Mumbai, October 5 (Daily Kiran) : Enarock Property Consultants, a real estate consultancy preparing for its IPO, has reported significant growth in revenue and profit for the fiscal year 2025-26. However, the company is facing a negative operating cash flow, a concerning sign for potential investors ahead of its proposed ₹1,000 crore IPO. This information was disclosed in the company’s Draft Red Herring Prospectus (DRHP).
According to the DRHP, Enarock’s net profit surged to ₹93.22 crore in FY 2025-26, up from ₹60.78 crore the previous year. Revenue from operations also saw a substantial increase of 33.83%, reaching ₹881.90 crore compared to ₹658.95 crore in FY 2024-25.
The company has demonstrated consistent growth in both revenue and profit over the past three years. In FY 2023-24, Enarock reported revenue of ₹509.23 crore and a net profit of ₹44.94 crore. This trend indicates that the company has successfully expanded its business and diversified its services.
Despite this strong financial performance, Enarock’s operating cash flow showed a significant decline, recording an outflow of ₹12.07 crore in FY 2025-26. This contrasts sharply with the previous year, which saw a positive cash flow of nearly ₹93 crore from operational activities.
The DRHP attributes this decline primarily to a sharp increase in trade receivables. The amount owed by clients rose to ₹464.21 crore, up from approximately ₹316 crore the previous year. Trade receivables reflect payments that the company has yet to receive despite providing services and recording revenue. Enarock noted that this increase was partially due to revenue growth and the timing of billing and revenue recognition, especially for business booked at the fiscal year-end.
This cash flow situation arises as the company prepares to enter the capital markets while also expanding through acquisitions. On September 27, 2026, Enarock acquired a 53.68% stake in DSP Design Associates, a firm in the architecture and design sector, for ₹64.01 crore. This deal included both new capital investment and the purchase of shares from existing shareholders, occurring just three days before the company filed its IPO documents.
Founded in 2017 by Anuj Puri after his departure from JLL India, Enarock initially focused on residential property consulting. It has since evolved into a comprehensive real estate service platform, offering a range of services including transaction advisory, commercial leasing, investment consulting, project management, engineering services, technology-based real estate solutions, retail, hospitality, industrial, logistics, land, and valuation advisory.
As of March 31, 2026, Enarock employed 2,192 permanent staff and operates in 15 cities across India, as well as in the Middle East.
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