Arkade Developers Limited (ARKADE) share price
₹125.22 on NSE as of 2026-09-04. +0.85% on the day. market cap ₹2,325 Cr. P/E 10.8. 52-week range ₹94.83 to ₹181.82. Realty.
Arkade Developers Q1 FY27: Revenue ₹147 Cr, PAT ₹19 Cr, a ₹12,800 Cr Pipeline and an FIR Against a Former Employee
At a glance
Arkade Developers closed the June 2026 quarter with revenue of ₹147 crore, operating profit of ₹28 crore, and PAT of ₹19 crore. Against June 2025's ₹159 crore, ₹34 crore and ₹29 crore, all three lines went down. EPS came in at ₹1.03 against ₹1.55.
The quarter before this one had been considerably more dramatic. March 2026 carried an exceptional item of ₹182 crore — a write-down of the investment in Filmistan Private Limited after the tenancy rights inside it were demerged into the parent — which turned a quarter with ₹197 crore of revenue into a net loss of ₹109 crore. For a company whose full-year FY26 revenue was ₹816 crore, that one accounting entry rearranged the entire year's profit line into a ₹5.38 crore stub.
Outside the P&L, the quarter was busy in the way real estate quarters usually are: a boutique mixed-use launch in Santacruz West, an Occupation Certificate for the Vile Parle project in late August, and a press release announcing four Mumbai redevelopment additions at roughly ₹5,000 crore of projected GDV. Also in the quarter, the company disclosed alleged misconduct involving a former senior employee and registered an FIR — an item the statutory auditor picked up in an Emphasis of Matter paragraph.
The company reports a development pipeline of about ₹12,800 crore across roughly 4.25 million square feet of saleable carpet area, against a market capitalisation of ₹2,365 crore. Net debt at 30 June 2026: ₹5 crore.
Introduction
Arkade was incorporated on 13 May 1986, which makes it a company older than most of the buildings it now redevelops. Its 40th AGM is scheduled for 22 September 2026 — four decades of AGMs, which is a lot of agenda items about ratifying auditors.
The company builds residential property in the Mumbai Metropolitan Region, split between two things: greenfield projects, where it buys land and puts buildings on it, and society redevelopment, where it persuades the residents of an ageing building to let it knock the building down and give them a nicer one. Per the investor presentation, it has completed 32 projects across 5.5 million square feet, delivering homes to 5,500+ families, with 18 of those projects greenfield and 14 redevelopment.
The listing came in September 2024. Per India Ratings, the IPO raised about ₹381 crore net, which was deployed into construction of ongoing projects and land acquisition. The years since have been an acquisition run: Filmistan's four-acre Goregaon parcel at a projected GDV of ₹3,500 crore, an entry into Thane at ₹1,900 crore, an MOU for 3.5 acres in Bhandup at ₹1,000 crore, and redevelopment rights across 13.5 acres in the western suburbs at ₹4,500 crore. In May 2026 the company announced redevelopment rights for nine societies in Kandivali East at a projected GDV of about ₹1,100 crore — nine societies, nine sets of committee meetings, one signature block.
The Filmistan transaction then produced the accounting event of FY26. NCLT Mumbai sanctioned the demerger on 16 March 2026 with an appointed date of 1 August 2025; the rental business and the Goregaon tenancy rights moved up into Arkade. Per the company's note, once those rights sat inside the parent's land cost, the portion of the investment in Filmistan that represented them stopped being able to produce future economic benefit, and ₹18,217.09 lakh was written off as an exceptional item. The land is still there. The line item holding it moved house.
In February 2026, India Ratings assigned a Long-term Issuer Rating of IND BBB+ with a Stable Outlook.
Business model
Arkade does the two things Mumbai lets a developer do, given that nobody is manufacturing new land in the western suburbs.
The first is greenfield: buy a plot, build flats, sell flats. Kasarvadavali in Thane, at 25,260 square metres and a stated GDV of ₹1,900 crore, is the largest of these in the upcoming list. The second, and per the presentation the structurally larger one, is society redevelopment — 60–65% of Mumbai's residential pipeline, per the company's cited sources. This is the business of walking into a building full of people who have lived there since 1974, and emerging with a signed development agreement. Of the eight ongoing projects, five are society redevelopments; of the twelve upcoming, nine are.
The ongoing book is small and specific: ₹2,312 crore of GDV, 1,123 units, 8.36 lakh square feet of saleable area. Arkade Eden in Malad has 55 units and is 100% complete. Arkade Views in Goregaon East has 21 units and a GDV of ₹35 crore, which in a portfolio measured in thousands of crores is the developer equivalent of a rounding error with a doorbell. The largest ongoing project, Arkade Rare in Bhandup, is 479 units and ₹760 crore, sitting at 68% completion.
Everything is executed in-house — land acquisition, legal, design, approvals, procurement, construction, sales, collections, and then facility management afterwards through Assist 360, a wholly owned subsidiary that per the concall currently services only Arkade's own delivered buildings. There is also Arkade Finroot, a home-loan assistance platform which management says earns commission and is open to arranging loans on non-Arkade projects too — a developer that will happily help finance a flat someone bought from a competitor.
The disclosed subsidiaries and associates: Arkade Paradigm, Arkade Realty, Filmistan Private Limited, Assist 360 Facility Management, Atul & Arkade Realty and Bhoomi & Arkade Associates. Six entities, all consolidated, several named after the parent in the manner of a family that ran out of ideas but never out of affection.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Arkade Developers Limited.
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