Mumbai: Grovy India Limited has raised Rs 15.01 crore through a preferential issue of equity shares as the South Delhi-focused developer looks to fund expansion and strengthen its presence in the premium residential market.
The BSE-listed company’s preferential issue committee of the Board of Directors approved the allotment of 41,69,433 equity shares with a face value of Rs 10 each for an aggregate amount of up to Rs 15,00,99,588. Following the allotment, Grovy India’s paid-up equity share capital increased to Rs 17,50,57,050, comprising 1,75,05,705 equity shares of face value of Rs 10 each.
The company said the participation of investors and promoters in the issue reflects confidence in its execution capabilities, growth plans and established presence in South Delhi’s real estate market. The funds will support its expansion plans and pipeline in the micro-market.
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Commenting on the development, Ankur Jalan, Director, Grovy India said, “The strong participation is an endorsement for the company’s robust brand equity, consistent execution, quality developments and a focused business strategy. The company’s deep understanding of one of India’s most premium micro-markets positions it well for sustainable long-term growth. The micro market has a significant value creation potential as the demand for luxury developments in South Delhi continues to strengthen.”
Grovy India is currently executing residential projects covering 1.83 lakh sq. ft. across prime South Delhi markets. These projects are expected to be delivered between Q3 FY27 and Q4 FY28.
The company also expanded its project pipeline during Q1 FY27 by acquiring new premium residential projects spanning approximately 50,000 sq. ft. in South Delhi.
Jalan said the company is targeting a significant increase in its annual project execution. “We aim to scale execution towards 20–25 projects annually over the next three years, subject to market conditions and project availability,” he said.
Grovy India plans to raise a total of Rs 40 crore by the end of FY27, according to Jalan.
The fundraising comes alongside a sharp improvement in the company’s financial performance. Grovy India’s net profit increased 74% year-on-year to Rs 1.9 crore in Q1 FY27, while total revenue rose 233% YoY to Rs 27.58 crore.
On a sequential basis, the company reported a 114% increase in net profit and a 249% rise in total revenue in Q1 FY27. The company attributed the performance to project execution, improved profitability and disciplined capital allocation.
