-based residential real estate developer focused exclusively on the Mumbai Metropolitan Region (MMR), operating across greenfield and redevelopment projects in the mid-premium to luxury segment. As of FY26, total income reached ₹828 crore (14% CAGR since FY24) and net worth grew 134% to ₹901 crore since its IPO. The company's project portfolio has expanded to a projected GDV of ₹18,000 crore, up from ₹2,800 crore at IPO.^[1][2]

Business segments

Greenfield development currently accounts for approximately 65% of topline, with redevelopment making up the remaining 35%; long-term target is a 50/50 split by topline.^[3]
Redevelopment accounts for 60 - 65% of Mumbai's residential pipeline; the company views growing scarcity of greenfield land in MMR as a structural tailwind for this segment.^[4]
A commercial development vertical is planned to diversify revenue and generate recurring annuity income; no specific projects or timelines have been disclosed.^[4]

Key operating numbers

Q1 FY27 pre-sales: ₹1,551 mn, up 9.26% YoY vs ₹1,420 mn in Q1 FY26, but down 48.8% QoQ from Q4 FY26, with no new launches in the quarter.^[4]
FY26 full-year pre-sales: ₹901 cr, up 17% YoY from ₹773 cr in FY25; full-year area sold grew 26.6% to 3,15,000 sq ft.^[2]
Q4 FY26 pre-sales: ₹303 cr, up 40% YoY from ₹217 cr; area sold in Q4 FY26 rose 57.5% YoY to 1,10,000 sq ft - both all-time quarterly highs.^[2]
Q1 FY27 average price realisation: ₹31,401 per sq ft, up 6.14% YoY; 60 units sold (0.49 lakh sq ft), down 7.69% YoY by units.^[4]
Q1 FY27 collections: ₹1,640 mn, down 3.53% YoY. Pending collections from sold, launched projects stood at ₹5,590 mn as of Q1 FY27.^[4]
Net debt as of 30 June 2026: ₹50 mn (₹5 cr), with net debt-to-equity of 0.01x, near debt-free after heavy land spend of ~₹550 cr in H1 FY26.^[4][5]

Launch pipeline and land bank

Total upcoming project GDV pipeline as of Q1 FY27: ~₹12,800 cr across ~4.25 mn sq ft of saleable carpet area, across 12 projects.^[4]
Overall projected GDV including launched and pipeline projects reached ₹18,000 cr as of September 2026, up from ₹2,800 cr at IPO (500% growth).^[1]
FY27 launch plan: three projects with combined GDV of ~₹3,000 cr - Santacruz Maheshwari Niwas (Q2 FY27), Malad Nutan Ayojan (Q3 FY27, ₹750 cr topline), Thane Kasarvadavali (Q4 FY27, ~₹2,000 cr).^[4]
Filmistan uber-luxury project, Goregaon West (16,648 sq mt plot): GDV ₹3,500 cr, estimated cumulative bottom-line contribution ₹1,000 - 1,200 cr over 3 - 5 years; launch rescheduled to Q1 FY28.^[4][2]
Anand Nagar Dahisar redevelopment: GDV ₹1,700 cr; wireless station relocation expected FY27, approvals FY28, launch targeted FY29.^[4]
Ashok Nagar Kandivali East cluster redevelopment MOU signed (post Q4 FY26): 9 societies, RERA carpet area ~3.25 lakh sq ft, projected GDV ₹1,100 cr.^[2]

Operations and geography

All operations are confined to the Mumbai Metropolitan Region (MMR); geographic focus remains MMR-only with other cities to be considered only once the MMR pipeline is exhausted.^[5]
Ongoing projects span ~2 mn sq ft of saleable carpet area as of March 2026; unsold inventory in ongoing projects stood at ₹6,968 mn as of Q1 FY27.^[2][4]
Four completed projects - Arkade Aspire, Arkade Crown, Arkade Prime, and Arkade Aura - are fully sold out. Arkade Eden, Malad West received its OC ~9 months ahead of its RERA deadline in March 2026.^[5][2]

Project pipeline mix and market context

Luxury segment share of MMR sales by area climbed to 44% in 9M FY26 from 31% in FY21; years-to-sell metric reached a historic low of 1.2 - 1.4 years as of FY26.^[2]
Total cash flow potential from launched and unlaunched projects estimated at ₹14,071 cr; upcoming pipeline GDV of ~₹12,800 cr to be executed over several years.^[4]

Subsidiaries and new business lines

Arkade 360 Facility Management Pvt Ltd, a wholly owned subsidiary, has been incorporated to offer facility management services across Arkade-developed projects, creating a recurring post-handover revenue stream.^[3]
A new subsidiary acting as a commission agent for home loan origination has been set up; annual project sales of ₹800 - 900 cr with ₹600 - 700 cr home-loan-funded represent the addressable fee income base.^[3]

Recent developments

Filmistan Pvt. Ltd. acquisition completed in FY26 (land at ₹165 cr + tenancy rights at ₹182.6 cr); NCLT demerger order received March 2026, consolidating all property rights under Arkade.^[2]
Bhandup West land parcel (Woollen Mills, ~14,363 sq m) acquired for ₹148 cr in Q3 FY26, adding a project with projected GDV of ₹1,000 cr to the pipeline.^[3][5]
As of September 2026, two years since IPO: portfolio GDV grew 500% to ₹18,000 cr, net worth grew 134% to ₹901 cr, and liquid funds grew 600%.^[1]
FY26 launches were delayed due to a stay order on environmental clearance offices; the backlog is expected to be cleared through FY27 launches.^[3]

Market Cap

₹1,946 Cr

High / Low

₹177 / 94

Stock P/E

-455.6

Price / Book

2.2

Book Value

₹48

EPS

₹0.3

No. of Shares

18.57 Cr

ROCE

19.3%

ROE

0.6%

OPM

23.0%

Debt / Equity

0.11

Sales

₹816 Cr

Net Profit

₹5 Cr

Promoter holding

71.2%

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