Welcome everybody. I think we'll move through the slides pretty quickly so that we have as much time for Q&A.

By the way, the first picture was that of Bhandup, our recent launch. I think the sales gallery and everything is ready.

We're just waiting for the EOIs and the CP meet to happen for us to start opening the gallery for customers to take a look at what we have to offer there. This picture is from Mahindra Blossom in Bangalore, which did really well last quarter.

60% sold within a week of its launch, it's done really well. Obviously this launch was before the war, I think let's see how the impact of war is on the sentiments and the real estate buying behavior.

Right, I think you've seen this slide before, I will not dwell too much time, but I think we are continuing to execute on a well-defined strategy. Our aspiration to be a meaningful scale player in the industry, ₹8,000 to ₹10,000 crore, GDV addition of ₹45,000 crore, which is looking in very good shape.

In fact, we've crossed that, and we're thinking ahead in terms of how we build up GDV portfolio for future. The portfolio choices, you're well aware of in terms of three cities, premium, mid-premium, and exiting affordable segment.

Business development engine, which allows us to pick and choose the right set of deals, get us approvals in time to launch, and then make sure we adhere to all the financial guardrails. Customer experience, in the last year we have really pushed the needle on providing superior customer experience to our customers.

It has obviously design elements, sustainability elements, some kind of innovation which are more practical, but also a key part of industry challenge has been how do you provide a seamless possession experience, which we have worked really really well. Project execution is fundamental.

First-time-right approach to construction, on-time delivery, and I'll share some of the update on OC. Then how do we actually become more industrialized in the project business by having designs and spaces which can be standardized for repeatability.

IC & IC, you'll hear more from us on the business. It has done really well and across the existing location, and we continue to monetize the asset that we have.

The bedrock for us has been the robust financial discipline, IRR, prudent capital allocation, and then making sure that we have strategic funding to support our growth aspiration. Then you have some of the future-proof MLDL from a talent, performance culture, and new technologies.

Not deviating from the strategy that we've highlighted 2 and a 1/2 years back, but I think we are making strong progress on each one of them. Some highlights, you have seen the brief already, but Q4 pre-sales on the resi side was ₹1,633 crore.

Overall, we finished the resi pre-sales for the financial year at ₹3,400 crore, supported by good successful launches at Blossom, Marina 64, New Haven, Citadel Tower L, Lakefront in Chennai. Sustenance sales, which is our continuous effort to actually not depend on the launches, in-year launches, 40% our sales came from sustenance, and our goal is to continue to improve that.

Rainforest, it's a one of the largest project that we have taken. Full GDV is more than ₹12,000 crore.

We achieved RERA, received RERA for Mahindra Phase 1. We will share with you in future months how the response is.

Strong launch pipeline heading into FY27. A lot of GDV that we acquired in the past years is coming up for launches.

The approval process are well underway. We hope to see a significant jump in our pre-sales this year.

BD momentum continues, ₹18,000 crore including Thane this year as well, and total GDV for more than ₹45,000 crore. Focus on execution continues.

We had planned to receive eight OCs, and I'm glad to share that in the last financial year plus 7 days, we received two OCs by April 7th. One came on April 1st and one came on April 7th.

Within, let's say, 372 days, what we achieved was in line with what the expectation were for FY26. We also have a strategic partnership announced.

The first part of infusion of capital has happened. This is a multi-project partnership.

It started with Blossom, where they have 49% stake, and it's going to be a game-changing partnership from our point of view. Mitsui Fudosan is the largest real estate player in Japan, and they've chosen us to be their partner for the residential segment.

They had partnership in the past on the commercial side, but residential, this is the first partnership. Unlike other firms in the space who have resi plots, we have industrial, which is industrial plots.

The kind of margin profile, the kind of land bank that's required, we do have in IC business. We have seen leasing activity very very strong in Jaipur and Chennai.

Realizations have improved quite a lot. Then we're working on Origins Ahmedabad and Origins Pune.

Origins Ahmedabad has all the approvals. We are looking for the first set of anchor clients.

It has been slow in the past, but right now we're receiving healthy inquiries. Then land aggregation in Origins Pune continues to move at good speed.

Financial point of view, almost ₹4,120 crore of combined resi and IC pre-sales. PAT, this is a significant growth for us, and we believe that's going to be a new normal where we will see good PAT performance for the next few years as completions happen and as IC leasing continues.

Collections has been strong, more than ₹2,100 crore, despite not having some of the launches like Bhandup happen in the timeframe we expected. The collections were very healthy.

Then, given our desire to be very prudent about our balance sheet, I think we have a net debt to equity of -0.27, which is healthy, right? Especially in the times when there are volatility expected in the market driven by war, driven by other reasons, having a healthy balance sheet helps build a stronger business.

That's the key highlight. You have known most of these things, but in summary, this page captures the GDV addition.

₹10,500 odd is the new acquisitions, and the last column is Thane. You've heard us and even you probably heard me talk about Thane for some time, but finally we have gotten the approval from Thane, which is R-zone.

Given the infrastructure development, metro and the tunnel, we expect this land will become very valuable to us. We are in advanced stage of design.

I think Anshu, our Chief Design Officer, is here. The idea is to develop this into a large mixed-use project, which will have retail, which will have residential, which will have commercial, it will have other amenities and make it a destination of its kind.

So, ₹18,000 crore, just to remind you, last year FY25 also was ₹18,000 crore for us. We've maintained a very healthy addition to our GDV.

Our belief is that we will be able to sustain this kind of GDV activity over the next few years. Please stay tuned for more details and more action on that front.

Cumulative GDV you've seen. It captures all the latest and the greatest.

The colored blue is something that has happened in the past financial year, FY26. The current inventory on the leftmost column actually has jumped because as of 31st March, we had Rainforest that was launched.

None of that had sold. We are still collecting EOIs and doing the early stage of marketing.

Roughly ₹3,000 crore of inventory has been added to the leftmost column, making it ₹6,200 crore, right? Launch plan, I think steady growth that we have seen in this year.

Strong momentum, roughly 20% 21% growth over the last financial year. We had planned almost eight launches.

Five launches happened, and we have in-year impact to that. Rainforest, while the launch is happened, you'll see the impact to that in the current financial year.

Bikaner and Citadel Phase 3 in Pune are at the very last stages of approvals, RERA, and hopefully we'll have them in this quarter to benefit the sales from multi-month effort. You've seen this slide.

I think I won't dwell on it. Our trajectory continues.

We have an important year in FY27. In the past, we have given a guidance of ₹4,500 to ₹5,000 crore for our pre-sales for FY27.

This will be an important year where we'll breakout from the 20% 25% growth that we have seen in the last few years. We think we are ready for that jump.

The reason is the GDV, all the effort that we put in the last 2 years is seeing traction. Some launches have already happened.

The remaining launches, which we expect to happen, will give us not only the impact in the current year, FY27, but also give us momentum in the next few years. You'll also note that extreme right here, the proportion of new launches continues to come down, which is good because in the past we've always been dependent on one or two marquee launches.

They were make or break for us for the year. As FY26 is 60-40, we hope to reverse that in the next year, right?

The sustenance sales will become very important, and then that trend should continue. We will gain more from sustenance and past year launches than just depend on the current year launches.

IC & IC business, Vikram is here. I think he's done very well in terms of jumping.

Obviously, it was really helped by the approval we received in OC 2A, Origins Chennai 2A, part A. We already had OC 1 with Sumitomo.

OC 2A is a partnership sign with them. They came in I think November 2024, and then by end of December 2025, we had received the final approvals.

Quarter four of last financial year received as you can see, ₹360 crore worth of new lease revenue that came in. That was already in the pipeline, but receiving the approval allowed us to convert that pipeline into real opportunity.

It also tells us that the demand, especially when we have a partner like Sumitomo in our stable, is outstanding. The largest customer actually that you see there on that page, 180.4, is actually Japanese customer.

The second largest is also a Japanese customer. The third one is also a Japanese customer.

This has been a tremendously powerful partnership for us. As we're able to bring more land for business, our partnership allows us to pick the right set of clients from outside India.

Even the domestic customers have been quite active in especially in Jaipur region. Good strong performance on the IC side.

Just to remind that IC, we are only firing let's say, three to four out of the six locations that we have, right? OC 2A is firing, 2B is under aggregation and approval soon after.

Ahmedabad and Pune are not yet ready. While technically it's ready, but we're waiting for the right anchor client, and Pune we are finishing the land aggregation.

The potential is huge, as you can see. We've always guided that this business will give us 500 to ₹400 to ₹500 crore every year, let's say 500 as the midpoint given what we have seen in the last year, and then this will have a PAT performance of roughly ₹150 crore for us to benefit from.

Financial highlights, I think maybe Sriram, I cover that, or you're covering it? I covered it, right.

Sales, I think you've seen this before. Q4 was great on the resi side.

Financial year had ₹3,400 crore. Obviously, our aspiration is much bigger, and you'll see some of that come through in the coming years.

This compares well compared to the last year as well as last year's final quarter. IC & IC, again, very very strong growth financial year as well as the quarter four.

GDV, we have been cautious. We already have a healthy GDV for the financial year.

We didn't want to sign a deal that didn't meet our stringent financial guardrails. You see nil in the last quarter of last financial year, but I think we have enough for us to convert from GDV to launches.

Resi collection strong, as we discussed. Debt to equity very healthy.

Cost of debt, despite some of the challenges in the market, I think it continues to be at a very affordable rate. Let me just invite Sriram to cover some of the segment performance, and then we'll take Q&A.

Thank you, Amit. On the segment performance, I think the point to highlight is the resi profitability, which we discussed in the last earnings call.

That continues to be positive, and with the few more OCs that we received during the quarter, it ends up being a very good year for us with a positive resi profitability. IC continues to be extremely important from a PAT contribution perspective.

Significant amount of leasing revenues and higher realization really helped us to achieve the PAT for the year compared to the last year. On the cash flow statement, I think we are in a very good position.

The operating cash flow for the year FY26 is about ₹840 crore compares to ₹832 last year. Two things to highlight: one, we did have about the approval costs for Mahindra Rainforest factored in the operating cash flows, so that's about roughly ₹200-250 crore, which basically the ₹840 crore that you see is after accounting for that.

Healthy investing and financing cash flows largely due to the transaction, the strategic partnership with Mitsui and also the rights issue we had at the beginning of the year. The land outflows was around ₹900 crore for the year to get to that GDV of ₹10,560 crore, but this ₹903 also includes existing land commitments, which also should be factored in.

Overall, the net cash balance at a group level is about ₹1,127 crore against gross debt of about ₹383, we are in a very good position from a leverage perspective. This is the cash flow statement which I think we project out every quarter.

What we have done this quarter is added Thane to our mix. The cash flow including Thane, we are looking at roughly about ₹14,000 crore effectively to come from our current projects, the ongoing projects, the remaining cash flows that will come, and also the projects that are in the pipeline that are yet to be launched.

Still Jaipur residential and Murud is not included in that, but ₹14,510 crore is what we are sort of working towards. This is the consolidated P&L from a reporting perspective.

For the quarter, we ended up with ₹90 crore of PAT compared to ₹85 crore last year, and for the full year ended, we had done about ₹298 crore of PAT compared to ₹61 crore in the prior year, almost a 5x jump. On the balance sheet side, as we discussed, the balance sheet looks very healthy with a solid equity net worth of about ₹3,600 crore.

This has gone up primarily obviously because of the rights issue we had at the beginning of the year plus the profits that gets consolidated in our numbers. With the rights issue proceeds, we paid the long-term borrowings, and overall at a net debt to equity ratio, we were as I said, we were in a very healthy position at -0.27.

I think we've completed the slides that we wanted to present. I think we can now open up for questions.

Hi. This is Parikshit from HDFC Securities.

My first question is, I think, Amit, earlier in the call you said that next year looking at a significant jump in pre-sales. I think last guidance you had given on the third quarter call was about ₹4,500 to ₹5,000 crore.

Given that some of the launches got pushed out into FY27, if I remember at least two, how do you see any upside to this guidance? When you talk about the growth or the guidance if there is any upside to this guidance?

We had I think anticipated some part of the launches to give us pre-sales in FY27. I think some part was either Q4 or potentially go from Q4 to Q1 of this year.

If we include the value of all the launches that we have planned plus Rainforest, which was technically launched in the last quarter, is roughly ₹10,000 crore. We would hope to actually really do well on the pre-sales side, but the part that we're seeing in the market, I think we have seen some slowdown in terms of footfalls in our galleries, sales galleries.

Obviously, some of them will come back, but I think we want to be cautious in terms of what the impact of war is. We'll keep you updated from what we think.

Our goal is to first meet the expectations, our guidance that we have provided, and I think that multiple launches, sizable launches that we have this year should give us the inventory to actually convert. Now external as well as our ability to execute will demonstrate how far we are or how much we can overdeliver on that.

This ₹4,500 to ₹5,000 is pure resi, right? This does not include the industrials.

Industrials sales will be on top of it?

Exactly.

Second question is if I look at your launch pipeline, Bangalore is doing so well, but we have very scarce inventory there now. I think if I combined unsold inventory is about ₹3,000 crore.

Pune still we have about ₹5,000 to ₹6,000 crore. How do you think that how will you supplement business development now, because Bangalore has given good sales for us this year?

In next year, I think beyond one major launch, I think that's about ₹1,000 crore, Navrath, I don't see any other major launch there. From the sales point of view and from business development, if you can give us some color, how is Bangalore looking at?

I will give and then I'll ask Vimalendra to jump in. We have combined Navrath 1 and Navrath 2 together into one project.

The combined inventory from that project would be close to ₹2,100 to ₹2,200 crore. Then we'll have the leftover, or so to say, the inventory from Mahindra Blossom.

We sold 60%, and we had held some of the good quality inventory for subsequent sustenance sales. You'll see maybe ₹2,000 crore, ₹2,200 plus another ₹8,000 ₹800 crore from Mahindra Blossom, that will be there, ₹3,000.

We also have a couple of high-profile business development efforts underway. I think Bangalore has been a great market both for velocity, pricing, IRR for us.

If we find the right land parcel, we'll pursue it. Maybe I'll request Vimalendra to talk about what kind of deal activity he's seeing in Bangalore and then we can come back to Pune.

Yeah. Parikshit, rightly said that Bangalore has done very well for us, and there's a significant focus that as a BD function we are putting in Bangalore.

As we have stated in the past, we really don't want to pursue transactions which don't meet the financial guardrails. There are enough and more opportunities, of course.

Given how we have scaled up Bangalore over last 3-4 years, you must have seen that we used to do just a project. From one project, today we are five projects.

As Amit said, we have the ability to do Navrath 1 and Navrath 2 together, actually, and that's how from a design intent, approvals perspective, we are moving ahead. We'll have ₹3,000 crore in terms of overall sales value which is available, plus there are a few deals which are in advance stages.

We'll not be able to discuss or disclose as at this point of time. Principally aligned, and we are actually working in a direction to supplement Bangalore in a big way.

Good thing for us is, our portfolio is fairly diversified. We don't run a concentration risk, and I think that's a very big strength for us as a company.

We are very well placed across all the three key markets that we have said we'll focus on. We'll continue to focus on all the three.

Yeah.

Just the last question. We have ₹1,127 crore of cash.

We have a partner in Mitsui, which I think Amit earlier highlighted is one of the largest developer in Japan, those strong funds. When I look at the business development, last 2 years have been phenomenal.

We have crossed almost touching ₹18,000 crore, which some of the larger developers do. From the intent point of view, how do you think business development will play out for FY27, and so what will be your efforts in terms of Pune and Bangalore and Mumbai?

If you can give some sense in terms of how it'll be split across these three geographies?

Let me take that and then I think when we set out on our journey for scale up, I think we had to do a few things right. The first one was, can we do business development right, right?

I think we made tremendous progress on that. The big thing is we are not desperate for deals.

I think good quality deals come our way, and we can pick and choose based on our risk and reward metrics, right? The second one was, can we actually execute well on the ground?

I think last year was a big year for us as we are able to get approvals, get launches done, get OCs done. I think we've received eight OCs last year, and Sudarshan will have played a very important role from a project point of view.

That has shown financial returns to our shareholders also. When you're able to get the deals, when you're able to execute well, and you're able to show returns, we earn the right to ask for more capital.

Some of that has already happened in the rights issue. Some is strategic partnership, Mitsui, and we have, I would say, another three discussions underway with different investors who are keen to partner with us.

In fact, Mitsui is already committed for another deal, and then they're looking for additional deals beyond that. Our partnership with Mitsui is deeper than what has been publicly announced.

It's for multiple deals. With Mitsui as well as with some of the other discussions underway, and support of Mahindra, and a very healthy balance sheet allows us to flex the financial muscle when we need to, right?

That gives us flexibility to pursue larger deals, but more importantly, right deals. We have a healthy portfolio.

Earlier today we had the board meeting, and it was clearly told to us, supported, that, hey, you work on building a good business for the long term. Capital is not going to be a constraint.

Hopefully, that will play out as we look for all sources of capital for business development. Could be Mahindra's capital support, could be strategic partnership capital coming in, or augmenting debt to equity in a healthy way.

All sources are available to us.

From guidance point of view, what could be the number which one should look at for FY27 in terms of business development?

I would say will be north of ₹10,000, and that's the reason I say that is because if we do more society redevelopments, we can do more, right? I think for us to continue on the journey of get to ₹10,000, you have to do minimum ₹10,000.

Our goal will be to at least do more of that.

Split between Pune and Bangalore?

It'll always be 60-20-20. 60% would be Mumbai, but if you look at our ₹45,000 crore, ₹35,000 crore right now is in Mumbai and ₹5,000 each on the other two cities.

We have a lot to do in Mumbai, and a big part of that is society redevelopments. We'll continue to make sure that we augment the right kind of deals in Mumbai.

We can't just do society redevelopment because they take a lot of time, and we can't do only outright in Pune and Bangalore because they require a lot of capital. We're looking at balancing the deals in each of the geographies with the other kind of deal.

That's the basket of deals we'll build.

Sure, thank you. I'll join the queue.

Hi, Pritesh from Axis Capital. Continuing from business development, one of the slide I saw, we had a target laid out for every year that which all projects we need.

We are almost there in terms of visibility till FY30. From business development perspective, whatever we do now would be for growth which we will achieve over and above what we have guided for, or we will think of it as a cushion that if market slows down, velocity comes off, at least more number of projects will at least ensure that we achieve our target?

What would be the thought process?

I think it's both, Pritesh. I think both as a cushion.

The good and bad part of our portfolio is that a large number are society redevelopments, especially in Mumbai, and they take a long time. We have been at it for some time.

We are reducing. Our first deal took us almost 2 years, the second deal took 1 and a 1/2 years, right, third will take 400 days.

We're measuring the number of days from the time we sign the definite documents. We're measuring that.

There is likely more slippage on the timelines when you have society redevelopment. When you have JDA or greenfield, I think you're able to get to your timelines, which are slightly better control.

The acquisition that we are doing is for, I would say, two reasons. One is to have cushion.

If you have more projects, it gives you the ability to actually cover your targets better, faster. The second one is, why not think of an accelerated growth plan, right?

Some of our peers have really done it, but only difference I want to have is I really want to have profitable portfolio rather than just a portfolio that's growing. That's why our focus on picking the right deals is very important, and you'll continue to see the cash flows and hopefully the PAT impact in our financials.

Sure. Just on that, let's say if velocity gets impacted, we are not able to sell as much as we are right now, at that point in time, there would also be a thought process that let's first focus on achieving a certain velocity so that this project gets self-funded.

Let's push out some of the launches that we are planning. At that point in time, will your balance sheet be more key to carry forward with the new launches, or you would really think of first achieving a certain velocity?

Would more pipeline be a burden on you that we have the pipeline, but we are not able to launch because of a lower velocity? What would be the thought?

Let me attempt to answer your question. I think and if I don't get it right, you correct me.

I think we are at a stage where we have earned some stripes from our shareholders, right? They feel comfortable putting more money behind it.

We as a team, and most of the team is sitting in this room, feel comfortable and confident that we can continue to scale this platform to deliver higher numbers, larger numbers, right? Those are two important, right, because you have the shareholder support and you have the team committed and hungry to actually deliver more.

Now, we will take calls on deals, right? Sometimes, when things slow down, those are great opportunity to regain ground for somebody like us who may have lost ground in the past, right, or not benefited from it.

If our balance sheet is healthy, and we have a desire, we have shareholder support, why not capitalize on that moment? I can't say that now till we continue to perform.

This year is an important year for us to perform well on the sales side. We have done 20%, 25%, ₹27 crore, ₹28 crore, but can we do a 50% growth here or not?

The ₹3,400 to 45 to 50 would be a significant jump, right? Why not push and deliver that?

Once we do that, it will give confidence to our shareholders that, hey, we continue to perform and address each element of our execution muscle. At that time we'll decide which project, should we do this, should we not do that.

Bangalore, for example, gives us highest IRR, right? Mumbai has the highest volume.

Then Pune is something which just velocity-wise very steady, right? Each has its own benefit.

We'll always want to balance with the right site, right size of deals, right kind of deals in our portfolio.

Sure. Twice you mentioned about the current demand environment.

Is it across the board you are seeing that slower walk-ins, conversions, or is it specific to certain market or certain ticket size? What would be your estimate in terms of when should things start getting normal?

Let Vimalendra address that from what you're seeing, Vimalendra. Then maybe we'll link it to IC also because that's also very important for us, right?

There is,

see, what is happening is while even the walk-ins have moderated, I think there is this intent to purchase. It just that given the geopolitical scenario, people are just waiting.

They say, "Let's see what is happening. When is it going to get settled?"

Because the energy is something which impacts everything and everyone. Generally, without talking about other things in India, they're just waiting for the other elections also to get over.

That's the conversation which is coming very clearly, "Hey, let things settle down, we will know." Honestly, and we are only operating in mid-premium and premium segment, right?

We're not operating in the luxury segment. To that extent, we have not really seen that great an impact.

We have just got the RERA last month for Rainforest. We have started the EOI activity.

I wouldn't say it's been spectacular, but it's not bad. It's very steady.

Compared to the history of the micromarket that if you see, we are at very well positioned. We just started that journey.

Our sales gallery will be up and running, and we still have time to go into the market. The price segment where we are, we are okay.

If I look at the one parameter that I look at is the sustenance sales across Pune and Bangalore, and let me tell you, they continue to do very well, frankly, without getting into the numbers for this month. It's quite robust and it's on a very good track.

It will settle down. I think some of these things happen during the course of time.

Once there's some kind of finality to that particular situation, it'll come back. Fundamentally, the demand is there.

It just that because of certain external factors, people have just deferring it. It'll come back in a hurry, don't worry too much about it.

Just this comment about lower walk-ins, is it just because what we are seeing in Rainforest right now, because sustenance, as Vimalendra said, that it's doing fine, is it just because of Rainforest?

Yeah. It is because, obviously, we want to give a superlative experience and to all the customers.

We really over-indexed on the sales gallery, and we'll invite all of you probably from next week onwards it'll be open. You can come and experience it, and I'm sure you'll be amazed, you'll be wowed by what we have created.

It's the biggest and the best that we have done as a company in line with the aspirations that we have. It was an active construction site.

We were not really able to do a lot justice to a lot of the walk-ins. Hence, that was the impact.

It's not as if people are really not coming or not wanting to buy. It'll get on track once the sales gallery is fully operational.

Sure. One last on IC & IC, on the Ahmedabad, I think it has been quite some time we are hearing about anchor tenant.

Where exactly are we, and because for now I think we are fine with the inventory that we have across other locations, but at some point in time, I think both Ahmedabad and Pune will have to kick in. When would that time be?

I think Ahmedabad, right now we're in a position where we cleaned up all the legacy issues. The approvals are in place.

We've already started the marketing activities and started talking to the consultants in the local market. I'm pretty positive that this year Ahmedabad should kick in, and we will have the fourth front which will start.

We have three projects which are on. My sense is fourth, Ahmedabad, this year will certainly start.

That's a short answer.

Pune?

Pune, we are going through the land aggregation right now. Pune would take some more time, but we've already acquired about 400 plus acres, touching about 500 acres.

We're looking at some contiguity and some access, which is already there. My sense is it'll be more FY27, FY28 when we look for approvals and go forward.

The idea is to plan it. We have enough inventory for the next 2 years, including Ahmedabad, and then Pune would be next after that.

Thank you. That's it from my side.

As

during the presentation, Amit has already mentioned that the Thane land is now fully a residential zone. I think that is one big thing that has happened in this financial year.

We are free to develop it the way we want to develop it, residential. We have started the initial design intent with the design team.

We're looking at a mixed-use. We're looking at a certain amount of commercial, high-street retail, residential.

We want to really do a great job with this project because the location is amazing. It is basically abutting Sanjay Gandhi National Park, the metro station, the Gaimukh metro station.

The first metro station is bang in front of the land that we have. Other good news you must have read that the tunnel work has actually started, Thane-Borivali, and that's actually going to be a game changer.

Plus, let me also tell you, if you might be aware, they're actually constructing a coastal road behind towards that creek. With all this infrastructure which is coming, our belief is that this will significantly enhance value to the company and to the project.

The work has truly started on the ground. The teams are working on it.

Hopefully, we'll be able to launch the initial phase of that particular project towards the end of this year or early next year. Actually,

the more we wait, the more value we'll create, in a way, right? Because the impact of metro, infrastructure, tunnel, I think there is new AIIMS, I think, coming up, right?

All that will start to have a positive impact. The other question was I think it's roughly 7,500 by value, but we are thinking of 2 million square foot of office roughly, and 4 million 2 million square foot of commercial, 4 million square foot of residential, and then there'll be some other mixed-use like retail and a couple of other things.

Somewhere around 6, 6 and 1/2 million square foot construction.

Maybe I'll answer the last one. I think our aspiration is to play in premium, mid-premium, super premium, whatever you want to call it.

I don't think we want to go into the luxury segment. In case of Mumbai, we have put a price point of somewhere around ₹60,000-70,000 per square foot as a definition of what that means.

We've seen that the moment ticket price goes beyond ₹10 crore, the demand elasticity is very different. Even between ₹5 to ₹10 crore, it starts to be not high velocity.

You want to maintain creating homes for our customer which are in the right ticket size. We'll continue to play in the mid-premium, premium segment.

Maybe I'll request Vimalendra to answer the Mahalaxmi question.

The question on the approval stage, we are towards the last stages of the approval process. Hopefully, we should be able to launch it soon once we get RERA.

We're targeting this quarter itself.

Yeah. I've stated that earlier.

Honestly, it's too early. The war has just started towards end of March.

We didn't see any impact of it in the Q4 numbers or March numbers. You've seen pretty much everybody, the sector has done very well, we have done very well.

For me, the true parameter is the sustenance sales, and we continue to perform well. From what I've spoken to others, they continue to do well.

I think we are seeing an impact at a real high end, which is the luxury segment, but we don't operate in the luxury segment. For the portfolio that we have, I think we are in pretty good shape.

Yes, there is a slight delay in terms of decision-making because of factors beyond anybody's control, and once those factors settle down, fundamentally, the sector is doing very well, it's on a very good wicket, and the demand is inherently very strong. It'll bounce back significantly.

I'll just add, I think, cuz the question. I think maybe audience have picked up that the war is creating a huge impact on the walk-ins and the demand.

I think as Vimalendra pointed, it's actually too early for us to say whether demand is going away, or demand is just deferred by a few weeks. We've also seen that the organic demand doesn't just go away, right?

There is a healthy demand that will continue. When there is little bit of slowness in the market, which may happen, and it's expected because we had 3-4 years of strong growth in the past post-COVID, some moderation will happen, and we've seen that even in the last year in terms of units, in terms of apartment size, in terms of the pricing, and that will not continue this year for sure.

When that happens, there is a clear shift towards trusted developers, trusted brand, where customers feel that, hey, instead of taking risk with somebody who's, let's say, not as stable, let's try and buy something which is going to be coming from the portfolio of a stronger, well-placed developer with a stronger balance sheet, right? I think that shift will continue.

Whatever you may lose in terms of few points of growth at the industry level, you might be able to gain back in terms of share gain away from smaller developers. My sense is over the full year, over a longer period of time, the war impact will get neutralized, and we'll go back to what we ought to be seeing in a country where per capita income is increasing, per household income is increasing, urbanization is significant, and then demand for housing continues to be there.

How has been the experience now on the approval side? If you can help us understand both for the three geographies, Pune, Bengaluru, and Mumbai.

EC issue was sorted out in Mumbai. I think that helped us accelerate some of the approvals.

If you can give some color, how fast or slow now things are there on the approval side?

Yeah. I think the system by and large remains the same, but we as a company have really improved.

Let me put it that way. The fact that we have got eight OCs in a very timely manner, regimented manner, right, the fact that we were able to launch as per what we committed at the beginning of the year, right, that's kind of a proof that we have got better at what we do as a team, as a system.

There are a lot of reasons. Obviously, we have a clear task force, we have a very strong collaboration culture where all the functions come together, and in real time.

Even the RERA 2.0, now they have upgraded their website, and they've made a lot of the changes, and with legal team, the design team, the finance team, they practically sit during the whole day, the projects team. Morning we sit, and by evening we are able to file.

This is just one example, right? Earlier it used to take say 7 days to file for a RERA application.

Today we are, and I'm very happy to say that, we are so efficient. If we receive a CC today, by tomorrow end of day, the RERA is filed.

Then we make sure that our corporate affairs team actually while it's an online system, but the assessment happens offline. We actually tell, "Hey, we have already done.

This is our application number. Can you please expedite that?"

We have improved at every stage. This is across the locations.

Just to give you an example, in Bangalore, the Blossom launch, you are aware, I spoke to few of the investors. They said, "Oh, we're surprised that you've got Blossom RERA."

We said, "It's not a miracle, but it's a process that we have as a company has followed." Right?

The system by and large remains the same, but I guess we have become better at it. That's allowing us to actually be very good at predicting timelines.

That's why when Amit presented those, and we have that confidence of saying that what is Q1, Q2, Q3 across all the way till FY30, as a management team we're putting our neck out and saying that, hey, this is what we will deliver because I think we have really really streamlined a lot of the things, and we remain confident that we'll be able to deliver it.

On the annuity portfolio, I don't know what's the strategy now, but you said that in Ghodbunder we'll do a 2 million square feet of commercial. If you can help us understand, it is the annuity strategy or strata, or so how things will move on there?

We are moving towards a mixed-use where at least three locations, Kanjur Bhandup, Thane, and Citadel, all of three are land where we have two of them are outright owned by us and one is a JDA. We will have a portfolio.

We will not do a strata sale based on our latest thinking. We feel that we can add more value by owning the asset and creating an annuity portfolio.

These are great locations. Our current view is that we will want to develop them as mixed-use locations, and it's also necessary because there are so many people living.

It's good to have work locations there. That's our current plan, and that'll give us the little bit of annuity portfolio that you need.

The yields tend to be better when you develop an asset rather than buy an asset, right? Hopefully, and Thane would be very different price point, Pune, Citadel very different price point, and Bhandup would be a different price point.

I think that's where we are hoping to build a healthy portfolio.

In 4-5 years we expect to be about ₹300 crore of annuity portfolio in terms of rent generating?

I don't think we'll be able to get to that because Thane is very low right now, relatively. Cost of construction and land prices are relatively And Pune is lower than Mumbai.

I think our desire is to first get to somewhere between ₹150 to ₹200 before we put more capital to develop more commercial assets.

This will be about 4 to 5 years out from here?

Yeah.

Okay. Just the last one on the deliveries for FY27, in million square feet in terms of value, what kind of revenue recognition we are looking at for FY27 from the status of the current projects which will complete in FY27?

Parikshit, the numbers I will not be able to share exactly, but I can tell you that the OCs that we are expecting for FY27 should contribute to a good growth over the prior year, FY26. One thing I would like to highlight is couple of projects, right?

Eden Phase 2, we received the OC on 1st of April, we couldn't recognize obviously the revenues on third by 31st March. That is already in the bag.

You will see that numbers coming through in Q1 of FY27. Similarly, the project Luminare in NCR, that also OC we actually received on 31st of March.

Again, we couldn't send the demand letters on time, again, that will be recognized in Q1 of FY27.

I'll just augment. We have eight OCs planned for this year.

Two of them have already happened, right, based on what Sriram said. The six remaining will happen.

Of the six, two are on the affordable, four are six are including the two that we have gotten, are in the premium segment. Four premium, two affordable, and two already premium received.

That's our current plan, and it should give a healthy growth over the current year portfolio.

Just the last thing, have we started looking at the Gurgaon market now because next year if we end close to about five, somewhere in the vicinity of ₹5,000 crore, and then again if we have to plan going back to Gurgaon again, it'll need at least 1 year or 2 years to come back to have a launch in a new market which you are already present for some time, but now you aggregated and then again you're thinking. Any thoughts there?

How are you looking at re-entering Gurgaon from time point of view?

Yeah. I think we are still hoping to go deep in the existing three markets before go back to Gurgaon.

To the point that you guys asked earlier in terms of capital allocation, if I have to fund capital for another market, it will take away from, let's say, Pune or Bangalore or even Mumbai. I think our next maybe 2 years, it's better for us to go deeper.

I think if we feel comfortable that we have a path to 5, 6, ₹7,000, we'll start to think about another geography. That doesn't mean it has to be Gurgaon.

It could even be, let's say, Chennai. I'm just giving a name to you.

The reason it is because Chennai we already have Mahindra World City Chennai, there is a rub-off effect. We have our research valley.

Mahindra name is popular. We have Origins Chennai in the northern part of Chennai.

We feel that there is a good brand pull from local customer. We've done 4,000 apartments already in World City Chennai.

There is reason for us to can at least make a case for why not Chennai, why just Delhi, right? Obviously, markets are smaller, but we are not looking to do a high volume, we're trying to do the right volume for each of the market.

Just last two questions. First in terms of delivery for this quarter, Q4, which are the projects we delivered, because I still see gross margins pretty low, around 6 odd percent as per my calculation, I might be wrong.

What were the deliveries if you can highlight? I thought Luminare would be the one, and I was concerned that why Luminare would have be such a low margin project.

If it's Q1, then which were the other projects which got recognized?

We pretty much got Phase 1 of most of the projects, Pritesh. For example, Phase 1 of Eden is there, Phase 1 of Nostalgia is there, Tathawade, which actually is a affordable project.

Phase 1 was slightly, in fact, lower margin compared to the others. We also had some of the OCs come through on the affordable side.

Palghar is also reflected in some of these numbers here. You would see that the Phase 1 of the projects typically tend to be a little lower in margin compared to the remaining phases.

You will see that getting reflected in the coming quarters when we recognize revenues for Phase 2 for some of the projects.

What should be the ballpark gross margins that we should be looking at for FY27 deliveries?

If I were to think about the gross margin, I think I can talk to you about the project level. Around the project level gross margins, these would be upwards of around 30%.

For example, some of the projects like Luminare and the premium projects could be around that level. Again, for next year, you will have affordable projects as well in the mix for us.

We have two projects that are coming up for OCs next year. Again, I don't want to give a number and kind of justify the reasoning for it, but it will be a mixed bag.

You would see as the Phase 2 of the projects getting recognized, the profitability will improve.

Sure. One last on launches for FY27, just a broader cumulative number?

I think Amit said it's about ₹10,000 crore roughly.

It's 7 plus

3.

3,000 of Rainforest will be this year. The remaining 7,000 for the other seven, eight launches that we have.

The inventory launched will be 10,000, and we are hoping to do well on that front given the earlier part of discussion.

Okay.

Right? I think our affordable portfolio will continue to come down, but in this year there'll be a good number still, right?

Tathawade and Palghar, right?

Kalyan.

You will have a little bit of drag even in this year. I think from next year onward, what will happen, the premium portfolio will become dominant.

When the moment you have affordable, the volumes are high, the revenues are less, the PAT is less, it affects the financials in the wrong way. I think the impact of mid-premium, premium will start to see.

Maybe in the next meeting, we'll share with you what IRRs are there for our portfolio. I can verbally tell you is roughly 17% is the portfolio IRR that we're carrying.

There are 26 projects that are part of it.

Including affordable?

Including affordable, right. Obviously, the affordable's contribution is small, but they are close to single digits, in some cases even negative, right?

We are trying to fulfill our RERA commitment, uphold our brand promise. The current year projects are doing really well, or the last year projects are doing very well.

Last 3 years, every project that we have launched, it has good margin profile. We always have to watch out that price gets locked early and then the cost happens later, and you have new labor code and all those things because of war, the energy costs are getting in the way.

We have healthy accounting practices to make sure we have contingencies and escalations and DLP and everything. Despite that, we have a razor-sharp eye on our cost, and that's where the execution is.

We just discussed this in our meeting today. Over the last eight quarters, our projected costs have not changed by more than ₹10 crore for all the projects over eight quarters.

Obviously, it has a lot of cushion and contingency, etc., but we are not changing the cost for last eight quarters.

Perfect, very helpful. Thank you.

Thank you, I think, for coming over, and this has been a strong year. My whole team is here, and we had our internal town hall, and we're very excited at the prospect of doing even better on the foundation what has gone in for the past year.

We'll keep you updated. The challenge is ahead, and hopefully we'll meet up and exceed the expectations.

Thank you.

Thank you.