Arvind SmartSpaces Limited (ASL), a prominent player in India's real estate sector, has announced a significant leadership change. Sanjay Lalbhai, the company's long-standing Chairman and Non-Executive Director, has stepped down from his position effective November 3, 2025. In a strategic move aimed at ensuring leadership continuity, Kulin Lalbhai, who previously served as Vice Chairman, has been appointed as the new Chairman of the company.

Succession Planning in Action

The transition is part of ASL's carefully orchestrated succession planning process. Sanjay Lalbhai, in his resignation letter, expressed that the time was appropriate to "relinquish my responsibilities and enable new leadership to guide the Company through its next phase of growth and success." He emphasized the importance of continuity in leadership and sustained organizational growth as key factors in his decision.

A Legacy of Growth and Innovation

Under Sanjay Lalbhai's leadership, Arvind SmartSpaces has established itself as a trusted name in the real estate sector. The company, founded in 2008, builds upon the 120-year legacy of the Lalbhai Group. ASL has developed approximately 108 million square feet of real estate across India, with projects spanning Ahmedabad, Gandhinagar, Bengaluru, Mumbai Metropolitan Region (MMR), and Pune.

Looking Ahead: Kulin Lalbhai's Vision

Kulin Lalbhai, in his new role as Chairman, acknowledged his father's significant contributions:

"I want to thank my father for being the inspiration behind all that we have achieved at Arvind Smartspaces. It is his vision and mentorship that have led us to become one of the fastest growing companies in the real estate space."

He expressed his commitment to building on the strong foundation laid by his predecessor, working alongside CEO Kamal Singal and the management team to drive the company forward "with purpose and ambition."

Company Profile

Arvind SmartSpaces Limited continues to position itself as a leading corporate real estate player in India, with plans for continued growth and value creation for all stakeholders. The leadership transition marks a new chapter in the company's journey, building on its established reputation while looking ahead to future innovations and expansion in the dynamic Indian real estate market.

Arvind SmartSpaces Limited (ASL), a leading real estate developer, is making significant strides in its growth strategy with the launch of a new township project in Baroda and robust financial performance in the second quarter of fiscal year 2026.

Expansion into Baroda

ASL has recently entered the Baroda market with a large-scale township project valued at approximately ₹700 crore. This horizontal township development, spread across 98 acres, is structured as a joint development model with ASL securing a 68% revenue share. The move into Baroda represents a strategic expansion of ASL's geographical footprint, further solidifying its presence in Gujarat.

Strong Financial Performance in Q2 FY26

The company has reported impressive financial results for the quarter ended September 30, 2025:

• Bookings Value: ₹432 crore, up 147% quarter-on-quarter
• Collections: ₹236 crore, increased by 23% quarter-on-quarter
• Net Operating Cash Flows: ₹125 crore, showing a significant rise of 368% quarter-on-quarter and 4% year-on-year

Arvind Everland Project Success

A key highlight of the quarter was the launch of Arvind Everland, a residential plotted development in Mankol, Ahmedabad. The project witnessed exceptional market response, achieving sales bookings of 954 units amounting to ₹400 crore, representing 82% of the launched inventory.

Financial Highlights

Robust Development Pipeline

ASL maintains a strong development pipeline across key markets:

• Gujarat: Multiple projects including Aquacity and Arvind Everland
• Bangalore: Ongoing developments such as Forest Trails and The Park
• Mumbai Metropolitan Region (MMR): Recent entry into this market

The company's unrecognized revenue stands at ₹3,124 crore as of September 30, 2025, indicating a healthy project pipeline.

Management Commentary

Mr. Priyansh Kapoor, CEO and Whole Time Director of Arvind SmartSpaces, commented on the performance: "We have reported healthy operational performance for the first half of the year. The success of Arvind Everland reaffirms our strong brand equity and horizontal leadership in the Gujarat market. We continue to strengthen our geographic footprint across high potential micro markets of Gujarat."

He further added, "Our business development pipeline remains robust, and we are actively evaluating multiple opportunities across our core markets of Gujarat, Bangalore and MMR. Our balance sheet position remains strong despite expanding operations, with net debt remaining negative at ₹(32) crore as on Sep 30, 2025."

Future Outlook

ASL is poised for continued growth, leveraging multiple structural drivers in the real estate sector. The company aims to maintain a healthy pace of project additions and sustain its growth trajectory through FY26 and beyond, supported by a strong balance sheet, proven execution capabilities, and growing brand visibility.

As Arvind SmartSpaces continues to expand its footprint and launch successful projects, it remains well-positioned to capitalize on the growing demand in India's real estate market.