Good afternoon, everyone, and thank you for joining us for Brigade Enterprises Limited's Q1 FY27 earnings call. I am joined by the management of Brigade Group: our Executive Chairman, Mr.

M. R.

Jaishankar; Joint Managing Director, Ms. Nirupa Shankar; Executive Directors, Mr.

Roshin Mathew, Mr. Amar Mysore, and Mr.

Pradyumna Krishnakumar; and our CFO, Yogesh Patel. In real estate, Q1 FY27 saw consistent performance coming off a launch-led Q4 FY26.

Although we did not have new launches in Q1, we remain on track for our FY27 guidance, supported by a strong launch pipeline over the coming quarters as well as contribution from our sustenance sales. Pan-India, residential sales were down 6% year-on-year in the same April to June window per ANAROCK, with Bengaluru and Hyderabad among the only major cities to hold sales growth in the quarter, a favorable backdrop for Brigade given both are core markets.

For Brigade, Q1 FY27 net sales were ₹1,061 crores, 5% lower against Q1 FY26. Our realization, though, increased to ₹14,256 per square foot, a strong 21% year-over-year improvement driven by disciplined pricing increases in our existing projects and a positive shift in our product mix towards higher-value homes.

Our planned relaunch of Brigade Morgan Heights, highlighted last quarter, was impacted by the project's environmental clearance being revoked by SEIAA. We have refunded affected homebuyers.

Our position remains that the project land does not fall within the Pallikaranai marshland. We have approached the High Court, which in turn directed SEIAA, which is the State Environment Impact Assessment Authority, to file its counter-affidavit and asked all authorities to maintain status quo.

We are committed to the project and will plan the relaunch once the issue has been addressed. For the next four quarters, our launch pipeline stands at 16.4 million square feet, of which 12.4 million square feet is residential, with a GDV of approximately ₹13,400 crores.

Bengaluru accounts for 4.3 million square feet, Hyderabad 4 million, Chennai 3 million, and Mysore 1 million square feet. Of the 4 million square feet launch pipeline for commercial, Bengaluru accounts for 2.6 million square feet, Chennai 1.3 million square feet, and Kochi 0.2 million.

We also have 1,700 keys of hospitality inventory in the pipeline. This pipeline gives us confidence that we remain on track for our FY27 guidance of ₹9,000 crores in pre-sales, with launches expected to be more back-ended into the coming quarters, similar to the pattern we saw in FY26.

On the business development front, for the residential segment, we added ₹2,400 crores of GDV across 2.7 million square feet in projects during Q1 FY27, primarily in Hyderabad. We continue to monitor the macroeconomic situation in terms of the Middle East conflict and impact of AI, but believe that the core drivers of growth remain intact.

Brigade Group's commercial office business continued to deliver resilient operating performance in Q1 FY27, with an operational portfolio of 8 million square feet of GLA across Bengaluru, Chennai, Kochi, and Ahmedabad, and portfolio occupancy at 88%. The business recorded 0.22 million square feet of gross leasing during the quarter.

Leasing demand during the quarter remained broad-based, led by industrial manufacturing, flexible workspace, and life sciences. At the portfolio level, GCCs contributed 58% of gross leasing, with the GCC occupier base diversified across automotive and mobility, technology, industrial and engineering, and BFSI.

IT and ITeS accounts for 26% of the overall portfolio mix, reflecting a diversified occupier profile across the commercial office portfolio. Commercial office revenues stood at ₹200 crores, while operating EBITDA margins stood at 80%, and rental collections remained robust at 99%.

The business has 0.9 million square feet of vacant lease-up opportunities within its operational portfolio. Turning to retail, as of Q1 FY27, the Orion Mall portfolio delivered a strong performance, with footfalls growing 11% year-on-year.

The increase was driven by brand-new additions, mall-led experiential promotional events, along with a 20% year-on-year rise in cinema admissions. Retail sales grew 35% year-on-year, led by strong growth in destination categories.

Across the malls, anchor retailers emerged as the key growth driver, with a 64% year-on-year increase in sales, led by new anchors, followed by F&B restaurants at 46% year-on-year, and electronics at 33% year-on-year. Turning to hospitality, BHVL delivered a strong quarter despite geopolitical disruptions from the West Asia conflict by shifting focus to domestic demand.

The company achieved 7% ADR growth, 2% occupancy growth, 9% growth in RevPAR EBITDA, and 140% increase in profit, from ₹7 crore to ₹17 crore. Domestic corporate travel, weddings, and social events remained resilient, helping offset weaker international travel demand.

While F&B revenues were impacted by softer MICE activity and event postponements, management views this as a temporary challenge. During the quarter, BHVL rebranded Four Points by Sheraton Kochi Infopark to Courtyard by Marriott Kochi Infopark, and remains confident of continued ADR growth, supported by strong demand and limited supply in its markets.

Looking ahead, BHVL has a 1,700-key development pipeline, targeting 3,300 keys by FY31. The company will launch Courtyard by Marriott Chennai WTC, 45 keys and part of the WTC Chennai campus, in FY27.

Sustainability efforts continue to gain momentum, with 61% of portfolio energy requirements now sourced from renewable energy. The current operating portfolio is entirely EDGE certified, a green building standard from IFC, the International Finance Corporation.

With that, I will now hand over the call to Yogesh to take you through the financial performance for the quarter in detail.

Thank you, Pavitra. Good afternoon, and a warm welcome to all once again.

To start with the highlights of group's financial performance for Q1 FY27: The consolidated revenue for the quarter gone by stood at ₹1,179 crores, with an EBITDA of ₹425 crores. The EBITDA margins stood at 36% as compared to 28% in Q1 of FY26, an improvement of almost 800 basis points, primarily led by increase in real estate margins.

The real estate segment clocked a turnover of ₹707 crores, with an EBITDA of ₹150 crores, an absolute increase of 45% from Q1 FY26. The real estate EBITDA margin improved to 21% as compared to 12% in Q1 of FY26.

This improvement is led by recognition of revenue from projects with better margins, as was expected too. The leasing segment clocked a turnover of ₹328 crores, an increase of 9% over Q1 FY26, with an EBITDA of ₹230 crores.

EBITDA margin stood at 70%, which is same as what we clocked for full year FY26. The hospitality segment clocked a turnover of ₹144 crores, with an EBITDA of ₹45 crores.

Consolidated PAT stood at ₹216 crores, a year-on-year growth of 37% and a quarter-on-quarter growth of 14%. PAT after minority interest for this quarter is ₹200 crores.

We have had an exceptional item in the quarter, a gain of ₹36.6 crore at PAT level. This is due to reclassification of our investment in a subsidiary upon investment from Bain Capital.

The said gain has only been consolidated at PBT and PAT level, and does not impact the EBITDA measure as has been detailed earlier. Touching upon cash flow performance: Collections for the quarter was steady and stood at ₹1,856 crores, a growth of 7% year-on-year.

We remain confident of sustaining healthy cash flows in the coming quarters as well. Collection from the real estate segment stood at ₹1,346 crores, an increase of 8% over Q1 FY26.

Leasing segment contributed ₹343 crores, a growth of 10% over previous year, and the balance of ₹167 crores came from hospitality segment. Net cash flow from operating activities stood at ₹354 crores, which is also a growth of 10% from Q1 FY26.

Coming to debt and liquidity: We continue to have adequate liquidity and undrawn credit lines from banks and financial institutions to support our growth plans. Our average cost of debt for June '26 stands at 7.61%.

As of June 30th, 2026, the gross debt of the group stood at ₹5,305 crores, while cash and cash equivalents were ₹3,087 crores. The company's net debt outstanding as of 30th June 2026 was ₹2,218 crores, out of which Brigade Enterprises' share, excluding the JV owner share, would be ₹1,541 crores.

About 86% of this debt pertains to the leasing segment, which is backed by the rental incomes from it itself. The debt-equity ratio at the end of the quarter stood at 0.26.

We will continue to have our debt-equity ratio well under 1x, accommodating for all the current capex commitments and projected business development spends, given these will be serviced through a combination of internal accruals prior to accessing debt. I will now hand it back to the moderator for questions.

Hi. Thanks for the opportunity.

A couple of questions from my side. Firstly, Pavitra, of the 12 million square feet launches that are planned, just a clarification: is this for remainder of FY27 or for rolling four quarters?

Secondly, can you provide some color on quarter-wise timelines for these launches? Is there a risk of slippages here due to approval-led delays or any other reasons, because even in 1Q, we were targeting 1.5 million square feet of launches which didn't come through, and does that 3 million square feet in Chennai also include Morgan Heights?

Hi, Karan. The 12.36 million square feet that we mentioned is a rolling four quarters.

Yes, there is a slipover into Q1 of next financial year. For the remaining three quarters of this financial year, we're looking at 9.36 million square feet in FY27, and there is a 3 million square feet that will move into Q1 FY28.

The launches in Q1 was partially because of Morgan Heights itself. We were planning to relaunch the project based on all the favorable movement that had happened in Q4, but since then, as mentioned in the opening remarks, we've not been able to get that clarity.

Hence, we have removed Morgan Heights from any of the launch numbers that we have previously communicated, and it is not part of the 3 million square feet to Chennai as well for the next four quarters. Q2, we are hoping to launch around 2.36 million square feet, and therefore the remaining 7 for the financial year will come in H2.

There is always that risk of approvals coming in on time, but this is what we're going for: 2.36 in Q2, the remaining 7 in H2, and another 3 million in Q1 FY28, and none of that will include Morgan.

Sure. Just as a follow-up, with the Q1 sales at ₹1,050 crores and your guidance of about ₹9,000 crores, how should we think about sales velocity?

Is the expectation that volumes will accelerate from here with upcoming launches, or should we expect pricing mix to remain significant part of the pre-sales growth?

We do expect more sales velocity associated with the launches, and since we're expecting those launches to come starting from Q2 itself, the run rate per quarter will definitely be increasing. Got it.

My second question to you, Nirupa, if you look at slide 29, you launched around 4 million square feet of commercial properties across Bangalore and Hyderabad. Given the amount of capex still to be deployed across the commercial pipeline, can you give some visibility on the leasing timelines, occupancy at completion, and when these projects will start becoming meaningful contributors to the rental EBITDA, and as a follow-up, with all the expansion plans on the leasing front, what does steady-state revenue and EBITDA look like and by which year?

Hi, Karan. Thank you for that.

The properties that were launched, about 4 million that we've launched in Q1, will take some time to come over the next two to three years. If I look at how the launches are coming into the market, we can expect about 2.5 million or so to come into the market by FY28.

As of now, for FY27, we have about 3.89 million ongoing, of which 2.85 is Brigade share, and we still have some of it in the sale and in the leasing portfolio. As I was saying, for FY27, we have about 3.8 million ongoing, of which 2.85 is Brigade share.

In 2028, we can expect about 2.86 million to come into the market. In '29, maybe some smaller properties, about 650,000, and the bulk of it will come in FY30.

Almost 6 million square feet will come in FY30. We do have some runway to lease these assets.

Typically, we would like to lease assets within the first six to eight quarters of getting the OC. That's typically what we would take.

The spend of course for these capex items would be over the next four to five years. In terms of the revenue, the way in FY26 we had a total commercial, just the office leasing, at around ₹765 crores.

I would say over the next five to six years, we can expect a CAGR for the leasing revenue to increase by about 20%, and that's how we see the portfolio growing. By FY32, I think we've mentioned some numbers earlier.

Sure. Then lastly on hotels, can you talk a bit about what are the near-term trends that you're seeing in the hotels business, and incrementally, do you foresee occupancies or ARR as the primary driver of growth for FY27, and with Kochi Infopark hotel now being rebranded to Courtyard by Marriott, what kind of improvements in occupancies as well as ARR do you foresee over here?

In terms of hospitality, we did see some impact of the West Asia crisis. While we increased our ADR by 7% compared to Q1 of FY26 and the occupancy increased by about 2% from 74.5% to 76%, we saw total revenue increase of about 9%, but we did see a hit on the F&B aspect of it.

While we managed to increase our EBITDA by 9%, we managed to increase our PAT by 140% from ₹7 to ₹17 crores, we did see some loss of business. When we tracked that business, we saw almost 10% reduction in business just because of the West Asia crisis.

This was due to cancellations or postponement of a lot of events that were supposed to have taken place in the city. We believe that this business will come back a lot stronger in H2 of this fiscal year.

We are able to increase our ADR. What we did from a strategic perspective is because we anticipated the reduction of foreign travel, we managed to displace a lot of the foreign travel business with domestic business, but some of the larger MICE businesses could not be replicated.

We don't see any major cause of concern. This quarter is actually quite encouraging, and we're seeing some good bounce back of MICE, like I said, in the third quarter.

Hopefully, it's not a huge cause of concern, but like I said, there was some impact in Q1. I'm not seeing any [unclear].

I do see the ability to keep the rates quite [unclear].

Hi, am I audible?

Yeah. To continue, what I was saying was that while we saw some impact in Q1, we expect a lot of that business to bounce back in Q3 of this fiscal year.

In terms of Four Points by Sheraton in Kochi, yes, we rebranded it. We saw a blip in terms of the occupancy in the first quarter of rebranding.

I think two reasons for that: because we displaced some of the crew business; there was rebranding, the systems had to identify a new hotel in place. The bounce back in Q2 has been quite good.

Our occupancies are back to the '70s, I would say, and because of the rebranding, we can expect at least a 15% to 20% increase in ADR.

Great. That was very helpful.

Thank you.

Thank you.

Thanks for the opportunity. Two, three questions.

Firstly, in terms of the H2 launches, I think we had two larger launches this year scheduled for Q4: one is Hyderabad Neopolis 2 and the Whitefield Hoskote launch which is running again in Q4. Does timelines still remain Q4, or has there been some advancements there?

That's my first question. Second, on the leasing status for WTC Bangalore, we did see some 30,000 square feet odd of leasing this quarter, but how should one think about getting back to normal occupancy there?

On the residential launches, the Hyderabad launch, we are planning to advance that. I think it's looking quite likely to come much earlier than Q4.

Definitely Q3, if not sooner. The Whitefield Hoskote launch as well is looking like a Q3 launch for Bangalore.

Great. Good to know that.

On the leasing part, WTC Bangalore?

Yes, on the leasing side, of course WTC is a building that's about 1.13 million square feet. Brigade has about 7.19 million square feet of that.

We had leased about 50% of that space, and what we have left is about 375,000 square feet of space. While we were expecting one or two large clients to come in and take up that space, what we have realized is as the client that was existing there left, we were also hit by the West Asia crisis.

That has delayed some of the larger companies making large demands. A lot of the RFPs that we saw for 2 lakh square feet, 1 lakh square feet kind of disappeared or have been postponed.

What we are having to do now is to do smaller leases of 20,000 square feet or a floor plate of 40,000 square feet. This is how I think we will have to continue with the leasing because that's the kind of demand that we are getting right now.

We are taking whatever business we get. The good news is that we're able to increase our rentals, we are able to get that mark-to-market increase of at least 10% to 15%.

We believe there's strong demand, and the idea is to close out the leasing in the next three to four quarters.

Sure. Just a couple of more.

Again on the residential side, I think we have two, three larger projects in Bangalore which are obviously not part of the current 12 months launch pipeline. Just want to know the status of that.

First is Cornerstone Utopia 2, then we have a 75-acre land parcel at Devanahalli, and we have one large land parcel at Kengeri in Bangalore. If you can just provide the status of that in terms of when should one expect launches.

Would it be next year or it might still take time for those to get unlocked? Yeah.

On the Phase 2 of Utopia, that is something that positive movement, and we will look at launching that hopefully in Q1 of next financial year, although those numbers are not mentioned in the rolling four-quarter projection that I gave. It's something that we're trying to work towards.

When we have much further clarity in terms of approvals, we'll start incorporating those numbers. The second one that you mentioned was our 75-acre parcel KIADB allotment.

The residential component of that is substantially smaller than what we had previously thought because of changes in the bylaws. That will come in later in this financial year, but the component is much smaller.

It's only around 3 to 4 lakh square feet that we're looking at. Finally, on the Kengeri land parcel, this is not in a position to be launched as yet.

There is some ongoing litigation there, the landowner is dealing with that piece and we will eventually bring that to the portfolio. Right now that is not forming part of any of the earlier numbers that I mentioned.

Sure, got it. One last: on the 4 million square feet that we have launched this quarter on the commercial side, what would be the rental potential, and are we all going to hold those assets in our balance sheet, or we're planning to sell some of those?

Yeah. In terms of our launches, we've launched Brigade Insignia Atrium, that's still a while away, we need to see what the rentals will be like closer to the launch of that, but then we have an industrial block, then we have Brigade United and Cauvery and the Orion Mall at Hyderabad.

All of these we plan to hold and none of these are for sale. In terms of the rental that we can expect to get, I think we have to wait closer to the market and when they are launched, maybe at least one year before that they launch, then we can share those details.

Sure. Okay.

That is from my side, and all the best. Thank you.

I just had one question. Of the 2.4 million square feet of launches that you have for 2Q, could you give us the list or name of the projects for us to track?

In terms of the Q2 launches, there is a project in Hyderabad, that's the Neopolis 2 project. There is a project in Mysore called Misty Greens, which is already launched, and there is a very small project in our Brigade Meadows township.

It's a senior living project or a senior friendly project that we're waiting on the RERA for that as well.

How large is the Neopolis project in Hyderabad,

is that... Neopolis project That is about 2 million square feet.

Just to confirm, is this likely to come in the next few days, or could we be hitting the end of the quarter for this one if you have some sense on the timelines for that one, some parity maybe?

It is this quarter. We are in the final stages of the approval.

We're working on bringing that within this Q2 itself.

All right. One more clarification: when you say 12 million square feet of launches for the next four quarters and then you also give a land bank of about 56, 57 million square feet, I just wanted to confirm is there any other development potential that you own, or is this the sum total of all of the development potential that is there on Brigade's balance sheet as things stand today?

Does that include all of the BD that you've ever done? Yeah.

Whatever we're mentioning in the land bank is the entire development potential of the company, and we've given the detail in terms of market as well as segment in our investor presentation.

The planned launches are also part of that, just to confirm, the 12 million square feet? Yeah.

They're part of that.

The third and last...

The way we do it is whatever is in the launch pipeline, we are communicating it is in the pipeline. As soon as we have RERA and launch or declare the launch from a commercial standpoint, we remove it from the land bank.

There are deductions based on what gets launched and there are additions based on BD.

Got it. Till the time it's not launched, it's part of the land bank.

Once you launch it, it will move to the ongoing projects. Is that right?

Correct. That's right.

Sure. One final clarification: the reported financials for Brigade Hotel Ventures and what you report in the presentation for Brigade Enterprises, there's a small difference, not very material, but there is still a difference.

Could you please highlight what is the difference between that 5%, 7% in terms of the revenue as well as the subsidiary numbers? Is there anything that is not a part of Brigade Hotel Ventures that is there in the main entity?

Yes, Abhishek, that's correct. There are certain clubs which are run under an entity which is BHSL, or Brigade Hospitality Services Limited, which is a subsidiary of BEL.

That is part of hospitality segment, but from entity [unclear] is a BHSL.

That's not in BHVL.

Correct.

All right, yeah, that's all from my end. Thank you.

Hi, good afternoon, and thanks for taking my question. The first question is: in our upcoming launch pipeline, 4 million square feet commercial projects, would it be possible to get a geographical split of this in terms of cities?

I can give you the geographical split. If you look at it, Bangalore will have about If I look at FY30, since we have quite Or you mean only for Q1?

No, I'm talking about... Only in Q1?

No, I'm talking about the 4 million square feet upcoming projects, 4.03 million square feet commercial. What would be the city-wise split?

Bangalore will be 57% and Hyderabad is 43%.

Sure. Sure.

Thank you. That's it from my side.

Yes. Hi, good afternoon, and thanks for taking my question.

My first question is on the slide number 12. You have given the estimated sales value of unsold units.

It's around ₹8,950 crores. Does this involve any inventory from the Morgan Heights project?

Yeah. Hi.

This is Pradyumna here. Currently, yes, it does include Brigade Morgan Heights, but in the next quarter's presentation, if the issue has not been addressed, we will remove it.

Sure. I assume that would be around...

The inventory is about 0.8. 0.7 million square feet is Brigade Morgan Heights out of the 6.7 million square feet that is shown as unsold.

Maybe the attributable value would be around 700, 800 crores?

About 650 crores is the attributable value, yeah.

650 crores, understood. Last quarter, we mentioned that we are planning to launch around 11.5 million square feet this year, the updated number I think is around 9.3, how do we see the shortfall?

I understand 1 million square feet might be Morgan Heights, but where would be the additional shortfall?

Primarily, the shortfall is, as you rightly guessed, from Morgan Heights. We have reduced a little more than a million square feet from there.

Understood. Another million square feet?

The other million square feet is the way in which we represent some of our launches. What we are including in our launch pipeline is for the sales phasing.

I think last year some of the projects we included the entire we would get as opposed to what we will actually do in terms of a sales phasing. That has been fine-tuned for FY27, and that's where we saw 1 million square feet also change.

Understood. We still maintain our pre-sales guidance of 9,000?

Yes.

Yes.

For the year? Understood.

Final question on the P&L recognition front: this quarter we have seen a higher margin revenue recognition on the residential bit, how should we look at the full year? What's the margin profile of projects getting recognized?

How should we see the entire FY27 and '28 as whole?

Parvez, from conversations last year also, we were kind of highlighting that our last year margin muted was primarily because of impact of the projects which are coming up for revenue recognition had a lower margin profile with that degree of three or four years back sold ones inventories. Given that's gone through, improvement is seen effective first quarter itself.

The operating impact of 5% to 6% in improvement in contribution margin itself will mostly be retained right through the year, but obviously it will again depend on the mix as and when the revenue recognition comes through. The improvement should be seen, and we had mentioned that we would get into 20s while we were towards late teens towards the end of the financial year, right?

Okay. Sure.

Thanks a lot for taking my questions.

Hi, I just wanted to make a clarification to Parvez Qazi's question. The numbers that I had given was for the commercial project launches for Q1 FY27, where it was 57% of the 4 million in Bangalore and 43% in Hyderabad.

I think the question was on the upcoming launches in the next four quarters, which was also around 4.03 million. There, 2.6 million square feet will be in Bangalore, which is about 65%.

We have a smaller bit in Kochi, about 4%, which is about 200,000 square feet, and the balance 1.3 million square feet will be in Chennai, about 31% for Chennai. Just wanted to make that clarification.

Hi, thanks for taking my follow-up question. I just wanted to reconfirm: of the 9-odd million square feet that we're looking to launch in the rest of FY27, the GDV is around 13-odd thousand crore, or is that number for the entire 12.2 million square feet launch pipeline?

The 13,000 or ₹13,400 crores GDV, that is 12.36 million square feet. So 9.36, you can say it's around ₹10,000 crores GDV.

Sure. Thanks and all the best.

Thank you.

Yeah. Hi, thank you for taking my question.

I just have one question on the capex commitments slide. Just wanted to understand when you say the estimated cost for all these projects, what is included except for the construction cost?

Because when I look at the per square feet number, it gives a varied range of ₹4,000 to ₹10,000 per square foot. I understand the cost is also function of the height that you are building, but just wanted to get a sense is this purely construction cost or anything else is loaded on this?

It's the cost of the entire construction itself. It does not include land cost, which you would have incurred earlier.

This is just the construction cost.

All costs excluding construction, excluding the land cost.

Okay. Got it.

Thanks.

Thank you. Before we wrap up, we'd like to highlight a few achievements beyond this quarter's financial performance.

Through the Brigade Foundation, our CSR arm, we renovated the 105-year-old Vishwa Vidyalaya Vidya School in Chikmagalur, Karnataka. The project reflects Brigade's commitment to strengthening rural education infrastructure and creating better learning environments for students.

Brigade participated in the BDA-led tree plantation drive organized in association with CREDAI Bengaluru, which earned a Guinness World Record with nearly 15 lakh saplings planted across the city in 24 hours. As part of our Net Zero 2045 journey, we continue to support urban greening and biodiversity initiatives, having planted over 2 lakh trees to date across our projects.

The Indian Music Experience Museum in JP Nagar completed seven years in July. To commemorate this occasion, the legendary L.

Subramaniam took the stage for a special anniversary concert alongside an ensemble of musicians. He also donated his violin and one of his handwritten musical compositions to the museum's permanent collection.

As part of the Brigade School's Passion with Compassion initiative, Print-a-Fest 2026 brought together more than 3,000 participants of runners, including 25 visually impaired participants. The initiative goes beyond promoting health and fitness, with 100% of the proceeds supporting educational facilities for underprivileged children and providing critical medical care to marginalized communities.

We also received a few noteworthy recognitions. Our Chairman received the Nadaprabhu Kempegowda Rajya Award 2026 from the BBMP, commemorating the 515th birth anniversary of Bengaluru's founder, Nadaprabhu Sri Kempegowda.

Pavitra and I were recognized among Fortune India's 100 Most Powerful Women in India for the second consecutive year. I was honored to be recognized as Hospitality Visionary of the Year at the EazyDiner Foodie Awards 2026, Bangalore edition.

Brigade Foundation received a special recognition at the FKCCI Global CSR and Sustainability Summit 2026 for its work on the St. John's Medical College Hospital at Brigade Meadows.

Brigade Hospitality Services Limited ranked fourth amongst India's Great Mid-size Workplaces 2026 by Great Place to Work India. With that, we wrap up our Q1 earnings call.

Thank you all for joining.