Good morning, everyone. On behalf of ICICI Securities, I'd like to welcome everyone on the call today.

From SignatureGlobal management, as always, we have with us Mr. Pradeep Kumar Aggarwal, the Chairman and Whole-Time Director; Mr.

Lalit Kumar Aggarwal, the Vice Chairman and Whole-Time Director; Mr. Ravi Aggarwal, Managing Director; Mr.

Devender Aggarwal, Joint Managing Director and Whole-Time Director; Mr. Rajat Kathuria, the Chief Executive Officer; Mr.

Sanjeev Kumar Sharma, Chief Financial Officer; and Ms. Kritika Singh from the Investor Relations team.

I now like to hand over the call to the management for their opening remarks and comments. Over to you.

Thank you.

Good morning, everyone. It is a pleasure to welcome you all to the quarter 3 FY '26 earnings conference call of SignatureGlobal.

Thank you for the taking the time to join us today. I hope you have had the opportunity to review our financial results and the investor presentation shared yesterday.

To begin, I would like to briefly speak about the broader housing and economic environment in India, which continue to support long-term growth. The Union Budget '26 once again highlighted the government's strong focus on infrastructure and urban development.

The increase in public capital spending to 12.2 lakh crores in FY '27, representing a 9% rise over FY '26, is expected to help speed up project execution and encourage greater private investment. Urban development continues to receive strong support, with 5,000 crore allocated each year for the next five years towards city economic regions.

Along with this, continued focus on tier 2 and tier 3 cities is helping create new growth centers. These steps will support planned urban growth, improve city infrastructure, and drive housing demand across emerging locations.

Overall, the budget aligned well with the vision of Viksit Bharat by 2047 and supports steady and inclusive growth. Over the last decade, India's housing market has grown steadily, supported by rising income, rapid urbanization, and supportive government policies.

Today, real estate play a important role in Indian economy, contributing around 7% to 8% to GDP and acting as a key driver of infrastructure and urban development. According to recent Cushman & Wakefield report, the Delhi-NCR region witnessed a strong December quarter in 2025.

New housing launches rose by 39% over the previous quarter and more than doubled compared to the same period of last year. Gurugram led this growth, accounting for nearly half of total new launches.

In the positive market environment, SignatureGlobal remain focused on responsible and long-term growth. Customer satisfaction and more comfort are the top priority.

As the Delhi-NCR region falls in a high earthquake risk zone, we have recently entered in a agreement to use advanced earthquake safety technology across our high-rise projects so our customer can feel safer and more comfortable in their homes. Our performance in the first nine months in FY '26 reflect the strength of our business and the trust placed in us by our customers and investors.

Our adjusted gross profit margin improved to 31% in 9-month FY '26 and 40% in quarter 3 FY '26, supported by higher-margin mid-income housing projects. Building on a strong performance, we remain focused on executing our project on time, maintaining financial discipline, and delivering quality homes across our key market.

Our focus continue to be on steady growth and customer satisfaction and creating long-term value for all our stakeholders. With that, I would now like to invite our CEO, Mr.

Rajat Kathuria, to take you through the company's financial performance in more detail. Thank you once again for the joining us today and for your continued support to SignatureGlobal.

Yeah. Good morning, and thanks, everyone, for joining this call today.

Overall, 9 months have been good. I think activity level has stayed steady and more range-bound, but we're seeing some sustained progress on multiple accounts, and I'll kind of talk through each one of them individually.

As far as launches are concerned, we started the year with comparatively lower levels of unsold stock. It was important and critical to launch newer projects, and over the 9 months, we've come up with 2 larger launches.

The first one was in the first quarter itself by the name of Cloverdale, and the second larger launch happened towards end of December by the name of Sarvam. Both of these are large group housing projects which we've launched with fairly competitive pricing and good locations in the micromarket.

Overall, adding on some of the smaller launches as well, we've launched close to 6.8 million square foot during the first 9 months, which in GDV terms is upwards of 104 billion INR. We've created some reasonable supply over the last 9 months.

The supply trend is expected to continue because by the month of March, we were earlier planning to go whole hog with 4 million launch, but we'll definitely be doing more than 2 million of launch in the month of March, which should give us an additional GDV potential between 45 to 50 billion INR. Overall, we started the year with a guidance of about 170 billion worth of launches.

I would say we'll be range-bound to that with our launches definitely exceeding 150 billion INR. The launch which is being planned is also in the SPR market, and we are very closely and actively working towards it.

In terms of the sales for the last quarter, we did about 20.1 billion, taking our 9-month sales average closer to 67 billion. Sales was expected to be a little higher, but the launch of Sarvam happened just at the fag end of the quarter, and given the pollution scenario and some of these bans in the Delhi-NCR market, I think the customer movement was limited.

We could have gone a little bit better on the sales, but I would say that we at least stayed range-bound with more than 20 billions of sales which got clocked. We have inventory from Sarvam and from Cloverdale with us, which continues to be offloaded in the market in a gradual manner.

To break down on the sales numbers, we've sold about 1,700 units over the last 9 months with an average unit price of about 38 million per unit. In square footage, we've sold close to 4.5 million square foot with an average realization crossing 15,000 rupees per square foot mark.

The product which has been sold is fairly high on quality and specs, and given the current land prices, we feel it's a good, compelling buy for the customers when they're getting the product at about 15-odd-thousand rupees a foot. There has been some bit of rise in land prices and construction over the span of time.

The market's definitely a little above. Since we want to drive good volumes on the product front, we try to stay as competitive on the product pricing as possible.

To put it into context, 15,200 per square foot of realization is about 20% higher vis-a-vis the previous year, one of the key factors being that last year, a lot of sale also came out of our township projects, which are outside of Gurgaon, whether it was Daxin or City of Colors. I think they also contributed to fair bit of sales during the first 9 months in previous years along with some sales in Gurgaon.

This year, I think the composition of sale from Gurgaon is higher, and that's one of the factors why the realization is almost more than 21% higher than the previous year. Even on a like-to-like market, individual markets also, we have seen an escalation closer to about 15-odd percent in each of our key micromarkets.

As far as total collections are concerned, the quarter was definitely better than the previous 2 quarters. We collected closer to 12.3 billion INR, and even the current quarter, we're seeing good collections.

I think definitely the second half of the year, as anticipated, will be much better than the first half of the year in terms of collections. Overall, till 31st of December, we've collected close to 31 billion INR from our customers.

At this level of collection as well, we've created good cash surplus, cash profits, cash surplus, whatever term we may want to use. We've almost created a surplus of about 860 8.6 billion, 860-odd crores, in the company within the span of 9 months, which was primarily used for business development.

We've added stroke bought some land from our JDA partners where we used about 6.7 billion, and another 0.7 billion went in terms of approvals for forthcoming projects. By and large, bulk of the business development has happened out of internal accruals.

Balance some money was used for interest payments, and there's a minor increase in the net debt position, which stays in that 10 billion sort of position. Individually, gross debt and cash and cash equivalents both have gone up.

We've a little over 30 billion in gross debt and over 20 billion in terms of cash and cash equivalents. Hence, the net debt position stayed in that 10 billion sort of a range.

We've been in this range for last 2 to 3 years. Despite the growth being done by the company, the net debt position is where it is.

To put into perspective the portfolio which we are dealing with, the scale which we are dealing with as of today, we've completed in excess of 16 million square foot till date. There's another 13 million-plus square foot which is at advanced stages.

Last quarter, there were a lot of restrictions, and we got very little days to kind of complete some of these projects. The current quarter, we are anticipating almost close to in that 2 million square foot of range of completions to happen within this ongoing quarter as well.

There's about 13 million which is kind of getting addressed on a quarterly basis with current quarter also contributing to fair bit of completions in the company. This 13 million put together has a GDV of about 98 billion, which will get recognized in the coming 4 to 6 quarters.

Besides that, and more importantly, there is almost close to 42 million square foot, which is as of today almost getting equally sliced into halves. One is projects which we've launched over the last 2 years, the category in the investor deck which we've shared is we've termed it as recently launched projects, which is close to 21 million square foot.

This consider launches starting from De-luxe DXP, which we launched around February, March 2024. From that launch till date, we've done multiple group housing projects, whether it was De-luxe DXP, Titanium, Cloverdale, Twin Towers, Sarvam, and also 2 large township projects, whether it was Daxin and City of Colors.

Across all these projects, we've launched roughly about 21 million square foot on a very sustained basis. Every quarter, we've been adding supply, and it takes its own sort of diligence, time, effort to, in parallel, accumulate land, get approvals, come up with a project and a product which well suits the customer requirements.

Over the last 2 years, we very successfully launched 21 million square foot with a GDV of close to 30 300 billion or 30,000 crores. In addition to what we've done over the last 2 years, we also have another 21 million square foot with us right now, which has an even higher GDV, which will be in the range of 350 to 400 billion INR, almost 35,000 to 40,000 crores' worth of land stage inventory is something which we hold, and we'll be launching over the coming 8 to 10 quarters.

Bulk of this land is in a good position. It's mostly kind of contiguous.

There's certain approvals which are in place, the balance are being obtained. It's not land which will take significantly longer than, let's say, next 8 to 10 quarters for us to launch.

Hence, if we go 2 years forward from now, the last 4 years, we would have then launched almost projects worth, let's say, 65,000 to 70,000 crores, and the entire portfolio which we see as of today would have been like a cash-generating portfolio for the company. In contrast to this very rich, very prime land resource and projects which we've launched, there's a very limited net debt position in the company.

Given that net debt position is low, we are fairly confident that within this calendar year, this net debt position should actually come down to a zero level. Can't really comment on timing of it, but very confident that this net debt level will come down to zero, and while we continue to do more launches, that will help us in getting good cash flows for the company.

In terms of the revenue recognition, I think we have completed projects worth 15 billion over the last 9 months, but given that project completion tends to be lumpy in nature, we expect quite a bit of these completions to happen in the ongoing quarter. This number is expected to change significantly as we end the year.

The silver lining is that as our mid-income projects are gaining a higher share in overall completions vis-a-vis the affordable projects, there are just few more affordable projects which are still to be completed, our gross profit margin is surging past 31%. We expect this to further go up in times to come.

As for the guidance for the year is concerned, one would notice that there is still a bit of gap between the current achievement and the overall guidance for the year. This is supposedly a good quarter for the company on various fronts, whether there's one large launch which is still pending, whether it's a sale momentum given that weather's better and we have good inventory, the good level of site visits which are happening as of today, and hence, we are hopeful that it would lead to good conversions.

Collections are picking up. Last quarter was much better than the earlier 2 quarters, and we expect that trend to continue as well.

Completions, we are quite hopeful of good completions during this quarter. I think we will largely cover the gap between the guidance numbers and the actual performance for this year.

There was no point preempting a particular number since we are very close to end of the year. I think we are very positive given the business momentum and activity scenario across various supply and demand streams that this gap will significantly come down by the end of the year.

All these numbers also, we should look into perspective that last 3 to 4 years, we've gone through a significant growth phase. If you go back to fiscal year 2022, our presales number used to be closer to a quarter of what we achieved last year.

We've actually seen a good, close to 60% sales CAGR over the last 3 years, and given the opportunity, we are very positive on this good sales activity to continue in the region. Our positioning remains very unique.

We do want to position ourselves as the preferred brand, preferred choice of customers in this middle-income housing market in the Delhi-NCR market, which is definitely starved in terms of good quality developments and coming from branded developers. Our strategy for coming years is going to remain similar to address this mid-income housing market, and we are well poised to kind of tap the opportunity around it.

Thank you very much.

Yeah. Thank you so much for the color on the market.

Just a bit more if you can talk about what are the key changes in the market that you've seen from the start of last year till now? How do you see room for price appreciation in your products?

Sure, Puneet. Thanks for asking a very important question.

Puneet, if you look at the housing market within Gurgaon, there was literally very little supply during 2014 to, let's say, 2020-2022. For that 7, 8 years, literally, the market saw very little supply while a lot of hard infrastructure, social infrastructure related improvements were happening, and a clear trend also emerged post the pandemic that a lot of people from Delhi wanted to move to Gurgaon, and that activity has been happening at a very kind of significant pace.

We were always doing some bit of work, but as a industry, as more supply came into the market during 2023, '24, '25, all of a sudden, there was a price spike in the market because literally very little supply was available for a lot of demand, which was there for almost a decade. There was kind of a euphoria in the market.

Developers, including ourselves, we were launching projects and we were getting 4x, 5x subscriptions for these projects, and it was a little scary because we weren't sure the quality of book which was getting created. That's why we had to do deep profile checks of customers who are buying these units, not to kind of give multiple units to any single individual.

Stuff like that was happening. I would say there was kind of a euphoria in the market, and it was very inordinate for something like real estate that on the date of launch, there were multiple X subscriptions happening.

I would say there has been good supply in the market, and hence, the demand trends in comparison to supply have matured wherein, sharing an example, let's say, we launched Sarvam. This was end of December, but we opened up about 800-odd units for sale, and we managed to sell about 300-plus units at the time of launch itself.

We are also expecting more good sales around this project to happen within this quarter. Vis-a-vis the number of units which the company's opening up for sale, within 6 months, let's say, if we're able to sell 50% to 60% of those number of units is more like what one would relate to.

That's the current scenario where demand is steady, but not euphoric.

Okay. How are you viewing the pricing growth trends?

Do you see further room like-to-like in your projects?

I think the current pricing makes the business reasonably profitable for us. We continue to state that the operating margins in the business are in that 35%-plus range.

We've got reasonable amount of land owned, because bulk of the land which I talked about is land which is owned by the company, and there is a very minuscule portion which is actually in the form of any collaboration agreements. As we are achieving these sales and collections, bulk of the money sticks in the company rather than it going out to any land owners.

I expect price to move up in late single digits rather than going up in double digits for the next 18 to 24 months.

That's very helpful. Secondly, on the margin itself, you talked about an embedded EBITDA margin of 35%, but when I look at the reported gross profit margin, that's at 31%.

How do you bridge that gap? I would presume embedded EBITDA would have some SG&A element as well into it.

Yes. There is a huge gap between the per square foot realization of what is getting completed vis-a-vis what is currently being sold.

What you're seeing in the profit and loss account has even elements of affordable housing, which we used to sell at 4,000 rupees or 4,500 rupees per square foot on a carpet area basis vis-a-vis currently, we are selling product at, let's say, 15,000 rupees a square foot on super built-up area basis. There is a huge gap between the per square foot realization, which is having an impact on the margins.

Understood. That's clear.

Lastly, on the approval cost front, now you've started, last two quarters, segregating out your approval costs between what is for new land, what is for under construction. If I broadly think about your middle-income projects, which is dominant for you, what would be the share of land cost and what would be the share of approval cost for you?

See, historical land cost for us is staying in that 10% to 12% margin. Including approvals also, which is not very high, but yes, we've started distinguishing it because we've been doing multiple back-to-back launches, we thought it's more akin to land spent rather than construction.

That's why any project which is already launched, and any amount being spent on approvals, we are classifying it along with construction, whereas for any unlaunched project, any approval cost which is being spent, we are categorizing it in the nature of land-related expenditure. Land and approvals put together, I think an assumption of about 15-odd percent of top line is a fair assumption.

Okay. Approval is still 2%, 3% only in that sense.

Not a very big number for you yet.

No, [unclear].

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

Thanks, Puneet.

Thank you. You talked about Sarvam and that 800 units were on offer and we could actually get around 300 bookings from day one.

Can you just elaborate on that project in terms of how many units are totally there? I think there are around eight towers you intend to build, and how many units, and when do you intend to complete it?

Just give some color on that. You mentioned that only around less than 50% of the people booked it.

Now, when you compare to the similar project in a similar sector, which is the De-luxe DXP, how was it when it actually launched somewhere in March 2024? Now, it will be helpful to understand from you.

Sure. Sure.

See, yeah, you're absolutely right. De-luxe DXP and Sarvam are in the same micromarket.

We are executing multiple projects within that sector just off Dwarka Expressway, called Sector 37D, and we'll be coming up with more supply within that sector in times to come. One key differentiation which we started doing starting this year is that we've started looking at overall community enhancement.

As far as Sector 37D is concerned, the first project was called De-luxe DXP, second one is called DXP Sarvam, and we've started positioning that market as DXP Estate, wherein we do intend to bring in more elements to enhance community living for our residents. Likewise, even in the SPR market, where we own more than 90 acres of land and we do intend to come up with back-to-back launches, we are focusing a lot more on community enhancement and we'll be adding elements to improve the general community living stroke social infrastructure around these areas.

As far as specific response in both of these projects is concerned, yes, De-luxe DXP was a project launched back in February stroke March '24, wherein we did actually get 5x number of subscriptions as we launched the project. If I'm not wrong, there were close to about 1,000-odd units and we got more than 5,000 applications against that particular project.

That was absolutely euphoric, and we actually had to take services of a large consulting firm to do profile checks of the customers who applied for it. We actually did it.

We hired BCG and got profile checks done for these customers that how come, what is it? Are these serious customers?

What do we do with these applications? It was a bit of a headache in that sense as well.

A good problem to have. As of now, when we've launched Sarvam, this is spread over 14 acres, about 3.6 million square foot and having about 1,800-odd units, which we've launched.

The per square foot price has gone up. De-luxe had a base price of about 13,000 rupees, whereas this time, the price is etching closer to 16-odd-thousand rupees, including cost for other services.

In order to keep that mid-income sort of positioning, we've reduced the unit sizes. Sarvam technically has smaller unit sizes vis-a-vis De-luxe DXP.

The unit sizes are closer to 2,000 square foot on a super built-up basis. That's why, overall, the project will take about close to 5 years to get completed.

We have ample of time to launch the balance 1,000-odd units. The ideal situation would be that over the next 12 months, let's say, we've managed to kind of show some good construction progress on the project, appoint good-quality contractors, and that's when we reposition the balance about close to 50% of the inventory, which we've held with us for the time being.

That's the overall plan and strategy around Sarvam. The entire 3.6 million is a single-phase development.

We're not phasing it out. We'll complete it as one single project, and our targeted timeline is close to 5 years for the same.

All right. Then out of the 1,800 units, you actually have asked for around 800 units, and what has been the fill rate so far?

How many units have been booked in that lot?

Till 31st of December, I think we had filled about 318-odd units.

Out of the 800 you had actually proposed?

Yes.

When will you augment the other one? Because it's going to be a one location, right?

When will you augment another 1,000-odd units here?

We would like to show some progress on ground rather than just kind of timing gap. There should be differentiation in what is being offered to the customer, because the usual market trend is the second phase comes at a slight premium to the initial launch price and, of course, a compressed payment timeline for the incoming customers.

It has to be in line with certain project-level progress. As we start developing this project and showcase some success around it, that would be ideal time we kind of do a good phase 2 launch or basically putting the balance units up for sale.

In terms of the other projects, which is the Cloverdale, SPR, when you launched that in June 2025, what has been the response there? Has it dramatically changed when you actually look at Sarvam?

No, there's no dramatic change. That was a smaller project, we didn't hold back any units for sale as we launched it.

That was like a single launch. That was about 1.7 million square foot, and the trend is similar.

See, as we're launching a project, definitely, there are certain or rather a good, healthy percentage of units which are being absorbed right in the same quarter and in the same month at the time of launch, but given that it's real estate, it's good that then thereafter, we're doing sustaining sales and it gets absorbed over a span of time.

Fine. I just have another two questions.

Okay.

Thank you.

Good morning, and thanks for the opportunity. Just a couple of questions.

I think starting with where we left on Cloverdale. While we are targeting to launch another phase at SPR, just want to understand how much inventory is left in Cloverdale.

Overall also, whatever we have launched since last couple of years, that's 21 million square feet, 30,000 crore GDV that you highlighted, how much is the inventory in that total portfolio? Just trying to understand why, despite having a good amount of inventory, probably why are we rushing on launches?

Are we obviously providing some differentiated offerings which won't cannibalize our existing inventory? Just trying to understand a strategy there.

Yeah.

Okay. Pritesh, see, every project does come with certain unique sort of features attached to itself, and that will remain, by and large, the strategy going forward.

Rather, I'll put things differently as far as Sector 71 is concerned. See, we are amongst very few developers who own reasonably large quantum of inventory in this market.

There's a larger developer who owns lot of area around Sector 76 in Gurgaon. We own significant amount of land in Sector 71.

Besides, people are coming up with only smaller project launches spread across 4, 5-odd acres. No one's holding significantly larger quantum of land, and hence, cannot very easily create supply.

The larger trend is that, see, we came up with Titanium in June '24 with a launch of about 2.1 million square foot. Bulk of that inventory has now been absorbed.

Then we came up with Cloverdale back in June '25. That's also getting absorbed at a good pace.

I can check on the exact numbers and share it with you, but I think, if I'm not wrong, more than 400-plus units had been offloaded by the end of the quarter, December. There is not significant amount of inventory which is leftover.

There is definitely some, but not significant. There's differentiation.

Titanium had larger-sized units, now Cloverdale had comparatively smaller-sized units. We feel there is market, there is a certain absorption which happens in each of these markets at a particular pace.

These are serious customers coming in buying units of, let's say, 4 to 5 crores each. We do feel the need of coming up with another project with its own differentiation.

That's why we are coming up with an additional 2 million square foot in a couple of months. Maybe lesser than that.

Sure. Got it.

With the kind of performance on presales side that we'll have this year, right, which is expected to be similar last year, now are we drawing a line in terms of how much we can do in Gurgaon around 10,000-odd crore, that would be the peak of the number that one should expect because I think markets from here on will keep getting matured, right? For growth, do we think that now is the time we start exploring other markets beyond Gurgaon for growth?

Yeah.

Pritesh, good question. We've grown fairly quickly, and within a short span of time, we've actually come to this level of 10,000-odd crores of sales while staying focused in the Gurgaon market.

In fiscal year 2022, we used to do about 2,600-odd crores of presales. That numbers kind of almost quadrupled over a span of 3 to 4 years.

Definitely, 10,000 crores of sales for an individual market is a good number to achieve. We have certain plans to showcase how we are taking the growth forward.

Allow us some time to kind of share more details around it.

Sorry. I have one more question.

Yeah. One more question, just on the operational and financial parameters.

Yes.

We have talked about presales that we would lag that in terms of what we guided for. You highlighted about the launches as well.

Collections and revenue recognition is still a lot to catch up in Q4. How should we see those two numbers also progressing?

Specifically on collections, I think it's been the second year where we have missed our guidance. If you can highlight what were the key parameters or things that we actually lagged versus what we thought at the start of the year?

Yeah.

See, one factor which has impacted collection a little during the current year while we anticipated to achieve about 60 billion is that on the construction front, see, construction and collection go hand in hand. On the construction front, this year, we had a very heavy monsoon season and then immediately backed by a very heavy pollution season in the Delhi-NCR.

We've actually lost significant number of days during the current year on the construction front, and that is one of the factors why I would say this collection did get pushed by a quarter, to say. We're getting good last 1 or 2 months on the construction front, and there's very heavy activity as far as project execution is concerned.

Even on the monitoring front, we are monitoring some of these project completions very closely. I would say primarily it's driven by the level of construction activity which got impacted.

Both you'll see a change in tandem with each other. If this quarter, for instance, is great in terms of construction, of course, the collection activity will also improve.

That's why we are hopeful that both of these factors will see significant improvement by the time we end the year.

How much we can catch up on collections and revenue recognition, both? If you want to put a number.

It won't be what we have guided for, but how much we can catch up?

I'll prefer to refrain, Pritesh, to put a particular number right now because we're targeting it to catch up as much as possible between actuals and guidance. I'll refrain from giving a particular number at this stage, but yes, I think it will look much better by the end of the year on both the fronts.

Sure. Got it.

Thanks. Helpful.

All the best.

Thank you.

Yeah. Hi.

A lot of questions on sales and launches have been addressed as well as the guidance. I think one more piece, Rajat, that some clarity on if we look at the adjusted EBITDA number, you've talked about about 600 million for nine months.

The first quarter was a billion. It almost seems to suggest for the second and third quarter this year the revenue recognition, which has been weak, there is an EBITDA loss even on an adjusted basis.

How should we read that number really?

Murtuza, I think you understand, see, couple of projects getting completed, and it changes the flavor absolutely in a given quarter. Last quarter, we did see a lot of impact due to these GRAP norms and due to construction activity stopping multiple times.

What happens on ground is that let's say once the GRAP gets implemented for, let's say, 10 days, 15 days, the labor gets demobilized, then to again kind of catch up to the same quantum of labor takes its own sweet time. We've definitely lost reasonable number of days over the last 3 months in terms of project completions.

At the current level of revenue recognition, which is only 15 billion, I think the only relevant parameter to see is gross profit till the time this number doesn't cross, let's say, 25 billion or at least I would say 22, 23 billion, it will remain PAT-neutral. For that minimum quantum of completion has to happen to give a rightful picture at EBITDA and PAT level, and we are actually striving to achieve it.

To go past these benchmarks and come closer to, let's say, 30 billion and above in terms of revenue recognition, that's when some of these SG&A costs get comfortably absorbed, and we are able to show reasonable profits or show the rightful picture of the company in terms of EBITDA and PAT. It's more to do with the quantum of revenue which got recognized, and that's why you're seeing these numbers going in negative.

Sure. Just at the risk of repeating on the presales number, but hopefully you cover some ground in the fourth quarter, but given where we are and the market conditions, any early indicators of how you're thinking of FY '27?

FY '26 is almost over. Also on that front, you've always maintained a three-key-market focus.

You've got the three large sort of focus areas. Any aspiration to expand that horizon so that that growth engine could be more comfortably maintained as opposed to digging deeper in the same micro markets?

Both the questions. Any early indicators for '27, and looking at more micro markets than we are currently present in?

See, market condition to us looks better than what it was a couple of quarters ago. Don't want to preempt how future has to unfold for us.

I think market conditions definitely the sentiment looks better in the micromarket vis-a-vis what it was 1 or 2 quarters ago. As far as growth plans are concerned, definitely as we end the year, we'll prefer to elaborate on that basis where we close this year.

There are plans in terms of expansion and how we very rightfully deploy the kind of cash flow which we expect the business to generate, because, Murtuza, you understand this very well, but all these projects which have been launched and which are about to be launched almost adds up to about 65,000 crores. It's like 650 billion of launches which we are planning, and bulk of the land is owned by the company.

Whatever cash is supposed to accrue will be in the company, and that's why we've never attempted to do any subsequent fundraise from the market. We just did one fundraise of 600 crores of primary infusion back in calendar year '23 when we got listed.

We've never felt the need to really kind of go back to the market in subsequent fundraise because operating cash flows have been strong. We are planning out on what would be the best course.

We'll need some more time to kind of elaborate on this particular point.

Sure. Fair enough.

Thanks, Murtuza.

Hi. Thank you for the opportunity.

I think most of the questions have been answered. One I would like to ask is for Sarvam, we saw a 14% kind of sales on launch.

Going forward, is this the kind of run rate that we're looking at for launches or are we seeing a further maturity in the market where we could see this 40% drop? Would be the first question.

Thanks.

Eesha, just to correct, I think, basis the units which were put on block, and given that the project was launched towards the end of the quarter, we launched this, I think, around 20th of December. We've managed to sell about 40-odd percent units as an approximate basis.

I think this is a fairly mature trend. There is a massive undersupply of housing units in the Delhi-NCR market if you look at the overall metrics vis-a-vis the population levels and the kind of actual supply which is available on ground.

The supply isn't too much, and that's one of the primary reasons why prices continue to go up. You're seeing about a 20% rise in our realizations, and even on the same market-to-market basis, it's like 15%-plus rise.

This is primarily happening because there is a demand-supply gap, which I think is playing to our favor at this stage. Even if that realization was to go up at a lower pace, we are absolutely good with it, given that our land cost is fairly competitive.

We feel that this trend will continue wherein at the time of launch, one should not expect more than 30%, 40% offtake of the product and the balance happening over the sustained period of project development.

Got it. The second question would be we've seen a 60 kind of percent growth CAGR, like you mentioned in the commentary, over the past several years.

What is the kind of strategy or what is the growth rate, if you can put a number to it, in the coming years for presales that we're looking at? What are the kind of drivers that would ideally drive this presales growth for you?

See, in terms of sales going forward and the drivers, I think So, I would say at the current levels, one should be expecting more like 15-odd percent growth, because we had that low-base advantage and literally no supply in the market, and that really fueled the growth which has happened over the last 3 to 4 years. At the current size and scale, I think it's not practical to achieve that kind of growth rate.

Second, in terms of drivers, I think definitely the ability to launch newer projects is the biggest driver, and our strategy in terms of achieving growth at current scale and having enough sort of land resource go hand in hand, and that's why we feel achieving a more mature 15-odd percent sort of sales growth is doable. This year maybe similar to previous year.

No denial. We are not saying that we're achieving guidance this year, but yeah, I think this will be similar to previous year.

This is on back of very good 3 to 4 years, almost growing at 60-odd percent, 58% for the last 3 to 4 years. Going forward, we feel that 15-ish percent growth is something which can be underwritten.

Okay. Thank you, and all the best.

Thanks, Eesha.

Hi. Good morning.

Thanks for taking my question. Two questions from my side.

You mentioned that in both of the launches this year, Cloverdale and Sarvam, we had reduced the unit size compared to the similar launches that we had done last year in Titanium and in De-luxe DXP. Also mentioned that you expect prices to increase by maybe high single digits.

Going ahead, what are our thoughts on the ticket size? Is there scope to further reduce the unit size or do you think the overall ticket size will increase in line with the price increase for you?

That is the first question. Second, of the 3,100 crore collections that we have done in nine months, what proportion would have come from the projects that we have launched in FY '26?

Thank you.

In terms of unit size, Parvez, I don't think there is massive scope left. 2,000 square foot of super built-up is something which is sweet spot in the Delhi-NCR market.

People do largely prefer getting three bedrooms rather than smaller sizes. That's kind of a sweet spot at about 1,800 to 2,000 rupees a foot.

Scope going further will be lesser. If need arises, we can reduce the unit sizes by another 5%, 7%, but not higher, and we don't want to get into that no-preference zone of customers also by really reducing the unit sizes further.

If the escalations tend to happen in this late single digits, that's an ideal situation. The product remains, by and large, affordable by the customer.

We are able to achieve good volumes and turn the current land resource into very active cash flows. That's the ideal situation which we want to foresee for our business over the next 2 to 3 years.

We're trying to stick to it. The second thing which you asked, out of 31 billion, what is the proportion of these two project sales?

I think we can get back to you. You can write to us and we'll get you the exact number for that.

Sure. Thank you.

Thanks, Parvez.

Thank you so much. Just on the Cloverdale side, in last 1 year, how much price appreciation have you already seen in the project?

Puneet, I'll prefer to compare Titanium versus Cloverdale because those are two phases of one larger project. That's about 22 acres of land as part of one single license from the government, which has two separate phases.

I would say between the two phases, between June '24 and June '25, we saw about a 15% escalation.

Okay. And '25 till now, any data based on what you hear from the secondary markets?

We've not really changed our prices in the primary market front. They're, by and large, similar.

You've not changed. Okay.

Any approval-related issues? There are construction issues which you talk about, but any approval-related issues that is hurting the pace of launch?

Or that's not a problem in NCR right now?

No, that's not an issue.

Great. That's very helpful.

Thank you so much, and all the best.

Thank you, Puneet.

Hi. Am I audible?

Akash, go ahead.

Yeah. Hi.

Thank you so much for the opportunity. I was reading your operational update and I saw this line, "The overall market environment has turned softer and that has impacted us."

I wanted to understand that during the beginning of the year when we were setting our guidance, what was the launch performance that we were expecting from our projects, and how has that changed and that's why we are missing our guidance? Just some thoughts there.

Sure, Akash. That's a good way to evaluate start of the year versus the current commentary.

See, We started the year with a situation where literally we had very little inventory or meaningful inventory. Anything and everything which was getting launched was being absorbed, okay, which we anticipate to continue over a longer-term basis because see, every city in the country, and if I have to talk in more details about the Delhi-NCR market, it's almost like a 40 million population people with reasonably higher per capita GDP situation.

The purchasing power is good. We attract a lot of customers from hinterland as well, from Delhi, which is fairly rich in terms of real estate ownerships.

Till the start of the year, or rather the last year, the situation was that as we're launching a project, it is getting oversubscribed and launch was looking like a big challenge, which we addressed. We did fairly large acquisitions over the last 2, 3 years, acquiring land parcels in Sohna or something, creating a very marquee position in Sector 71 at a time, let's say, 2 years ago, 3 years ago when land prices had not spiked.

Land prices have really gone higher over the last 2, 3 years, but we were lucky to kind of pick lot of land before it started escalating in the manner it has done. The only challenge which we used to foresee at the start of the year was that one should be able to launch the project.

Now, that's been the case with multiple players in the industry, and supply levels have improved across the spectrum. We've managed to now come up with supply on a sustained basis, like every quarter, we've been launching projects.

I would say the supply-demand dynamics have come in some sync with each other. Till last year, it was like literally very little supply and a lot of demand, but now I think prices have gone up, demand and supply are in somewhat balanced situation with each other.

At the same time, land prices have also gone up, and that makes it even tougher for people to come up with sustained supply in times to come. There was supply coming in over the last 1 or 2 years from some smaller developers as well, people who are, let's say, holding 5 acres, 10 acres of land and they were kind of launching projects in Gurgaon.

With growth in land prices, it's become tougher for such supply to continue. In a way, as of when we say the market is softer, it's only in a relative context that in context to the previous year, definitely the market has softened.

Last 1, 2 quarters rather were also not very good in terms of general macro headwinds, global headwinds have been there. There've been layoffs which have happened in the market, and all markets in their own way get impacted.

We had like a very heavy monsoon and very heavy pollution situation. Last 1 or 2 quarters in general, in terms of whether it is a macro environment or in some of these micro factors, weren't very supportive for the business.

We've been working to create continuous supply because it's not that we're sitting on very large stockpile at this point in time. We had very little unsold stock at the start of the year and we still have not very high level of supply available to us in each of the micromarkets.

That's why this softness of market is more relative in context than in general parlance, to say.

Just to follow up on that, when we were setting up our guidance, is that we were expecting our Sarvam launch to sell 60%, 70% or maybe 80% at launch, and we have done 40% because 40% is a decent number? Is that what we were planning, we will sell 70%, 80% at launch for Sarvam, and that's how we'll reach our guidance?

Yes, that's correct.

Understood. Thank you so much.

Thanks, Aakash.

Two questions. One is you mentioned that you did some survey in terms of whether the people are genuine buyers or not.

We also hear a lot of speculation that is happening in the NCR market. Do you actually track as to how many are actually genuine buyers, like people have actually taken a home loan and therefore they will pay up?

Or how that has changed? Do you actually ensure that people buy it and they cannot transfer?

Is there a way in which you have some process where you avoid speculation, which is just paying a token amount and then waiting for the price appreciation? That is one question.

How you have changed your process, especially with Sarvam? Has anything been changed?

Second is that who is the contractor for the 37D project, both the De-luxe and the Sarvam you have launched? Is it the same who is handling that project in terms of construction?

The last one is that if you look at that 37D area, is it sufficiently served or we are actually really the number one builder there and there is definitely there is a paucity of supply, which makes a project even more appealing to our end consumers? These are the three questions in terms of Sarvam.

Lakshmi Narayan, thanks for asking these questions. See, in terms of short-term investors stroke flippers, if I may use these terms with regard to certain category of investors who at times participate in real estate market, and yeah, I agree, Delhi-NCR is more defamed than some of the other markets in this context.

I think whenever you see price surge taking place, to put an analogy, let's say, there's a lot of movement in a share price on a daily basis, of course, you have these trader mindset investors who do get very active. Given that we're not seeing very sharp change in price, it's fair to assume that some of these actors are showing less activity, and that's what I would assume as some of these recent launches are concerned, that since price is not moving very differently, that the activity is at almost very low levels as of today.

My question is what kind of process you have put in place to weed out speculation, and therefore, let's say, you ask for a call for the next amount, they actually say, "We don't want to pay," or something like that. How do you ensure that the speculation element is actually weeded out at the start?

What process change you have made?

See, there are certain standard practices. For instance, okay, let's say someone wants to use the product for end use or for investment, beyond a level, we can't weed it out technically.

Let's say if the person does not pay up in time, those units will get canceled. We have a simple process.

There's a particular payment plan which is put forth, and it's fairly standard. It's not that we'll come up with very complex or multiple sort of payment plans.

There's usually a singular payment plan which is being offered to almost everyone. Let's say a project is getting launched in December.

There'll be initially a time-linked plan and a construction-linked plan which is in place. In case those payments do not turn up in time, those units will get canceled.

That's on the face of it, see, we cannot judge whether someone is an investor, end user, flipper. You'll have to do a leap of faith and go ahead with that transaction.

At times, there are things which come up. Let's say, if let's say out of some private limited company, let's say someone's trying to book, let's say, three units, then, of course, it will catch our attention and we'll try to not encourage any such sales.

Let's say whether it is an X customer or Y customers, we'll go ahead with those sales and see the performance of that customer basis the collections which are demanded.

Okay. Who is the contractor for both these projects, 37D?

We've awarded Ahluwalia Contractors for De-luxe DXP, and Sarvam will be similar pedigree. We are in process of finalizing.

Is it you have given to L&T, Shapoorji? Who you have given Sarvam to?

We are in process of finalizing the contractor.

Okay.

It will be similar pedigree. Someone as capable, whether it is Ahluwalia or another contractor, but someone same pedigree, because these are high-rise developments and good premium products coming from SignatureGlobal, we would want to ensure that they're best-in-class in terms of the developments.

The last question in terms of the micromarket, how are we the high-grade developer in that area, or what kind of competition you see in the 37D?

See, 37D in terms of geography is just off Dwarka Expressway, and I don't know whether you've got a chance to ever visit the micromarket, but this is a phenomenal infrastructure development, which the entire, I would say, the Delhi-NCR market has seen over the years. It's probably one of the best highways which has been developed technically within the city.

It's almost like an elevated highway for a 28 km stretch and really cuts down on time between parts of Delhi, which is more towards Southwest and West Delhi, to Gurgaon. It really cuts down on time.

It's a phenomenal infrastructure development which has taken place. 37D, in terms of location, is midway between start and end of this highway, closer to Gurgaon than to Delhi.

From Delhi, it takes hardly 10 minutes if you're on the highway to reach Sector 37D. It's a sector which has seen a lot of developments.

It's a large sector, almost spread across 400 to 500 acres of land is there in the sector, and we've been developing projects in tandem. We've done affordable projects, then as things progress, we've done some low-rise developments, and now we're doing more premium developments very next to the highway itself.

We are a relevant player in this entire Dwarka Expressway market, and almost 15%, 20% of the supply which comes in this market is from SignatureGlobal. Our positioning remains simple that we offer good-quality product at a competitive price.

That's the positioning we play with in order to achieve good volumes.

Thank you very much for your time today, and we look forward to this conversation at the end of the year, where we're actually hopeful of having closed out on a fair bit on the guided and the actual performance numbers. We look forward to seeing you all in a couple of months over that call.

Thank you very much.

Thanks a lot.