Arkade signs ₹1,100 cr Kandivali MOU, but Filmistan charge swells to ₹182 cr
A new cluster redevelopment deal and strong pre-sales are offset by a one-time hit from the Filmistan acquisition.
— 3 earlier stories on Arkade Developers Ltd. →What's new
- Arkade signed an MOU for a cluster redevelopment of nine societies in Kandivali East, with an estimated GDV of ₹1,100 cr.
- The company booked a ₹182 cr one-time charge related to the demerger of tenancy rights from Filmistan.
- Q4 pre-sales hit a record ₹303 cr, up 40% year-on-year.
Why this matters
The call shows Arkade juggling a major new project win against a significant one-time accounting hit from its biggest acquisition. The ₹182 cr charge is the cost of cleaning up the Filmistan deal's structure, while the ₹1,100 cr MOU and a ₹3,500 cr pipeline show the acquisition strategy is generating new work. Management's 20-25% FY27 revenue growth guidance hinges on the Filmistan project launching on time.
What we're watching
- Whether the ₹3,500 cr Filmistan project gets regulatory approvals for a March 2027 launch.
- Execution on the Kandivali East MOU, as it's just an agreement to agree.
- Stabilization of EBITDA margins at the guided 27-28%.
The full read
Arkade Developers' Q4 call was a tale of two stories. On one side, the company posted its highest-ever quarterly pre-sales of ₹303 cr, up 40% year-on-year, and signed a fresh cluster redevelopment MOU in Kandivali East with an estimated GDV of ₹1,100 cr. On the other, it booked a ₹182 cr one-time charge to clean up the demerger of tenancy rights from its recently acquired Filmistan subsidiary. The charge is non-cash, but it's the price of a deal that now carries a ₹3,500 cr development value. Management stuck to its plan for a March 2027 launch pending approvals. The combined pipeline of ₹12,000 cr over five-to-six years is ambitious. The open question is whether the Filmistan project stays on schedule to deliver the 20-25% FY27 revenue growth management is targeting.
Questions answered
- What caused the ₹182 crore one-time charge?
- The charge is an impairment related to the demerger of tenancy rights from Filmistan Private Limited, the subsidiary Arkade recently acquired. It is a one-time accounting event tied to structuring the acquisition.
- How large is the new Kandivali project?
- The MOU covers the cluster redevelopment of nine societies in Kandivali East with an estimated gross development value of ₹1,100 crore. The deal was signed the evening before the earnings call.
- What is the total revenue pipeline Arkade is working with?
- Management reiterated a five-to-six-year revenue pipeline of approximately ₹12,000 crore. This includes the ₹1,100 cr Kandivali MOU and the flagship ₹3,500 cr Filmistan project.
- What is the company's growth target for the current fiscal year?
- Arkade guided for 20-25% revenue growth in FY27, with EBITDA margins stabilizing at 27-28%.
Story so far
All notes on ARKADE →- 2 Jun 2026 · 4:34 PM IST Arkade signs ₹1,100 cr Kandivali MOU, but Filmistan charge swells to ₹182 cr
- 7d ago Arkade admits macro headwinds are slowing pre-sales
- 7d ago Arkade Developers profit drops to ₹5 cr after one-time impairment
- 8d ago Arkade Developers lands ₹1,100 cr cluster redevelopment in Kandivali