Arvind SmartSpaces Ltd on Tuesday named Priyansh Kapoor as its Managing Director and Chief Executive Officer as part of a planned leadership transition, even as the real estate developer reported a 40 percent year-on-year decline in consolidated net profit for the third quarter of FY26.
Net profit attributable to equity holders fell to ₹28.76 crore for the quarter ended December 31, 2025, from ₹47.7 crore a year ago.
Revenue from operations declined 21 percent year-on-year to ₹166 crore during the quarter. During the quarter, profitability was impacted by lower revenues and a one-time increase in provision for employee benefits of ₹2.59 crore following the implementation of new labour codes.
Kamal Singal stepped down as Managing Director and CEO at the close of business hours on February 10, and has been re-designated as Whole-time Director – Strategy and Investments, subject to shareholder approval.
He will continue to mentor the leadership team and oversee strategy and investments, the company said. The leadership transition is part of a structured succession plan initiated in July 2025, aimed at ensuring continuity, governance standards and long-term growth.
Kulin Lalbhai, Chairman, of the company stated in an official release, “ Under Kamal’s leadership, ASL has built a strong platform for sustainable growth through disciplined execution and strategic expansion. He will also work on a broader group level mandate with the promoters. We are delighted to designate Priyansh Kapoor as Managing Director & CEO and are confident that, with his proven execution capabilities, extensive experience and deep understanding of the real estate business, he will build on this strong foundation and will further scale the company to the next orbit in coming years.”
Published on February 10, 2026
