Thanks and welcome everyone for joining Q3 FY26 earnings call of Ashiana Housing Limited. The results and the investor presentation has been mailed to you and is also available on the stock exchanges.

In case you have not received them, kindly write to us, we'll be happy to send it over. Now to take us through the results of the quarter and nine months gone past and answer to all your queries, we have with us the management of Ashiana Housing Limited, Mr.

Varun Gupta, Whole-Time Director, and Mr. Vikash Dugar, CFO.

We will start the call with a brief overview of the company performance for the quarter and nine months ended 31st December 2025 and then follow it up with question and answers. I would like to remind you that everything said on this call that reflects an outlook for the future or which has any forward-looking statements must be reviewed in conjunction with the uncertainties and risks that we face or might face.

These uncertainties and risks are included, but not limited to what we have mentioned in the prospectus filed with the SEBI and subsequent annual reports which you'll find on our website. Now with that being said, I would like to hand over the call to the management.

Over to you, sir.

Good afternoon everyone. I hope you and your loved ones are keeping well.

I welcome you all to our Q3 FY26 earnings call and thank you for taking the time out to join us today. We have surpassed our FY26 pre-sales target of ₹2,000 crores, driven by strong booking conversions in Ashiana Aarohan project in Gurugram, which contributed around 767 crores in sales on launch.

We achieved a sale value of area booked of 397.03 crores for the current quarter, vis-à-vis 303.43 crores in Q2 FY26, primarily driven by new launches, Ashiana Amaya in Jamshedpur and Ashiana Vatsalya Phase 2 in Chennai. Equivalent area constructed for Q3 FY26 stood at 6.14 lakh square foot, vis-à-vis 7.25 lakh square foot in Q2 FY26.

Q3 got impacted by GRAP-related restrictions in Delhi NCR. Total revenue for Q3 FY26 at 373.35 crores versus 176.18 crores in Q2 FY26, driven by higher deliveries.

Profit after tax at 56.65 crores versus 27.54 crores in Q2 FY26. The company posted pre-tax operating cash flow at 179.05 crores during the quarter.

Cash flow continues to be healthy, driven by better sales and collections. For the nine months ended December 25, total pre-sales at 1,131.44 crores, equivalent area constructed aggregated to 19.54 lakh square foot.

Total revenue for nine months at 852.25 crores, while PAT at 96.91 crores. Pre-tax operating cash flows for the nine-month period was at 409.77 crores, supported by steady sales momentum and strong collections.

During the third quarter, we initiated handovers for Ashiana Ekansh Phase 1 in Jaipur, Ashiana Malhar Phase 1 in Pune, and Ashiana Dwarka Phase 5 in Jodhpur. Additionally, handovers have already been initiated and completed at Ashiana Anmol Phase 2 in Gurugram, Ashiana Shubham 4B in Chennai, Ashiana Advik Phase 1, and Ashiana Tarang 4B in Bhiwadi.

Thank you.

Thank you for taking my question. My first question is on the recent Raigad Khalapur land parcel acquisition of 8.83 acres.

The question is this is a small land parcel in a small town, is it worth investing management bandwidth in this project? Wouldn't it be a painful exercise?

How does this fit into our overall strategy?

Hi Mihir, this is near Karjat. This parcel we intend to do a senior living development here.

Although 8.83 acres is generally not small for us, 8.83 is quite a common parcel size for us, though 4.5 lakh square foot typically is small. Our strategy overall right now is to have a portfolio of senior living projects in any micro market we are in.

We are considering Mumbai-Pune to be one micro market where we want to have multiple ticket sizes. This will be in the middle end of that portfolio we want to build.

As earlier we had also disclosed another transaction that we have done in Panvel, which will be at the top end of the portfolio. The current Ashiana Amod will be at the lower end of that portfolio, and this will be in the middle end of the portfolio.

Similarly even in Chennai, we had done a transaction. We're trying to get a portfolio going.

Would I have preferred a bigger project in that neighborhood, yes. We were not getting a suitable transaction, but it met the minimum threshold from a management bandwidth perspective.

Therefore we went ahead and did that acquisition.

Got it. Next question is on the future projects.

Future projects plus land totaled about 10 million square feet about 2 years back, and that has dropped to now around 7 million square feet. The launch pipeline could start drying up over the next few quarters if you are not able to make a land parcel acquisition.

In this context, if you can also share on the Bangalore, Panvel, and Jaipur acquisitions that were in works?

Yes, you're correct the launch pipeline can slow down if acquisitions are not completed. There are those three acquisitions of Bangalore, Panvel, and in Jaipur which have been announced which have not closed because of CPs.

Those are large projects as well. I'm hoping that CPs on that will close and they will get ready for launch.

We are also in active discussions for more projects, two-three more projects and we are hoping to execute a few more lands and get that going. I think that's critical.

Though that said, for the next year I think we are fine. We have enough phase launches that are coming up that will keep the momentum going for the next 12-15 months right now.

Right. Sir, if you can throw some light on the updates on these three land parcels of Bangalore, Panvel, Jaipur, if there is a progress or

There has been progress both on Panvel and Bangalore. Unfortunately on Jaipur, we haven't been able to make progress.

I'm hoping that Bangalore and Panvel should conclude in the next 3 to 6 months and move forward on that regard.

That's helpful, sir. Sir, my next question is on the Aarohan project that we launched.

We understand the realization Ankit,

one second. Mihir, can I request this to be the last question, whichever you ask, and then you can join back the queue.

I have a few in the line after this as well. Thank you.

Please go ahead and ask this one on Aarohan. Yeah.

Sure, thank you. Aarohan realizations are coming to around 15,000

plus.

They seem to be in line with the Amara Phase 5 realizations. If Aarohan is a premium project, the realization should be higher, or can you explain this a little bit?

Two things, one, ticket size in Aarohan are a little bit higher because the unit sizes are bigger. The second is that we also wanted to get a certain pipeline at launch in an early phase of a project as compared to Phase 5 of Amara, where we are okay with a little slower pace of sales because the Amara project has gotten more than financial closure in terms of construction.

In Aarohan as well, we would expect to now increase prices and hopefully Phase 3 will be launched at a higher price than Phase 1 and 2 when we launch Phase 3 and basically now we have enough sold units to get financial closure. Launch of a project prices we try to keep a little bit more interesting than we would in a later phase.

Got it.

Got it. That's helpful.

I'll join back the queue. Thank you.

All right. Thank you, Mihir.

Thank you for the opportunity. Sir, my first question would be around if you can let us know the sales trend in Aram Phase 5 and also I wanted to know the traction in the new projects like Ashiana Amaya and Vatsalya Phase 2?

In Ashiana Amara, sales were a little slow because we had also diverted our sales team in the same micro market effectively to Ashiana Aarohan, and all marketing activities and sales teams were concentrated towards there. We would expect Aarohan to be quicker than overall Amara in the shorter term largely because we intend to sell Aarohan more because we have a lot more inventory there to sell as compared to Amara at this moment of time.

Coming to Amaya, sales momentum was good in the month of January. Hopefully, it will continue to be good for the quarter.

It does well. Vatsalya Phase 2 also has been doing decently well.

Overall, I would say when I speak about Vatsalya, I think the big thing that is happening in the company is the sales momentum of our senior living projects quarter-on-quarter, month-on-month remain good. I think that's very critical for the business to achieve a differentiated scale as well where we see the future to be in senior living.

In that, Vatsalya Phase 2 continues to do well.

Okay. Sir, my next question would be on the forthcoming projects.

If I see the pipeline, now the transition I can see more square feet or equal square feet in premium and old living. How do you see this, will this improve our realizations going ahead?

Say we are at a sublevel of say 7,200 kind of a realization now. I just wanted to know on the outlook like the new projects which are coming, will that be more of a premium strategy and how the impact on the realizations will be there?

I think right now our BD zone is more towards senior living. If you see the last two projects that we have signed up in the company has been in Chennai and in Karjat both for senior living and the pivot will become towards senior living.

Senior living will improve realizations on average for us, I think. Because I think in general, I think the floor price in senior living now is getting closer to ₹7,000 a square foot for us and the higher end going 10,000 and plus as well.

We're looking at higher end. I think overall realization in senior living will go up and that will also pull the realization in the company up.

Q4 will be very heavy on average realization due to Aarohan's disproportionate contribution that has already been reported. Aarohan is at 15,200.

I would not consider Q4 to be a trend, but in general, I would say realization should be going well ahead, particularly in senior living.

Got it. Sir, lastly, I just wanted to ask that I am a little new for the senior living this segment.

How it is different and what are the current trends on a ground level which you are seeing, if you can throw some light, we'll get an idea of how the outlook is, sir?

Two things, senior living is differentiated because it's designed, developed, and maintained for seniors. There is a lot of design intervention both inside the flat, outside the flat and a lot of community building.

For example, we run a dining hall outside the flat, people don't have to cook. We have an activity manager at site who organizes close to 300 different kinds of activities in a month at a site, which could be very simply to playing board games to doing music and dance together and to housie and tambola, and different kinds of activities and sports activities and physical activities.

Second, since it's differentiated, they are targeting a different consumer base as compared to a regular housing project in the same sort of location. Our Talegaon project, for example, targets consumers from Bombay and not just from Talegaon.

It has a different audience it can reach out to, and therefore it becomes a lot more differentiated. It takes a lot more expertise, we have also had a 20-year learning curve in designing, maintaining, and delivering senior living projects.

That's the thing. What we are seeing now, I would say over the last 5-6 years, I think more than 25% CAGR in senior living.

We were earlier struggling to get volumes, to get pricing, and that has started changing for the company over the last 5-6 years. That has given us confidence to move more and more towards it because we think this business is less cyclical.

The regular housing business has both up and down cycles, and we're trying to make our business a little bit cycle resistant, and in that regard, we want to move our business more towards senior living. I think that's what it is.

I would highly encourage people to understand it to actually go visit a project of ours. We have one in Talegaon as close to Bombay.

If you would like to visit, I would encourage to come to see Chennai and Bhiwadi as well. You'll get a better picture of how differentiated it is and what's the proposition that's on offer.

Sure. Thank you for taking my questions, sir, and all the best.

Thank you, Mihir.

Hello. Good evening and congrats on good set of numbers.

I have three questions. One is I hope I am audible?

Yes, Nikhil. Thank you.

Please go ahead.

First was see what was the strategic rationale behind partnering with Epoch Elder Care for Ashiana Care Homes, Bhiwadi? Because we've been in this side of the business, is it more medicalized and clinical assisted living which we are trying to provide, or if you can just help us understand the rationale and will it follow across other projects as well?

Nikhil, first, you're correct, it is it is an attempt to provide a little bit more medicalized, higher grade of assisted care which we do not provide. Second, for us the assisted living business is been a sort of a value-added service to our core customers who are buying active senior living units.

We see our main business being the active senior living communities where our reason for people to buy is not really care, reason for people to buy is the independent, active community life that they live with us and the kind of environment we create. The assisted living business was sort of a non-core activity for us and we were doing it as a value-added service to our customers.

We were actually have been trying to outsource this for a while. Then Epoch has come along.

This is a core business for them. We've given it to them.

This is first one is a pilot. If it goes well, we'll probably end up giving more of these facilities to Epoch to manage.

The financial metrics would be from the maintenance which we charge to the

The financial metrics is not maintenance, but the actual service fee. The P&L risk on the care homes business really rests with us.

They have a management fee model like you would give a hotel on a management model. They have a management fee model and for the rent of the unit and the services that would provide, that P&L will come to us.

Itself the P&L is very small, right, in our scheme of things. It's more whether they can provide the quality of service we would like them to provide, that they can go ahead and do, and while keep making sure the P&L maintains a minimum threshold standard as well.

Okay. Second question is I'm looking at this project sales trend slide

I'm not able to understand you anymore, Nikhil. Can you repeat that, please?

Hello?

Yes, please.

I'm looking at this project sales trend slide,

and

if I look at Jaipur, in all the three projects what we see is that there is a fall in a realization, whether it is Ekansh, Nitara, or 144. Is it specific to this geography?

You'll see a decline in volumes, not in realization.

If I divide it, the value divided by the per square feet, the realizations I see a drop of some 300 to 700 kind of, probably.

There is something off. In my understanding, realizations have gone up generally across the board.

In Jaipur, we have actually upped prices. There is a volume decrease in Jaipur because we have very little stock to sell.

Okay.

In some of these projects, we might have the least preferred units left to sell, maybe if you're comparing it to previous quarters, realization might be falling off because the more expensive units have sold and the lower units are left. Actually, realizations in Jaipur have gone up.

We have upped prices over the last 6 months on whatever units we have. We'll continue to up prices.

We have very little inventory there to sell, we are okay with sales volume being low and improve margins on whatever stock we have left there.

Okay. Last question, this is on this project-wise delivery slide.

I just wanted to understand this slide a little better. Now when we say Anmol, Shubham, and Tarang, we've handed over, but we still report them.

Is it a part of it is booked in revenue in the P&L, or is it completely booked in the P&L, and why do we show it if it's handed over?

Two things, one, the P&L where it says handed over, I believe it has been recognized in revenue completely. Where handover started is written, partially recognized in revenue, partially is yet to be recognized in revenue.

Go ahead, Vikash ji, please go ahead.

The only reason that in case of Anmol 2, Shubham, and Tarang we mentioned handed over because for completeness' sake, they belong to the current year. We will give the information that they have been completely handed over.

The projects which are being shown as handover started, there the deliveries would be spilling over from one quarter to the other quarter.

Fine. I'll come back in the queue.

I have a few questions more.

Okay. Thank you.

Thank you.

Hi. Thank you for the opportunity.

Congratulations on a great result and it seems you are very efficiently expanding your wings across the country. Since we've been expanding our geographical presence in a very phased and strategic manner, I wanted to understand what exactly is the strategy when it comes to deciding the city which you're going to enter, because of course we've become multi-city developer now, how much do we subcontract, how much do we take care end-to-end ourselves?

For now, we take everything end-to-end ourselves. We're not subcontracting anything in terms of construction.

Okay.

Except maybe the certain parts like podium

or What we have started doing is we have started subcontracting in new cities part of the developments. Like in Talegaon, we subcontracted out the clubhouse building.

We have some where we have subcontracted out basements. We have started doing subcontracting works on a part basis to gain some bandwidth and momentum in construction.

That's been one. I think first, from doing a senior living perspective, outside of NCR and Jaipur, our view is that we will take only senior living to newer locations.

The simple reason to go to any city now has been to go after demographics.

We're

looking for people, senior folks. Wherever senior population is higher, we went there first.

Our research said first go to Chennai, then go to the Bombay-Pune region. We went there.

The third location is Bangalore, we're going to go there

basically.

That's

basically demographics.

True, got it. How do we narrow down the location vis-à-vis you cannot be very far from the city and you cannot be in the city also.

That of course you've got that balancing act very well so far. Will that be a strategy going ahead, or we may have some projects within main city because I'm sure the seniors would not like to have a hustle-bustle around?

We intend to do a portfolio of projects. For example, we are exploring Gurgaon for senior living within the city as well, which is a little bit hustle-bustle.

I think the strategy around senior living has evolved to having a portfolio of projects at variety of price points. If that says that we should go to the city to do more luxury developments, we'll go to the city as well.

The idea is to get a variety. That's it.

Hit multiple income brackets and affordabilities within the senior living community.

Understood. We recently made a foray in Panvel and have some land acquisition done in Karjat as well.

How do we envisage our MMR expansion over the medium term?

This is the first intent on the MMR expansion. Right now, we'll get these going.

As I said earlier, Talegaon, Karjat, and Panvel, we are looking to price it in three sort of different ticket sizes and target different customers from MMR to come to these three projects at different price points. That's the basic strategy for now.

Got it. Thank you so much.

Congratulations on the execution and we look forward to the same continuing ahead. Thank you so much.

Thank you, Nachiket.

Hi. Good afternoon.

Sorry, I dropped off earlier, I don't know if this question was asked. I just wanted to know what progress in terms of the new acquisition in Bangalore and Bombay and Jaipur?

Incremental land that we have sort of is coming to a end, but is dwindling, just wanted to get your sense on that because you said that by the last call you said that we'll have some updates if we're moving ahead, yeah.

Rohit, I did give an update on this. There has been positive movement in CP resolutions in both in Panvel and Bangalore.

I'm hoping that we will have some good news over the next 3 to 6 months. They are moving positively, and we are excited about both those projects going through.

Unfortunately, there has been very little movement in the front of Jaipur. We are in touch with the sellers there to see what we can do to make some progress going forward on resolving the conditions precedents to the transaction, but that remains slow.

At the same time, we are actively engaged in two-three more land acquisitions where very serious stage of discussions are on. I'm hoping over the next 3 to 6 months a few things will fall in and connect.

Like one Karjat did happen recently, that was also in talks for a while, and similarly we have a few more going on, and we should do something hopefully.

What locations are these, if you can share?

We are in conversations in Jaipur, we are in conversation in Bhiwadi, we are in conversations in Jamshedpur. There are a few going on.

There is one conversations outside of Pune on again the Bombay-Pune axis. Those conversations are on.

These are all for more senior living or more

They are a mix. There is senior living within this as well.

Got it. Also congratulations on crossing 2,000 crores in terms of pre-sales which you had set.

Any thoughts on next year in terms of pre-sales, because I think from a launch point of view, I think do we have any major launches in Q4

We have phase launches in Q4. I think we have three-four phase launches we should do in Q4, particularly in senior living.

Next year, the main launch will be Ashiana Ojas in Jaipur as a project that we'll be doing. Next year's pre-sales numbers have not been calibrated fully yet.

We tend to get it locked in in March generally when we do our planning. I don't think it will be very much anything very higher from this financial year.

We'll be in the similar ballpark in terms of pre-sales. As I said earlier also, I think the focus of the company is to also get more stability to the business and make it less prone to cycles, and we're shifting our thought process towards senior living and margins particularly.

That's Rohit.

From that perspective, just taking on from there. We had this target or a goal to get to a ROE of closer to 20% or 20% or more.

You had said I think 15%, but so next year, on a reported basis also, I think we should be very much towards that number. Is that a fair understanding, and we should sort of continue to go up from there at least for the next 2-3 years, is that a fair understanding?

Yes,

yes, I think that's a fair understanding. I think this year we are now close to 15%.

The way I look at it, if we get to our Q4 goals, we should be in that. Next year should improve and we'll continue to improve and get closer to 20 and hopefully cross that threshold also in in a year in one of the next 3-4 years, hopefully that will as well happen.

Right now, things are good on that trajectory.

Right, and so the other question was on this point of as you said we are sort of going to be around this pre-sales number of 2,000-odd crores plus minus here and there. Is that more that we can do within the spaces that we want to be in, within the cities or within the categories that we want to be in, despite not getting impacted by the cycles as such?

Can we do let's say more on the senior living because if one is of course not get over-indexing on the cycle, which I completely understand. Growth is also extremely important, right, otherwise how will we sort of if we are going to be just stable, then why should we be there when we are offering value and there is a white space also and we are not constrained by balance sheet as such, why not double down and try and grow not very aggressively, but grow and increase the scale from where we are right now?

Rohit, the idea is to increase scale and I would say we are focusing on growing the senior living price significantly. Our senior living revenue base as I would say would have grown probably 5 to 6x over the last six-odd years in terms of annual revenues of senior living that we have done and we want to continue this pace and clip in senior living and make it really, really large.

I think that is about I think about a 25% kind of a CAGR that we have gotten in senior living between 25 and 30%, and I think we want to continue that. Because we think that's a white space.

When you spoke about white space, I think that's the real white space available to us with differentiation, more stability, less cyclical, high margin profile, very strong brand resonance, and a different kind of expertise and a moat, if that's the word I would like to use compared to the other part of the business which is more cyclical. There is growth.

I think what we are looking for is if you maintain a 15% plus ROE through a long period or tenure and you're not really distributing a large amount of capital back, the only way to do that is to grow. You cannot not have earnings growth and maintain that margin profile.

I think so we might have couple of dips here or there, but if we're able to maintain that threshold, our book value, our net worth will continue to expand and become big and compound. I think that's the intent.

I think I also recognize that some of the growth that has come in recently is cyclical. It's not that every growth that has happened for the last 4 years for real estate companies at large is structural.

What the intent of the management here is to improve the structural growth that we have. Our highs in the next cycle is higher and our lows in the next cycle is also higher than it would be.

We have a move up our minimum thresholds and that. Then that is happening to me and therefore geographical mix increasing, deeper in multiple markets, senior living bringing stability to that, and having that going on.

If I look at the company today as compared to 5 years ago, not only the cyclical growth is happened, I think we've become far more stable as an organization. We're not dependent on one location too heavily.

We're seeing growth in depth in multiple cities. We've been able to create scale in Chennai, in Gurgaon.

We've also actually created scale in Pune already, which was not there 5 years ago. I think that has been very, very important and critical as we grow forward.

We don't have a 2-year, 3-year view. I think we as a management team have a 10-15-year view.

That is going well.

Sure. No, I think I I completely understand and appreciate your view, and I think it's not as well understood by people, I think that was very well explained.

Just sort of one last question and then I'll move back.

Is

is this I mean I think you had mentioned about this like cumulative sales or cumulative deliveries that will happen between FY25 to '30 would be close to 11,000 crores. Are we on track because I think in the last call or the call before that there was this view that we'll have to get a few launches to be able to start the construction and start delivering the ones in '28 or '29 sorry '29 and '30.

Just wanted to get your sense on this

follow-up questions. This is his question.

Can just this last question, and then we'll get to the next one. Please go ahead.

It's Rohit, go ahead, please.

Just wanted an update from you that on the line of sight of that 11,000 crores cumulative, of course I think next year will be a big big year for that in terms of getting so just wanted from because we had to get a few launches also in line through to get to that number. Yeah.

Yes. I'll just take this up, and we can move to the next question after this.

If

I look at what if you look at the total sales value of the projects under development and which has been delivered between FY25 and 26, it's close to about 7,200 crores already. It's 6 6,840 for the ones getting delivered between FY26 and 29 mentioned on slide 16 and 17 of the deck, and we had a over 400 crores of deliveries last year, about 7,250 kind of there.

We have to launch We have phases to launch and we have projects to launch. Aarohan was a key launch to do.

I think Aarohan Phase 1 and 2 together should have a sales value over 1,100 crores. That will take us to about 8,300 crores there.

Then we have Ashiana Ojas slotted for launch next year and we have a lot of phases to launch in our senior living projects, particularly Vatsalya, Advik, Amod, and Swarang. I think the sales value of these phases should be close to about 2,000-odd crores as well.

When you total all of this, this is where roughly that 11,000 crore number came from. Ojas phase Aarohan Phase 3 is also a possibility.

I don't know if we'll get it in FY30 or it will go to FY31. Those are things again will depend when we when we launch Phase 3 of Aarohan exactly next year.

That those discussions are also on. That's the rough breakup of of the thoughts there.

If that makes sense.

Thank you. Thank you.

Thank you so much.

Thank you, Rohit. Can we move on to the next in line, please?

Am I audible?

Yes, Varun. Thanks for the opportunity, and congrats for a strong set of numbers.

More from brand perspective, how would you describe where Ashiana stands today across its key markets in which of the markets we're basically able to command premium pricing? How would you assess our marketing engine today across key markets?

We command premium pricing across Jaipur, Bhiwadi, and Jamshedpur. We command premium pricing in senior living in Pune and Chennai as well.

We are the leading developers in senior living in those markets. In Gurgaon, we are in the mid-level of price points, we do not command market leader pricing.

In all these markets, we command market leader pricing in what we do. We are top tier in the micro markets we operate in in those locations.

In Gurgaon, we are not in the market leader pricing, we are a far off that, but we are also not in the commoditized pricing and generic pricing of every developer. We have started commanding premium in Gurgaon as compared to generic developers, but we have not gotten to a place where we would ideally like to be.

Ideally, I think we should be at a 10 to 15% premium to where we are at today in terms of establishing our brand.

Okay. Okay.

In Pune as well, and

in Pune in premium housing, we are far from right now getting premium pricing, but we have again breached the gap. We are no more at a discount to the market.

We are at market and moving towards getting premium pricing as well in Pune.

Got it. Got it.

Do we internally track let's say brand recall or let's say brand equity metrics? Let's say, or would you say our dependence on CPs in some of the markets that you mentioned would have come down over years?

Is that a metric right metric to track purely from the brand equity metric perspective?

In some markets where we have CPs like Gurgaon and Pune, I think the market structure is CP dependent. Even the most market leaders like even DLF, which is the top-tier developer in Gurgaon in terms of price positioning, they also go through CPs.

I don't necessarily see in those markets independence from CPs is necessarily a way to track price premium and brand premiums. Though in other markets where we don't operate through CPs, references is a key source of brand premium, and at the end of the day, real pricing that you're getting vis-à-vis other developers in your competition gives you a sense of whether your brand premium is there or not.

We do track reference sales, we do track Net Promoter Scores of our customers at handover, post delivery, and customer satisfaction in general.

Got it. Last one, in terms of let's say areas or capabilities that you think you need to work on as we build on what we are doing right now in terms of senior living as we expand into newer cities, what are the capabilities and areas where we need to work on?

I think I keep saying this, I think the long-term piece is building our people front deeper and deeper. As we get to more cities and more projects, we'll need more leadership both at the project level, at the construction level, at the sales level.

I think developing our management capabilities in terms of our people would be the most important piece for us to do. Even business development capabilities as we do more and more geographies, I think building that out will be important when we do senior living.

Understood. I'll join back the queue.

Thanks.

Thank you, Varun.

Hi, good evening, Varun. Nice talking to you after a long time.

Hi, Ankur. Nice talking to you as well after a long.

I have two questions. First question is on the Bangalore market.

Since we are trying to get into the first project in Bangalore, what is the kind of margins we can expect there? There are two parts to it.

One is the pricing. This is the first project in a new geography.

Will we have to price it lower or has the brand traveled from Chennai to Bangalore in the senior living community so that the pricing that we can get in the Bangalore project will be decent? Second is on the learning cost, like in Chennai, the first project that we did, Ashiana Shubham, there were cost overruns and some learning cost, delays, and all that the company had to encounter.

Have they already been baked in and what are the kind of margins we can expect in Bangalore?

Ankur, I don't know how much of the learning cost has been baked in because I don't know what the actual would be like. We have baked in some learning costs into it, we have been conservative on our cost structures.

We hope to meet a minimum threshold margin. We will get to know that only once we really launch and once we go through our approval processes, detailed estimation of cost.

When we get closer to it, a little bit of better sense will come. Then I would like to say some of the learnings that we've had in Gurgaon, Pune, and Chennai in our first projects will be incorporated.

That said, experience tells me the first project's margins are always much lower than the second projects in any market we've been in. I don't know why Bangalore will be any different from that.

That said, we would like to position ourselves as a premium developer, pricing will be good and we expect brands to travel from Chennai to Bangalore. Our initial dipstick says that there is enough cross between consumers in both those cities and there would be enough conversations and enough relationships and connections between some of our consumers that brand should transfer.

We have also gotten larger as a senior living brand today as compared to when we entered Chennai. I think both those things should help.

Right, right. I appreciate that.

It's a very candid observation. Just on the underwriting on the Bangalore piece, or Bangalore or any other new project that you are going through, is it right to assume that your underwriting is on 30% gross profit margins that you had mentioned in the previous calls?

Yes, all the underwriting that we do is on 30% gross profit margins, but in all first projects in every location, there have been some negative surprises that were not captured into the? Right, right.

Except for in Amod in Pune where we had positive surprises actually in terms of the pricing we got. There is one thing that has happened in senior living I would like to add.

We've been able to understand to position our brand and ask for better prices earlier on. I do expect some cost surprises to come into Bangalore, but that said, I also expect us to be able to price well and command a good price and margin there.

Given our experience in Ashiana Amod that we've gone through where we learned how to position ourselves better, if that's the way to put it.

Right, right. The second question is on land project or land parcel in Noida or Greater Noida.

Sometime back you mentioned that the company has submitted a bid, I think for a land parcel which was to be auctioned by the authorities. What's the update on that?

Secondly, are you also looking for some land parcels in that area from private landowners? That's it.

Are we looking there? Yes.

Are we looking there very actively? No.

We do get some conversations being in the city here, we do engage time to time in Noida and Greater Noida, but we're not very active in that location. Some of the regulatory risks there worry us, and second, on the bid front, which would have been absolutely clear, our maximum price that we were willing to pay was far lower than the maximum price that others were willing to pay.

We lost those bids in that respect.

Right, right. Thanks for answering my questions.

Thank you.

Thank you, Ankur.

Hi. It's very heartening to see that cash flow that we've been reporting translate to reported numbers now.

My question is basically to one previous participant, you mentioned that we'll be hitting about 20% ROE in the coming next 3 to 4 years. If I look at next year's reported revenue would be around 1,700 even if I take PAT margin of 12%, then that translates to around 200 crores of PAT, is that 12% PAT margin on the higher side or are there more lower margin projects remaining?

No, I think your numbers I was being conservative when telling when we'll hit 20% ROEs. We expect to hit 20% ROEs next year itself.

Rahul, you've done your math correctly. Are there lower margin projects then?

Yes, there is. Like Malhar Phase 2 would be a lower margin project.

Even Anmol Phase 3 would be a lower margin project which is coming in the next financial year. That said, with that kind of a revenue base, I think overall margins should be good and I don't see a challenge in getting close to 20% ROEs or crossing the 20% ROEs in the next financial year itself.

Okay. Next is basically even if we want to hit the 2,000 crores of pre-sales that we have been almost doing for the past 2 years, once the Gurgaon kind of inventory dwindles down, the higher realization inventory will come down, we need to sell more area to get those pre-sales numbers.

What is the strategy? Are we planning to sell more or increase the realizations, or just wanted to understand the strategy?

I couldn't exactly get your question. Did you get the question, Vikas?

Yes, yes.

He's asking that we have been in the vicinity of 2,000 crores. Last year, this year, and the next year also we are contemplating that we'll be somewhere around the vicinity of 2,000 crores.

Do we intend to increase the value through premiumization and higher realization? Is that something that you asked, if I heard you correctly?

Yes, yes. Once the Gurgaon inventory goes down, our realizations will come down, that is my assumption.

We need to sell more units to hit those 2,000 crores of pre-sales, right?

Okay. Rahul, I would say that our senior living pipe and share will increase, and we are, as I said, senior living is getting more and more premiumized for us as we go along.

I hope that should cover. A combination of both volume and value there should hopefully cover that revenue threshold and keep us around that 2,000 crore mark for a bit.

Got it. Last question was so last year also we saw this slip from Q4, one of the projects got slipped to next year.

This year also Anmol is getting slipped to next year. My question was are we considering the GRAP rules that this stoppage of construction comes in between in our projections that we give?

We do consider it.

We do consider it, Rahul. That said, this year the slippages have been much lower than last year.

Only one project has slipped over, which is Anmol Phase 3. I think rest everything is on track to one quarter.

I'm hoping in the next year nothing will really slip over from that year to the next. I think our overall discipline and strength there is improving.

Our view is that we have to figure out a way despite GRAP. GRAP has become part of reality for us and it cannot be an excuse anymore us for us to delay deliveries.

That said, finding a way around it does remain a difficult and uphill task, and we'll see what we can do to find that. something.

Got it. Yeah.

Thank you and all the best.

Thank you, Rahul.

Thanks for taking the follow-up. Just needed a little help on the Ashiana Town project complaint that the customers have filed.

If you can share what was the contention of the customers and what is the status of that?

Can you say that again, please?

The Ashiana Town litigation which has been

Ashiana Town litigation that is going on?

Yes.

What's

the status of the litigation?

The contention of the litigation. There are a lot of contentions of a few litigants.

There are concerns around some regulatory approvals that we should have gotten. According to them, they haven't gotten.

According to us, we've got. There are some concerns around our maintenance services and the quality of it and the charges we charge for it.

They believe that we charge extra. We actually make a loss, we think we charge too little.

Those kind of contentions are there. We are actually surprised by the litigation because our dipstick on overall consumer side says that people are overall happy.

That said, those a few contentions of the litigations that continue. We continue to fight that out.

I think we believe we have a very strong case. It is what it is in terms of there is litigation going on, unfortunately.

Got it. That's it.

Thank you so much.

Thank you, Ankit.

We are encouraged by the strength of our sales momentum, launch pipeline, and operational cash flow in Q3 FY26. We remain committed to timely handovers in FY26 and to building long-term value through disciplined execution and customer-centric development.

If there are any questions we were unable to address today, please feel free to reach out to us directly. The investor presentation and related materials are available on our website and we will be happy to provide any further clarifications.

Wish you all good health and a productive year ahead. Thank you.