Grovy India Q2 Net Profit Rises to Rs 2.02 Crore; Revenue Up 75%

What happened

Grovy India Ltd released its unaudited standalone financial results for the quarter and half-year ended 30 September 2026. The release was reported in late October 2026. The same release covered board action on share capital, including the completed preferential allotment.

The company builds boutique residential projects in South Delhi and Lutyens Delhi. Its registered office is at Vinobapuri, Lajpat Nagar, New Delhi.

The numbers

• Net profit: Rs 2.02 crore in Q2, compared with Rs 0.17 crore in the same quarter last year. Profit after tax for Q1 FY27 was Rs 1.90 crore.
• Revenue: Rs 27.18 crore in Q2, up 75% from Rs 15.53 crore. Half-year revenue was Rs 54.76 crore.
• EBITDA: Rs 3.16 crore in Q2, up 14.02% from the previous quarter.
• Earnings per share: rose from Rs 0.28 to Rs 1.26.
• Return on capital employed: 7.10% in Q2, up from 4.86% in Q1.
• Half-year profit after tax: Rs 3.92 crore, which is above the Rs 2.90 crore reported for the full prior financial year.

Capital and debt

The board raised the authorised share capital from Rs 13.50 crore to Rs 25.00 crore. The Preferential Issue Committee approved the allotment of 41,69,433 equity shares at Rs 36 per share on 4 August 2026. The issue raised Rs 15,00,99,588 from promoter and public investors. Paid-up capital rose to Rs 17,50,57,050 after the allotment.

Total borrowings fell from Rs 24.96 crore at 31 March 2026 to Rs 2.59 crore at 30 September 2026. The company describes the share issue as a step to strengthen the balance sheet for upcoming project execution and expansion.

South Delhi market context

Grovy describes the South Delhi market as supply constrained, supported by mature infrastructure, premium neighbourhoods, and demand from professionals, expatriates and diplomats. The company's chairman, Prakash Chand Jalan, and its CEO, Nishit Jalan, have both pointed to rising demand for luxury independent floors in the area.

A Golden Growth Fund report cited in press coverage says average prices of independent floors in South Delhi rose between 12% and 17% across Category A and B colonies in the third quarter of 2025. The same report puts plot prices in Category A colonies at Rs 7 to 15 million per square yard, and Category B plots at Rs 6 to 12 million per square yard.

Redevelopment works in South Delhi on a model where the land owner and a development partner agree that the owner sells one or more floors to the partner and keeps the rest. Grovy's partnership with Golden Growth Fund covers three residential projects in Anand Niketan, Neeti Bagh and Vasant Vihar, with planned investment of Rs 180 crore.

What it means for buyers and investors

For buyers, the release is a financial update and does not name a new launch, price list or possession date. Grovy's chief executive has said the company aims to combine quality with execution on its projects.

For investors, the numbers show a much larger first-half revenue base, higher quarterly profit and a much lighter debt load. Revenue from property developers can move sharply as projects reach construction and delivery milestones, so a single quarter's growth should be read alongside project timelines.

The company's Defence Colony acquisition, announced on 27 May 2026, has an approximate development area of about 15,000 sq ft. Its acquisitions in Q1 FY27 added premium residential projects of about 50,000 sq ft in South Delhi. The company's pipeline of ongoing and upcoming projects was put at 1.89 lakh sq ft in a company article dated 29 November 2025.

What comes next

• Grovy states a target of 20 to 25 projects a year, with no fixed date.
• The Golden Growth Fund, a Category II Alternative Investment Fund launched in September 2024 and focused only on South Delhi, aims to raise Rs 400 crore for real estate acquisitions in the area.
• The company's 41st AGM on 8 July 2026 approved a final dividend of Rs 0.10 per share.