IPO-Bound Anarock’s Operating Cash Flow Turns Negative, Shows DRHP

New Delhi, October 5, 2026: IPO-bound real estate consultancy firm Anarock Property Consultants reported a sharp rise in profit and revenue in FY26, but its operating cash flow slipped into negative territory as receivables surged, according to its draft red herring prospectus (DRHP) filed for a proposed Rs 1,000-crore initial public offering.

Revenue And Profit Rise

According to the company's DRHP, net profit rose to Rs 93.22 crore in FY26 from Rs 60.78 crore in FY25, while revenue from operations increased 33.83 per cent to Rs 881.90 crore from Rs 658.95 crore a year earlier.

Revenue and profit have grown steadily over the past three financial years, with the company reporting revenue of Rs 509.23 crore and net profit of Rs 44.94 crore in FY24.

Despite the strong earnings performance, operating cash flow swung to an outflow of Rs 12.07 crore in FY26 from an inflow of nearly Rs 93 crore in FY25.

Receivables Drive Cash Flow Decline

The deterioration came largely because of a sharp increase in trade receivables, which rose to Rs 464.21 crore at the end of FY26 from about Rs 316 crore a year earlier.

Trade receivables represent payments due from customers for services already delivered and recognised as revenue. Anarock said the increase was partly linked to higher revenue and the timing of billing and revenue recognition, particularly for business booked towards the end of the financial year.

The cash-flow performance assumes greater significance as the company prepares to enter the capital markets and expands through acquisitions.

Anarock Expands Through Acquisition

On September 27, 2026, Anarock acquired a 53.68 per cent stake in architecture and design firm DSP Design Associates for Rs 64.01 crore through a mix of fresh investment and purchases from existing shareholders. The company filed its IPO papers three days later.

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Founded by Anuj Puri in 2017 after his exit from JLL India, Anarock has grown from a residential property advisory firm into a diversified real estate services platform.

The company now operates across transaction advisory, commercial leasing, investment advisory, project management and engineering services, technology-led real estate solutions, as well as retail, hospitality, industrial, logistics, land and valuation advisory segments.

As of March 31, 2026, the company had 2,192 permanent employees and operations across 15 Indian cities, besides a presence in the Middle East.

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