Thank you, Darwin. Hello, everyone, and thank you for joining us on Godrej Properties Q4 FY26 results conference call.

We have with us Mr. Pirojsha Godrej, Executive Chairperson; Mr.

Gaurav Pandey, Managing Director and CEO; and Mr. Rajendra Khetawat, CFO of the company.

Before we begin this call, I would like to point out that some statements made in today's call may be forward-looking in nature. The forward-looking statements are based on expectations and may involve risk.

The outcome may differ materially from those suggested by such statements, and a disclaimer to this effect has been included in the results presentation. I would now like to invite Pirojsha to make his opening remarks.

Over to you, sir.

Good afternoon, everyone. Thank you for joining us for Godrej Properties fourth quarter financial year 2026 conference call.

I'll begin by discussing the highlights of the quarter, and we then look forward to taking your questions and suggestions. GPL delivered its best ever year for business development, bookings, collections, operating cash flow, and earnings in financial year '26.

In terms of bookings, Godrej Properties delivered its highest ever quarterly bookings in Q4, equaling the previous best ever quarter in Q4 FY25 and growing 21% quarter-on-quarter to ₹10,163 crore. This was achieved through the sale of 4,789 units with a total area of 7.3 million square feet.

Sales in the fourth quarter were driven by strong demand in some key new project launches, including Godrej Aveline in Bengaluru and Godrej Arden in Greater Noida, which each saw sales in excess of ₹1,500 crore, and also by strong sustenance sales in several projects, including Godrej Vrikshya, which saw sales of over ₹1,000 crore. For financial year '26, booking value grew 16% year-on-year to ₹34,171 crore and thereby achieving 105% of our guidance.

This was achieved through the sale of 17,513 units with a total area of 27 million square feet, a year-on-year volume growth of 5%. This is the highest ever full-year booking value and volume announced by any listed real estate developer in India to date, allowing GPL to remain the largest residential developer in the country in terms of bookings for the third consecutive year.

Booking value has grown at a compounded annual rate of 41% over the past 3 years. Notably, this was the ninth consecutive year in which GPL has delivered growth in bookings, indicating our ability to grow through the cycle.

Moreover, we crossed bookings of ₹7,000 crore and area sold of more than 6 million square feet in each quarter of the last financial year, demonstrating consistency made possible by our national presence and strong product portfolio. The company's sales were well-diversified geographically, with the Mumbai region contributing over ₹10,000 crore, Bengaluru contributing ₹8,801 crore, NCR contributing ₹7,412 crore, Pune contributing ₹3,659 crore, and Hyderabad, a new market for us, contributing ₹2,360 crore.

11 individual projects across 6 cities generated booking value of more than ₹1,000 crore during the year. In terms of collections, the fourth quarter collections stood at ₹7,947 crore, representing a year-on-year growth of 14% over our previous best ever quarter and a quarter-on-quarter growth of 86%.

For financial year '26, collections grew by 17% year-on-year and at a 3-year compounded annual rate of 30% to ₹19,965 crore. This is the highest collections ever reported by an Indian real estate developer in a quarter and in a financial year.

Strong collections also translated into strong operating cash flow of ₹4,631 crore in the fourth quarter, representing a year-on-year growth of 14% over the previous best ever quarter and a quarter-on-quarter growth of 336%. Financial year '26 OCF stood at ₹7,830 crore, representing a year-on-year growth of 5%.

GPL was able to drive a 62% increase in direct construction spend in financial year '26, which will help enable the company to maintain strong collections in the current financial year. GPL also delivered positive net cash flow post business development expenses of ₹628 crore in the fourth quarter, a 6% increase year-on-year.

Financial year '26 was also our best ever year for business development. Godrej Properties added ₹42,100 crore of future sales potential through portfolio additions, achieving over 200% of guidance and delivering year-on-year growth of 59%.

18 deals were closed with an aggregate area of approximately 33 million square feet. This includes 6 new projects with a total estimated saleable area of approximately 11 million square feet and an expected booking value of about ₹17,500 crore that were added in the fourth quarter.

GPL also ended the year on a strong note with respect to deliveries, achieving 12.1 million square feet of projects delivered across 9 cities, which was 121% of our annual guidance. This includes 7.4 million square feet of deliveries across 8 cities in the fourth quarter.

Strong deliveries also translated into strong earnings. For the quarter, our total income grew by 47% to ₹3,895 crore, EBITDA grew by 51% to ₹959 crore, and net profit grew by 70% to ₹650 crore.

For the full year, our total income grew by 22% to ₹8,374 crore, EBITDA grew by 43% to ₹2,826 crore, and net profit grew by 32% to ₹1,850 crore. The past financial year was also filled with many important milestones on our sustainability journey.

I'm happy to share that Godrej Properties has been included in the Leadership Index of CDP with an A rating in 2025 and has also been recognized as a supply chain leader in CDP's Supplier Engagement Assessment. GPL is also ranked number one globally amongst real estate developers in both the Dow Jones Sustainability Index and the Global Real Estate Sustainability Benchmark.

Our record business development additions combined with the strong operating cash flow of over ₹15,000 crore that has been generated over the last 2 years will enable us to continue building on the strong growth momentum the company has established. In financial year '27, we hope to grow residential bookings to over ₹39,000 crore through the launch of a large number of exciting new projects combined with strong sustenance sales.

This is a 20% increase over our guidance for financial year '26. We expect to grow collections by 20% to over ₹24,000 crore.

We remain extremely focused on delivering our return on equity target of 20% by financial year '28 by stepping up our speed on execution and project deliveries, which will create rapid growth in operating cash flows as well. With a robust launch pipeline and strong balance sheet, we are confident of continuing the momentum in financial year '27 across all key operating metrics.

On that note, I conclude my remarks. Thank you all for joining us on the call.

We're now happy to discuss any questions, comments, or suggestions you may have.

Hi. Congratulations to the management team for a great quarter and financial year.

Sir, my first question is on the pre-sales guidance. In the current environment you have given a very strong guidance.

Just wanted some more color on geographically how we see the growth, some more color on the demand of the end markets, because if I see your numbers in FY26, NCR has seen a de-growth, and even on business development I think you just added one project in this year. Secondly, Bangalore and Pune, Bangalore has grown well, but again, there are concerns on AI and AI-related disruption in demand, similarly which may touch even Pune sentimentally.

How does one look and model the growth given the guidance which you have given, which seems to be quite strong? Any color on the end markets demand and how do we think FY27 will play out for these regions?

I think the idea will be to ensure strong diversification in our growth as we've been able to do the last few years. You rightly pointed out NCR saw a dip in sales last year.

We don't think that was actually driven by what was happening in the market. We had a couple of the launches we hoped to do in NCR slip out of the year, a large acquisition in Gurgaon that we had done, unfortunately we were not able to get the approvals within the year.

That is now slated to be a Q1 of this financial year launch. We're also quite hopeful that Ashok Vihar, our project in Delhi that has been delayed for some years now, will also get launched this year.

Those will be two important launches. You also mentioned the BD deal we did in another prime area in Gurgaon.

We do feel we have a strong portfolio in NCR and hope to get back to about ₹10,000 crore in sales in NCR as we were the two preceding financial years. I think we've seen outstanding growth the last year and the last few years in both Mumbai and Bangalore and would look to continue to build on that momentum.

I think we had a lot of good business development in Bangalore last year. Our view is that the worry that AI is somehow going to lead to poor residential demand is probably a little bit overdone.

As we've seen both not only in terms of residential demand, office demand itself has been very strong, and any slight softness in the IT sector has actually been more than made up so far in global capability center demand. Of course, I think with the level of uncertainty on issues like AI and the geopolitical situation currently, I think we will of course have to be watchful and adjust our plans basis what we see.

As we look at the year right now, this seems to us a reasonable estimate. We're also very confident of demand in Mumbai, Pune, Hyderabad, which is a new market for us, has done exceptionally well.

Our other markets, which is largely due to our plotted development, has been growing well. We also expect to have launches, improve housing in both Ahmedabad and Calcutta.

I think a lot of opportunities and what gave us confidence to maintain the guidance, and we have been indicating that the company will seek to grow at 20% a year and will seek to have guidance growing by that amount each year, and we're happy to be able to do that this year. I think what gives us some confidence that we can get there is, as I said in my remarks, business development last year actually grew by 59%.

A lot of those projects will be available for launch this year, hopefully our launch calendar will be even stronger in the current financial year than it was last year. Also, in terms of the sustenance opportunity, we believe the available inventory for sale is also grown by 35% year-on-year because of all of the launches we were able to do last year.

Overall, there is a good opportunity to meet these numbers, and hopefully even exceed them. As you rightly pointed out, there are of course also uncertainties.

You mentioned AI. I think I would add to that the global geopolitical situation.

If there are any major shifts in demand over the year, we'll of course come back to you guys with what we're seeing. Right now, I think we feel this is quite reasonable, and there could even be opportunities to do better if markets hold up well.

Thanks, Pirojsha. My second question was on the so if we compare Q4 versus Q1, the initial part of Q1, given this uncertainties globally, what's any color on the footfalls and the conversions, and if you can help us also understand on the premium segment and luxury housing, is there any delay in decision making in deal closures?

Are you seeing incrementally the trend that people are elongating their decision-making cycle and which may impact H1, but maybe if things improve, H2 will come back strong for us. How does one look at pre-sales, whether H1 will be a bit muted and then H2 will see a strong recovery?

If you can give some color on it.

Parikshit, right now H1 looks frankly quite bright for us because we have a pretty strong launch calendar skewed especially towards H1. This has been sort of a effort of last year and the idea is to bring launches fast.

I get your point. You have a fair point to say that given the geopolitical risk, what do we see?

Now, the thing is in April, we have not seen something really out of the world because whatever sustenance projects are in place, we're seeing reasonable footfalls. Of course, there is a sense of cautiousness in consumers, but we are seeing conversions.

Our launches will start hitting more towards May end and June is when we will be able to fully appreciate to what extent this geopolitical risk exists right now for sales demand funnel. Just to give you some very early indications, I'll just give you an example, there was a launch done in Bangalore which is called Godrej Aveline.

If my memory serves me right, we did about ₹1,500 crore over there, give or take, we've done already ₹250 crore in the month of April, which is by run-rate, much better than we've seen in Bangalore. Again, there will be projects that may be slightly more impacted, there will be projects that might surprise, but very difficult to frankly give you a sense of what exactly Q1 number would look like.

Having said that, even if there is, let's assume some impact, we have enough and more time to cover it up within H1. Quite cautiously optimistic for Q1 and a bit more surer on H1, and of course H2 will continue to be good.

Okay. Just the last question, if you can give us some number, out of the total launches for FY26, how much has been on the pre-sales, what was the contribution of sustenance sales and the new launches for FY26?

I think quarter four was largely a very interesting sustenance-driven quarter. We almost had, from memory, something like close to 50-odd percent in quarter four, and that was driven by some of the big projects like Worli did about 1,000 plus 1,100-odd crore, we had Panipat 200 plus crore, and we had Reserve then 500 crore.

At the moment, very difficult to say, but what we've done to sort of start off a good momentum, we have created a pan-India sustenance campaign, and we're just hitting the ground as we speak, so that all the projects have extreme high focus to move inventory. Very early days of the campaign, just couple of days back we started, we've got some good, encouraging results, and the idea is to have a consistent run-rate on sustenance.

While launches will be launches, but sustenance are more predictable inventory is what we continue to focus upon.

For FY26? I think the campaign you're talking about is 1% per month, right?

That campaign. It is designed like that.

There's a 20% upfront, then there are bullet payments every year, and it is a 1% anchoring, sourcing tool is 1%. Again, from project to project, it will differ, it's closer to PLP and TLP somewhere in between.

Yes, you're right, the fact that you heard about that campaign means the impact is happening in the market. Give us few more weeks and we'll have a better picture.

If I can

last in this FY26 how much was the contribution to sales?

Bookings contribution to

FY26 total sustenance, yeah.

Sustenance contribution to total sales was the question or booking value for

Yeah. Total sustenance contribution to the pre-sales.

60 would be launches.

60 launches, 40

Yeah, 40% would be sustenance.

Okay. Thank you.

Thank you, team, and wish you all the best.

Thank you so much and congrats on your performance. My question is if you can also in your pre-sales give some color on how should one think about the mix of projects, whether you are inclined more towards mid-premium or more mid-income, and also volume and value growth that you see in the market.

For your pre-sales guidance.

Puneet, I think it's fairly decipherable from the, I think every BD deal we do, we announce now an expected booking value from it and an area, you get a pretty exact picture of what we're underwriting in terms of pricing. I think overall, I wouldn't say there's any major shift from last year to this year, but over the last few years, we've certainly tried to go into a slightly more premium category of project, focused very much on kind of making sure we're in the best locations within each of the micromarkets we're looking at.

I think some of the important projects we added last quarter included one in Golf Course Extension Road in Gurgaon, a very prime located project of good scale in Thane. Those would be some examples.

We're putting out, as I said, the exact price points we expect to be at through the combination of booking value plus area guidance.

Volume growth, should one assume a strong volume growth into this year or is it be more value growth driven in some sense?

I think to look at the last few years, Puneet, the volume growth over the last 5 years has compounded at 5 at 20% a year against a total sales growth of nearly 40% a year. Volumes have been a meaningful contributor, I would expect a roughly equal split perhaps between volume and value for the overall growth.

Okay. On your annuity income, you are now talking about potential of ₹1,000 crore with your share being almost ₹750 crore.

Any plans for monetizing, and when do you think you'll hit ₹1,000 crore of rentals here?

No, I don't think we have any immediate plans of monetizing this, but I think and I don't have a clear sense of exactly when we'll get to that ₹1,000 crore milestone you mentioned, but certainly I do see this continuing to go up, and there could also be opportunities to consolidate share rather than divest if we'd like to. I do see this increasing steadily over the next few years.

That's helpful. Lastly, on your net debt, while it still remains in comfortable range, should one think about FCFF positive for FY27?

I think it's a little uncertain to be honest for FY27. I think it's quite possible.

It'll depend a little bit on the quantum of business development we do. At the guided business development levels, I think it will be FCFF positive, and whether we go above it or not will depend on kind of the quality of opportunities and our confidence in them.

I think broadly speaking, Puneet, let's talk a little bit slightly longer term than just this year. Very clearly, directionally, we think business development investments won't need to scale up very dramatically from here.

We had taken a step jump increase in BD. We did see the opportunity over the last few years in the early stage of the cycle and when we were on a lower base to grow very disproportionately.

I think Gaurav and the team have done a fantastic job in making that happen, and as a result, compounded growth of bookings over the last 3 years has been over 40%. I think what we're looking at from here is on this much higher base, getting to a kind of consistent 20% growth.

For that, the level of business development as a percentage of existing projects and as a percentage of kind of operating cash flow will keep coming down. I expect certainly FY28 to be strongly free cash flow positive.

I think FY27 will depend on kind of ultimately how much business development we do. It could be, but it may not be also.

Okay. That's helpful.

Thank you so much and all the best.

Thank you.

Hi, thanks for taking my question. Firstly, on the impact of Iran war, on the demand side, are you seeing any impact on the demand side especially from say, on the NRI customer inquiries especially in markets like MMR, and also ultimately is there any silver lining to this war in terms of say Indian buyers who were investing in markets like Dubai and in Abu Dhabi are now ultimately looking back at Indian markets?

That's first. Secondly, also on the overall cost impact of this war, right?

Are you seeing any impact on the procurement of materials in terms of delay or on the cost side also?

Thanks, Kunal. Kunal, on the impact on the demand, I would say around March last 2 weeks, we did see some amount of impact, though that was the peak of the chaos, and give or take, we could have probably done 1,000-odd crores more and would have loved to even actually deliver 20% growth last year.

That was a sort of an internal target. Right now, if you ask me, the situation is of course a little uncertain from a buyers standpoint, but it is not as worse off, I would say, in March because people over a period of time tend to normalize a situation.

I would say one has to be cautiously optimistic, but relative to the peak stress of March end, it's slightly better, but again, like I mentioned, we have to be just cautious, optimistic and be very steady on the understanding consumer sentiment. The silver lining that you talked about the second part of your first question, I would say in the short term, it does create some amount of dissonance, but in the long term, actually impacts the market in a positive way because I think there were a lot of fence-sitters who were looking Dubai primarily as a huge investment hub, and also there were a lot of people who had taken a sort of a property selection purely from an investment point of view to move there.

I think that all is going to get revisited significantly. I don't see a big impact of that in the next 3 to 6 months for sure, but I do feel that this is a good opportunity that a lot of demand could flow back to many markets within India and across developers.

On the cost impact, I would say we've done some cost estimations because of the portfolio size and projects at different levels, I would say give or take, our cost impact would be between 5% to 6% at max, again, in some project could be even lower. From margin point of view, again, project to project could differ, but give or take every quarter, this is going to be something like 0.1% to 0.2% of margin impact.

Quite reasonable to control with just a small price hike in the next 2, 3 years of that project, we can manage that. Yes, I think more fundamentally is the supply-side shock if we see constraints to supply getting created.

We did see some of that happening in tiles and all, some amount of marbles and all, but things are getting slightly better than what we saw in March, and fortunately, we have good, strong forward contracts done in most of these input materials. Again, we'll partner with our vendors, but at the moment, it seems fairly manageable, and we hope that this situation that you talk about Middle East in the next 2 to 3 months, if not earlier, should get fully resolved, and if that happens, I think we'll be pretty much back to normal with some amount of catch-up to be done.

Yes, if it continues for 6, 12 months, then I think that is something which has different economic risks than sector specific.

Sure, Gaurav, very helpful. My next one is to Pirojsha.

Pirojsha, you mentioned earlier that your BD spend in FY27, you're not sure whether it will be higher, lower, or similar, right? If you look at your guidance, right, of ₹20,000 crore of GDV acquisition, and considering your FY26 guidance and the number that you actually achieved was more than 2x, how should we look at the BD guidance that you have given?

Would you still aim at beating that guidance or you are happy with achieving, say, ₹20,000 crore GDV, or you will be just opportunistic like you were there in FY26?

Kunal, I think it's really a question of the opportunities we see out there. That's why we don't focus too much on business development guidance and have kind of kept it steady the last few years.

Look, we're quite keen and we're quite aware of stakeholders wanting us to start demonstrating kind of free cash positive on a more consistent basis. We were happy to see that last quarter, very confident again of seeing that in FY28 as that's the year where we think both collections and earnings will see a step jump as a lot of these newer projects reach revenue recognition.

I think this year is kind of a transition year, and when I say it may happen, it's easy for me to say it will happen right now and perhaps I should just say that, but I think I want to be realistic that if we see very good opportunities, we do think we still have the balance sheet that can support them and we will look to add projects. I think certainly if we only add projects of ₹20,000 crore BD, we'll certainly be free cash positive.

If we add something closer to what we did last year, I think we'll be about breakeven on free cash would be my guess. As I said, FY28 is a year where I expect to generate a lot of cash post business development.

Sure, helpful. My last question is on the imputed margin that we have started to put out the last couple of years.

For FY26, the imputed EBIT margin is around 24.5%, which is lower than what we had seen in the last couple of years. Is that a function of product mix or is there any impact of increasing costs or overheads that you are factoring in here?

I think it's in a pretty tight band. There will always be a little bit of fluctuation on this.

One of the factors at least versus FY25 to keep in mind is that we had a big contribution from one of our JV projects in Bangalore in FY26 where we saw almost ₹4,000 crore of sales in that one project, it's a 50-50 JV. The total economic interest for the full year was 88% versus 93% the previous year.

A little bit can be because of that, but I think these minor fluctuations can happen. I think if you recall, we had guided for a 10% to 15% PAT margin overall, and we're happy that for now the third consecutive year we're at the very top end of that range.

Understood. All right, thank you so much and all the best.

Thanks, Kunal.

Thank you.

Hi, good evening. Thanks for taking my questions.

I've got a few, I'll take those one by one. Firstly, on the 1% payment program, can I understand is it merely a marketing tool to get more sales?

Have you tried this in the past or is this something that you've come up with recently? Especially in this, how does the payment from a developer or from a buyer's standpoint of view, how is the payment different vis-a-vis, let's say, a regular construction-linked payment?

Is there more downside risk here or is it rather an optionality?

Great question. One of the things I'm learning is journalists also picks up a lot of things from earnings call and write stories.

Just to qualify, this is not the Dubai-style 1% payment plan. If you would recollect, even last year we did a 1%, and it's more like a sourcing tool where essentially, again, project to project it could differ, let's say you're buying a project which is very close to possession, essentially you're paying upfront money, say, 10%, 20%, 30%, the rest in maybe 2, 3 months, and then for the 2, 3 months or 6 months could be 1%, then you pay on possession.

Vice versa, let's say you buy something which is in early stage of a project, you would typically pay between 20% to 30% also in the initial period of time, then you have 1% per month, and idea is to converge it closer to CLP. Yes, it is slightly better than a construction-linked payment plan, but we sort of benchmark a construction-linked payment plan, which is to say that 70% of collections usually come say in a typical CLP, here it could be between 60% and 70% depending on project to project, but for a consumer it becomes slightly an easier entry point to evaluate, and our experience historically has been that it attracts a lot of consumers to walk into a site, and then they decide to choose sometime to move to a normal construction-linked payment plan, sometime to this or sometime even to down payment plan, because then they get to see pricing difference between all the payment plans.

It is not really in the classic sense that you only pay 1% till the lifecycle, but yeah, you don't have the headache to pay bulky payments every other second, third month, you pay 20% typically upfront in 1 to 2 or 3 months and then 1% a year and some bullet payments. It's like a BMW scheme that you get to see or a Mercedes lease scheme that you get, it's something similar, and it's a win-win for consumers as well for the sales perspective.

Got it. If I can just follow up on this, did this have a consideration when you built in a forecast of 20% cash collection guidance this year, or even without this, you would have still been comfortable with your 20% growth guidance on collections?

I think collections anyway is going to come agnostic to a particular scheme. See, these are fillers to a overall portfolio plan.

Every quarter we do something or other to attract consumers, to have better walk-ins. They feel the need to evaluate a product proposition.

You've got to excite the market, and sometimes you release a scheme which is more financial, sometimes you release a scheme which is more product like, you get certain freebies and you, of course, build in a price to adequately do it. From a cash flow planning point of view, almost all the projects I can say, they're always benchmarked to a base payment plan, which is a typical construction-linked payment plan.

As a rule of thumb, we don't do any sort of, say typical classic PLP, as it called possession-linked plan, more than 5% to 7% in a quarter. Let's say if we're doing ₹10,000 crore of plus sales in the previous quarter, not more than 5%, 6% would be a true PLP scheme.

Everything else is either a scheme which is a classic construction-linked payment plan or maybe a 10% or 15% of that a few slabs earlier, a few slabs later. That is just enough to keep the site momentum going, keeping the sustenance engine alive, because every consumer wants to feel that what's the best deal for me in this quarter, there has to be a reason to believe to always evaluate the product.

I hope this answers it.

Got it. Yes, that's very helpful.

Thank you. My second question is, of the ₹42,000 crore of GDV that you announced in FY26, how much do you estimate would be the total land and related capex payments?

How much of that is done and how much is still pending? Could you share some color on that, please?

We have paid the major payments, only some milestone-linked payments are pending, around ₹1,500 crore is what is pending for the deals which we have signed in '26.

No, sorry, out of ₹42,000 crore, the total would be how much, sorry? I did not get it.

For the entire 42, that's ₹1,500 crore that's

pending. Pending payment, yeah.

Got it. Okay.

Thanks. My final question to Pirojsha, we recently saw, I'm sure everyone must have seen your interview, in that $5 trillion market cap, where does Godrej Properties sit in the broader picture of things?

We hope it features quite high. I think we'll refrain from giving company-level guidance on this, but I think perhaps you can get an idea of where we think it sits by the fact that we bought back 5% of the company last year, including most of that in Q4.

Got it. All right, thank you very much.

All the best.

Thank you.

Thanks for the opportunity and congrats on great results for this year. First one is just on the free cash flow discussions that you were having earlier.

We've given a dividend payout for next year. What does it indicate?

Does it indicate that this will be a regular phenomenon now and fundamentally we are much in a better position to generate free cash flow, considering that we would be paying regular dividends? Just trying to understand the underlying message here when we announce this dividend.

Thanks, Pritesh. Yes, I think that is the underlying message.

As I mentioned earlier, I think over the last few years we felt the real opportunity was disproportionate growth. Frankly, we think 20% growth over the last few years where the market itself has been growing at that kind of rate would have been kind of underplaying the opportunity.

We were very clear we wanted to grow well ahead of market, grow market share. I think made some very timely investments before the cycle turned and during the early part of the cycle that have helped kind of completely reset the scale of the company to kind of 4, 5x where it was not that long ago.

With that behind us, I think now we think on this higher base that 20% actually is the appropriate growth rate to look at in also a more steady part of the cycle. I think that's what we're after.

The level of investment needed to achieve 20% growth is obviously lower than is needed to achieve 40% to 50% growth. We will therefore see, I think, a more consistent level of BD investment, while our sales, collections, and operating cash flows will all grow quite sharply, we think, over the next few years.

Therefore, I think the surplus cash available to the company for dividends will increase. We've started with a relatively modest dividend for this financial year, but we'll, of course, now look to both make these dividends consistent and consistently growing.

Sure, that's helpful. On the guidance part, this is obviously better than what we had last year in terms of percentage growth, 12.5% last year to now almost 15%.

What are we expecting to be better this year? Is it the demand scenario, or we have a better hold on the pipeline that is about to get launched this year, and hence, slightly better guidance than last year despite a higher base?

I would actually argue with you guys have a slightly funny way of looking at results sometimes. I think what has actually happened is that a couple of years ago we said we would like to grow guidance 20% a year year-on-year.

We've done that now both of the last two years. This year's guidance only looks better because actually, as Gaurav was saying, we think we probably missed about ₹1,000 crore of sales at the end of March.

If we had done that, I think last year's growth would, in fact, have been 20%, and then you guys perhaps would be complaining that our guidance was only 10% higher. Maybe it's an advantage to us that didn't happen in some ways.

Look, I think what we're saying is that we obviously don't want to constrain ourselves on the upside. If we see the opportunity to grow 55%, as we did in FY23, or 84% in FY24, we'd like to obviously seize on those opportunities, even if that means that the next year's growth may look a little bit more moderate.

I think this idea of 20% growth in guidance is something we are keen to deliver. Obviously, each year we hope to do a bit better than guidance.

Last year we did 6% better than our guidance, and therefore this year's growth over actuals is 14%. Had we been able to do 20%, as I said, then this year's guidance over actuals would have been 10%.

I think that's the way we're thinking about it. In terms of what gives us confidence of overall having a much stronger numbers this year, as I mentioned earlier, our business development last year grew by 59%, which implies a stronger launch opportunity this year than we had the previous year, and our existing inventory available for sale is also on an opening basis 35% higher this year than it was last year.

Now, of course, there are also additional risks and concerns this year that didn't exist last year, not least of which is this global situation. We will have to keep a watchful eye on that and come back to you guys if we're seeing any shifts in the market in either direction.

As of now, I think basis what we're seeing, basis the launch opportunity, basis the presence, and this is obviously built bottom-up, project by project, region by region, and with some buffer for assumed slippages in launch timelines and things. Far in the last 4 years, we have been able to meet this sales guidance each year.

We're obviously very hopeful of doing that again this year.

Sure, that's helpful. Just one last on the pricing side, since we are doing a lot of sustenance sales as well, how is a price acceptance by the consumer when we are taking those increases, and what would be the outlook on that as we move ahead in FY27?

I think pricing has been, especially in South and Bombay, reasonably decent, and I would say rest is being marginally better, nothing great. On the Gurgaon side, I don't see there is a good price uptake, and frankly, we're not really looking at that, we focus more on quality of sales.

Noida has been a bit of a consistent surprise in the sense that there's a very strong lack of supply in that market, it gives sort of a clear demand-supply issue, which is why price uptake is still good. Yeah.

Got it. That's helpful.

That's it from my side, and all the best. Thank you.

Thank you.

Hi, couple of questions. Firstly, on the launch guidance that you have given of 480 billion, you already detailed some big launches in NCR, but can you talk about maybe a few more projects in other areas and what to watch out for in terms of timing?

Thanks, Abhinav. Actually pretty action-packed year.

Apart from the launches Pirojsha talked about, I'll just quickly cover NCR more. We will have a very exciting launch coming up in Greater Noida, Godrej Golf Links, our last residential cluster.

This is sort of a sold-out project previously. Retail was the last product we had launched, almost probably 90% plus also sold out.

Very looking much forward to this one. We will also have a phase activation basically in Godrej Jardinia.

That launch, which happened last quarter, has done more than ₹1,500 crore. Likely towards quarter three we'll launch, and we will also launch a phase likely of Miraya during the later part of the year.

In Bombay again, quite action-packed. We will have Bandra is the most awaited launch for Bombay in the last many years.

That should come. We will have phase activations in Kharghar and Panvel.

We will also launch another tower of Worli. As you would have seen, we've been clocking sales pretty strongly, I think somewhere around Diwali this year, we might open a new phase of Worli.

We will also see, after very long time, a very exciting land parcel coming in Vikhroli, and the team's quite excited about that. This is a huge project, and towards maybe quarter two or quarter three, we would see a launch of this one.

Then we will have a tower activation of Godrej Reserve, and the recent acquisition, the ₹7,500 crore top line that we have acquired in Thane, that should also see a launch towards Q3, late Q3 or Q4. On South, we've added a lot of projects across the board, most of will see action in the coming months, starting with Kukatpally and Kadagrahara, these will be two exciting launches.

Bannerghatta in Bangalore will be coming up. We will be launching a second phase of Regal Pavilion.

We'll launch a plotted development of Coimbatore. There are two, three more launches, like in Hyderabad we have a launch of Neopolis land in auction we bought.

Again, there'll be some phase activations we'll forward in MSR and Whitefield. In Pune, we'll have, again, series of launches starting from Mundhwa, Nagpur, we will open another phase of another parcel in Upper Kharadi.

We will have something maybe two, three launches in Mahalunge depending on how many launches we can secure in terms of approvals. We'll have a very exciting launch in Calcutta as well as Raipur.

After long time, we'll have a launch coming in Vastrapur, which is Ahmedabad. As you can clearly see, we have enough and more to be very, very confident, like Pirojsha was mentioning, that there is launch guidance, and we tend to keep buffer, some of these may slip, but in spite of them slipping, we're very confident to bring the inventory given as guidance and through that drive our launches.

Sir,

second question on construction cost. Now we have seen a big reset already with a 62% jump.

From here, should we be thinking about maintaining the current 2,000 crore per quarter levels or there is another large jump ahead?

I would say we would see a consistent growth like the ones that you talked about, and I see the percentage will be in double digit, may not be as massive as the one we saw in the last year, but the endeavor would be to push as much as we can so that we can start securing the OC planned for FY28. Some of these launches will also determine some of the construction spend.

If we're able to ensure that we have a good Q1 and Q2 launches, that will also of course have a good positive upside on the construction, but again, from an operating cash flow, most of these will get covered up from the launch collections itself. Endeavor is to push as much speed of COC spend, but yeah, the range that you talked about seems very logically achievable, but yeah, internal targets are slightly more stretched.

Logically okay to believe that OCF should now rise faster than customer collections, or you think it's still more in line?

Abhinav, it actually frankly depends upon the stage of the project and the COC spend of that, right? If we see, because finally, we are a portfolio, say, maybe 100-odd companies, 100-odd projects, right?

If we are able to see great construction progress in projects which are in later stage of construction, then the OCF conversion is very, very high. If we are able to, for some reason, I'm just giving you a sense of sensitivity and how difficult it is to project these numbers, if we're able to not do that very well, but able to do very well on the mid-stage, then it actually happens quite the opposite.

Frankly, I don't want to put my neck out and convert it, but yeah, directionally, I can say OCF will continue to grow very strongly because we've been able to ensure that many of the projects in last year have reached a slab cycle level. Typically, construction is relatively slower in a typically two, three basements till you hit plinth and above.

Now we've hit second, third, fourth slab in many of it, which is the typical cash flow accretive sort of stage of a project. Very frankly, all projects for us are equally important to speed construction, but directionally OCF will continue to be strong.

I can't give you a number right now, but trajectory-wise, I can say it'll be stronger than last year.

Okay. Thanks, and all the best to the team.

Thank you, Abhinav.

Hi, sir. Thank you for the opportunity.

Sir, on the launches of 480 billion that you're planning, what is the approval cost that you're budgeting for the full year in FY27?

Very very difficult, Rahul, it will be several of the projects, and each project will have a different approval cost, some will require some his premium to be paid, some FSI to be bought. Very difficult, but why don't we connect offline and maybe we'll help you with some of the numbers.

Sure, sure. On the collections front, you were essentially guiding for a 210 billion for FY26, you landed at 200 billion for the full year.

There were obviously 10 billion worth of slippages. Does that 240 billion that you're guiding in FY27, the slippage is baked in or there is upside risk to that number?

I think a lot of the deliveries ended up being skewed towards sort of even later in Q4 than we were originally planning, I think there is a little bit of slippage because of that. We of course are disappointed to have missed this ₹21,000 crore guidance.

I think 24,000, we always would have some buffers in the guidance. I think that some things will change in an industry like real estate is pretty much a given.

We do have some buffer, I wouldn't say 24 is everything going right. We could have perhaps gone a little bit higher, but basis the learning from this year where we ended up missing it by 5%, we wanted to stick with 24,000, but we'll hope to do a bit better than that.

Understood, sir. Thanks.

Hi, am I audible?

Hi. Hi, sir.

Congratulations on great performance. Actually, my question is twofold.

The first is your launch performance for projects in Kharghar and Kharadi that were launched in 4Q FY26, they were slightly on the softer side. Just wanted to know your thoughts on that.

Second, for projects in Gurgaon, projects like SOHO and Miraya, I think we already did roughly 30%, 35% at launch, but I don't see that offtake continuing. What's your thought on that?

These are my two questions.

Thanks. I think the project Kharghar and Upper Kharadi are exactly part of the bucket of projects which saw impact of lower conversion in the last two weekends of March due to Middle East.

This is more of a short-term issue. In fact, we had great cheque pick-ups, conversions did take a hold because consumers were expecting that because there's a geopolitical situation, there are some extraordinary deals to clench, which we don't offer, very frankly.

I think that's a bit of that. On some of the two projects of Golf Course Road that you talked about, there is also stage of construction.

In some one or two projects, we've removed the marketing office so that the construction can be complete of that area, because there's a basement and logistics part. I think typically 3 to 4 months, once that stage is over, we will put back a sort of a temporary marketing office, and again, the sales figure will start moving up.

Understood, sir. Thank you so much.

Thank you.

Hello, am I audible?

Sorry. Thanks for taking my question again.

On the cash side, right, we have cash of about 8,000-odd crore. How much of this is in RERA account?

Just wanted to understand the collection

Not able to hear you, Kunal. Could you try again?

Is it better, or is it still the same?

I think this is a bit better, go ahead.

Okay. Just wanted to understand on the cash side, we have cash of about ₹8,000 crore-odd in our books.

How much of this would be in the RERA account, and

Around ₹6,200 crore. Okay,

₹6,700 crore is in RERA account. Okay.

Understood. Secondly, on the revenue side, right, in terms of the revenue recognition side rather, right?

We're still recognizing revenues in line with our sales of say FY21, '22, and we have seen some ramp-up in sales from FY23 onwards. On the revenue side, going into FY27 and '28, particularly FY27, could we see a bump in the revenue recognition?

Because when I look at the deliveries guidance, right, it's showing

Thanks. Thanks.

I think we would see that major bump-up in FY28.

Okay. Major bump in FY28.

The OCs will come in, Kunal, you will see a significant P&L, revenue recognized into P&L.

Even now it's quite healthy. I think from May itself, ₹2,900 crore is revenue linked to all these OCs, and even this year it will be decent, but I think the real bump is FY28 when our target is to hit 20% ROE.

Kunal, that's obviously as Gaurav implied, that's why the '28 is the year we said from when we will be hitting this 20% ROE, because that's the year where we see the significant bump-up. Obviously, with deliveries guidance for the current year higher than last year, we should see positive momentum this year as well, but I think a big step jump in FY28.

Another thing is all those revenue which are going to get recognized will be of our own projects. That's why you will also see that bump coming in '28.

We think perhaps the market hasn't fully appreciated that yet, because while bookings themselves have grown very sharply, GPL's economic interest, which we show separately, has grown even faster. Over the 5 years, it's been compounding at 55% a year, and all of that will now we think start becoming more and more visible in the P&L, and of course, some of it already has been.

Understood, understood. One last question, if I may.

Pirojsha, you did highlight about Ashok Vihar likely to get launched in FY27. Are all the issues specific to that project or for that market, right, are they already behind us or what is it?

What's the current status right now?

No, I wouldn't say they're all behind us, and I wouldn't say there's a certainty of it getting launched this year, but I think very strong progress being made and the team on the ground feels that this year we will be able to launch it. I don't think that was the message from them at this time last year, but I would not say that this is something that we should take for as certain, but we're reasonably optimistic of this happening, and I think it'll be quite positive if within a 12-month period, these three significant projects that have been delayed for some time, Worli, Bandra, and Ashok Vihar, all get launched, and that's the endeavor.

In some ways, of course, the delays have helped in terms of how the market has moved, but we wouldn't like to see obviously any further delays now.

Sure, sure. Understood.

Thanks again. Thank you so much.

Thanks, Kunal.

I hope we've been able to answer all your questions. If you have any further questions or would like any additional information, we'd be happy to be of assistance.

On behalf of the management, thank you once again for taking the time to join us today.