Thank you. Good afternoon, everyone.

Apologies for the delay. On behalf of Axis Capital, I welcome everyone to the call.

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

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

I'll now hand over the call to management for their initial remarks, and then we can open the floor for question and answer. Thank you.

Over to you.

Hi. Good afternoon, everyone.

I'll ask Zaid to give his opening remarks, and then we'll continue with questions.

Thank you. Good afternoon, everybody, and thank you for joining us on today's earnings call for the third quarter and nine months ending FY26.

I'll begin with a brief overview of our operational and financial performance, followed by updates across our residential, office, retail, and ESG platforms, after which we will open the floor for questions. Q3 and the first nine months of this financial year have been defining periods for the company, marked by strong execution, healthy demand visibility, and continued diversification across geographies and asset classes.

Starting with our residential business, we recorded presales of ₹4,184 crores during Q3, reflecting a 39% year-on-year growth. For the nine-month period, presales stood at ₹22,327 crores.

This is a growth of 122% year-on-year. Importantly, this is the highest sales ever achieved by the company and exceeds our previous full-year peak sales, all within just nine months.

This year, the performance indicates strong resonance of our portfolio across markets and depth of demand for well-located, high-quality developments. Sales volumes for the quarter stood at 2.99 million square feet, taking cumulative sales for the nine months to 16.95 million square feet, with over 8,500 units sold year-to-date.

Our geographic mix remains well-diversified, led by Mumbai, Bangalore, Hyderabad, and NCR, providing resilience across market cycles. Average realizations improved to ₹14,459 a square foot, up 6% year-on-year, while our plotted developments continued to see strong traction, with realizations increasing by over 30%.

Collections remained robust, reflecting the quality of sales and disciplined cash flow. We achieved collections of ₹4,548 crores in Q3 and ₹13,283 over the nine-month period, the highest collections recorded by the company and higher than full-year totals in the past.

On the supply side, during Q3, we launched 5.02 million square feet, taking total launches for the nine months to 23.83 million square feet, with a residential GDV of over ₹19,600 crores. Completion during the quarter stood at 4.72 million square feet and 12.71 million square feet for the nine-month period, reflecting steady progress and disciplined execution across projects.

Moving to our commercial office portfolio, leasing during Q3 stood at 0.56 million square feet, with occupancy across the operating portfolio remaining strong at over 95%. Exit rentals from the office portfolio for FY26 are expected to be approximately ₹829 crores.

With completion of our ongoing pipeline, office annuity income is projected to scale to around ₹4,000 crores by FY30. We also recently completed Prestige Lakeshore Drive, Prestige Tech Hub, and Prestige Capital Square in Bangalore, premium office developments totaling 3.7 million square feet, which will shortly begin contributing meaningfully to our annuity income.

Our portfolio continues to perform consistently well. During Q3, mall footfalls stood at 5.2 million and gross turnover grew 14% year-on-year to ₹702 crores.

Occupancy across malls remains exceptionally strong at over 99%. Exit rentals for FY26 are expected to be around ₹275 crores, and with 14 malls in the pipeline, retail annuity income is projected to scale to approximately ₹1,175 crores by FY30.

Turning to the financial performance, revenues for Q3 stood at ₹3,886 crores, up 128% year-on-year, with EBITDA at ₹873 crores and PAT at ₹245 crores. EBITDA margin for the quarter stood at 22.5%.

For the nine-month period, revenues were ₹9,052 crores, EBITDA at ₹3,104 crores, and PAT at ₹1,015 crores, reflecting healthy profitability and operating leverage. EBITDA margins for the nine months stood at 34.3%.

It's also pertinent to note that our unrecognized revenue as of December 31st, 2025, stood at ₹61,922 crores, providing strong visibility for revenue recognition over the coming few years. Finally, on ESG, we continue to make steady progress across environmental, social, and governance parameters.

Key highlights include India's first net-zero energy operational mall at Forum South Bangalore, multiple LEED, IGBC, and WELL certifications across our portfolio, progress under our Prestige Green Promise with a commitment of 1 million saplings and plantations underway, and several national safety awards across residential, commercial, and retail projects. Overall, our performance in Q3 and the first nine months of FY26 reflects the strength of our diversified platform, disciplined capital allocation, and focus on execution.

We remain confident about sustaining momentum while continuing to scale our annuity portfolio and delivering long-term value to all stakeholders. With that, I will now open the floor to questions.

Thank you, Zaid. Done.

Hi. Am I audible?

Yes. Uh-huh.

Hi, sir. Congratulations on a good performance.

My first question is on the margins for this quarter at roughly 22%. What was the reason behind that?

Second is also on the cash flows. I think the investment in land, the outflow of cash, this year was this quarter was also on the higher side at 27 billion.

What was the reason behind that? That's my first question.

The margin reduction was mainly because of the product mix. If you see, last quarter we had couple of projects where the margin was slightly higher.

In the current quarter, there were couple of projects where the margins were in the single digit. Basically, if you see, we completed one project during the year called Prestige Siesta, wherein...

That's a rehab.

Wherein there were legacy customers whom we had sold at—it's a NCLT takeover, it was a old rate. The margin in that block was lower.

That has resulted in a lower margin for the quarter.

Okay. The outflow of cash this quarter on the investment in land at roughly 27 billion, that was also on the higher side.

What was the reason behind that?

Yes. Basically, this quarter we had couple of good opportunities, especially on the bidding and some corporate deals.

One land parcel we had tied up in Hyderabad called Knowledge Park. There we have invested close to 1,000 crores.

Okay. Then in the Chennai market, we have picked up one land for 800 crores.

These two were the major contributors. Otherwise, the total deployment was close to 2,700 crores.

Understood. My second question is on the launch pipeline for fourth quarter and how should we think about your presales number in FY27?

It's fairly certain, I think, that we will achieve our FY26 guidance. How are you thinking about demand and launches, the big launches in FY27?

Thank you. See,

now this current quarter, we've got three launches coming in Bangalore. One we've already done, which is Evergreen at the Prestige Raintree Park.

In the pipeline is Eaton Park and Fernvale in the Prestige City, two more components, where approval will come in hand in a couple of days, and then we'll get RERA and we'll get launched this quarter. We also have a plotted development called the Prestige Marigold in Bangalore.

Then Hyderabad, we are very confident of launching two developments. One is the Rock Cliff, which is in Banjara Hills, and the second is the...

Golden Grove.

Golden Grove. Again, that is in Tellapur.

It's a very large development. There again, we believe we'll be able to launch this quarter.

All in all, we should cross our top-line sales in this quarter of about 8,000, which takes us to through 30,000 for the year, if not more.

Understood, sir. How should we think about FY27, and your thoughts on the real estate demand, please?

No,

the demand continues. For FY27, it's all work in progress.

We have a pipeline, and I think it's too early for us just now to spell out all the projects that are there, which, of course, the list is there, but it's all work in progress in the sense which project comes in which quarter. I believe that once the product comes in the market, it will definitely be sold.

Understood, sir. Thank you so much, and best of luck.

Sir. Hi.

Congratulations on a good quarter. Sir, if I look at your numbers for FY26, you will cross or reach 30,000 crores, but a large component, almost one-third, is coming from NCR, which is 9,000 crores, which was a hit product this year.

We start FY27 at least a shortfall of 9,000 crores, and to reach or achieve or exceed 30,000, some others products have to contribute. How does one think in FY27, how do you intend to make up because NCR we don't have much of a pipeline as of now?

No. There is pipeline, and the teams are working on it.

There is a strategy, and we have tied up some land in NCR also. We can't be just one-product wonder in the NCR.

We've tied up to the large tracts in the Gurgaon region, which we'll spell out as we go along.

I don't see them in the business development pipeline. Are these new additions, and how much will be the value of the GDV added in these two projects?

Sir, if you just look at the slide number 26 in our investor presentation, that tells you the GDV of new acquisitions, that's totaling to around 40,000 crores. If you look at existing pipeline that we already have where approvals are nearly finalized and planned for upcoming quarters, we have about 16 projects there, of which 1 2 3 4 5 6 projects should get launched this quarter.

That balance is How much, Amit?

14, 15...

About 15,000 crores will be over there as well. So 15 plus you have 40,000 plus.

No, I was referring more from the NCR. I think Mr.

Irfan touched upon that we have tied up some land parcels, just I

want to find out... Yeah.

Sir, NCR, we already have Sector 150 where the legal issue which was there had been cleared, and the plans will get approved in a couple of months. That will come for the next financial year, that's why we haven't planned it for this quarter, but for sure in the next quarter that'll come.

I can't spell out the other two sectors in Gurgaon which we have finalized. We have a term sheet.

We are working on the legal due diligence, and that'll surely hit in the next financial year. They are something that at the appropriate time it will be announced.

In terms of GDV, sir, how much will be the value of these two projects in Gurgaon?

If we take that, it'll be again bigger, if not as big as what we've already done in Indirapuram. The GDV will be more than 10,000, all put together.

Okay. All put together, it'll be about 10,000 crore.

More than 10,000.

Okay. Secondly, on commercial, sir, now I think we have on television spoken about the commercial assets earlier a few days back.

Just wanted an update on the BKC and Mahalaxmi assets. How has been the lease traction in these two assets, or what kind of pre-leasing we have already achieved in these two assets?

Yeah. What happened is, now in BKC, the good news is the construction is underway at a pretty fast pace, and we should top out the X tower in BKC by April-May of this year, and we should top out the Y tower by August-September in this particular calendar year.

Similarly, for the turf tower, which is the Mahalaxmi, which is called the Prestige, both the towers should get topped out by the end of the year, that is December. Things are moving at a very, very healthy pace, and then of course, after we top out, there will be a lot of work in terms of finishing, which will take another year.

Having said all that, if you ask me on pre-leasing, I think the teams have worked really well, and in BKC, we have commitments, firm commitments with deposit, for about 1.4 million square feet of office leasing. Similarly, in the turf tower, we would have around 400,000 square feet of pre-leased commitments.

That is, for property that is under construction, I would say it's a great achievement. Once it's ready, the demand will be much more because the type of product that we are going to deliver will be not seen earlier.

Okay. Just lastly, on the data center, I think you have signed some MOU with the Maharashtra government.

Any update on that, what are you exactly planning to do there, and what kind of investments we should look into the data center business from Prestige?

Yeah. That's a work in progress.

The land will be allocated to us, we're just waiting for that to be done. Hopefully at the end of this quarter, we should have a further update for you on that.

We are looking to do built-to-suit or will it be an asset... No, it'll be a combination.

It'll be a combination because it's close to 100 acres. It'll be a complete build-out and it'll be completely master planned.

We'll be open to doing either/or.

Just lastly, sir, I may squeeze in. Next year, sir, in FY27, I think in your media interview today, you said that we intend to better off FY27.

Are we looking at any growth, or you think that 30,000 will be kind of a peak number, at least for the near to mid-term in terms of presales?

No, FY27 Now see, once we arrive at our number for FY26, we hopefully we are I think more or less sure to cross that 30k mark, we will take stock. We'll take fresh guard, and I think once you are at the peak, I think we need to evaluate, do all our homework, and work out from which market, what like you yourself asked about the NCR market.

We are looking at seeing which market, how much can come from. I believe the 30k mark itself, what we are going to reach, is going to be pretty high.

We'll give a guidance when we come to April in the next quarter when we have our conference, maybe we'll have our guidance also ready. As of today, it's too early for me to say anything.

All right, sir. That's all from my side.

Thank you and wish you the best.

Hi. Thanks for the opportunity.

Just a couple of questions from my side. Firstly, Mr.

Razack, you spoke about 30,000 crores of presales for FY26, which effectively means about 7, 7,500 crores in the fourth quarter. If I look at the launch pipeline, largely all the four projects are in Bangalore.

If I look at the quarterly sustenance sales of about 3,200, 3,300 crores, effectively, you're looking at a 50%-60% kind of a sale on the launch of these projects. If you can provide some color on the health of the Bangalore real estate market.

What's the sense that you're getting on ground in terms of footfalls and conversions that should take you comfortably to the 30,000 crore mark?

That's the reason why I said we will cross it quite comfortably. We just launched in this month the Evergreen at Prestige Raintree Park, which is a 5,000 crore GDV, out of which it has met with a really, really good response.

In the first two weeks itself, we have done fairly good sales, I think almost about 1,500 to 2,000 crores. Of course, we'll total up as that sale stabilize.

I think this quarter on that particular project should do very well. Now, we also have the Prestige City two components, Eaton Park and Fernvale.

Even those we believe that once the approval comes in hand, which is likely to happen this week or early next week, and the RERA, we should be able to get a fairly decent sellout like you said, 50%-60%. We have a large development in Hyderabad, which again is going to contribute very big, which is the Golden Grove in Tellapur.

All this put together, we should cross the line very, very comfortably, and there won't be any struggles.

Palm Court.

Huh?

Palm Court in Chennai.

Palm Court in Chennai. Palm Court also just got approved in Chennai.

See, now looking at markets, I'll tell you Bangalore is still pretty fizzy, very good. It's fast.

Hyderabad is also fairly decent. Chennai is steady, very steady, and it'll not give me instant results.

Depends on which micromarket, the demand is still there because of the brand itself.

Sure. This is helpful.

Secondly, on new BD, can you provide some color on what IRRs are you penciling in while signing up new business development? For the 40,000 crores which were signed so far in nine months FY26, what does the margin look like?

In the last call, you mentioned you're looking to sign one large BD in Mumbai, if you can provide an update on that?

I think I'll ask Amit to answer this.

The IRR what we're expecting on our recently signed projects is in the range of around 20% to 30%. Most of the projects are in that range itself.

If you see a blended rate for our upcoming and our ongoing projects also, it's in that range. We'll be maintaining that margin levels.

The BD that you're looking at in Mumbai, if there's any update that you are seeing here?

BD is a work in progress. Every day there's something new that happens.

Now see, the biggest BD in Mumbai is we already have the land, and we've cleaned it up, and very hopefully in the next financial year be launched, which is the Prestige Place, which is Jijamata Nagar. The entire 4,000 homes which were there have been cleaned up.

First is our responsibility to build that 4,041 homes. Second is, as soon as the plans and the concepts are almost getting finalized, there we're going to have a hotel, we're having office, we're having a retail mall, plus 2.5 million square feet of residential.

I believe that'll be a big number mover, and that also will happen in the next financial year. We also having a large office development which we are going to sell in Bandra, that is called the MIG, which we call it the Business Bay.

Even that approval will come in the first quarter of next year in Mumbai. Many things are happening.

Everything can't be spelt out. There is a lot of traction, and there is a lot of opportunity.

You saw Hyderabad, we bought that 11-acre land in HITEC City, out of which 3 million square feet will be built, 2 million will be office, 1 million will be residential. The residential tower will give us at least 2,500 crores GDV, and I believe that's be a luxury tower, and that there's a vacuum for that type of a product.

I think that will also meet with a good response.

Sure. That's helpful, Mr.

Razack. I'll come back in the queue.

Thank you, and all the best.

All right.

Hi, sir. Good afternoon.

Thanks for taking my question. My first question is on the DIAL project at the Delhi airport.

Would be great to get a status update about that.

Yeah. What about the DIAL project?

Timelines and how is the leasing...

Timelines. Now good news is that the teams are really putting a lot of focus.

First is the 600,000 square feet of office that we have has been almost all fully leased out, and the customers are waiting to move in for their fit-outs. The project itself, I would say the completion of the hotel block will be by July of this year.

Of course, since it's a very large hotel and a lot of rooms, there will be some simulation time, 4 to 5 months. We've already appointed the general managers for both the hotels, that is the St.

Regis and the Marriott Marquis. There's huge convention.

I believe these hotels per se should start trading like a soft launch end of this calendar year. The office component, we should be able to hand it over to the tenants in April as soon as we get the occupancy certificate.

Sure, sir. Second, on the housing side, you did give a color about the various markets like Bangalore is still good, Chennai is steady.

Wanted to get your views on price increase. Is there scope for further price increases, or do you think we are more or less near the top?

No, I think we've topped up on the price. We should not allow the price.

You see, what components go into price? It is, A, the raw material, which is land; B, it is the cost of construction; and, C, the approval cost.

These three, it varies from city to city. Mumbai, more than the land cost, it is the approval cost because the premiums and the TDR and the other components are pretty huge.

Like in Hyderabad and in Bangalore, the approval cost is not that high. Then, we have to be very, very careful on what we commit, and we don't overcommit, overpay, and overprice the land.

Once you pay too high a price of land, then in case the market corrects itself or there's no demand at certain levels, there is going to be pain. As of now, at the level that we've reached, according to me, we're more or less peaked out.

We should not allow prices to rise more than this.

Sure. One last question for Amit.

For the BD deals that we have already entered, what is the pending land capex that needs to be spent? Thank you.

Amit.

Yeah. Just give me a moment.

It's close to ₹1,800 crores, sir.

Sure. Thanks, and all the best.

Hi, sir. Good evening.

A couple of questions from our end. One, sir, just to get a sense, how conservative or aggressive are we when it comes to calibrating our upcoming GDVs and costs associated with it?

Typically, what are the moving parts which costs are most vulnerable to, and similarly, when it comes to the GDV?

No, no. I think we can't get too aggressive and too optimistic.

Whenever we calculate anything, whenever we tie up a deal, we are very conservative. We take the worst-case scenario and make any commitment for any land.

In case we believe that it's just not possible, we just let it go. There's no ego in doing business.

As long as it makes sense to the company, as long as there is a confirmed bottom line, and as long as we believe that there's going to be success, we touch it. Otherwise, it's best thing is to just move away, and then live to fight another day.

Okay. Historically, you've seen an upmove in most of your projects where the GDV that you had penciled in at the time of conceiving the project versus the GDV that you actually realized, is that how the trend's been?

No, no. That has happened.

You see, now before when we tied up the transaction, we thought we'll get a GDV of about 8,500 to 9,000 crores. Today, we are getting 12,000-plus crores.

Of course, on the flip side, even construction cost also has gone up. If we hadn't got that plus, obviously, we would have got hit on our bottom line if the construction cost went up.

There's an insurance. That's why we're very conservative.

That's why we are conservative. We are to be careful and conservative.

We can't throw caution to the wind and look only at the volumes. We have to look at the bottom line.

Got it. Sir, second, just to get a sense on your cash deployment going forward.

Given your capex commitment of about ₹15,000 crores between your commercial and retail business,

and

given the reasonable visibility that you have on your resi cash flows, obviously, it's split in three buckets: sold, unsold, and upcoming. Unsold and upcoming will have certain risks associated with it.

Basically, and the fact that your commercial portfolio in itself will start generating anywhere between ₹3,500 to ₹4,000 crores of free cash. How should we see cash deployment going forward, because both office as well as retail seem to be at a point where they'll be self-sustaining, reasonable amount of cash flow generation from the resi business.

How should we see you deploying this cash going forward, and this is not from a year or two perspective, from a slightly longer-term horizon?

Right now, as you mentioned, we have close to ₹15,000 crores of capex to be spent, okay, of which what we are envisaging close to 40% will be from debt and 60% from our internal accruals, basically residential and whatever surplus cash flows from our annuity business. This is how we should be allocating our capital.

Most broadly, if you see whatever we are allocating, around 70% will be on the residential segment and 30% will be on the capex annuity business.

Got it. If I just put the entire business together, resi and commercial together, and just look at the consolidated entity and the underlying characteristics of the resi business, there will be a sizable free cash that is likely to get generated.

Is there a potential for you to have an alternate line of business? Data centers is something that's been spoken of.

Is there where we could see [unclear]? Or is there something else?

That's basically what I wanted to get a sense of.

Hi. Your question towards what we'll do with the free cash flows, very simple.

I think each line of the business is giving us quite good return on capital. We'll continue to deploy it accordingly.

Also, yes, to answer your question, data centers as well is something we're looking at. Of course, I think it's very nascent right now.

We have also looked at acquiring these large parcels of land where the requisite power can also be provided to. Based on demand, we can also ramp up the supply.

We are very agnostic in how we look at things, and if there are some new alternatives also, we're happy to look at it. As of now, in these 4 to 5 business lines is where we would feel we can deploy most of all our capital.

All right.

Last question. Just an update on Pallavaram, Chennai, because that seems to be moving a bit slow.

Similarly, on Nautilus, I think about 2,500 crores was sold, part of the GDV at the time of launch of about 8,000 crores. How are you looking at Nautilus and an update on Pallavaram?

Thanks.

No, no. Pallavaram has, according to me, performed quite well.

They've done more than 1,000 crores worth of sales there. We're just doing excavation, and maybe just foundations are going on.

Like I said, like in Bangalore, I can't compare a Chennai to a Bangalore, Bangalore to a Hyderabad, or Hyderabad to a Bombay. All have done in different spaces.

You asked something about Nautilus. What was that?

Sir, Nautilus, I think, absorption till date has been in the ballpark of about 4,500 crores. That's about 55% of the GDV.

How are we looking at it? Are we consciously going slow on the project, given that it's been established fairly well known?

Just wanted to get your sense.

No, there's nothing to go slow about. Construction will go whole hog because there again, I think excavation itself will take near year-plus.

We've started it at full speed, but still one year more for excavation, and then obviously, the foundations and everything will happen. In fact, on the other side, the society building is up and about.

That's why my society members are pretty happy. On the sales front, as Nautilus concerned, I still have to load the slum component and some more FSI, all those things.

As we keep loading, we'll get more and more inventory to sell. Just now, my sales guys don't have that inventory, and I believe that there's no question of going slow.

As and when we will get the approval, we'll keep selling. We don't wait for the demand, I don't keep inventory hoping for a better price.

See, here our always our thing is if the going is good, if there's a product, there's a demand for the product, sell it.

Got it. Thank you.

Thank you, sir. All the best.

Thanks. Just couple of questions.

First on, we've gone a bit aggressive this year on building a pipeline in Hyderabad and Chennai. Some of our peers are struggling in those markets.

I wouldn't say struggle, but a bit slow in that market in terms of scale-up. How should we see our target segment in that market, and what according to you is the right fit for individually those market to have a good sales velocity at launch?

Because I think morning in the interview, you said that if project doesn't sell 30%-50% in the first month of launch, then it's not a successful project. That's where we are quite wary of.

What would be our strategy in Hyderabad and Chennai so that we are successful in these two markets as well?

That's a good question. See, in Chennai, I can't hope to have a 50%-60% sale in the first month of launch.

I believe there if I am getting a 20% sale in the first one or two months of launch, I would say it's a good project. Another thing is, we have not gone aggressive.

We didn't have any inventory at all in that market. We have picked up three, four very good priced properties.

The opportunities did come, and now those will start coming in, and that start fructifying. Since we've been in that market for quite long, I believe there's that opportunity.

Even in Hyderabad, really speaking, our Prestige City Hyderabad is more or less getting closed out and sold off. We needed some large one.

The Golden Grove is a 9 million square feet project, which if launched, I think, at the right pricing, the location is just tremendous. I think it should be a big hit.

We've just now also tied up another land in Kompally. Even that, it will take me about 6 to 9 months for approval.

That also will come in the next financial year. Of course, Bangalore, we have a big pipeline again.

I don't see any reason why we can't bring in more and more inventory in Bangalore.

What should be the size in these two markets at peak level? What kind of presales that we can generate from both of these?

No,

the pricing we haven't yet decided. I wouldn't want to spell or just hazard any guess on the pricing.

No, I am asking about the presales run-rate in these two markets on a steady-state basis.

Hyderabad will be 7.5 to 10,000.

No, I think optimist, too optimistic is I would say 7,500 in Hyderabad is what I would expect, and Chennai I would expect around 4 to 5,000. For the whole financial year.

Yeah. Yeah.

Got it. Just one last on the pricing bit, right?

I think it gets into a chicken and egg kind of a situation when prices don't increase, we don't get rush from the home buyers. When you say a kind of a flat top out in terms of pricing, are you also discounting, discarding those gradual price increases that are needed for customers to make those buying decisions rather quickly?

What's your thought process when you say prices have topped out?

See, listen. I don't think anybody buys a home looking at price getting higher every month or every quarter.

That's not the way a customer looks at it. They look at location, they look at the product, they look at the opportunity, they look at the affordability.

When I said top out, what I meant was that we have reached at certain levels. I personally wouldn't want the pricing to go up further and further because it will be counterproductive.

The only thing would be that if price does go up, obviously it will, it'll be correcting itself against inflation. That is a thing that's happened.

We've seen it year-on-year every two, three years there's that big high jump. As of now, we've got that high jump, and I think we should be content with what we have.

If you are able to play within those numbers, and the customer also is looking to buy a home, and that's how the customer thinks. I don't want investors to come in thinking that they'll buy today, sell tomorrow, make some money.

I think that will be a artificial market.

Very clear, sir. Thank you.

All the best. Thank you.

Thank you.

Hi. First, congratulations on a great year.

I think most of my questions have been answered. Just one thing, I wanted to understand the corpus that we've spent on new acquisitions of BD this year up till now, and what is the kind of corpus that we're expecting for the remainder of the year?

If you can throw some color on the corpus for the next financial year as well?

Over to you, Amit.

Yeah. Hi.

For the nine months, we have spent 4,700. We had actually guided 4,500, but then as we mentioned, there were certain good opportunities during the quarter.

We have deployed 2,700 crores for the quarter, which is on a higher side. For the next quarter, what we have allocated is close to...

[unclear] backup call [unclear] details [unclear]. This is Pritesh.

Pritesh, I think so your line is on this one. You can mute it.

Yeah. For Q4, we have allocated close to 1,000 to 1,300 crores.

We'll end up financial year '26 with close to 5,500 to 6,000 crores of BD spend. In financial year '27, right now what we are budgeting is close to 4,000 to 4,500 to 5,000 is what we're allocating for financial year '27.

Sure. The next question is on the debt side.

We, I think on the call, we spoke about having 40% debt capex, 40% debt coverage. Just wanted to understand what is the kind of debt we're expecting by this year-end, and also if we are planning on taking on more debt for the next year?

Again, debt if you see, we have been managing our capex and business development through our operating cash flows itself, the exception being this quarter because of the opportunities. Going forward also, what we're budgeting is we should be able to manage our operating from the operating cash flows capex spend and the business.

Whatever debt we'll take is basically to service the interest and repayment of the loans. Just to answer that, in '26, we don't expect to go up significantly.

It should remain at 0.5 to 0.55 levels itself.

Okay. Okay.

Just one last question. Like how we are witnessing a little bit of slowness in micromarkets of Chennai or Hyderabad, A, are we seeing any oversupply in those micromarkets, and, B, are we exploring any new micromarkets for the coming years since we want that kind of growth for the coming years?

Is it just the Delhi, Mumbai markets that we're looking at, or are we discovering any new micromarkets? That's it.

Thanks.

We're looking at the Pune market as well, apart from the markets that we are operating in. Hopefully, we should have some BD in this new market in the next financial year.

Okay. Okay.

Thank you. Thank you for answering.

That's it from my end.

Sir, how we are looking at Jijamata project, the GDV? It's nearly 6 months of land clearing, and along with that, any thoughts on Lonavala?

I think it's more than one and a half year we have talked about. Any challenges we are facing?

I think Lonavala, land procurement is almost completed, but it will still take a few months more. Once we have a fix on the entire total land, then we'll probably get onto the drawing board and design a product there.

On Jijamata, the property is clean. Now the planning is going on.

The product mix also has been decided. It's only a matter of fixing the overall product, getting the approvals, and moving, that's it.

Earlier, we have discussed the GDV of this Jijamata will be around 20 to 25,000 crores, but now the prices has increased in those market. Any upgrade in those GDV?

No, it's not just residential there. It's a total 4.5 million square feet, but out of which 2.5 million will be residential, the rest 2 million will be hotels, that is they're getting the Waldorf Astoria, the Hilton, a convention center, we're getting a city club, resident office of about 500,000, and a million square feet plus retail.

There will be a lot of capex. We're looking at the inflows coming out from the residential also to take care of the capex here.

Far on that particular project, there is no debt. Again, it's in partnership, we are at the moment holding 50% equity there, and our partners also have to contribute equally.

We'll play it by ear as we go along.

Okay. When we say free cash flow from residential project is around 50,000 crores and revenue recognition of 61,000 crores, what's our investment has gone into this projects, and any guidance on the residential revenue recognition for FY27?

No, we've already said that. That's work in progress.

We'll announce that in April.

Sir. Sir, last thing.

This Prestige Quantum, is this Sahar Road project?

Yes.

Of 1.63 million square feet?

Yeah. I think whatever total area, once the approval comes, we'll know.

That's I think 1.2 to 1. whatever.

I don't know who wrote 1.6 million area. It is TDA, sir.

1.6 is total developable area. Leasable will be 1.2.

Leasable will be that 1.2.

Sure. Thank you, sir.

Hi, sir. Am I audible?

sir. You're audible.

Hi, sir. Congratulations on a great quarter.

Just want to understand, it seems for this upcoming quarter, your Bangalore launches alone will help you meet or beat that 30,000 crore number. Are you still aggressively trying to push those Hyderabad products for this quarter itself, the large project in particular, Golden Grove?

No, I think we have to bring in Golden Grove. It will come.

Only thing is we have to keep our fingers crossed that it meets the imagination of our customers and the demand comes from there.

Okay. Sure, sir.

Sir, secondly, for the Jijamata product, the 2.5 million square feet of residential, is that on saleable area or carpet area?

Carpet.

Sure. Thank you so much.

Thank you. It's been an amazing interaction.

Anything further, Zaid is always available, Amit is available for any interaction, wherever any clarifications. For us at the company, the teams are working hard to produce better and better results.

I think we've done that over the several quarters, and we do hope the next quarter also will be as good. Thank you so much.