Puravankara’s Starworth Secures ₹509.5 Crore Devanahalli Project as Developer Navigates Mixed Financial Quarter

Puravankara Limited has strengthened its construction portfolio with its wholly owned subsidiary, Starworth Infrastructure and Construction Ltd (SICL), securing a Letter of Acceptance worth ₹509.5 crore for a major development in Bengaluru. Awarded by One Bangalore Luxury Projects LLP, the contract covers turnkey civil works, finishes, MEP systems and external development for the Varnam Phase 1 segment of the One Bangalore Luxury township in Devanahalli. The project is expected to be executed over a 36 month timeline.

This fresh order arrives at a strategically important time for Puravankara, which is navigating a quarter defined by contrasting financial indicators. While the company reported a widening net loss of ₹41.79 crore in Q2 FY26 compared with ₹16.78 crore a year earlier, it simultaneously delivered stronger revenue growth. Consolidated revenue rose nearly 30 percent year on year to ₹644.4 crore, underscoring continued demand momentum across its portfolio. However, EBITDA declined 7.3 percent to ₹104.47 crore, with margins softening to 16.2 percent from 22.7 percent, reflecting cost pressures and project mix changes.

Operationally, Puravankara continued to show resilience. Sales in Q2 FY26 touched ₹1,322 crore, a 4 percent growth over the previous year, supported by 1.5 million sq ft in volumes and a 7 percent improvement in average realisation at ₹8,814 per sq ft. For the first half of FY26, total sales reached ₹2,445 crore across 2.75 million sq ft, indicating a stable demand pipeline despite financial volatility.

The new construction mandate for Starworth is expected to further boost Puravankara’s order book and enhance visibility for upcoming quarters. Devanahalli, a fast-growing micro market driven by airport-led development and large scale residential expansion, continues to attract major developers and infrastructure investments. Securing a project of this scale strengthens Puravankara’s positioning in one of Bengaluru’s most dynamic growth corridors.

Ahead of the announcement, Puravankara’s shares closed at ₹244.90 on the NSE, up 2.74 percent, reflecting positive investor sentiment toward the company’s strengthening project wins.