Grovy India's September quarter profit rises as revenue jumps 75%

Grovy India Ltd, a New Delhi-based residential developer focused on South Delhi, reported higher revenue and profit for the quarter and half-year ended 30 September 2026. The unaudited standalone results were released on 26 October 2026, the company said in its filing to the stock exchange.

Revenue for the July to September quarter was Rs 27.18 crore, up 75% from Rs 15.53 crore a year earlier. Net profit for the quarter was Rs 2.02 crore, against Rs 1.90 crore in the April to June quarter. Earnings before interest, tax, depreciation and amortisation (EBITDA) was Rs 3.16 crore, up 14.02% from the previous quarter. Return on capital employed rose to 7.10% from 4.86% in the first quarter.

For the six months, revenue was Rs 54.76 crore, up 129.84% from Rs 23.83 crore in the same period last year. Profit after tax for the half-year was Rs 3.92 crore, which is more than the Rs 2.90 crore the company reported for the full financial year 2025-26.

Balance sheet and capital raise

The company's total borrowings fell from Rs 24.96 crore on 31 March 2026 to Rs 2.59 crore on 30 September 2026, a reduction of 89.62%. Over the same period, the company completed a preferential allotment of 41,69,433 equity shares at Rs 36 per share, raising Rs 15,00,99,588 from promoters and public investors. The allotment was approved by the Preferential Issue Committee on 4 August 2026.

After the allotment, paid-up capital stood at Rs 17,50,57,050. The board also raised authorised share capital from Rs 13.50 crore to Rs 25 crore. The company's filing describes the moves as steps to strengthen the balance sheet for upcoming project execution and business expansion.

Projects and what the company says

In May 2026, Grovy India announced the acquisition of a premium residential project at Defence Colony, New Delhi, with an approximate development area of 15,000 square feet. The company also said it acquired new premium residential projects covering about 50,000 square feet in South Delhi during the first quarter. Details such as configurations, price band, launch timing and RERA registration for these projects were not available in the filings reviewed.

Chief executive Nishit Jalan said, "The strong growth underscores our commitment to delivering high-quality spaces while meeting the rising demand of luxury independent floors in South Delhi."

The company said it has a pipeline of 1.89 lakh square feet across ongoing and upcoming developments, and a stated aim of 20 to 25 projects a year. It did not give a date for that target.

What investors will watch

Revenue recognition in real estate can move sharply as projects reach construction and delivery milestones, so a single strong quarter does not show the full year's pattern. Investors will look at whether revenue and profit hold up in the coming quarters, and whether the lower debt level is maintained as acquisitions continue.

The company's shares were quoted at Rs 66 on 9 September 2026, giving a market capitalisation of about Rs 88.5 crore on that date. The company has not yet announced the date of its next results or board meeting in the material reviewed.