Thank you, Sagar. Good afternoon, everyone, and thanks for joining on the call.

From the management of Prestige Estates, we have Mr. Irfan Razack, Chairman and Managing Director; Mr.

Zayd Noaman, Executive Director; and Mr. Amit Mor, the Chief Financial Officer.

I'll now hand over the call to the management for their opening remarks. Thank you, and over to you.

Hey, everyone, and thank you for joining us today for earnings call for Prestige Estates Projects for the fourth quarter and financial year ended March 31st, 2026. As this year has been an important year for the company, marked by strong operational momentum across all our verticals, be it residential, commercial, retail, and hospitality.

It also marked several important firsts for us as a company. We launched our maiden residential project in the NCR market, which received a resounding response, translating into sales of over 9,500 crores from a single project alone.

We also achieved our first major residential completion in Mumbai during the year, showcasing the continued strength of our execution capabilities across regions. During the year, we also crossed a milestone of having completed 200 million square feet across 300 projects since inception.

Also, during the year, and most importantly, we delivered our highest ever annual sales of over 30,000 crores, reflecting a growth of over 76% year-on-year, supported by robust launches across key geographies, healthy demand conditions, and disciplined execution, and strong collections. For the full year, sales volumes grew 77% year-on-year to 22.28 million square feet, while collections crossed 18,500 crores, reflecting a strong 53% year-on-year growth.

We also launched over 31 million square feet during the year with a launch GDV of approximately 27,000 crores, demonstrating the scale and depth of our development pipeline. These launches witnessed a high sales velocity of 63%, contributing to 17,000-odd crores in FY '26 sales itself.

Our performance was well diversified geographically, with Bangalore, NCR, and Mumbai continuing to contribute meaningfully to overall sales. Importantly, we also continued to see healthy realization growth across both apartments and plotted developments.

Beyond residential, our annuity business continued to demonstrate resilience and stability. Our portfolio maintained healthy occupancy levels of 92%, supported by sustained leasing demand from GCCs, tech companies, and domestic corporates.

Our retail portfolio continued to perform exceptionally well as well, with near full occupancy of 99%, healthy footfalls, and strong consumption-led growth across assets. The hospitality segment also delivered a steady operational performance during the year.

On the business development front, we added projects with a GDV of over 50,000 crores in FY '26, further strengthening our future pipeline across Bangalore, Mumbai, NCR, Hyderabad, and Chennai, positioning us well for sustained long-term growth. Coming to our financial performance, for the full year, revenue stood at 13,196 crores, registering a growth of 71% year-on-year.

EBITDA stood at 4,219 crores, up 43% year-on-year, while PAT stood at 1,312 crores, reflecting a strong growth of 113% year-on-year. EBITDA margin for the year stood at 32%, while PAT margin stood at 9.9%.

During FY '26, we also generated a healthy operating cash flow of approximately 7,100 crores, a strong 58% year-on-year increase, reflecting the underlying strength of our business and collection profile. We have exciting project launches coming up across Bangalore, Chennai, Mumbai, NCR, and Hyderabad during this financial year with a GDV of almost 58,000 crores, in addition to our inventory of 19,000 crores.

We already began FY '27 with a massive launch in Prestige Clairemont in Hyderabad, Tellapur, which is a 9,500 crore project, which met an overwhelming response. Overall, we remain focused on disciplined growth, calibrated expansion, and timely execution, strengthening our annuity portfolio while continuing to create long-term value for all our stakeholders.

With that, I will now open the floor to questions. Thank you.

Thank you so much, and congratulations on great performance. My first question is if you can give some color on what you're seeing currently in last one month in terms of the demand environment and the business development environment.

The quarter has started with a bang for us. We launched a project in Hyderabad, Prestige Clairemont in Tellapur, where we've done some significant sales and 2,300 crores of sales over there.

I think that's a fantastic result. Overall, I think the momentum has been very healthy across cities as well, and we feel this momentum will continue.

Okay. Similarly on the business development side, any change in competitive intensity, land pricing, etc.?

I think things remain the way they are. Things don't change immediately overnight.

We have seen, wherever we've taken up transactions, we've maintained whatever is feasible for the company, and will match feasibility.

Understood. Secondly, if you can talk a bit about the hospitality part of your business, what was the revenue, EBITDA that you've made during the year and the quarter?

Hi, Puneet. In the hospitality vertical, we touched a top line of 1,050 and EBITDA of close to 400 crores, after deducting even the corporate overheads.

At the hotel, if you see, at the hospitality level EBITDA, it is close to 440 crores for this entire financial year.

Okay. What is the progress on completion of key hotels in Delhi and any other

hotel? Delhi hotel actually the office should be ready in the next two months, OC.

Otherwise, the teams are working hard, and we should have a grand opening sometimes before or after Diwali.

Both the hotels? Yes,

yes. It's one box, it's one project.

It's both the St. Regis as well as the Marriott Marquis, as well as the office, about 600-plus thousand square feet.

All that will be ready, and we should start trading the hotel after Diwali.

Understood. Just on the financial side, we've noticed on the Q4 perspective, both the capex run rate and the residential spend run rates have gone up.

Should we think of that as the new run rate, or do you think there were some one-offs in the fourth quarter?

That will be the going forward trend, Puneet. You can say 10,000 crores on the development, 9,000-10,000 crores will be the spend on the development business side, and on the capex side will be around 4 to 4,500.

Understood. That's really helpful.

That's all from my side. Thank you so much and all the best.

Thanks for taking my question. Firstly, congrats on a good year.

If you can help us with the guidance for next year in terms of the key parameters, pre-sales, collections, that would be helpful. That's my first question.

Actually we are actually done some phenomenal sales in this current year. We've gone up from 17 to 30,000, that's almost 100% jump from the last year.

Even the collections have done the maximum collections we've ever done in the company, which is 18,000 crore. Now going forward, the base is very high, very large.

I do believe that there is more scope, more room for growth, and the teams are focused. I believe that we should look at a growth between 15% to 20%.

On the collection front, since we had a good year last year, what should be the ballpark growth rate there?

No, in the similar 15% to 20% growth should be there. Again, it's a function of launches and function of sales.

I do believe that this is what we should and will achieve unless something drastic happens. As of now, I think that's the plan.

Sure. Just to clarify on the business development, if I heard you correctly, you said 9 to 10,000 crore of business development spend from here on?

No, development business. I meant on the construction side.

Residential side will be spending 9 to 10,000.

On the business development, see

if you see what has happened in the current financial year, the business development spend is on the higher side. This is basically because there were some government and corporate lands which were available which we have acquired.

Basically, one parcel in Hyderabad, and we've acquired three parcels of land in Chennai. Whatever capital deployed on business development this financial year is on the higher side.

Now, for the next year, we expect what we are allocating right now is 4,500 for the business development.

4,500 crore. Got it.

Just to clarify again, this 2,600 crore that we spent in Q4 was only for the acquisitions we did in this quarter, or something from the previous quarter also slipped over to this quarter, and hence we had this higher number?

Some portion is of the previous quarter also. For example, the Raintree land what we acquired in the previous quarter, one installment, the final installment and the registration was falling due in the current quarter, we paid that amount in the quarter.

Close to 600 crore, 650 crore what we have paid just on that parcel.

Sure, got it. Got it.

On the commercial side, while I think we have made a good progress in leasing the BKC asset, which is 70% pre-leased now, if I understand that correctly, the Mahalaxmi, the Prestige Mahalaxmi is still 10%. Is it a kind of deliberate strategy to hold on to those leases or our rental expectations are something which probably right now market is not considering, and hence we are a little slow on that leasing?

No, no, it's a deliberate strategy to delay that leasing in the Mahalaxmi, because Mahalaxmi will be a product which has not been seen and which can't be seen in the near future. We are being a little slow.

Having said that, I think we have committed something about 400,000 square feet even there to some top-notch clients at some great rentals. It'll happen, but then we are not in any desperation or any hurry, because it's still a long way to go for us to complete the project.

Sure, got it. That's helpful.

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

Thank you.

Hi. Good afternoon.

Firstly, on the next year's launch pipeline, right? If you can give some color on in terms of what could be the GDV of the new launches that you are targeting for '27 and on the key launches, right, which will contribute to '27, where are we on the approval side or development plan side?

Yes, sir. On the BD front, we added about 50,000 crores of pipeline across the company.

This year as well, we will also continue to add projects to the kitty. In terms of upcoming launches, for this quarter, we have about four three to four projects which we will launch, with around 5,000 crores of GDV.

That is Gardenia Phase 2 in Bangalore, Palm Court in Chennai, and Forest Hills in Mumbai. That should give you around 5,000 crores in GDV.

The balance total is about 57,000 crores of GDV for the rest of the year is what we expect to launch.

Just to add there, Kunal, as we have already launched Golden Grove, 9,500 is already launched, and apart from that, balance 5,000 is expected to be launched.

5,000 is expected to be launched.

Hello?

still on the line. The line is still there.

sir,

I think. I think.

Just check whether.

Hi. Sir, couple of questions.

Firstly, on the leased business, what are the rentals you have received in BKC, and also secondly in Bangalore, how are the rentals trending right now? How are the rentals in BKC and the rentals in Bangalore?

Rentals in BKC pretty strong, and I think today it's around that ₹360 mark.

Okay. Bangalore?

Bangalore depends on which location. You see Bangalore also the rentals can be anywhere between 60 to 130, which is outer, and CBD will be around 200-plus.

How are they trending considering we have a large pipeline now opening up in FY '27? Are you still seeing growth on a y-o-y basis, or rentals are flat now for the last few months?

There is growth. In fact, there is no space that we have which is ready, and so that is a good, positive thing for us.

I believe that as and when space gets ready, we're also looking at some few pre-leases, which I can't tell you to whom. On the Outer Ring Road, there's something exciting happening where we are putting up this Phase 2 of Lakeshore Drive, and we're doing the signature tower of Lakeshore Drive with some good discussions happening with some big clients to take almost all the space.

It's quite positive.

Sir, second question on the balance sheet side with about 0.65x net gearing, are you comfortable with the current level, or you would like to bring this down?

It's work in progress. Ultimately, net-net is when all our capex assets are ready, whether it's office, or retail, or hospitality, there will be a REIT or an IPO, and that will help us unlock capital.

In the residential side, we really don't need any debt as such because it's all self-liquidating. Only at some points when we're buying some big tracts of land, there will be a requirement for capital.

That moment the project is launched, we start cashing out. See there's no hard rule and how it's done.

Then at the same time, I think whatever we've done is pretty comfortable, and I would say pretty easy, considering the amount of work that we're doing.

Okay. Sir, and finally on the launch pipeline question, I think which Kunal was also asking.

First, some of the large projects which we have in Chennai and the remaining pipeline in Hyderabad, what should be the timeline for those?

Sir, we've just bought land, that is the Ramco land, we've just bought. The planning is done.

Now it'll go in for approvals. Similarly, we've bought the TVS land, this again will go for approvals.

It will take 6 to 8 months for these approvals to come. Now there's a brand new dispensation which is talking all positive things.

Hopefully it will not take too long, and we should be able to launch quickly.

Great. Thanks, and all the best.

Sir, hi. Congratulations on a decent quarter.

Sir, just one clarification first. This Prestige 101, you have leased out 70%, it includes both the Tower X and Y, right?

Uh-huh.

Which one? What did you say?

Sir, that you have said Prestige 101. No, today

we only talked about X. We said we'll complete X, and then we'll talk about Y because Y also has the Edition hotel also.

We want to do it properly. Today the leasing is we're only talking about the X tower.

Though all towers are getting ready, of course, X will get ready faster than Y. It's all work in progress.

Okay. Second question is, sir, now see we have started seeing some momentum on the construction on the commercial side, do you think is it the right time to look at some strategic investor to come in and probably dilute some stake in the commercial portfolio and raise some capital for growth or capex?

Which may alleviate some issue

around leverage. Not as of now.

Not as of now. Not as of now.

Do you think?

Our game plan is we've got a good goal. I think we'll be working towards that goal.

Is there any timeline or are you open to options or you will first build out and then only look at doing some kind of monetization there? Yes,

we have an open mind, but the idea is now to build out and lease it, and then do whatever. Build and lease, and then do whatever you wanted to.

Okay.

Sure, sir. Third thing, sir, just on the Mumbai portfolio, now we see that there is whatever GDV is left now, we are not seeing any major project, new project coming up beyond the sustenance, and only the commercial is coming up.

How is the business development pipeline building out in Mumbai? Because it has been a good contributor last year.

How in next 2 years, how do you think this will build out? I also see that you have added Lonavala as in the land bank, what is that project?

No, no,

no, see the thing is there's a big pipeline for business development in Mumbai. Actually, we go slow.

At the same time, there's a lot of opportunity. We've got the biggest one which is called the Prestige Place, which is in Worli, which will be Jijamata Nagar, where we've done the plans, everything else.

Even that will come into the market. We've tied up something in Borivali, we've tied up something in Thane.

Then, of course, we have office, which is about a million-plus square feet in what's that, near the airport, Sahar airport. It's quite a lot of things that are there.

There's no question about not being there. There's a big pipeline, and we are very conservative, we are very measured in what we take.

There's no sense in going full speed ahead.

Within the pre-sales, now from Mumbai how much you're targeting this year, or you have done 6,000 last year, what would be internally we targeting from Mumbai in this year?

Mumbai has done 6,000, as I said, we are looking at a growth of 15%-20%. If we get more, it will be great.

Okay. Sure, sir.

Thank you, those were my questions and wish you all the best.

Hi. Thank you for taking my question and congratulations on a good set of numbers.

My first question is on the Mahalaxmi asset. Has there been delay by one year of completion from FY '28 to FY '29?

If that's the case, we're not seeing a change in the exit rental estimate. That's my first question.

What's the thought on that front? No,

no, there's no delay at all. We are all on track.

Everything whatever we have now right from the day day one we've been consistent. There's no delay.

Understood. In fact,

it was calendar year when we planned to finish it in 2028, maybe it's moved from FY '28 to FY '29, but it's the same calendar year.

Understood. Sir, my second question is on the Jijamata Nagar project.

I thought we were expecting it in FY '27, but now it's moved to FY '28. Is there any chance of it moving again to FY '27?

What's the thought on that front?

I think it could happen, you see. It's all a question of timing.

It's a question of getting the approvals. We've done the plans.

Till the regulatory stuff gets done. Otherwise, the plan is clear.

It's a flat land today, and I think it's only about approval here.

Understood. Sir, just how should we look at the peak net debt or peak net debt-to-equity?

Just thought on operating cash flows, and what's our peak net debt-to-equity, or is there any hurdle that we don't want to cross from a peak net debt perspective? See

again, this quarter we have seen a slight spike in the debt-equity level because of what we mentioned that we had acquired a couple of land parcels. Now all those land parcels what we have acquired, we are looking at launching in the current financial year.

There will be a lot of capital which will get unlocked. In the current financial year, we don't see the debt-equity spiking further.

We have kept a cap of 0.75. We don't believe that we should reach the 0.75 level.

No, and plus what happens is we can't look at it quarter-on-quarter. We have to look at it holistically.

Now like Chennai we spent 800 crores for Ramco, another 350 or 400 crores on TVS. A lot of money has gone in.

Then something in Anand Nagar in Mumbai. All these investments have been made, and they'll get cashed out eventually.

Understood, sir.

Moreover, our cash flows also have been quite healthy. In the current financial year, we have done 7,000 crores of operating cash flow, and with the growth what we are predicting, 15% to 20%, should result in the coming financial year operating cash flow of 8,500 to 9,000 crores.

We don't see any further spike in unless we do some large acquisition going forward.

Understood. Sir, my final question is on the EBITDA margin front.

In the fourth quarter, we have recorded roughly 26%. Eventually we expect this number to go to 30%.

By when should we expect that number to start coming in? Because I think now in FY '27, our FY '22-'23 projects should start getting completed, right?

See,

I agree that whatever we have done in '22 is getting recorded in the current financial year, and maybe whatever we have done in '23 will be recorded in the financial year '27. What is happened also in the last couple of years quite fast.

We had crossed 10,000 crores of sales in FY '22, and that is what we have recorded close to 9.5-10,000 on the residential front in FY '23. My residential pre-sales number is now 30,000 crores.

Just to give a number, my proximate overheads, including my salary cost, my advertisement, marketing spend, and all is close to 1,000 crores. On a 10,000 crores, it is 10% overhead rate.

On a 30,000, it's just 3%. That's a gap of 5%, 6%, which is just because of the lag in revenue recognition versus the pre-sales.

Till the time my revenue recognition does not catch up with the pre-sales number, you will see some difference in the reported number versus the actual EBITDA numbers.

Understood, sir. That's all the question I had.

Thank you so much.

Hi. Sorry, I got disconnected.

Just following up on my question, in terms of if you look at a launch of 57,000 crores, and say last year I think almost 60%-65% of sales came from our new launches, or new launches were almost 60%-65% sold, if you just kind of do the same math and the 3, 3.5 thousand crores of sustenance sales, we should be able to be on the higher side of the guidance, or maybe possibly even surpass the guidance that we are giving for '27. Would that not be a fair assumption?

No,

I believe that is a fair assumption, but at the same time, we want to be conservative in how we approach this. Of course, we will make the best efforts to exceed our guidance.

We will, at bare minimum, meet the guidance of 15%-20%.

Understood. Just to again.

See,

out of 57,000 crores of GDV that we're due to launch this financial year, we've already launched 9.5 thousand this quarter, and we have planned to launch another 5,000 crores worth of projects, which should give us about 14,000 crores of GDV for this quarter. All of this depends on the regulatory environment.

Hopefully, all being in our favor, this will happen.

Sure. Also on the demand side of things, right?

When we look at FY '27, a lot of our launches are Bangalore and Hyderabad heavy or centric, right? How should we look at in terms of the demand environment in these markets?

Are they, considering the narrative that's going on on the IT side of things, tech side of things, in terms of hiring as well as job cuts, what are you sensing on the demand side? Are you seeing some slow down in the decision making, some impact on footfalls, conversions?

It's been very healthy so far. Our sales have been consistent month on month across different geographies.

The base customer, ex-Mumbai, has been the IT customer. I would say, yes, they have accepted the higher pricing and these larger ticket-size homes as what it was compared two years back.

We've also been very cognizant of what the appetite is, and we've also been designing products as such not to exceed a certain ticket price. As long as we're selling within that region, I think sales will be very healthy.

The mid-income is always evergreen. We haven't seen any sign of slowdown.

Just a follow-up on that. Are you alluding towards some push?

Sorry, we're not able to hear you clearly.

Hello?

Yeah.

Sorry, can you hear me now?

Yes,

Yeah. I was just asking that are you alluding towards there is some pressure or pushback on the higher ticket size apartments in these markets?

No, there's no pushback at all. The demand is the same.

There's no pushback at all.

Sure. Lastly on the Jijamata Nagar launch, right?

The STP related issue, is it sorted, and what could be the contingency on this if this prolongs for?

No, STP we can see it's all will be done. We are coming up with a much better scheme.

It's only work in progress. The next quarter we'll be very, very sure where we are, and then I think maybe in the next call, we'll be able to tell you something very positive.

Perfect. Thank you so much and all the best.

Good afternoon, and congratulations on the excellent year. First question is more of a clarity question on the net debt issue.

I didn't understand. Sir, are you saying that the net debt number won't go up in absolute terms and it will stay at 11,000 crore level, or you are referring that debt-equity ratio will stay at the same level?

See,

we are not saying that it will remain at the same level, but it will remain within 0.75 debt-equity level. There will be a slight maybe 1,000-1,500.

Go up and go down is not a problem. Dynamic.

What we're saying is to remain within 0.75 level. We have healthy cash flows which will sustain our development business, as well as give cash flows for business development, and the reliance on debt will be minimal.

Thanks. On the rental assets that you are developing in BKC, Mahalaxmi, and Byculla, by when do you expect them to generate rental, full-fledged rental, say 70% occupancy and generating rental in these three assets?

Properties get ready, it's all we'll look at financial year '28 or '29.

Okay. By '29, if you mentioned about the property getting ready, do you expect them to be fully leased and generating rental full-fledged?

Yes. That there is no doubt.

Okay. Final question is on the Noida project, Bougainvillea, is it at the same level that it was earlier, or there is some progress?

Because we keep on reading news that there is some Supreme Court order, things are moving, and that Sports City sector.

Now finally there's some positive move on that. The master plan has been approved.

For now, we can go and get our building plans approved, and we'll be ready for launch in the next quarter.

Oh, that's the great news, sir. Thank you, sir.

All the best.

Very positive.

Very positive, sir. Thank you, sir.

Hi, good afternoon and thanks for taking my question. My first question is continuing to Biplab's question.

In NCR, we also have added another project, Prestige Meadows, 3.8 million square feet. Just wanted to get some more color on it.

Is this our Gurgaon project, and we expect to launch this in FY '27?

Yes, we do. The plan is to launch it this year.

Is this Sector 90 or Sector 92, if I'm not wrong? 92.

92.

92, sure. Second question is, in Q4 what was the contribution of launches to our pre-sales?

Sorry, in Q4 what was the contribution of launches?

Launches to our pre-sales. What percentage of our Q4 pre-sales came from the projects that we launched in the same quarter?

For the entire financial year, it was 63%. Maybe I'll share that data point with your focus separately.

Sure,

I'll take the data offline. Lastly, of the 50-odd thousand crore of GDV addition that we did in FY '26, what is the payment which is still to be made for those projects added?

Thanks. See,

whatever we have added on our business development, the balance, means all those lands we have fully paid, the one we acquired in Raidur and the two land parcels in Chennai. The balance to pay is close to 500 crores.

Sure. Nothing

major balance payable.

Yeah. Thanks and all the best.

Hi, good afternoon. Thanks for taking my questions.

I just wanted to ask if you are seeing any issues in construction in terms of raw material availability, labor issues across your different project sites, geographies, owing to the West Asia conflict? That's my first question.

See,

more than the West Asia conflict, we had election in the northeast in India. For about 1 month, all our labor had gone for elections and voting and all that.

Now the good news is they've started coming back. I think by first week of June, we'll be fully labored.

Yes, now on the commodity front and on the availability of materials, it's only to be seen. As of today, there's no shortage, but if things go really bad, then there's something for us to get concerned about.

As of today, I think availability is there, but the pricing which is definitely going to go up.

Got it. In this case, sir, do we then think that for this quarter, as in 1Q FY '27, the constructions would be a bit on the slower side?

No,

we have to make up because we've got best-in-class contractors like L&T and Kalpataru. They will definitely ramp up better and make sure that they don't lose time.

Our focus will be to see that we are on the ball on that, and I don't think we should have any concerns.

Got it. Thanks for that.

That's very clear. My other question is if you could just give us some sense of how many of your customers are NRI customers, and I know if this is still early to ask, but are you seeing any potential shift in demand from the Middle East to India property markets?

That

we can't really gauge, you see. We've always had a small percentage of NRI customers, and they keep buying.

It's not that everybody in Middle East will come in and start buying here, that's not going to happen. It's only a matter of time.

At least in terms of let's say year-on-year trend or sequential trends, are you seeing the interest from that small NRI cohort, is that still the same, or moving up, or moving down?

That is very sentiment driven. We consistently do some NRI sales every year, and that number is around the same.

I think mindset of NRIs is very different to our primary buyer, which is resident in India and who are immediate consumers. I think we've been very cognizant of that.

Sometimes these things happen, the geopolitical crisis can change sentiment, but that only gives a very small blip in the numbers, a change in the numbers.

Got it. If I can just confirm, how much would NRI constitute in form of sales, like 10% of the total sales, or something around that zip code?

It's about 5% to 8% of our overall sales, at about 1,500 crores.

Got it, okay. Those were all my questions.

Thank you.

Hi, thank you for taking up my follow-up question. Sir, my question was more on the strategic front and a timeline from a 3 to 4-year perspective.

Currently we're looking at 35,000 crores of pre-sales, which would be roughly 4% to 5% market share. In 5 years, would it be okay to estimate Prestige taking 10% market share, which would be roughly a 70,000 crore, 80,000 crore pre-sales?

The question is, is that a reasonable assumption?

It's a reasonable chance, assumption, and the market, everything being the same. We take it step by step.

I don't want to jump too high. As of today, we are looking at this number, and then I think there is room for growth, and suddenly the growth may come.

You see also you need to have the bandwidth to manage that. See bandwidth, I'm saying, is a supply of the overall construction ability, all those things also we have to have here.

Today, I've got 65,000 crores worth of unrecognized revenue in my books, where the product is sold and not coming to my books because it's just sold, and it's not coming to the books because of the accounting system. That's 65,000 crores.

Understood. Sir, my second question is on this again.

In 2 to 3 years' time with all this AI thing happening and this IT slowdown happening, obviously we are not seeing a slowdown in footfall right now, but then in 2 to 3 years' time, do you think there are other industries, GCCs, etc. that are offsetting that sluggishness in the IT demand?

Which other sectors are offsetting it, and especially in a city like Bangalore, how are you seeing that mix changing in 2 to 3 years' time?

No, there is demand, no, no. GCCs are picking up more space.

Then if you say AI, AI also needs space. AI data centers need space.

Then AI data centers, the type of job creation will happen will be a different type of job creation. Every one business will lead to the other.

Understood. That's all the question I had, sir.

Thank you so much. True.

Good afternoon, everyone. Sir, my first question was on EBITDA margin.

As we had said that our revenue recognition need to pick up to the pre-sales number, but I think the gap will always be there. Do you think our reported EBITDA margin will always be 25% only rather than 30%?

It will be in the range of 25% only. Because the catalyst will take some time.

Till that time the catch-up doesn't happen, it will be in the range of 25%.

Sir, do you think in 2021 we have some legacy projects which is low-margin project, once those projects are over, in next FY '27, we will be going to have some better margin? See,

that's why I mentioned 25%, yes. Because in financial year '26, we have reported close to 21%, 22% EBITDA margin.

The draw from 25% was mainly because of whatever legacy project which we had acquired in Mumbai, okay, whatever had been already sold by the erstwhile developer, for which we had to honor those commitments. The margins on those sales were actually very low, so that was a dip in margin.

On top of it, as I mentioned earlier, overheads also have contributed to that dip in margin. Current financial was 22%, but on a stabilized basis, you can say 25%, and when the pre-sales and my revenue recognition is more or less a similar number, then it will be close to 28%.

Okay. My second question is on the completion basis.

We are projected to complete 20-plus residential projects in FY '27. How much revenue will going to recognize in FY '27?

Our

revenue recognition will be in the range of 12,000 to 13,000 on the residential side.

Okay. In this quarter, we have added this Prestige Kohinoor and Prestige Quantum Commercial in Mumbai.

Can you throw some light on both this project?

Sorry, Prestige Kohinoor and?

Prestige Quantum in commercial.

Prestige Quantum is a 1 million square feet in Sahar, and Prestige Kohinoor is a project which is near Western Express Highway flyover.

BKC. Sure.

Thank you, sir.

Thank you so much for your faith and belief reposed in us. I think the team is very dedicated, and we're all very focused on achieving some good results for this coming year and also creating some good delight for our investors and our customers.

Thank you very much, and have a good day.