Good evening everyone. Thank you for joining us on the SOBHA Limited call today.

From the management, as always, we have with us Mr. Jagadish Nangineni, the Managing Director, and Mr.

Yogesh Bansal, the Chief Financial Officer. I would now like to hand over the call to the management for their opening remarks.

Over to you. Thank you.

Good evening everyone, and wishing everyone a very happy and prosperous New Year. Thank you for joining us on this quarter three FY26 call.

Thank you, Adhidev, for organizing this. I will briefly touch upon our performance in Q3 and our outlook for the remaining period for FY26 and beyond.

Firstly, on real estate sales and new project launches, the first nine months of FY26 have been truly exceptional for SOBHA, with our real estate sales reaching an all-time high of 6,097 crores in the nine-month period. In Q3, we have surpassed our earlier highest sales with 2,150 crores.

We have achieved an average price realization of about 14,500 in the first nine months versus last year's of about 13,400, an increase of about 8%. This quarter, Bangalore achieved our highest ever quarterly sales of over 1,500 crores, thanks to the launch of SOBHA Magnus on Bannerghatta Road, which did fantastically well, selling about 80% of the project in the launch quarter itself.

NCR also has done well this quarter with the launch of SOBHA Strada in Gurgaon. It is our first serviced apartment project.

We also launched SOBHA Inizio, our first project in Mumbai in December, expanding our real estate presence to 13 cities across India. In this month, January 26, we already received RERA for two projects, SOBHA Altair in Bangalore and SOBHA Woods in Trivandrum.

Overall, we have launched 2.58 million square feet in the first nine months of this year. Some of the planned launches in this year got delayed due to a combination of factors.

We are working towards launching three to four projects in Q4, one in Gurgaon, which is about 800,000 square feet, one in Greater Noida, which is about 2.4 million square feet, one in Chennai, which is about 1.5 million square feet, and one in Calicut at about 800,000 square feet. All of them are in various stages of approvals.

If all of them come through, then we will cumulatively be launching about 8.5 million square feet for this financial year. The Q4 sales performance is partly dependent on these launches, and if they come through in time, we should be able to surpass our annual plan of 35% increase over last year at about 8,500 crores.

Coming to our non-real estate businesses, our manufacturing, contracting and retail businesses continue to perform steadily, further strengthening our unique backward integrated execution model that ensures world-class quality. Revenue contribution from the non-real estate businesses has been steady quarter on quarter, and we achieved about 575 crores in the first nine months and hope to do about 750 crores for the year.

Since we are not undertaking any new projects in civil contract, there would be a degrowth in this segment to the extent of about 150 to 175 crores from next financial year. Coming to project completions in real estate, we have completed 915 homes, taking cumulative deliveries in the first nine months to 2,100 homes, which is about 3.65 million square feet.

We plan to complete another 1.5 to 1.7 million this quarter and take it to a total of 5.2 to 5.3 million square feet, a growth of about 15 to 17% over last year's completions of 4.54 million square feet. Coming to revenue recognition and margins, our revenue recognition residential real estate has been low this quarter, affecting the overall profitability.

We could recognize lower due to non-receipt of OCs in three projects. This is not due to any structural issue or any ongoing issue, but specific to this time period, which we can classify as normal procedural delays.

Due to this lag, we couldn't recognize close to 500 crores, which would be reflected in the next quarter. As you would have seen in various investor presentations, we have a total unrecognized real estate revenue of about 18,600 crores.

The blended net margin at project level, after accounting for project interest, is about 30% for this unrecognized revenue. Projects that we have recognized revenue in this financial year and in the first nine months is about 12% when compared to that 30% number.

Projects that we have completed and we are going to recognize in the next few quarters and going to complete in the next 12 to 15 months, the margin of the same would be in the range of about 18 to 19%, a 50% increase. For the projects that we will complete beyond 15 months, it would be about 34%, again an increase of about 90%.

Hence, the margin expansion is definitely going to happen in the manner as we increase our pace of completion and recognize those revenues. With this, I hand over the call to Mr.

Yogesh, our Chief Financial Officer, to provide details on the financials.

Good evening everyone. I wish you all Happy New Year.

I am pleased to share our financial performance for our quarter three and first nine months of financial year 2025-26. I will begin with our cash flow, covering both quarterly and year-to-date trends, and then move to P&L before opening the floor for questions.

Q3 was another strong quarter with total operational cash inflow of 1,985 crores, representing a 34% year-on-year growth, driven by real estate collection of 1,816 crores, up 37.5% over the same period last year. For the first nine months, total operational inflows stood at 5,809 crores, recording a 32% growth over last year.

Real estate collection for the period grew 33.7% year-on-year, reflecting strong sale momentum and disciplined execution. As anticipated, construction costs and sales and marketing outflows were higher year-on-year, in line with our sale momentum.

Our net operational cash flow remained robust with netted rupees 362 crores in Q3, an improvement of 78% year-on-year, supported by strong customer collection and project progress. For the first nine months, net operational cash flow stood at 1,270 crores, already surpassing the full year FY25.

During the nine months, net land payments were rupees 872 crores, up nearly by 38%, reflecting a strengthening of our growth pipeline. We generated net cash flow rupees 41.6 crore in Q3 and rupees 161.9 crore in nine months of FY26.

We closed the quarter with a gross debt of 997 crore and cash balance of 1,790 crore, underscoring high solvency and strong financial footing. Looking ahead, we have clear visibility of future cash flow expected from our ongoing and forthcoming inventory.

From all ongoing projects, we expect to generate marginal cash flow of rupees close to 9,000 crore at project level, post sales and marketing spend. We should be able to realize this over next four to five years.

Additionally, we expect to generate 7,300 crore of marginal cash flow from forthcoming projects of 16.51 million square feet, which shall be launched over next six to eight quarters. With the strong foundation, we aim to further scale operation cash inflow in coming quarters, supported by new launches, sales, construction progress and sustained collections.

Now coming to P&L, total income for Q3 was 983 crore, and for nine months it stood at 3,354 crore. Revenue recognition during the quarter was lower than anticipated, primarily due to delay in obtaining OC for certain projects.

EBITDA for Q3 was 78 crore, and for first nine months 309 crore. PAT was 16.4 crore for Q3 and under 2 crore for nine months.

We have unrecognized revenue from sold units of approximately 18,600 crore as on date. As we ramp up our project completion and recognize more revenue, we expect the profitability margin to improve.

I would like to thank you all for your participation. With this, we can now open the call for questions.

thank you so much and congrats on great performance. My first question is if you can give some color on what you are seeing on the ground in terms of demand environment.

Some of your peers, at least in Gurgaon, seem to be talking about a bit of softness. If you can share your experience across geographies, it will be very helpful.

Thank you.

Thank you, Puneet. The overall demand scenario in the operating markets that we are present, Bangalore seems to be steady in nature, and Gurgaon, while there are pockets of concern, but I was always mentioning in the previous calls, the sweet spot of between 4 to 5 crore is still 4 to 6 crore is still a good market for Gurgaon.

In such cases where the demand from the short-term investors has reduced, the opportunity lies with projects and companies where there is end-user or long-term investor demand. That seems to be on a continued path.

From leading indicators point of view, our site visits and opportunities that we generate for these projects, they seem to be continuously on a similar number month on month. Hence we have seen that this end-user demand continues to be robust in Gurgaon.

In Kerala, the demand seems to be steady. It's an NRI market largely, and some projects in Trivandrum, it is a combination of both NRI and end-user.

They seem to be quite steady in terms of demand.

Also Noida and some other on how you foresee pricing.

NCR as an overall market is, for us it is a very long-term play, and immediate and in the next few quarters or a year, couple of years, the demand side seems to be still very robust. For the whole of NCR, whole of India, and in fact North India, which is the only job-creating locations, are Gurgaon and Noida.

They would produce end-customer, or let's say end-user demand. I think that would continue.

We have been for a long time attracted long-term investors and end-users as our customers. Hence for projects like us, for projects and locations like ours, that play doesn't seem to reduce or change.

The only thing is probably due to some of these absence of some very short-term or let's say medium-term investors, the volume might not be as expected as what we had seen a couple of years ago, where we were seeing fully sold-out project launches. Other than that, structurally I don't think it is a big issue.

That's really helpful. Thank you.

Secondly on the cash flow side, just three questions. We've seen cash tax go up, advertising spend go up.

Should that be the new number? Secondly, if you can comment on the nature of spend on the land payment side, 240 crore this quarter has been.

Sure. The marketing, sales and marketing spend is an accrual of all the sales that we have done.

We pay brokerages, sales, and we are doing advertisements for new project launches. It is bound to increase in accordance with the pace of sales.

Second is with respect to the tax, I think it's advance tax that we have paid in this quarter, and hence that's a higher number there. Third, in terms of the land payment that we have done.

For projects that we have to launch, some of the pending payments that needed to be done, and those reflect majority of the outflows for that.

It's not the new land parcel, it's just preparing for the launch for some approval-related spends.

No, the approval-related spends we don't take it as part of land. All the land spend that we take, the approval-related spends go towards the construction spend.

This is what new land that you bought for 240 crore?

In this particular quarter, majority is towards settlement of old dues for some of the existing lands we are planning to launch in the next financial year, and very little component towards any new projects.

Great, that's very good. Lastly on postcode, when should we expect that launch?

We are in advanced stages of approval process. It's about 48 acres of land.

First phase, we are planning to launch about 5.4 million square feet. That should happen in the first quarter of next financial year.

That's very helpful. Thank you so much and all the best.

Thank you.

Jagadish. Congratulations on a good quarter, sir.

My first question is on the launches in this quarter. If you can help us with the pipeline of NCR launches, both Greater Noida and Gurgaon.

What stages of approval have we filed for ETA? If you can just update us on that.

Thank you, Parikshit. Both of them are in advanced stages.

I think we should be able to apply for RERA late this month or early next month. We are looking at the launches, I mentioned in the initial comments.

Apart from these two, a couple of others, we should be able to do those towards the end of the quarter, mid-March is what I am expecting to launch.

When the sales we have recorded in this quarter, from that angle I wanted to understand whether the sales we can capture in this quarter or in the next quarter.

Yes, if there are something in time, definitely we plan to launch it in this quarter, and part of the sales which will come for the projects will be logged in this quarter.

Okay. Between the two, when Noida be a full-fledged launch, as you said that 1.8 million you are looking to launch in Gurgaon, which looks like half of the project, but Noida is 42.4 million.

Are we more confident on the Greater Noida project if we are going for a full-fledged launch and not that confident on Gurgaon? I just wanted to pick your brain on that.

Good question. Actually, it's not related to any demand-side scenario, but it is more towards technical.

In Gurgaon, we are launching part of the project because the remaining set of the project needs TDI, and we have phased the project in such a manner that we launch first the base FAR, and the remaining we will launch subsequently in the next financial year, and that's the main reason. Otherwise, we could have launched both the entire project.

Okay. The last question is on the pricing bit.

Do you think that maybe three months back the pricing you were thinking on both these projects, and now that it actually goes to the launch, do you think that in your mind that number this cycle lowers, given what we've been hearing from the peers on the demand slowing down? Do you think that that is a case you are presenting to the management, senior management, that we should rationalize the pricing which was thought earlier?

No, I think the pricing is largely stabilized in both these locations. We have not come across or not seen any rationalization of pricing.

Hence, and our projects are of long-term in nature. We are not chasing only the short-term sales or growth.

We are here chasing both growth and also would not like to sacrifice our margins as well. Hence, we are quite confident that we will be able to achieve both.

Given margins still we are weak, and you said that 19% for next 12 to 15 months. From next quarter onward we see the margins improving, and by the year end we will be at 30-35% for the next year, after 15 we are at 34%.

How will be the journey from every quarter from here, from right now 8% EBITDA margin?

Right. Q4 specifically should be much better because there is a lot of pending revenue that we can recognize.

Going forward, the next margin for the company-wide margin also depends on the quantum of the completions that we will do and the kind of projects that we will do. What I can see is in the first couple of quarters next year would still be tight, mainly also because of increased sales and marketing expenditure that we would incur.

The completions are slated towards the second half, which we have started about three years ago. All those projects will start coming in.

I think from Q3 it should be significantly better, but first two quarters also should be okay, mainly apart from the fact that there would be an impact on higher sales and marketing expenditure.

Sir. Thank you.

Thank you.

Good afternoon, team. Am I audible?

Yes, Sucrit. Perfectly audible.

Thanks. I have two questions.

The first question is to Mr. Nangineni.

As demand for premium housing continues to grow, how do you see SOBHA balancing expansion into new cities with maintaining its reputation for quality and luxury? Over the next two years, what kind of role do you see SOBHA playing in shaping the customer experience and brand positioning, especially as competition in the real estate sector intensifies?

This is my first question. I'll ask my second question after this.

Thank you.

Thank you, Sucrit. Currently we are present in 13 cities, and as luxury housing is increasing, in fact our aim is to focus far more on cities which have a continuous growth and also to make sure that the delivery of our product remains consistent to what we have been doing till now and in fact improve upon that.

As we grow in scale, the scale would, what we anticipate would be coming from a lesser number of cities and higher scale in each of those cities rather than spread out across multiple cities. Those largely cities would be, again, what we are operating in Bangalore, NCR, Mumbai, and partly in from Pune and Hyderabad.

Rest of the cities also would contribute, but the main focus would be on these cities. Second is, from a role what we would play, our company has been founded and we have continuously operated on the most unique backward integrated model, where we can continuously upgrade ourselves and always see how we can improve on our design and our ability to deliver both on time and of the best quality.

That would continue to remain our focus. In fact, we are making significant strides towards that while attending to the matter of delivering towards scale.

Thank you. My second question is to Mr.

Bansal. With multiple projects underway, how are you thinking about balancing profit margins with the need to fund growth?

As new developments come into play, what steps are you taking to keep the costs under control and ensure financial discipline while still supporting SOBHA's long-term expansion plan? Thank you.

Sucrit, basically we are keeping check on our capital, how to allocate capital and how we are, where we have to allocate so that we can get expected return from the project, and our team is fully focused on execution and controlling the cost. We have full check on our control on cost as well as capital allocation, so that we can grow in a disciplined manner.

Also adding to what Jagadish has mentioned, Sucrit, that as you would have seen, we are one of the few real estate companies which has a net negative debt. This would mean that there is our ability to fund growth and also to ride over any real estate cyclicality.

Both we can achieve simultaneously.

Just to extend to this just mentioned the ability to fund growth. This funding will be internal, or it will be by raising any funds from external things?

As you are aware, we have actually raised 2,000 crores as part of rights issue last financial year. Hence we have already addressed that question of funding growth.

In addition to that, we have a series of new launches that we plan to do in the next 15-18 months. Those also, majority of them are fully paid for in terms of land.

Hence incremental cash flow should be significant to fund any growth possibilities that we will get. We are expecting 16,000 crore to from our ongoing projects plus upcoming projects cash flow in the next 5 to 6 years.

Thank you very much. Last part was very important.

I wish the entire team best of luck for the next quarter.

Thank you.

Hi, congratulations on great performance. My first question is regarding the strategy in Mumbai.

I think the project Inizio was launched in the third quarter. Could you please explain what's the pricing strategy there and how has been the reception for that project?

That's my first question.

Thank you, Akash. Our plans for Mumbai, Mumbai as a market is very strategic.

It's one of the largest real estate markets in India. It's a measured approach in which we have started our projects in Mumbai.

I think any location that we have entered into, it has been a steady growth for us. There are several examples in that because we are present in 13 cities.

It does take some time to understand the local market across various aspects of real estate development. To that extent, it's a fantastic opportunity that we have started out in Mumbai.

We will continue to invest in Mumbai as we find new projects. The first project, Inizio, the pricing, we have a similar method of pricing our projects.

I think for the kind of quality that we deliver, it's quite, it's a little premium to the market, but that's a premium that we do see in any of the locations that we are operating.

Got it. Sir, second question is on next year's demand outlook.

With so much macro uncertainty and even the stock market is not doing very well, what's your thought on the real estate demand in the cities that you are operating in, in FY27? I wanted to know your thoughts particularly for Gurgaon and Bangalore.

How are you thinking there?

Frankly, Akash, I wish I know the accurate answer for that. What I can clearly see is that there is only not in just FY27.

When we launch projects or when we have outlook for the business, we cannot operate in just one year time horizon. We'll have to take a slightly longer-term outlook.

In that context, we see that the real estate is directly, the real estate demand is completely an outcome of the economic growth that we experience. As the economic grows, the discretionary spend increases, there would be continuous demand and in an asset class like real estate.

There might be in the last few years, there has been a significant increase in pricing and hence it has attracted a lot of short-term or medium-term investors. Probably that might not be the case in the near term.

Otherwise, from a long-term structural point of view, that demand should remain robust if the core assumption is that the economic growth is intact.

Yes, sir. Sir, my third and final question is with respect to your FY26 guidance.

I think it's close to 85 billion and you are thinking that the Gurgaon and the NCR project will be launched towards mid-March. In the event that happens, do you think there is risk to that 85 billion number?

Second is, in addition to Hoskote in FY27, do we have any other big project to drive our growth in FY27?

Good question. In FY27, I'll take the second question first.

In FY27, as you have seen, there is a pipeline of about 16.5 million square feet to be launched for us. In that, if all the launches that we have spoken in this quarter do occur, then that's about 6 million square feet.

The remaining about 10.5 million square feet is in the next financial year. Apart from just Hoskote, which is about 5.5 million, there are several other projects, both in Bangalore and the rest of the country.

One in Pune, one in a few more in Gurgaon, and then a couple of more in Bangalore as well. We have a reasonably good visibility towards the pipeline.

In addition to that, in fact, there are several other projects which are at design stage, and as we make progress towards the approval stage, we would add to this pipeline. Coming to your question on this specific quarter, of course, like I said, the quarter-four performance would be partly dependent on the launches.

I think if we are managing to launch at least some of these projects which I have mentioned, then we should be able to achieve what we had set out for.

Perfect. Thank you so much, sir.

Thank you, Akash.

Hello. Am I audible?

Yeah. Thank you so much and congratulations for the good quarter.

You entered into the Mumbai market first time in the last quarter. How was the response to the SOBHA Inizio?

I want to understand. What will be the expected average price realization or completion period, if you can share some details on that project.

Thank you, Fanil. The fact that as a group we are present in, we have been a listed company for the last almost 19 years, and also the fact that our presence in Dubai has been significant as a group, the recognition towards our brand is very high.

There have been a lot of inquiries, and the pricing that we have launched it at is about a little over 50,000, and I think there is a good understanding of the customers of the brand and the location, and they seem to be in good stead on that particular project. Also we are looking at a few additional projects that we would explore in the next year or so.

Could you repeat the launch schedule for full 226, which you have mentioned during this call at the start, with the square feet, one project in Gurgaon and then Noida and Bangalore, could you repeat that thing once again?

Yes, sure. We have, I said we can launch about three to four projects: one in Gurgaon at about 800,000 square feet, Greater Noida is about 2.4 million square feet, Chennai is about 1.5 million square feet, and Calicut one is about 800,000 square feet.

Talking about the margin, is there any material impact or support from the recent GST reform, or what the management view from that changes on the margins? SOBHA, is getting any support or it's impacted due to those reforms?

What's the view?

Finally, if you see GST reform, okay, basically it is benefiting B2C customer more than B2B. We are consumer of cement, they are reduced, okay, but we are consumer of RMC.

Okay. For us, it's had very limited impact on our margins.

Basically, it should be reduced prices, but since we are in B2B segment, we are not getting any benefit of GST reduction. Hence there is no impact on margins.

Okay. If we can see the same thing from this primary labor cost, which is changing, means which cement to effect on 21st November, some labor was changed, right?

What we are expecting out of that? Because in general market are expecting impact from this around 8 to 12 percent overall.

What's the view on this?

We are expecting labor code rules, which has to be notified by the state. We have to see the impact, but gratuity and leave encashment perspective we are already fully complied, we don't have any impact for that perspective.

Got it. That's all from my side.

Thank you so much and all the best.

Thank you.

Thank you.

Thank you. Good afternoon, everyone.

Wish you all a very happy New Year. Sir, my first question is on Greater Noida.

My understanding is that the project was at advanced stage last quarter itself, and now we are seeing that it could be launched in March. What is happening there?

What is the issue there? It is some regulatory or some cat-related decision?

Could you elaborate? Because another developer also postponed its launch.

Is there any issue, something that we should be aware?

Thank you, Biplab. I am not aware of any other player, Biplab, but for us it is a simple very specific issue, or let's say which is part of any new project launch or design.

We have been going back and forth. We have made some small minor changes in our design, and hence it led to a little extension of time, and only due to that is the main reason for some of the timeline extension.

Otherwise I have not seen any systemic issue, Biplab.

Okay. That's good.

Sir, congratulations on Inizio launch. That is the first ever active project nearby where I stay.

In Emvio, now after Inizio and this Greater Noida projects, what is the, can you give us some insight on the business development pipeline? What's next in, say, in Greater Noida or NCR?

We also had some news where you have bid for a project, railway project also. Can you give us some insight on business development pipeline in NCR and MMR?

Yes, sir.

Yes, Biplab. Sure.

I was mentioning previously, our focus locations are Bangalore, NCR, Mumbai, and some of the other cities Hyderabad and Pune. Firstly, the good news is that we already have a good pipeline of projects in NCR and Bangalore, and we continue to have a good business development pipeline as well.

That's an ongoing process, and since we are located in both these locations for more than, of course in Bangalore for three decades and NCR for almost a decade and a half. The opportunity pipeline is quite good.

In fact, it has increased quite a bit in the last six months or so. We are seeing a lot of interesting opportunities, and we will continue to deploy our capital in both these locations.

However, our inventory that we can actually launch in Bangalore is much larger, but considering the various sub-micro markets in Bangalore, we are selective in some of the micro markets where our presence is lower. Other than that, we are quite good in the existing land bank that we already have.

Coming to our new cities Mumbai, this launch has been an effort that we had undertaken about eight and a half or so. Now, that's also, now that we have a full-fledged presence in Mumbai and we have gone through a cycle from land to launch of a project.

Our understanding of the market and our understanding of the local by-laws, etc. are much better.

Hence we are looking at opportunities, and wherever we find it is an opportunistic or a good opportunity, we are expressing our interest and participating in those, you have seen that one of the railway land we have participated.

Okay. How much inventory we have sold in terms of percentage in Inizio

Still initial days, Biplab we would definitely like to disclose that, which we would do. Since we have launched towards the end of the quarter, still numbers are trickling in, and as we progress, we will, by the next quarter hopefully, we should be able to give you a clear picture for that.

Sir, and thank you, and all the best, sir.

Thank you. Biplab.

Am I audible?

Yes, Pritesh, please go ahead.

Hi. Hi, and good evening.

Just one question on the growth visibility side. I think this year has been good so far and probably will end well and probably will surpass the expectation that we had last year.

For how long we can continue this 15-20% kind of a growth that we would have had in last two years? In terms of city-wise, probably Bangalore we would be already doing 4,500-5,000 crore of pre-sales.

Is there more growth possible? Apart from that, which all cities do we think we can scale up further to target that 15-20% growth over next couple of years?

Thank you, Pritesh. On the overall growth point of view, I think if the demand scenario continues, which is quite stable, and the end-user demand continues and the economic growth is intact, the basic fundamentals if they remain the same, then the growth for us is partly led by new supply and new supply from our side.

We are seeing that if we are able to launch projects, this financial year we have seen that the response to new launches has been much better, and hence we are able to achieve these better numbers despite fewer launches during the year. Hence it gives a lot of optimism for us.

From a growth point of view, our main goal would be to make sure that the current pipeline of launches are actually executed and we bring those inventory into the market. If we continue to do that, then I think that the ability for us to grow is definitely there, and there is visibility for the next at least two to three years.

Sure. Just while you have elaborated city-wise pipeline quite well in terms of forthcoming projects and the subsequent land, but just in which city or markets you think you would continuously need some business development to be done over next 6-12 months, so that your growth targets are aligned for the company as a whole?

Right. Like I said, if I look at my current inventory and the future inventory that's going to come in, roughly about 50% of that is still in Bangalore, and about roughly 30% is in NCR, and about 10% in Kerala and remaining in the other cities.

If we have to grow in cities like new cities like Mumbai and also increase the growth in cities like Hyderabad and Pune, then we would be looking at new investments there. In fact, we are looking at opportunities in all these places.

That said, I think there is slightly more opportunities even in NCR, even though we have a little bit of inventory there, because, like you would have seen, NCR is not just one city. It is three different states, and hence we will look at opportunities specific to each of the states and the corresponding inventory that we have.

It's an ongoing process, and thanks to our visibility of our cash flow and our capital structure that we have, there seems to be better opportunities now than what we had seen in some of these locations. Of course, the challenge is to make sure that there is a balance between what we are launching and leading cash flow, and also deploy capital where the opportunities provide some kind of margin of safety.

Sure. Just as in Noida, we had two projects.

We have launched both of those this year itself. Are there more opportunities emerging there as well, or will we still have to rely on Gurgaon for achieving the same number or grow on this base in NCR?

No, absolutely. The fact that we have taken a plunge into Noida market, which is UP.

We are seeing opportunities across UP, not all tier 2, tier 3 cities, but which is Noida, Greater Noida, Ghaziabad, and around those. The pool of opportunities has increased for us, and we are actively looking, evaluating, in fact, in various stages of discussion as well.

Sure. That's it.

That's very helpful, and all the best.

Thank you, Pritesh.

Am I audible?

Yes, Manoj.

Happy New Year, sir, and best of luck for the coming year. Manoj, most of the questions have been answered.

I just want to know how much the launch size of Hoskote, which is coming in the next financial year, in the beginning?

I had mentioned this earlier in the call, we have about 5.4 million square feet project, and we are planning to launch it in the first quarter of next year.

When you launch there, how much in the beginning? It won't be launched in the 5.4 in the starting, or we have not decided as of now?

Typically once the project is, we will take it for the entire project, but we would launch based on the demand that we would see. Typically for this size of a project, we generally, at the time of launch, it's about 30% of the inventory.

If things are really good, then we would subsequently open up the entire inventory. For example, we had launched a large project last year around this time, SOBHA Town Park, Madison and Hampton.

That was about 3.3 million square feet. Initially, we did launch about a million square feet of it, and as we speak, we have not opened very couple of towers, remaining all the other towers have been released.

Close to more than 80 to 85% of the inventory has been released. It's a function of the demand and also our ability to open up the inventory, since we have all the permissions for that.

People have in some places. How do you feel Noida and Greater Noida as a market for coming time?

I think we have just launched our first project. We are going to start our second one very soon.

These are still early days for us, and there is a great recognition for the brand, and in the last three to four years especially, there has been a significant growth in UP and specifically in Noida, Greater Noida, and there are a lot of positives in the development of the location. It was already known for good infrastructure, but in addition to good infrastructure, now job creation also has significantly increased, and the prospects are also looking very good with events like opening of Jewar airport and some of the other manufacturing giants coming and setting up their units there.

Overall, there seems to be very positive indications towards the economic growth, specifically in these locations, and that should be positive for us. In the long run, if user demand continues to grow there, then there is no doubt that we can also grow.

Thank you, and best of luck.

Thank you.

Hi, Jagadishji. Congratulations.

A couple of questions related to three, five years of overall growth from here. We are basically at 8,500 crores, probably hitting in FY26.

If we target, we have not communicated, but any, the direction is towards 15,000-17,000 crores over next five, six years, or four, five years. How much contribution from Bangalore will be if we ever achieve those lines?

It is coming from an angle that can Bangalore give you the same growth as the total company, because of already having such high maturity there?

Good question, Dhruvesh. First, from a growth point of view, we, of course, have plans of how we can grow from this FY26.

Part of it is dependent on our new project launches, and we have clear visibility for that. If I look at it from a supply point of view, not necessarily from a demand point of view, we do have visibility for even in a number like 15,000-16,000 crores.

We do think that Bangalore can contribute anywhere between 40 to 50%. We are already at 5,000, close to 4,500 to 5,000 crores, and that is largely concentrated in two locations.

If the diversity of the locations improves, then definitely there should be an increase in the overall. We would be addressing a larger market size within Bangalore itself, and hopefully we should be able to grow within that.

That's number one. Number two is, of course, for overall growth of the company, we do need to penetrate a little bit more or have a higher market share in other locations.

Those are definitely coming from NCR, and if not near term, then definitely in the longer term from places like Mumbai. Other locations like Hyderabad, Pune also can contribute.

If you really ask from overall growth point of view, we are quite positive in terms of this growth, and going for a number of 15,000-16,000, I would not like to comment immediately, but these are the numbers that we already have in the horizon.

Great. In terms of the volume, because everywhere in the country, the prices in the last four, five years have really gone up quite a bit, especially in the key metro cities.

I don't think anybody is now imagining these price increases. In fact, there can be a situation where there is a 5-7% decrease in some areas.

In light of that, how much will, we as a company are not at all focusing on high volumes in terms of square feet, because we are so premium, so, higher ticket sizes. Will it not come to bite us if we don't really ramp up our supply towards the slightly lower categories also, which we already are servicing but not in a big way?

No, you are right. In fact, it's dependent on our ability to size our product, and not that we are addressing only one segment.

Our pricing might be premium, but within that itself, we should be able to address ticket sizes across from two to three crores to till five crores. If you look at our investor presentation, you can see that our sweet spot has been between two to five crores, which delivers close to 80% of our sales.

Within that, I think there is enough demand, and even less than two crores for a two-bedroom kind of product also. In some projects, particularly in budget projects, we are bringing out those in higher number to address that kind of segment.

It might not be possible in every city that we are able to do, but definitely in cities where cities and in locations where we can do, we are actively mindful of the market size based on ticket sizes. Hence we are designing our products also in that manner.

Just last comment, more than a question. I as a shareholder really like the company, the product, etc.

Just that I as a shareholder also feel that we are missing out on the growth that we can achieve in a country like India. Just as feedback, do push the pedal wherever you think there is a possibility.

Thank you.

Absolutely, we are highly focused on growth as well. There are quite a few things that we have done in the last few years, which have set up a good foundation for us.

One, acceleration of launches, creating the right kind of process and structure within the company. Second, building the capsule base without risking the cyclicality of the residential cycle.

Definitely there is high emphasis on growth, and we would be focusing on that absolutely.

Thank you. If I may, just one bookkeeping.

What would be the total corporate overheads with this new established structure? I remember asking this question a couple of years back, but because a lot of things have changed internally.

If we don't go at the project level, what will be our corporate total yearly cost?

That's roughly about, for this financial year, it would be about

322 crores.

322 crores?

322-330 crores. Fine, thank you, sir.

Thank you.

Hello? Hello, good evening, Himanshu.

Good evening. Yeah.

My question was, in last nine months we have spent significantly on land, okay? Land-related payment and JD and partner payment.

Can you give some idea what would be the money we have spent for historical land consolidation and approvals-related costs versus completely new project acquisitions, which we have done in nine months? Just the numbers, if you can give some thoughts, it will be helpful.

Yeah. It's a combination of both.

I do not have the numbers right away for that, Himanshu, and we'll be able to provide subsequently. Our investor relations will reach out and give you that number.

I do not have that number handy immediately.

Okay. Any, not the exact amount, but let's say the number of new land acquisitions we would have done, any thoughts on that?

Means business development-wise, new land.

It's an ongoing process, and actively we have not been declaring new business development, or let's say as a metric in any previous call. We probably don't even intend to do that, because that's a very strategic, opportunistic role that we pursue, and hence we have not been disclosing it in the past.

Right now, for the breakup, what you would like to have, then our team can reach out to you and provide you the same.

One more thing, we have this forthcoming and subsequent projects launched, the land, okay? Some 422 acres, okay?

Should we assume that in these 422 acres we don't have any money to be paid for the JD, JV partner, or anything like that, and it would be only approval-related costs which are pending for this 422 acres?

In fact there are certain pending payments towards land in this. It is not very significant given the volume of launches that we would be doing in this.

All put together we have an estimate of about 1,000 crores that need to be spent, let's say invested towards this, both this forthcoming very minimal, but a part of it is forthcoming and part of it is subsequent. Not necessarily the investment is impeding the launch of the project.

In some cases the investment is continuing post the launches also.

let's say another figure what we give is 1,752 acres, which is various stages of consolidation, monetization, and self-use. What type of amount which will be required to consolidate and just get our name on those lands, okay?

Any some thoughts on that?

Yes, in fact majority of those lands we would ideally like to monetize, and part of them we would bring towards development. Even if we bring towards development, that is not as high as what we have seen for the remaining 422 acres.

Does it mean that it is lesser than that 422 acres what rough cut figure you gave of 1,000 crores?

Yes.

Okay. Yeah.

Thank you so much, sir.

Thank you, Himanshu.

I just wanted to understand, firstly congratulations on your Mumbai launch. What would be the prospects in the pipeline that we could launch possibly in Mumbai in two to three years?

Is there, have we set any target or any guidance regarding that?

We mean, no, we don't have any specific timeline or targets towards that. We are looking at opportunities.

In fact, we are working on a few opportunities in Mumbai. Considering that we are new and also considering that there are multiple opportunities that we are pursuing, and most of the land acquisition is opportunistic.

It has to fit in our framework. It's very difficult for us to give a target at this stage.

Once we have certain land tied up, then surely we can disclose those details.

Please. All the best.

Thank you, Ayush.

Good evening. Thank you everyone for joining us on the call today.

I would just like to hand it back to the management for any closing comments. Thank you.

Thank you, Adhidev, and thank you all for participating in the call for your questions and patient hearing. I hope we have answered most of your questions satisfactorily.

You are most welcome to reach out to our investor relations team for any further clarifications. Our continued focus on operational excellence, coupled with strong customer confidence in the brand, are pillars of our strength, helping us simultaneously achieve both customer satisfaction and business metrics.

Our disciplined growth mindset, investment in technology and people, and process improvements will see growth acceleration. Our robust balance sheet uniquely equips us to capitalize on emerging opportunities while effectively managing the inherent cyclicality of residential real estate.

Wish you all a very happy weekend and the best for the rest of the year. Truly appreciate your support.

Thank you.

Thank you.