A very good evening to everyone, and thank you for joining us today. I would like to take you through the key developments for this period.

We delivered a robust financial performance in the first 9 months of FY26, with revenue growth of 21% year-on-year, EBITDA growth of 77% year-on-year, and a PAT growth of 39% year-on-year, demonstrating our strong operational resilience and profitability. We achieved another decent pre-sales performance of ₹7.3 billion in Q3 of FY26, representing a year-on-year growth of 16%.

On a 9-month basis, our pre-sales registered its best ever performance, strongly growing by 26% year-on-year to ₹21 billion. As the Uber Luxury and Premium Luxury segment continues to drive a larger share of our pre-sales, we anticipate further margin expansion, contributing to our overall profitability.

On the business development front, we acquired a 1.75-acre land parcel located at Andheri near the international airport, Mumbai, with a development potential of approximately 6 lakh square feet. This project has an estimated gross development value of ₹25 billion.

This acquisition marks the company's third strategic addition to its development portfolio in the current financial year, following the Mira Road project on Western Express Highway, and a redevelopment project at Andheri near Western Express Highway. The combined estimated gross development value of all these three projects stands at ₹50 billion.

Now on the cash flow front, we have generated a strong net operating cash flow surplus of ₹3.5 billion in first 9 months of FY26. This has enabled us to maintain our net debt-to-equity at negligible levels of 0.07x, despite the strong investments in our business development.

We have invested ₹6.8 billion in first 9 months of our financial year in business development, compared to ₹1.8 billion for the full year of FY25. We are excited about our growth opportunities in the MMR market.

With our strong balance sheet and robust operating cash flows, we continue to remain aggressive and prudent in our business development. While we are evaluating many projects aggressively, we continue to focus on our high IRR and equity multiple philosophy.

I shall now hand over the call to Prashant Chaubey to take you through the financial performance of Q3 and 9M FY26.

Thank you, sir. Good afternoon, everyone.

I trust you have had the opportunity to go through our latest results and the investor presentation, which are published on our company website and the stock exchanges. I would like to take this opportunity to share a brief update on the financial and operational performance of quarter 3 and 9 months of FY26.

The key details are: we sold ₹734 crores worth of area in quarter 3 of FY26, which is a 16% growth year-on-year. During 9 months of FY26, we booked pre-sales of ₹2,093 crores, registering a growth of 26%.

Collections for quarter 2 quarter 3 FY26 stood at ₹319 crores, while for 9 months FY26 collections stood at ₹1,001 crores. The strong collections have resulted in a net operating cash flow surplus of ₹349 crores, which is a 12% growth over 9 months of FY25.

On the P&L front, operating revenues stood at ₹344 crores for quarter 3 of FY26. EBITDA stood strong at ₹82 crores, with an EBITDA margin of 24%.

We reported net profit of ₹57 crores, which is a 34% growth over quarter 3 of FY25. Net profit margin stood at 17%.

On 9-month basis, operating revenue stood at ₹785 crores for 9 as against ₹647 crores in the same period last financial year. EBITDA stood strong at ₹207 crores, a growth of 77% year-on-year.

EBITDA margin stood at 26%, and net profit stood at ₹139 crores, registering a growth of 39% year-on-year. Net profit margin stood at 18%.

Net debt-to-equity stood at 0.07x, with an operating cash flow surplus of ₹349 crores during 9 months. Thank you.

With this, we open the floor for questions.

Yeah. Hi.

Good evening. Are you able to hear me?

Yes, we can hear you.

Sir. A couple of questions.

First on launches. For the fourth quarter, as in for the third quarter we didn't have launches, but for the fourth quarter how are we placed with launches of Andheri or even Bandra for that matter?

Or are we looking to kind of launch any other projects that we added in this year?

Just for your knowledge, we have as good as launched the 5th Avenue, our ODC project in our Goregaon West ODC. You must be seeing the ads, and we have already collected a good response on EOIs from the people.

When it comes to launches in the existing projects, we did good launch in Naigaon. We got a good response of new towers.

We have done in this quarter also as good as two launches. In fourth quarter, obviously the spillover of whatever we are launched now mainly will come in the fourth quarter, the ODC launch, specially the Goregaon West launch.

Obviously we are expecting a big number from there as well.

Okay. Maybe from these two projects, how was the contribution?

The premium luxury segment consists of the bookings from these two projects, is it, 5th Avenue and Naigaon?

Premium luxury segment, 5th Avenue and you can say Sky Park. If you ask me what will be the new launches in next one or two quarters or three quarters, I can say obviously the biggest will come from the 5th Avenue, which is already as good as the launch is going on.

Then Andheri, the one which is near the Western Express Highway, the redevelopment project which we have acquired in this current financial year. Then the Mira Road, one more tower we will be launching, the Sky Park, Sunteck Sky Park.

We are going to launch Vasai, at least two towers there in SBR, Sunteck Beach Residences. Then we again want to launch two or three more towers in Naigaon, because we saw a good response in Naigaon this time.

We are seeing that segment is slightly picking up. There we want to launch one or two towers more.

Plus, obviously we will be continuing to see the sales coming from our other projects going on.

Sure. Sir, just to clarify the timeline, you are saying over the next 4, 6 months, is it?

The launches that you spelled out?

Next two quarters. Next

two

quarters. Next, 6 months you can say.

Yeah.

Great. Great.

Perfect, sir. Second question was on the financials.

We saw a considerable jump on the revenue side and also some part of jump in the other expenses. If you can just elaborate where was this coming from?

Hi, Rishith. Rishith, as you are aware, we have completed our Sunteck City 4th Avenue project in ODC, Goregaon West.

The revenue jump that you see is coming from that project. As far as other expenses are concerned, basically those projects which are from where revenues are not getting recognized, still we have to book certain expenses which we have incurred for those projects immediately in our P&L as per the Ind AS norms.

That's why you are seeing the expenses going higher.

Right. Mostly related to the launches that we are doing currently, right?

Perfect, sir. That answers the questions.

Thank you. I'll fall back.

Good afternoon to the team. I have two forward-looking questions.

My first—

Yeah.

Hi, good evening, sir. My first question is on Sahar project that we have recently acquired.

I think in the amount spent on BD, I think there is an incremental around ₹280 crores of cash outflow. Can we consider ₹260 crores of cash outflow, is this entirely towards this land parcel?

No, this land parcel is only ₹140 crore. The balance is for other whatever we have done.

If you want the split of the BD spend, we have spent in JB Nagar that Andheri parcel ₹140 crore. We have spent in our Andheri another acquisition in Andheri East near the Western Express Highway, which is a redevelopment project, Bima Nagar, there we have spent close to ₹15 crore.

Then we have spent additionally on our Nepean Sea Road project, which is close to ₹200 crores. It's much more than what you are talking in our BD spend this year and in 9 months.

The 5th Avenue, what we just launched, which is going on, that is close to ₹125 crore. This is just 9 months.

The number which you are giving, the total spend on BD right now is close to ₹623 crores in 9 months.

Understood, sir. No, I was more talking about the implied number for Q3, that's a delta of ₹260 crores, but yeah, got

it. No, Q3 is ₹140 crore for Andheri, and balance is for the other projects, ongoing projects, which we are acquiring.

Got it, sir. What are the plans that we

Sorry. Sorry, go ahead.

I was asking what is the development that we are planning for this new Sahar land parcel? Is this going to be a resi or a commercial one?

We are contemplating. This location is very good near the international airport and on off Andheri-Kurla Road, very good locations.

We are contemplating between the residential and commercial. We are exploring it.

I think we should be forming up our decision in next 1 or 2 months looking at the market dynamics.

Sure. Any update on Nepean—

Sorry? Hello?

and Dubai projects?

We lost you. Can you repeat the question, if you don't mind?

Sir. I was willing to know the update on Nepean Sea and Dubai projects.

Nepean Sea, obviously we are doing this project, you must be knowing, under the Ihman's brand, the new brand which Sunteck has launched. This project is already as good as we are doing sales.

You are seeing the numbers in pre-sales. The groundwork has already commenced.

We have demolished the entire old building on the existing land parcel, which is close to 1 acre. Obviously, this project is very high-end and only by invitation.

We will see the construction work also progressing very soon.

Sure, sir. That answers my question.

Thanks a lot.

Yeah. Hi, sir.

Thanks for the opportunity. Sir, any timeline for the launch of Mira Road second project for which we have recently acquired the land parcel over there?

Anuj, we want to launch our fourth tower of our existing Mira Road 1. Obviously, we are preparing for Mira Road 2 launch also.

We don't want to cannibalize both the project with our own within Sunteck only. We want to first launch fourth tower, which we are expecting in next one or two quarters, and thereafter immediately you will see the launch of the new Mira Road project.

Okay. Just a clarification, sir.

5th Avenue was launched during Q3 end or it's recently been launched, that is in early Q4?

We have been taking EOIs. Some EOIs have been started from end of Q3.

Most of it is obviously now continuing in January, and you'll see happening in February the main launch.

Fair point, sir. Just a macro-level question, sir, on the demand per se, because we have presence across ultra-luxury segment to the aspiration one, and right from the South Bombay to the extended part of the MMR.

Just to get a sense of the market, how exactly is panning out, because what we have been hearing about is certain kind of a slowdown happening on the resi side specially. Just want to have your take on this, and which segment continue to do well, and which are the type where we can see some kind of a pain point happening?

That's all from my side.

Market we all see is slightly fragile, definitely. I would not like to make any speculative question, but if you see our performance, we have performed decently well even in Q3.

We are confident about our guidance of Q4 as well, and for the full year as well. I would like to say that market is right now stable.

It will be too early to give any speculative statement. Right-sized product in every market, good market is still selling.

In fact, we are seeing slight better performance in the lower category, which is like mid-segment and lower-mid-segment and affordable segment, which was not there in the past. Slowly the pick up, that's why we did good in even our Naigaon, one or two towers, and that makes us give us more excitement to launch more in that product also.

Till now otherwise, only the ultra-luxury and premium luxury was doing well, but now going forward, we are seeing even that is picking up slowly, and hopefully if we get something very good in the budget, that segment should take off faster than expected.

Got it, sir. If may I just ask one more question, sir, on the BKC project.

What inventory are we left of with, and how much did we sold in the quarter?

We sold one unit of the Signature Island, which is a larger unit. We have been maintaining that every quarter we sell close to approximately 100 crores.

In full year we are maintaining 300 to 400 crore. I think we are in line with that, and we will continue to maintain that.

Anuj? Anything else?

On the inventory side, sir, how much inventory has been left there?

Anuj, Prashant this side. We are left with around ₹655 crores of inventory.

Okay. Thank you, Prashant.

Thanks, sir. That's it from my side.

Thank you, Anuj.

Yeah. Good evening, sir.

Just one question. From last two quarters, we are doing roughly 700-odd crores of pre-sales, and we have a guidance of roughly 3,000 crores for a year, which means 900 crores of run rate for a fourth quarter.

Are we comfortable to achieve that number, and if that is so, what basically are we looking for, basically the launches and where it will come from? Thanks.

Hello, I am audible? Oh, okay, sorry.

I think you are on mute. Abhishek, we have been maintaining that our pre-sales number will grow quarter-on-quarter by close to 25% to 30%.

If you see 9 months number, it's already we are achieved more than 25%. That's what I said, we will maintain our guidance and we'll achieve our guidance looking at the launch which is existing going on of 5th Avenue.

We are quite confidence we'll meet our guidance of FY26 entirely for 12 months as well.

Which means the most, the number would come from Avenue 5. That's what—

No, the numbers will come from everywhere, Abhishek. Why?

Because there is not that we have exhausted any projects. It will come from SBR in Vasai, it will come from Naigaon Sunteck World, then it will come from obviously Goregaon West ODC with the 5th Avenue, then obviously we are looking to launch even this project, our Andheri East near the Western Express Highway.

Plus, we are doing continuous sales from BKC and Nepean Sea Road. There is no reason we should, In fact, last three quarters we have done, we are overconfident that we will achieve our guidance.

We may only surpass it, but I don't think we'll be lesser than our guidance.

Got it, sir. Thanks.

Thank you, Abhishek.

Hi. Sir, can you please update us on the Dubai project, and are you looking to add more in the geography?

Abhinav, we have been maintaining right now, we are very clearly focusing on our current project in Dubai. We are not looking at any new acquisition in that geography immediately.

We are very clear, we are Mumbai-focused, and we want to maintain our focus there. We have if you are seeing, that's why we have been acquiring now acquisitions very aggressively within Mumbai also so we are negotiating quite a lot.

As far as Dubai project is there, office and sales pavilion setup has already started in Dubai. I think and the designs have been totally finalized, and the approvals are in the advanced stage.

You, God willing, you will see the launch also happening very soon.

Okay. Secondly, in the Naigaon project new tower and in ODC, how is pricing say as compared to the previous phases?

When it comes to Naigaon, pricing it at the same pricing what we have been selling, obviously we have not increased. When it comes to ODC, Goregaon West, obviously our pricing is higher than what we were selling.

That's why you will also see our margins getting better.

Higher by how much?

You can say at least by 10%, 12%. If you take average sales of our 4th Avenue, it will be much higher.

This I'm talking about from the old past 2, 3 quarters sales. This is higher than even that what we have launched.

The positioning is more premium this time around, and

yeah?

Okay.

Yeah. It is more luxury, more premium, and that's why these are only three-bedroom apartments, 3 BHK, and four-bedroom kitchen apartments.

These are 3 BHKs and 4 BHKs only. We have not launched 2 BHKs this time.

Got it. Thank you and all the best.

Thank you. Thank you.

Thank you for the opportunity, sir. Am I audible?

Yeah. You are audible.

Okay. Sir, can you tell me the timeline for the launch of Nepean Sea, as we mentioned it's move forward.

Do we expect it, and the timing of the Dubai project as well?

Kunjal, I think Dubai I just mentioned everything, I think in the previous questions. I think I've answered.

As far as Nepean Sea, I just want to tell you, this will be not a launch like what we are doing any other project of Nepean Sea. You are already seeing sales happening in pre-sales.

This is by invitation only, and that's why we created another brand under Ihman's brand. Every quarter-on-quarter, we have been doing sales from there.

Already we have lots of inquiries and interest which are registered. It is not that we are going to the market and doing big advertisement and sales and marketing pitch.

It is not a push factor where we will be doing the sales. It's a pull factor for this project.

That's how it is. Groundwork, we have said that already started, and it's not on the shelf.

We want to sell the project. We have a different strategy and we will market that project accordingly.

You can consider sales will continue in Nepean Sea Road, irrespective of anything.

Thank you, sir. Sir, any guidance for the pre-sales for FY27?

Is there any change in that?

Definitely for FY26, I want to be repetitive. Once again, I would like to repeat and say that there is no change in our guidance.

For FY26 27, I think we would not like to make any speculative statement now. We will like to communicate along with our yearly results, when we know the market exactly.

Someone is telling the markets are stable, someone is saying the market has slightly slowed down in the luxury and premium segment, but fortunately till now we have not experienced any such thing right now. You can see from our pre-sales number.

Looking at this, I'm very confident that even if the market will continue to at least remain stable, what I see. If that remains stable, we are quite confident about our growth numbers.

Sir. That's it from my side.

Thank you so much.

Thank you.

Yeah. Hi.

Am I audible?

Yeah. Hi, Saurabh.

Yeah. Hi.

Congrats on good operational and financial performance. My question is on collections.

I understand you maintained that the pre-sales are now coming from new projects, and specially Nepean Sea, and once that gets launched, will see the pickup in collections going ahead. My question is more from a 2, 3 years perspective.

Let's say once the Nepean Sea project gets launched, how do you see the collection trajectory on a sustainable basis for next 2, 3 years?

Obviously, Sourabh, when you say launch, I would only say when, let's say, construction starts. We are doing sales, for us, I'll again repeat, there will be not anything like launch of that project.

Because it is only by invitation. We will not advertise or something.

That's why we created a separate brand at the cost of repetition, once again I repeat that Ihman's has been created, that's why. When you say collections, obviously when the construction starts, the collection trajectory will crazily go up, and definitely we'll see a much bigger momentum in the collection that time.

Sure, sir. Thank you, sir.

Thank you, Sourabh.

Hi, sir. Just wanted to check, you mentioned you've done two launches in the third quarter, right?

One you said was Naigaon, what is the other one? Second, could you also confirm the total—

This ongoing our ODC, the Goregaon West Sunteck City 5th Avenue.

Did that have any pre-sales contribution in the third quarter, 5th Avenue?

Small amount of it, from the part of it. Very very small part of it.

Which was done Q3. The Naigaon project?

Naigaon project, obviously, whatever sales has been booked in Q3 has been from the new tower launch, which we feel we got a very good response compared to previously what we were seeing that segment. We are very now hopeful about that segment doing better now, better and better.

If again at the cost of repetition, if the budget does something good for that segment, this will really take off very well. This will take off very soon.

We are seeing—

Can you confirm the GDV that you would have launched that single tower GDV?

I think we must have launched close to Prashant, exact number you have? I think we are close to ₹400 to ₹500 crore approximately, what we launched.

Sure. Just on 5th Avenue, have you received the RERA approval for that particular project already?

Long back. Otherwise, how can we do the collection?

How can we take EOIs?

Okay. The last question that I had was on the, at the cost of repetition at our end, but the Nepean Sea Road project, just to confirm that would also require a RERA approval, right?

Have you received that RERA approval or is that still in works?

Obviously RERA approval is not received there, and this is all what the tenancy sales are happening, which does not require the RERA approvals.

Any timeline that you have in mind for getting that RERA approval?

Just for your knowledge, we have assigned more areas to high-profile existing owners of the building, which is under the PAAA. You don't require the RERA approval.

To sell it to a new person you do require the RERA approval, and I assume also to get the money in a significant—

I'm not saying new tenants.

All right. Just one final question.

Is there any timeline that you have in mind for getting that RERA approval, whenever you do? Any targets that you have?

I've been saying, I think we were looking at end of this quarter, and it's hopeful that we should get by end of this quarter or Q1 of FY27.

All right. Okay.

Anything that's causing this delay? Sorry just to harp on this a little bit more, but I'm saying this has lagged, we would have probably expected to get this RERA approval a little while back.

For whatever reason, this has dragged a little. Is there specific reason to it or was it anything in general that has led to some delays in getting this RERA approval secured?

I don't think we have dragged it. We always said it will be Q4 of FY26 or Q1 of I don't know from where are you coming this question.

Why

not dragged at all. It's not a small project.

It's a very large project and a unique project. We cannot rush that project.

Yeah.

Sure, sir. All right, thank you.

Thank you. Thank you.

Thank you all for taking the time out of your busy schedule to join us today for the call. In case if any of your queries have been left unanswered, please feel free to reach out to us.

We truly value your continued support and look forward to strengthening this relationship. Thank you once again.