India’s real estate and infrastructure players reported a mixed yet promising performance for the September quarter (Q2FY26), balancing healthy operational growth with near-term financial moderation. Across sectors, from housing and managed workspaces to lifestyle retail and power infrastructure, companies maintained confidence in their long-term growth trajectories, driven by new launches, resilient demand, and improving policy sentiment.
Shriram Properties: Strong Sales Momentum, Focus on H2 Rebound
Shriram Properties Limited delivered robust sales momentum despite muted financials in Q2FY26. The company recorded sales volumes of 1.1 million sq. ft. (up 39% QoQ) valued at Rs. 685 crore (up 55% QoQ). For the first half of FY26, cumulative sales stood at around 2 million sq. ft., up 13% year-on-year, valued at Rs. 1,126 crore, a 19% jump YoY.
Executive Director and CEO Gopalakrishnan J said the quarter reflected “encouraging operational performance” with strong sequential and year-on-year growth. He acknowledged that financial results were slightly subdued due to transitionary issues, but remained optimistic about a healthy rebound in the second half. “With a strong launch pipeline and execution focus, we are on track to meet our full-year targets,” he added. The company continues to prioritize faster execution, improved cash flows, and sustainable value creation under its three-year mission roadmap.
Dev Accelerator: Tier-2 Office Growth Drives Momentum
Dev Accelerator Limited, known for its managed office spaces and strong Tier-2 city presence, posted impressive topline growth in Q2FY26. Revenue from operations stood at Rs. 51.84 crore, up 50.4% year-on-year, while half-yearly revenue rose 80.9% to ?107.47 crore.
EBITDA margins remained stable at 50.9% for Q2 and 49.2% for H1, underlining operational efficiency. Profit before tax grew 140.1% for the half-year, though the quarter saw a one-time dip. The company credited its growth to the addition of new centres and higher utilization across mature facilities.
Managing Director Umesh Uttamchandani highlighted Dev Accelerator’s expanding footprint, now at 28 centres across 12 cities with nearly 13,600 seats and 8.6 lakh sq. ft. under management, operating at 88% occupancy. “Our design-build-operate model with long-tenure contracts continues to deliver predictable cash flows while maintaining agility,” he said. With 4.4 lakh sq. ft. under fit-out and strong visibility for new projects, the company remains upbeat about sustained demand in both Tier-1 and Tier-2 markets.
IndiGrid: Stable Operations, Pipeline Strengthens Growth Outlook
Power sector infrastructure trust IndiGrid posted steady results for Q2FY26, with revenue at Rs. 8,267 million, up 2.6% year-on-year. EBITDA stood at Rs. 7,249 million, down 1.1% YoY, largely due to a one-time solar issue and tariff adjustments.
However, Net Distributable Cash Flow rose 13.5% to Rs. 3,629 million, supported by strong collections. Managing Director Harsh Shah pointed to strategic acquisitions and bids that strengthened IndiGrid’s portfolio. “Our financial performance remains robust, backed by prudent capital allocation and a strong pipeline,” he said. IndiGrid declared a Rs. 4.00 per unit distribution, reaffirming its FY26 guidance of Rs. 16 per unit.
Keystone Realtors: Solid Sales, Aggressive Expansion
Keystone Realtors Limited (Rustomjee) sustained strong growth momentum, reporting pre-sales of Rs. 772 crore in Q2FY26, up 10% YoY. For H1FY26, pre-sales rose 40% YoY to Rs. 1,839 crore.
The company launched one new project worth Rs. 949 crore in Q2, taking total H1 launches to four with a combined gross development value (GDV) of Rs. 4,916 crore. It also added three new projects, including two redevelopment ventures, worth Rs. 7,727 crore, exceeding its full-year guidance within six months. Chairman and Managing Director Boman Irani said the firm continues to see “strong demand across the portfolio” driven by design, trust, and brand strength. With several launches lined up, the company expects the growth trend to continue through FY26.
Stanley Lifestyles: Premium Retail Expansion and Luxury Focus
Luxury furniture and lifestyle brand Stanley Lifestyles Ltd posted encouraging results, with revenue from operations at Rs. 2,141 million in H1FY26. Gross profit margin rose 330 basis points year-on-year to 58%, while EBITDA margin expanded 320 basis points to 22.1%.
Managing Director Sunil Suresh said the company’s retail business contributed 70% of total revenue, supported by the launch of seven company-owned and two franchisee stores. Stanley also debuted its new sub-brand, Stanley Boutique Homes, catering to the luxury home segment. “As consumers move toward experiential luxury, our craftsmanship and exclusivity give us a strong edge,” Suresh said. The company also expanded internationally into Colombo and plans more store openings across high-affluence metros and emerging clusters.
Vascon Engineers: EPC Strength and Residential Growth
Vascon Engineers Ltd continued its steady operational momentum with revenue of Rs. 431 crore from its EPC segment during H1FY26, maintaining a 13% gross profit margin. The company’s order book stands at Rs. 2,800 crore, nearly three times its FY25 EPC revenues, with 74% comprising government projects.
Managing Director Siddharth Vasudevan Moorthy said new orders worth Rs. 386 crore were secured in the first half, and residential bookings reached Rs. 74 crore with 64,541 sq. ft. sold. Projects launched in Coimbatore, Pune, and Mumbai have seen healthy traction, with new developments worth over Rs. 1,100 crore planned. Vascon’s dual focus on EPC and real estate development continues to position it strongly for long-term growth.
Sri Lotus Developers: Luxury Pipeline Expands
Sri Lotus Developers & Realty Limited reported a strong quarter backed by premium launches and robust collections. Chairman and Managing Director Anand K Pandit said the company remains on course to achieve pre-sales of Rs. 1,100 - Rs. 1,300 crore and PAT growth of 30–35% in FY26.
The firm launched The Arcadian in Juhu and Amalfi in Versova with a combined GDV of Rs. 1,000 crore. Four more luxury projects, including Lotus Trident in Andheri West are set to launch in the second half. With an expanding portfolio worth Rs. 13,000 - Rs. 14,000 crore, the company is strengthening its position among Mumbai’s top luxury developers.
