Thank you. Good morning, good afternoon, good evening to all of you as per the time zones from which you have logged in, and welcome to the conference call Q3 FY2026 results and business update.

Thank you all for taking the time to attend this call. Before I begin, I would like to share with you a few quick business updates.

We have received full occupation certificate for Thane. We have also entered into a development agreement for redevelopment of land in Nepean Sea Road.

360 West continues to attract strong inquiries. Our office portfolio front, Commerz II occupancy is about 100%, Commerz III is also at 90%, Sky City Mall continues to scale up well on strong leasing demands for retail tenants, while Oberoi Mall continues to deliver an occupancy of 99%.

We continue to actively pursue attractive land opportunities and we remain optimistic about the year ahead, supported by strong development pipeline. With this, I will now open the floor for question and answer, and both Saumil and I will be happy to take your questions.

Thank you.

Thank you so much, and my first question is if you can talk a bit about the launch plan for this quarter and for next year. How should we think about the phasing of launches and potential sizes?

Hi Puneet. Firstly, we have our own Goregaon Wimo Tower launch.

We have additional higher floors that need to be launched. We have Borivali, which also has one tower, and when I talk about one tower, these are 6 to 8 lakh square feet towers with revenue potential of more than 3,000 crores.

We have both towers in Thane, Forestville, as well as the Pokhran Road. We have Pedder Road coming up.

We have NCR, we have Gurugram coming up. A lot of project launches.

In fact, we were expecting at least one of the few to be done in the third quarter, which ended up slipping into now the fourth quarter and first quarter next year. A lot of launches planned.

A lot of business development activities happened in this quarter and happening in the next quarter.

Which one should we pencil in for this quarter?

we are desperately trying to get... Goregaon and Borivali are very much in our control.

We will do Borivali and Goregaon both, and we are desperately trying to get NCR within this quarter. In a worst-case scenario, it will be probably first quarter next year.

How do you view the market demand environment in the current context?

Market...

volume and pricing, both.

Again, we have increased pricing when it comes to Goregaon and Borivali both. We have kept pricing in Thane stable for now, but these two markets have seen an upward price increase.

There is no shortage of traction. In fact, this quarter we have opened higher floors, and we have seen great response even for the higher floors at a higher price.

I don't see that there will be any issue going forward in terms of demand and pricing. Pricing continues to either stay put, and if let's say the product exceeds people's expectation, what they did in Borivali, we ourselves never expected today, some of our apartments are going beyond 50,000 rupees a square foot on carpet.

This clearly shows that the product or the project is an outlier, and people have just loved the way it's come about. Goregaon, I don't really need to say or sell anything about that.

That's anyway a super-established location. Again there we are doing ready apartments are selling upward of 50,000, some of them are selling at 60,000 rupees on carpet, probably 30-35% premium over market, and there is no resistance when we increase price.

This is how the market is.

Okay. Lastly, when should we expect 100% occupancy for the Sky City Mall?

I think max another two quarters, very large deals have been, we've done LOIs. We're just waiting for the agreement to be done.

Once agreements are done, then we will cross that threshold also. Hopefully February Apple also opens its store there.

Even that kind of, will... Again, I must say the footfalls in Sky City are literally double of Oberoi Mall even within the first six to nine months of its operation.

We are pleasantly surprised. It's doing exceptionally well.

Okay. That's wonderful.

Thank you so much and all the best.

Thank you.

Hi Kunal.

Hi Vikas. Just quickly on the timelines for Borivali?

The new project?

Yeah.

Expecting IOD any given day, and then the regular time that it takes for the approvals. Again, this also, if everything goes right, then this gets pushed into the first quarter next year, next financial year.

Q1 FY27.

Correct.

Okay. Secondly, just a question for Saumil.

Our operating cash flow this quarter kind of tapered off, right, compared to last quarter and even the previous year's quarter. What was driving this?

Hello? Hello,

Saumil, can I hear?

I'm here.

Hello?

The question was for Saumil or for me?

It was for Saumil, Vikas, yeah.

Okay. I am...

I don't know whether Saumil is having trouble in his audio.

Just Vikas, just one last question. Just stepping back a couple of quarters, right, we had at the beginning of the year we had highlighted quite a few launches, greenfield launches for this year, case in point, the Gurugram project, Worli project, and also a couple of launches, couple of towers in Thane and Borivali and Goregaon.

We did launch Goregaon tower T, but barring that, right, I think there are some slippages there in terms of launches. Are you facing any issues in terms of approvals or on the regulatory side?

Vikas Oberoi (Chairman and Managing Director, Oberoi Realty Limited):

not at all. In fact, it's more to do with the way we want the design to be.

We have really worked multiple times, even on NCR. We've taken feedback from people with regards to what should be the depth of the deck.

We started with eight feet, and then we said, no, eight feet probably would be too little. We pushed it to ten, and then twelve, and so on and so forth.

Literally, when you're trying to perfect a product and not really looking at what the market is expecting you to do, it kind of brings you in a situation like where we are today. Let me tell you, it's a dream to work in Gurugram.

Approvals are a breeze. Very, very, I think a state which is really helpful in terms of approval.

It's just that we kept bettering our product, which we do all the time, and that goes for even our Pedder Road project. We created a plan.

We first thought we will make podiums with ramp, and then we realized that ramps would take a long time to go up, and then we replaced them with elevators. We had to change our plans.

These days it's not like you can simply launch. There is so much of process.

Until you get commencement certificate, you can't even apply for RERA. If you can't apply for RERA, RERA takes 30 to 45 days, and it just kind of stacks up.

We just got it wrong, to be very honest. We just got it wrong.

We could have easily got these in, maybe at least in the third quarter. Like I said, we kept perfecting the product, which will of course pay us and help us in the long run and all of that.

It's a missed quarter and a missed opportunity.

Sure. Lastly, if you can give some color on the timeline for Nepean Sea Road.

The new one? Again, this is just a DA.

It should take at least nine months before we can actually see anything. Given my past experience, I know that once the DA is signed, it takes a lot of time to make sure you hit ground.

Just a follow-up. You look at FY27 now with the kind of spillovers that we'll see of the projects.

It looks like a very big year in terms of new launches, right?

Absolutely. Whatever, it looks like a very promising year for ORL because now all the hard work that was required to be done has been done.

Few of these should have actually been in 26, but they're getting spilled into 27. Whatever is lost in 26 will get covered in 27, and it will look like a much bigger year for us.

In terms of management bandwidth, are we ready for handling this many number of launches for next year?

Absolutely. This is one thing I can say that as a company, we have now really cracked the code as far as scale goes and as far as quality goes.

We're really able to do that. In fact, I must say that today I saw a presentation by our contractors for our Gurugram project, and really I must say that it's something that people will be proud of, and we will be proud of having done that.

Again, execution, no issue, launches, absolutely no issue. We have a great team.

We have the bandwidth to build, scale, and scale with quality. We have that confidence.

It's just that, we lost track of time perfecting our product, and, sometimes it's all right to be less perfect, but to be, on time, than trying to completely perfect the product and bring it into the market. We realized that in the last one month, that, we pushed ourselves too much in that direction.

Sure, Vikas. If Saumil is available, then maybe I can...

Kunal, you can hear me now?

I can hear you, Saumil.

About that. There was some technical issue, I think we have got it sorted out.

In your question about operating cash flows, basically we had about close to 300 crores going into payments for FSI and, what we can say, related acquisition rights. That's where, and obviously that just goes out as pure operating cash flow.

Correspondingly those projects are not yet producing the revenues. While they do not have any impact on the P&L per se as far as cash flows are concerned, you will see the operating cash flows net of that amount.

Understood. Thanks, Vikas.

Thanks.

Thanks, Kunal.

Thank you.

Hi Gaurav.

Hi Vikas. Hi Saumil.

Thanks for taking my questions. I have two questions.

I'll take this one by one. My first question, when I was looking at your presentation, prices quarter on quarter for some of the projects seem to have come down at Singh 60, at LSTN, at Jardin.

Can I understand if this is something to do with the configuration of the flats, or is there a genuine decline in prices? What's happening there?

prices are a factor of rate into the floor. If the apartment is on a lower floor, then you will get lower realization, and if the apartment is on the higher floor, then you get higher realization.

In fact, if at all we've only increased prices, and I said in the earlier statement, we've neither reduced nor increased prices in Thane. That's how it is.

Got it. Thanks.

That's very clear. My second question is a broader question, right?

With the recent municipal changes, has there been any early industry-wide discussions that for the areas where the municipality has jurisdiction, are they talking to developers that are they going to make any changes in terms of allowing FSI, timeline on approvals, or anything of the sort? Any early color?

frankly, there is no change. I don't know what change you are referring to.

There is absolutely no change as far as corporation goes, barring these elections that have taken place. They have zero bearing on any of these issues.

It's the state government and the urban development department that decides the policy of approvals. There is really no change after the DCR came into play.

There is really no new rule or regulation that kind of either enhances or decreases FSI.

Got it. It should be business as usual for all?

It is business as usual, absolutely.

Got it. If I can just ask one more rather housekeeping question.

The one-off employee expensees that have been booked, how many months of arrears are accounted for in that 23 crore figure? Basically, yeah,

so basically when we calculate this, this is calculated and the reason it comes as an exceptional item is it's basically a true-up for the period till date. Essentially, the calculation takes into account the life of the employee, from their joining date till today.

That's about it. This is a one-time cost which is taken, after here it will be business as usual and whatever is the amount that will regularly go, will go.

Because this is a true-up for a relatively large period of time, that's why it appears as an exceptional item.

Moreover, Saumil, also I want to add that this is just a ballpark number and to its maximum. Once the regulation with regards to this is out, then the amount can vary and it can lower a bit.

In terms of normalized expenses, does it have any meaningful read through on the cost of construction that we do?

No, not at all. This is a one-time provision made for gratuity for the entire period, an entire period from the time anybody's joined ORL till today.

That's it.

That's very helpful. Thank you so much.

Hi, Pritesh.

Hi, Vikas. Hi, Saumil.

Thanks for the question. Just a couple of them.

First on Gurugram launch, by when should we be applying for RERA to be able to launch this project in time this quarter? What would be the timeline?

We are awaiting our plan approvals and I am told that we will get that in the next 30, 35 days or 40 days. Once we have that in our hand, we will immediately apply for RERA.

Once we have our RERA approval, we'll immediately launch. That's what I can actually say.

Really it's a touch and go for us. We are desperately trying to speed up and get things going.

Sure. Got it.

In terms of commencement of the Worli commercial project, when should we hit the ground there?

We had already done some excavation in the past. We've started securing the site again.

We are on a design mode. As we speak again, your work is happening at brisk speed there also.

Got it. Just a follow-up on Gurgaon.

As per the feedback that you are getting from the authorities or market there, how much time generally it takes to get the RERA? If we are able to apply for RERA, let's say in the beginning of March, would we be comfortable launching the project in this quarter itself?

Again, it's going to be a touch and go. We are trying to get it done.

It will be a touch and go. Between today and applying for RERA and getting RERA permission, we have our plans to get approved, which we have applied for, and then immediately we will go in for RERA approval.

Like I said, it's a touch and go. Hopefully we will be able to get through.

Sure. That's very helpful.

Thank you. All the best.

Thanks.

Hi. Thanks for the opportunity.

Hi Vikas, hi Saumil. Just a couple of questions from my side.

First, if you look at the business development so far, you've only done Nepean Sea road this quarter. How should one think about business development guidance, let's say for over the next 12 to 15 months, and any update on Versova?

You recently emerged as a top bidder for an 11-acre land parcel in Bandra as well. How should one think of business development going into FY27?

Let me tell you three large deals we are working on, and hopefully either we will announce this quarter or the first quarter next financial year, and you will see the bump up in terms of BD.

Railway land, I can only say we bid, let's see the outcome. We are very excited.

If we get it, it will be great. Too early to say anything until and unless we get that in our hand.

Sure. Just to follow up, are these three large transactions in Mumbai or MMR, or are you also looking at opportunities outside Mumbai?

No, these are three in Mumbai. We are looking at other land parcels also, but these are near finishing line and all.

Sure. Secondly, on Sky City, where you're currently leasing stands at 56%, and I think a couple of quarters back you mentioned 90% by end of this year.

Can you just provide an update as to how one should think about leasing here? Is it slowing, or are you cautious, trying to maximize the rentals here and hence going slow in terms of leasing of the mall?

No. Both are almost correct.

We actually have signed three large leases. Once that gets affected, or rather the agreements are signed, we will be in a position to tell that this is leased.

We see great traction. I told you earlier that the footfall in Borivali is phenomenal.

The social media also has taken it to another level, and it's an outlier of a mall. Very excited about it, and yeah.

We are also in a position to maximize it.

Sure. Then lastly, on Jardin Thane, given the pace of sustained sales that you're seeing here, when do you expect to exhaust the current inventory, and when are you looking to launch subsequent phases here?

Vikas Oberoi (Chairman and Managing Director, Oberoi Realty Limited):

in all high-rise buildings, the lower and the middle apartments get sold first for two reasons: one, of course, they are cheaper because you don't have to pay floor rise, and, we sometimes don't even launch the higher floors. In this case also, we still have inventory which is on the higher floor.

We are going to launch one tower, which will actually help us in the sustenance because we have inventory of lower floors, which is something that people like to buy because of its cost advantage. That's going to be the only reason why we will launch a new tower for sales.

Otherwise, we've kind of mapped Thane and its speed. The next thing in Thane will be the mall.

We are doing a hotel and we are doing a school building. These three things we launch, and this will also stir the market because we are trying to position it as Oberoi Garden City Thane, and that will also give them a clear signal what the market in Thane, what we are trying to build in Thane in terms of a market.

A JW Marriott hotel, the mall, and probably one of the best international schools being designed by a design firm based out of Boston, and again, really unique sculptural building being done there. Really, change the way people perceive our location.

We're trying to build another Gurugram out of that.

Sure. Thank you, Vikas, and all the best.

Thanks.

Hi, Vikas. Thank you for taking my question.

My question is on the real estate demand. Listening to you, I don't see a lot of pessimism, but then again, if I look at the third quarter PCA number, it is still the lowest over the last nine quarters.

Thanks for asking this question. Frankly, yeah, I, like I said, that I said it in as many words.

I said it in as many words. I said it in as many words.

Yeah. Sorry, are you able to hear me?

Hello?

Yes, I can hear you, sir.

Okay. I said it in as many words that we missed this opportunity to launch a project, and that kind of hurt us in our third quarter.

Otherwise, you would see the numbers to be very different. We have projects which are actually at a stage where we simply sell and we can recognize revenue out of that.

It's just one of those quarters where we were not able to time it properly. That's about it.

Then just on the thoughts on the real estate demand and with the equity market going down, are you seeing any slowdown, not considering the launches, just on the sustenance...

Not really, not really. Because, like I said, that, we've increased prices in Gurgaon, we've increased prices in Borivali, and we don't see any slowdown there at all.

It's developer-specific, it's location-specific, and it's product-specific. All three.

We tick all the boxes, I think.

Got it, sir. That's the only question I had.

Thank you.

Thank you. Thank you.

Thank you all for taking time out of this call. We look forward to hearing from you on a regular basis.

Please feel free to reach out to our investor relationship team as and when you have any questions. Thank you once again.

Thank you for attending this call.

Thank you, everybody.