Thank you. Good morning, good afternoon, good evening to you all as per the time zones from which you have logged in, and welcome to the conference call of Q4 FY 2026 results and business updates.

Thank you all for taking time for this call. I will now start with some business updates, specifically business development.

FY 2026 has witnessed a strong momentum in all parameters. We've announced business development activities close to 4 million square feet of development potential areas across diverse locations in MMR: 11 acres in Bandra East, Aram Nagar, Versova about 2 million square feet.

We also have entered into agreements with societies in South Bombay for redevelopment: Pedder Road, Malabar Hill, and Nepean Sea Road. We've also received approval from NCLT for our resolution plan submitted for a company in consortium to acquire Horizon Hotel Private Limited.

In fact, as we speak, we have received possession of the property on 7th May 2026. On the operation front, the release of higher-floor inventory at Elysian Goregaon has received a robust booking momentum.

Sky City Mall has achieved occupancy of over 72% within first year of operations. Commerz III continues to scale up strongly, attracting marquee tenants, and has driven robust leasing demand with an occupancy reaching 98%.

With this, now I open the floor for question-and-answer, and both Saumil and I will be very happy to take your questions. Thank you.

Thank you so much, and congrats on good performance. My first question is on your strategy for 360 North in Gurugram.

Do you intend to launch and sell everything up front like most of the other Gurugram developers, or do you want to follow a more calibrated strategy of selling over a longer period of time?

We haven't really dwelled that deep into our strategy. We want to see how we are received in Gurgaon.

It's a new market for us. We've set a certain internal target, which given the way there is buzz in the market because everybody knows we are coming, I feel we are in for some exciting time there.

Okay. Secondly, if you can also talk a bit about where are you in terms of approvals for Adarsh Nagar?

Adarsh Nagar, we are awaiting IOD, within a week or 10 days, or let's say, two weeks. We should get our IOD.

Okay. Then what are the steps from thereon?

Business as usual. We'll be applying for CC.

A lot of work has already been done on that account also. Three more months for CC, and then we can break ground.

Once we get the CC, we will apply for RERA, then we are good to go. Good to even market.

Any timeline for evacuation of existing residents?

As soon as we get all the approvals, and that's been our strategy everywhere. Once we get 100% approvals, we only then ask the existing residents to move out, so that gives them good mental comfort and security also.

Okay. Lastly, any update on the progress for the Iven land parcel?

When should we expect that?

Iven, we in fact have applied for a renewed CC, and you will physically be seeing work in the next 30 days. Question is

Hi, Vikas. Congratulations on a great quarter.

Hi, Parikshit.

Congratulations on a great quarter, sir. My first question is if I see your premium projects, 360 South decline, 360 West saw a decline in this year as a year as a whole for on the presales.

Even I've seen the new Tower H in Borivali did not see a great response, unlike like Elysian, which did relatively much better. Are we seeing an impact of higher share prices on our presales?

Will it have any impact on our launch pipeline for this year if the impact gets prolonged through to the quarter in the first half? If you can help us understand this on the demand side.

Okay.

Firstly, let me begin by Borivali. Very good observation.

Firstly, we have just delivered seven, literally, five towers. We've given possession.

We have three more towers which F and G were launched last year and then a year before that. There's enough inventory within the project itself, which is kind of ready or under construction.

Obviously, this eighth tower was received But I would say it was received well. We only opened limited inventory there, and it received well.

We priced it high because we ourselves didn't want to rush into too much of sales. We had created a target for that, and we've been able to achieve that.

As far as Elysian goes, you can see that this project has been on for the last 15 years. People are staying.

The base of this clientele is much wider and bigger. Obviously, whatever we launch gets lapped up very quickly.

That's about it. 360, also, there have been enough launches within Worli, and moreover, whatever was the residual inventory of our partner, even that's now sold.

Within 360, we are reasonably, I can say, monopoly now, and we will now start getting traction.

What would be the launch pipeline for this financial year? High-visibility projects, because last year was more for sustenance, I would say, where you were just releasing additional towers, and that helped you cross 5,400 crores of sales, but we didn't see much growth.

I think this year, in the reckoning, what are the major launches? If you can just throw some color on the JVs and that.

Okay. Good idea.

I'll actually tell you all. We are planning to launch 360 North.

We are planning to launch a small development on Carter Road, Oceanic. We've topped up again another small project at Malabar Hill, Fair View.

We will be launching Tower D of Forestville. These are all four launches in this first quarter itself.

Then we have Jardinia Tower A, which will be launched in Q2. We'll launch Rallye Wolf, Mulund in Q2 as well.

Adarsh Nagar could be Q2 or Q3. Safely Q3.

Enigma, we have a commercial building. We might look at doing strata sale.

That also will be launched in Q3. Aris on Pedder Road could be Q2 or Q3, or something like that, yeah.

Again, if things go well, earlier within this year itself. Then Borivali, we've got a land parcel next to ours, which we had bought.

SR development happening. The presale component of that also within next three quarters, or the fourth quarter, probably.

A lot on the pipeline. Again, I've not named a few redevelopment projects because the tail to launch of projects got a little longer given one needs to take all approvals in place, and we are very mindful of that.

That's about it. Otherwise, all these projects are up and running and ready to go.

Sure, Vikas. Thanks.

I will join for more questions. Thank you.

Thank you.

Hi, Pritesh.

Yeah. Hi, Vikas.

Hi, team. Congrats on the good year.

Just one question. If I see the pending launch pipeline, lot of them are 80,000 per square feet to 1 lakh and above, pricing kind of product.

Just one question on how would we differentiate such that we don't cannibalize our product and demand in each of these projects, because Pedder Road, Tardeo, Adarsh Nagar, although they are in different locations, but still in a close-by vicinity. How are we going to manage the offerings here?

Very good question. In fact, very mindful of that.

We do have Forestville Tower D, we do have Jardinia Tower A, we also have Rallye Wolf. These are three projects which are much lower in value, we are talking about 3 crores and 5 crores, within 2.5, 3 crores and then 5 crores apartment.

We do have enough on that account as well. We have this luxury to go.

Again, here, what we will be doing is even within this area, let's say when we will launch Tardeo, we have a beautiful land parcel in Tardeo, there we are really looking at a ticket size of 12.5 to 15 crores. Then, when you go into the Adarsh Nagar and all that, that probably is the 50 crore, 60 crore mark.

These are not 100 crore or whatever. We are mindful of that.

We see now the markets mature to these numbers.

Sure. Just on the RLDA, have we decided on the mix of how much would be for leasing and how much would be for sale, considering we will be launching it, say, in Q4.

Just one question on that, yeah.

What we realized is that there are very few Grade A developers willing to sell commercial. We feel that if we strategize and do strata sale, we will end up doing really well, and it'll be great for the cash flows also.

We will focus on RLDA being a sale model rather than a lease model. Again, the percentage is not decided to be 50-50, it could be 60% sale and 40% held back, or whatever.

By and large, we want to do a sale model. We see, in fact, big houses approaching us and wanting to do a stand-alone building for us.

There is a big market for people like that also. Again, very excited with that project.

Got it. Thank you.

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

Thank you.

Hi, Murtuza.

Hi, Vikas. Just on Gurgaon, obviously it's a big launch, and it's your debut in the North market.

Any sense on pricing, ticket size, GDV, sales value that you can give? Are we all set for a 1Q launch, or it could move towards the festive, and just some color on the Gurgaon project, first hand?

The second one's more on the balance sheet for Saumil. When I look at your balance sheet, in other current liabilities, the advance from customer seems a smaller number, and then there is other current liabilities.

Just some color on that. That's moved much between March '25 and '26.

Okay. To start with 360 North, let pricing be a little bit of a suspense.

We are still not ready to divulge. We have a very good idea what we want, but we don't want to divulge the price, we'll hold that.

Everybody now knows that we are doing very similar to a product that we've done, which is 360 West. The sizes are big.

These are 5,000-plus and 8,000-plus square feet apartments. They're really top-on luxury.

You must have read in the papers we've also appointed L&T as our contractor. We are good to go on that.

Demolition happening at a good pace as we speak. The show apartment getting ready there on site.

Physically also, work has started in a way. As far as prices go, like I said that let that be a bit of a suspense, because we still have some more time to go.

I'll leave Saumil to answer the more complex question you raised. Sure.

Yeah.

Hi, Murtuza. Saumil

here.

The advance from customers is purely the advance that you receive from customer. This is at times customers end up giving you a couple of installments in advance and all of that.

If you look at that, 82 crores versus 97 crores, I think that's the smaller number that you're referring to. Not a material movement in that one.

The critical one as you have pointed out is in the other current liabilities, which is from 1,855 crores to about 2,700, 2,800-odd crores. A large component of that or the largest component of that would basically be the unrecognised revenue.

This will flush through P&L under the percentage completion method. This is purely billing in excess of revenue.

Where we have billed much more than what we are recognising. If you look at all the projects in the initial stages, if you look at, for example, both the Thane projects, in terms of billing, they will be upwards of 45, 50%, whereas in terms of revenue recognition, they'll be barely there at about 11, 12% or something like that?

This is basically the entire component of unrecognised revenue. Over a period of time, this will flush through P&L.

Sure. Thank you so much.

Thank you, Murtuza.

Thank you.

Hi, Gaurav.

Hi, Vikas. Hi, Saumil.

I've got three questions. I'll take those one by one.

My first question is with the launch pipeline that we're talking about, is it fair to assume that FY 2027, '28, we should be able to deliver double-digit growth in sales?

Frankly, it could have been possible this year also had we been able to launch 360 North. Obviously, the numbers would have been much better.

Again, as a company, since we don't give any forward-looking statement or pass any of those, I would refrain from saying anything, but yeah, everybody can do their math and figure out what we will actually be at if these things play out.

Got it. Okay.

No, thanks for that. The next question I have is with all the BDs that we've done, how much are we looking for in terms of capex cash outlay, which is yet to be completed in FY 2027?

Okay. See, most of our land parcels do not require us to pay cash upfront.

Even RLDA, we have until 2038 to pay. There's a small component that goes upfront, and everything else is linked to revenue generated, and then passed on to them, or a finite date which is much later.

We genuinely don't have any major cash going out for land acquisition. At least not with the current ones that we spoke about.

Okay. The other thing I wanted to check with you is are you seeing any impact from the West Asia conflict at all, whether in terms of customer interest, especially for the higher ticket size apartments, or on your construction front, are these impacting your raw material construction expenses or anything at all across any part of the business?

Thank you for asking. Yes, costs are going up.

Luckily, we really make sure we have a lot of contingency built in when we do our budgeting. Yes, costs have gone up.

Energy cost has gone up, aluminum has gone up, glass has gone up, labor's become expensive. Then again, availability of materials become a bit of a challenge.

These are stressing us out. Like I said, it's a problem for the entire industry, and we all are grappling with it.

Yes, now it's slowly starting to hurt you in a way. That's true.

In that case, would it be possible for you to quantify in terms of margins, EPS, any number that you can share on how bad this is?

Frankly, like I said that we built this contingency in advance to make sure that our margins are not affected. The contingencies are getting consumed or eroded, as we speak.

Yeah. Another very important aspect is that the reason also we've repriced many things, somebody asked us at Tower G, we actually made sure that we now know for a fact that there will be a cost increase, and we are factoring that within the projects that we are doing.

Amazing. Okay.

Thanks for that clarity. If I can just squeeze in one more, and sorry if I'm being a bit naive here, but when I look at the residential prices between

I wanted to tell you on a overall cost front, about 2 to 3% is what we are looking at as a cost increase. Like I said, it's within the contingencies built, really, it won't affect the bottom line right now.

So 2 to 3% increase in cost base. Okay.

Cool. Thanks for that.

Just the final one. Just wanted to get your thoughts here, bigger picture question.

When I look at your residential price between Goregaon and Borivali, the price delta is not really that much. If I were to compare the mall rentals, then there's almost 30, 35% delta.

At some point over next 12, 24 months, do you expect this mall rental delta to narrow, or is it how the market structure is?

Borivali has just started. Goregaon has been here for more than 15 years now.

The rental difference is also because they have already kicked in. Some of them terms are over, we are literally able to reset the numbers.

In Borivali, we'll first have a renewal, which will probably be a 15% over whatever they signed us at. Then 5 years later, some 10 years later, some 7 years later, there's a reset of rent.

That part of it will probably play out only after 5 years. I'd say you'll see a exponential change in numbers.

I also want to tell you that we've been able to lease Borivali at a very good number, and so they were very close to what we were leasing Goregaon at. These two, I would say, work well.

Got it. Thank you very much, and all the best.

Thanks.

Thank you.

Thank you.

Hi.

Hi, Vikas. Hi, Saumil.

Thanks for the opportunity. Just a couple of questions from my side.

Following up on Parikshit's question, if you can just comment on the overall GDV of launches that are planned for FY 2027. If I recollect, you didn't mention Alibaug in that.

Has Alibaug gotten postponed into FY 2028?

No. Sorry, it still continues to be there.

Okay. No, it's a slip on our end.

We should have actually said. Alibaug could be probably third quarter this year itself.

Sure. The overall GDV of the launches that are planned for FY 2027?

You want to take that up separately with Saumil?

Sure, that

should be detailed then. Yeah.

Then

secondly on 360 West, FY 2026, where you sold 10 units versus 17 in FY 2025. Clearly, there is some slowdown in the Worli luxury market.

In that context, how should one think of monetization of the balance 2.7 lakh square feet of inventory? Earlier, you were confident of exhausting this by FY 2028.

Should we now build in a longer period here?

Again, like I said that now we are the only ones holding that inventory, and hopefully, at least within 360, we don't have any competition, this should now pick momentum. I'm hoping that it'll pick momentum now.

Sure.

Lastly on The building is wonderful. Everybody loves it, and there's enough demand, and we've seen whether it's me or my ex-partner, they've been able to sell that.

Sure. Lastly on Jardinia, which seems to have seen a strong uptick this quarter.

What's driven this strong growth in sales volume in fourth quarter, and is there a change in strategy here or payment flexibility, or the overall marketing? Just a comment on future launches here in Thane.

No, frankly, now the building is showing up, some of them are at ninth level, and so on and so forth. Plus, the way we build Forestville, we were able to do almost 38 and 40 slabs a year.

That kind of speed now people are expecting us to do that here as well, and they feel that these projects will get ready faster than what they thought they would, and hence you see this entire drive.

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

Thank you.

Hi, Kunal.

Hi, Vikas. Good evening.

On the RLDA project side, I understand a large part of the payment is back-ended once the asset becomes operational. You look to contribute from the revenue share.

I'm just trying to understand because I think the discount rate that we are using for the NPV is roughly about 10.5, 11%. Would we, at some point in time once the asset is ready, look at financing this via debt where the cost of debt is much lower compared to the discount rate that we have negotiated?

It's 10.5% exactly, and we are absolutely mindful of that. That's why just 20 minutes ago, I said that we probably will even look at strata sale.

Of course, once we get strata sale, we will ensure that we try and repay them faster. Of course, there is a clear delta between our cost of money versus what they are charging us, and we would love to make sure that we don't end up keeping this for too long.

The only advantage is that this is not a debt, whereas you'll have to borrow and bring it. That's how it is.

Anyway, nevertheless, we are mindful, and we will, at some point, make sure we pay it faster than 2028, for sure 2038, for sure.

Sure. Just want to pick your mind on that, on the strata sale bit, right?

When we look at because large part of the outlay is back-ended, right? When we look at the IRRs of this project, right, looks quite interesting and quite lucrative, right?

What's the merit in doing the strata sale versus holding the asset and converting the land payment into debt once the asset is operational? I'm just trying to understand the merit of doing strata sale versus holding the asset.

Just we want to capture both ends of the market. This is 2 million square feet, and we are also doing Worli where there's commercial again.

We have enough, and given the way we are looking at demand, if there's a nice big house which wants 300,000 square feet office, we would love to do a strata sale and go ahead with it. We have enough opportunity, we're not really worried that we need to hold this only as such.

There's a lot available, and we know how to build this land bank, it's really not an issue for us.

Understood. My second question was on the launches, right?

The launches that you have highlighted for Q1 and maybe even Q2, assuming that these launches have to come through, we should be in a fairly advanced stage of approvals, right? Hopefully, most of them, we should have applied for the plan approvals or maybe even RERA.

Absolutely correct.

Sure. Just an update, in fact,

Oceanic, we already have approval. Fair View, you don't need approval, and so on and so forth.

Again, 360 North, we are applying as we speak and all of that.

Sure. Lastly, just quick update on Tardeo.

I think the rehab tower there we had applied for OC. Any update on

that?

When we can expect the free sale portion?

Correct. Again, 101% within this financial year, it could be Q3 or Q4, but within this financial year, for sure.

Okay. Lastly, launch timeline for Aram Nagar and Bandra, this will be FY 2028 or '29?

Aram Nagar, we have to do the rehab component first. We may have some free sale component within the rehab buildings because these are 1,000 and 2,000 square feet apartments.

We may have something going on, but the large part of that development will happen once these guys move out. We have to build the rehab component.

We will have a parallel strategy. We might offer them something and say that once we start their work, if they feel like moving out and allow us to launch, otherwise we'll wait.

What? It sweetly times with the Sea Link getting ready.

The government's also proposing late 2028 Sea Link connectivity. We feel that literally driving on the Sea Link and landing onto the site is very different from just imagining how it will be.

For Aram Nagar, we're looking more those dates, but yeah, Bandra will be a lot earlier.

Bandra slum rehab would be this in FY 2028?

This one? No, in fact, this year itself, yeah.

RLDA.

No, the slum rehab.

Which slum we

have? No, got it.

Sorry, I got a little confused there. Sorry, and lastly to Saumil, this quarter, the OCF was kind of flattish compared to our growth in collections.

Any reason for the operating cash flow being flat?

Typically if you look at it, we made a payment of about 250 crores to RLDA. For me, that appears as a working capital change.

The OCF is, for us, any payments that we make, typically for any land, any advance towards a TDR, or towards any FSI, or towards any land, then all of those go towards your working capital changes, and correspondingly, that has an impact on OCF.

Got it, Saumil. Thank you, Vikas and Saumil.

Thank you.

Hi, Abhinav.

Hi. Sir, just quick update.

Firstly on hotel openings and mall occupancy, what are our expectations by the end of this year?

Worli, end of this year, for sure. Borivali, probably, early first quarter, second quarter next year, that's Marriott.

Ritz-Carlton this financial year itself. These are two.

Mall, again, which mall are you talking about? The

Borivali mall is already launched. Oh, Borivali.

Yeah.

Sorry?

What should be the occupancy there by the end of this year?

I think it'll be 100%.

Okay. We have now tied up for these stores which will open.

Sorry?

We have now tied up

for these Abhinav, Saumil here. As we mentioned in the results, we are already at about 72%.

If your question was that where we will be by 31st of March 2027, then that's what we are saying, that by that date, we'll be at 100%.

Great. Sir, second question on Iven.

What is the final plan now?

Iven, the final plan is we do mall, we do office, and we do a small hotel. We signed Aman, and it's public news, I can tell you that.

Right.

What's the mix, because you also want to do some branded residences which you will sell, right?

No, we are tempted to do that, but still working on it. Once we finalize, we'll come back to you.

Total saleable area will be here, how much, roughly, between these three?

Leasable area about 14

1.4, 1.5 million.

1.4 million-odd square

feet. Great.

Thank you.

Thank you all for taking time out for this call. We look forward to hearing from you on an ongoing basis.

Please feel free to reach out to us or our Investor Relation team as and when you have any questions. Thank you again.

Have a good day ahead, guys. Bye-bye.

Thank you.