Hello. Good evening, everyone, and I'd like to welcome everyone on the Sobha Limited call today.

From the management, as always, we have with us Mr. Jagadish Nangineni, the Managing Director; and Mr.

Yogesh Bansal, the Chief Financial Officer. I would now like to hand over the call to the management for their opening remarks and comments.

Over to you. Thank you.

Thank you, Adhidev. Good evening, everyone, and thank you for joining today's call for Q2 and H1 '27 earnings.

I extend a warm welcome to all our investor, analyst, and stakeholders. I'll briefly highlight our business performance and key developments before I hand over to our CFO, Yogesh Bansal.

H1 '27 was the strongest half year in the Sobha's history, with sales value of ₹5,862 crores, a strong 47.2% year-on-year growth. We sold 3.76 million square feet across 2,260 units, with sales volume growing at 32.4%.

Sobha's share of sales value also reached a record of ₹4,874 crores. In Q2 FY '27, this is our second highest quarterly sales, of ₹2,206 crores, with a growth of 16% year-on-year, with 1.42 million square feet across 828 units.

Average price realization improved to ₹15,522 per square foot in Q2, from ₹13,648, representing 13.7% growth. For H1, realization increased to ₹15,604 per square feet, compared to ₹14,028 last year, reflecting our strong product positioning and favorable sales mix.

From a city performance point of view, Bangalore remained our largest market, contributing ₹3,385 crores, or about 58% of first half of sales; and NCR of about ₹1,974 crores, which is, again, 30 about 34%; Kerala at ₹357 crores, is about 6%; and remaining cities at 2.5%. Following significant launches in Q1 and Q2, Q2 witnessed healthy sustenance sales, particularly from our launched project in Q1, SOBHA One World and SOBHA Neopolis in Bangalore, and SOBHA Crescent and Aranya in Gurgaon.

This demonstrates sustained customer demand beyond the initial launch phase. Overall, we are on track for our guidance and hopefully exceed in terms of sales for the entire financial year.

Coming to new launches, during this quarter, we launched two projects, which is SOBHA Boulevard, which is a plotted development project in Mysore; and SOBHA Bellview, a high-rise and apartment project, about 4.3 acres, 298 homes of about 0.83 million square feet in Calicut. Overall, for the first half, we launched five projects across Bangalore, Gurgaon, and Calicut, aggregating to 7.91 million square feet, with an estimated sales potential of close to ₹11,200 crores.

On forthcoming launch pipeline remains robust at 20.42 million square feet across 18 projects. We are quite confident of launching at least nine projects, exceeding 11 million square feet, during the remainder of FY '27.

As of September 30, 2026, our unsold inventory stood at approximately 15 million square feet, providing a healthy growth visibility. On execution front, we completed 720 homes, covering 1.49 49 million square feet across nine wings and blocks in Q2.

H1 completions stood at 1,391 homes, covering 2.56 million square feet across 17 wings. Coming to cash flows and financials briefly, our balance sheet continues to be our key strength.

We maintained a net cash position of about ₹322 crores, with a competitive borrowing cost of 7.75%, and remaining focused on sustaining in zero net debt position throughout FY '27. We achieved our highest ever cash inflows for both for the quarter and half year.

Q2 collections reached more than ₹2,000 crores, at ₹2,084, and our net operational cash flow was ₹422 crores. This financial strength supports our future investments while maintaining prudent capital allocation.

As of end of this quarter, we had ₹22,040 crores of revenue yet to be recognized from units already sold. We expect while the quarter-level margins appear lower, as we continue to recognize lower margin projects, and as we recognize future projects which we are on course for completion and handovers, we are quite confident that our margins will significantly improve, and we should be able to deliver at least 50% PAT over 50% growth of PAT over last financial year by the end of this financial year.

During Q2, our contracts, manufacturing, and retail businesses generated about ₹225 crores, an increase of 31% quarter-on-quarter, and the external order book stood at ₹540 crores. Our commercial rental portfolio contributed ₹24 crores in income during the quarter.

We expect these businesses to maintain steady performance and with a scope for marginal growth. Also, in this quarter, as part of our plan to deepen our expertise in terms of execution, we have acquired a small business of fire and safety from Sobha Projects and Trade Limited, SPTL, and this would enable us to execute fire protection services across all our projects as we scale towards the larger volume delivery.

With these remarks, I'll conclude my opening remarks, and then I'll hand over the forum to our CFO, Mr. Yogesh Bansal, for his remarks on the financial performance.

Good evening, everyone. Let me take you through the key financial highlight of Sobha's performance for the second quarter and first half of FY '27.

The first half has been marked by strong operational cash collections, continued investment in project execution, and expansion of our development pipeline while maintaining a healthy balance sheet. We recorded our highest ever half-yearly operation cash inflow of ₹4,009 crore, generated positive operational cash flow of ₹755 crore, and closed September with a net cash position of ₹322 crore.

Coming to cash flow, operational cash inflow for the quarter stood at ₹2,084 crore compared with ₹2,046 crore in the corresponding quarter last year. Real estate collection contributed ₹1,922 crore.

Against this, operational outflows were ₹1,642 crore, resulting in positive operation cash flow of ₹442 crore for the quarter. For the first half, operational cash inflow reached ₹4,009 crore, with positive operational cash flow of ₹755 crore.

Construction expenditure continue to be an important area of cash deployment. During the quarter, real estate project related outflow stood at ₹826 crore, while sales and marketing expenditure was ₹103 crore.

We have made land payments amounted to ₹617 crore during quarter Q2 and ₹987 crore for the first half. These payments are aligned with our objective of strengthening the development pipeline while continuing to fund existing projects.

After accounting for land payments, capital expenditure, and financing related movement, the overall net cash movement was negative ₹337 crore for Q2 and negative ₹486 for H1. Our operations continued to generate positive cash flow while we deployed capital towards existing projects and further growth.

Moving to our reported financial performance. Total income for quarter stood at ₹1,017 crore compared with ₹1,469 crore in Q2 of the previous year.

Real estate revenue contributed ₹749 crore, while contractual, manufacturing, and retail operations contributed ₹225 crore. Quarterly EBITDA stood at ₹119 crore, representing a margin of 11%, while profit after tax was ₹33 crore.

For the first half, total income stood at ₹2,347 crore. EBITDA was ₹249 crore, and PAT amounting to ₹84 crore.

Our gross debt as on 30th September 2026 stood at ₹1,505 crore against cash and cash equivalent of ₹1,827 crore. Our debt-to-equity ratio stood at negative 0.07, while our average borrowing cost was 7.75%.

Maintaining financial discipline remain a key priority. We continue to focus on optimizing borrowing cost, maintaining adequate liquidity, and balancing investment in new opportunity with the funding requirement of ongoing projects.

Looking ahead, our existing portfolio provide meaningful visibility on future cash flow and revenue. As of 20th as of 30th September 2026, receivable from sold units together with sale value of unsold inventory stood at 3 ₹31,814 crore, against estimated remaining project cost of ₹19,297 crore.

This represent projected project-level marginal cash flow of ₹12,517 crore. Including forthcoming project, the projected real estate project level marginal cash flow increased to ₹19,748 crore.

These figures provide visibility on the potential of our existing development portfolio. To conclude, our priority remain clear: sustaining cash generation, progressing project execution, maintaining balance sheet strength, and ensuring disciplined capital allocation.

We remain committed to delivering sustainable growth, strengthening financial performance, and creating long-term value for our shareholders. Thank you.

We can now take your questions.

Yes. Sir, hi.

Congratulations on the great pre-sales for the H1. My first question is in this quarter we have seen very strong gross margins, almost 48%, maybe I think recent quarter highs.

Is it right to understand now that the legacy low margin projects will be behind us and as the deliveries improve from here on in the coming quarters, and if this level of gross margin is maintained, we can see a sharp uptick in the EBITDA margins from Q3 onwards?

Good evening, Parikshit. The EBITDA margins, as we go forward, like I said, the entire revenue to be recognized is close to ₹22,000 crores, and it has got excellent EBITDA margins.

We believe that we will be able to maintain our costs and be able to deliver those margins as we progress forward. Increasingly you will definitely see an increased margins, and whether there's going to come from Q3, Q4, yes, they would.

Like I mentioned in the opening remarks, as of now we estimate that from a PAT point of view, this financial year we will be able to deliver at least 50% of growth over the last financial year. From the next financial year also, it's going to be even better.

Overall from a P&L standpoint, we are quite confident, considering what we have done in terms of pre-sales, the sales value that we achieved, and the pace of development that we are doing and the handovers that the visibility that we have. We believe that it's going to be a uptick from now on.

Also in the previous quarters, I had guided that from Q3 onwards this financial year, it should start looking better, and we believe we should be on track for that.

Thanks. Thanks for that elaborate answer, Jagadish.

Sir, second question in this first half, we have spent a significant amount, almost ₹987 crores on the land outgo. If you can help us understand how much was this for this current year new acquisitions and how much GDV we have added corresponding to this land CapEx?

Yeah.

Yes, this financial year, in the first half we did spend the cash outflow for land has been significant. See, close to about 30% of that cash outflow was towards settlement of old dues for our existing projects, which is now fully complete.

Any new cash outflow that would go from now on will be for addition of new lands. That's number one.

Number two is in the first half, we also added three more lands in Bangalore, we have started procurement of lands, and as and when they reach the approval stage, they will become visible in the project pipeline, and I believe that it'll take about year, year and a half for them to show up in that, and one more in Gurgaon. Overall, the we have not given specific GDV for the investment that we have done, but we have done significant progress in terms of adding new projects in Bangalore, in NCR, and we had purchased one land in Mumbai.

All put together, we have and remaining parts, which is that's about another 50%. Remaining 25% has gone towards existing lands where we had to do consolidation and remaining payouts to the landowners.

Is it right to assume what million square feet of GDV? Would it be close to about ₹9,000 crores, ₹10,000 crores on one on edge?

We will be able to provide that estimate separately, Parikshit. I don't have that detail right now.

Just a last question on the launch pipeline now for Q2 and Q3 and Q4, if you can help us understand how much So, you did quantify in terms of million square feet, in terms of projects and sizes, if you can help us split this into Q3 and Q4, that will be helpful. Yeah.

Q3 and Q4, we have tentatively about, like I said, about eight projects that we are looking at launching. Three in Bangalore, one in Hyderabad, one in Chennai, one in Gurgaon, one in Greater Noida, and one in Thrissur.

All of them put together, there will be about 12 million odd crores, and that might be about a value of close to about ₹18,000 crores.

In Q3 specifically, if you can call out some launch projects in Q3, which are the ones if you can name or call out, and also on the RERA, what is the status for these projects?

Yeah. This is these are highly time sensitive in terms of approvals.

They we are on track for some of them, but you never know what's what's the next surprise that we might get. I would it's while Q3 we are confident of doing at least two to three projects of these.

I'm hoping that it can be higher, and probably half of this in Q3 and half of this in Q4. They are very, very they're very, very tight in terms of timelines.

Any slip up here and there because of any reason, they might quickly go towards Q4. That's that's number one.

Number two is even while we might get all approvals, we might choose not to launch them for better preparation and better response, and hence, even like for example, this time even though we got the plotted development approval for Boulevard in Q1, but we actually chose to launch it in Q2 so that we can have a slightly better preparation. It's a smaller project, but at the same time, the same approach we will be able we we would take for the larger projects and also the new launches.

While approvals are one aspect of of launching a project, some preparation for that also is required. Q1 I mean Q3, Q4, both in both these quarters together, we should be able to do these launches.

We are fairly in advanced stage in terms of all approvals for all these projects.

Any specific project which you can call out, Jagadish, that will be helpful? Like I think Whispering Meadows was one which was pending for quite some time, if you can name some projects for Q3?

Where you have high visibility on getting approvals and launching, so that will be helpful for our analysis.

Yeah. We can give those details separately,

Parikshit. Sure.

Sure. Thank you, sir, and I will join back in the queue, sir.

Thank you, Parikshit.

Hi. Good evening, and congrats for the great set of numbers.

My first question is you mentioned about ₹11,200 crore as the GDV of launches in H1. A ballpark, what would have been the sales in H1 from these ₹11,000 odd crore projects?

From our sales of about ₹5,800 crores, what we have done in the first quarter first half, sorry, about 70 odd percent has come from the new launches.

Sure. The second question is you have also given a segment-wise breakup of our H1 sales.

Roughly 36 odd percent has come from ticket size above 5 odd crore, and I think that ties in with the general trend of premiumization in the industry. Now looking towards H2 and the 11 odd million square feet of launches that we are looking at H2, in general what would be a segment-wise split of these 11, 12 million square feet?

Good question, Parvez. I will not generalize like that, because it's heavily dependent on the project mix and the kind of product that we initially launch, and the sales value that we are achieving in the last few quarters, majority of that sales is coming through new launches.

Considering the mix of the new launches, it typically varies. Like for example, you can see even in Q2, the mix of from about 36 odd percent of the total overall H1, you can see that greater than ₹5 crores is only 26.2%.

There are certain projects that do contribute to higher ticket size, but the launches we're going to do in the future, they are largely there's a huge mix of all across ticket sizes, mainly between, I would say, between ₹2 to ₹5 crores. Hence, whenever you see a spike in the higher ticket sizes, that might be because of good traction in that particular segment in that quarter, but overall, if I look at again the inventory that we have, majority of that inventory would lie between ₹2 to ₹5 crores, I would assume it's more than 70%.

Sure. Last question, fair to assume that this ₹5 crore plus ticket size would largely be in the NCR?

Yes, you're right. Most of the units that have contributed to more than ₹5 crores are from Gurgaon specifically, and we have one-odd projects in Bangalore and in one of course, what we have in Mumbai as well.

You're right, majority comes from our NCR or Gurgaon sales.

Thanks, and all the best.

Thank you, Parvez.

Hi. Good evening, Jagadish.

You have seen strong sustenance sales, right, and on that specifically, if you could give some more details on the Hoskote project, what kind of sales we have seen this quarter, and how and when are you thinking about the phase two launch?

Good evening, Girish. Hoskote the entire project is a very large one.

We have overall value of about ₹7,500 crores, and we have done over ₹2,500 crores till now. That too, we have not launched all the towers in the project.

The response to the project and sustenance of that is quite good. Similarly in our projects in NCR as well, what we have launched in Gurgaon, specifically Crescent, and also Aranya, that's where we have been doing the project for the last two years.

Things have the sustenance sales have been good. Also this quarter, the sustenance sales in one of our projects, SOBHA Neopolis, which was quite flat for the last 1.5 years or so, has picked up quite well after we started completing our towers and handing over to the customers.

The sustenance sales are again quite steady, and we see that as a positive sign for projects where we have launched and also seeing steady traction. Got it.

Got it. Any thoughts on phase two launch of Hoskote?

When you say phase two launch, what exactly do you mean?

I believe the total GDV of the project is ₹7,000-plus crores, right? Yeah.

In this quarter itself we launched one more tower, and so that will take us to almost 65% of the total inventory being released, and as we progress towards higher sales more inventory getting released and also consumed, we will keep releasing based on two factors. One is on the extent of sales that we are seeing, and second is the kind of the development plan that we have.

Based on both these parameters, we'll keep releasing the inventory. It's not that we have specifically phase two as a separate launch that we would do.

We will do tower-wise launches going forward.

Got it. That's helpful.

My second question on the acquisition of Sobha Trade and Projects, if you could give us more details around what's the profitability, debt of this company? Also, going ahead, how do you see the numbers?

Does this require any CapEx? If you can just give some details how should we look about this acquisition?

Sure. Sobha Projects and Trade we are acquiring the fire and safety business of it.

In which essentially the fire and safety business has been delivering about 70% of its business has been for Sobha itself. They have a order book of about ₹180 crores now, of which again 70% of that is Sobha's projects.

As we scale, we believe that from both a strategic and financial point of view, it makes sense for us. Strategic, it'll just help us increase our ability to coordinate better and also deliver faster for our projects.

That's number one. Number two is from a cost standpoint, it would reduce our costs because there is a GST benefit that we currently lose.

There is a certain ability to procure better through our scale of operations, and some of the synergies that we might bring in. With that, the costs reduction can happen, and hence that will help us.

Overall, we think that it is quite strategic and advantageous for us to have this business within our own operations. From a revenue standpoint, they have been doing roughly about ₹65 to ₹7 ₹60 to ₹65 crores a year.

As we scale our own delivery, this is going to significantly increase from here on. From a margin point of view, there is no going to be no CapEx involved because it's a services business, and whatever CapEx is already there, that's good enough.

Going forward, if at all there is any working capital requirement, that we will have to fund it. Otherwise, there is no additional incremental investment that needs to be done apart from what we are doing at the time of acquisition.

Got it. Thank you.

Hi Jagadish. Good evening, and congratulations on the strong quarter.

We see that in the forthcoming projects you have now three MMR projects. Last quarter it was one.

Just wondering Where have you acquired this two new projects, and overall, what would be the estimated GDV of this three MMR projects?

Biplab, I think there is a slight confusion there. We should have corrected it.

Actually, three is actually two. One is additional FAR or let's say saleable area that we would load into the existing one after what we have already released in Inizio, which is an ongoing project, and second is the new Chandivali project.

Actually that addition of that new FAR is coming in two stages and hence we counted it as two, and plus one is the Chandivali project, three. That's a classification that I've

You have added Chandivali project?

Yes. The land acquisition for Chandivali is complete, and now we are at the design stage and going forward for the approvals.

How big would that project be, in terms of GDV, ₹1,000 crore or ₹800 crore?

About ₹1,000 crores is what we estimate.

Okay. My second question is on the margins.

You have guided the margins will see uptick from 3Q onwards and would be very healthy in FY '28 onwards. Could you give some insight when you say uptick, now currently it is in single digit.

Should we expect say in the second half or third quarter, fourth quarter onward, something like 15% consolidated basis for EBITDA margin? What range the margin would be, and FY '28 onward steady state, what kind of consolidated EBITDA margin should we expect?

For the second half of FY '27, I think the EBITDA margin should fairly be much higher than 15% for the whole of FY '27. From FY '28, of course, I have been mentioning in the previous calls also that it will go towards 20% and beyond.

See, one of the main reasons for us, probably I have mentioned it previously in the previous calls, this current lower margins are or at least it's visible like it's lower margins, is because of four to five factors. One, particularly if you see this quarter and the last quarter, or specifically this quarter, what we could recognize as the revenue itself has been lower because of handovers that we could do and also the completions that we did.

It's a part of cyclicality in terms of in some quarters there would be more and some quarters it might be less. Over a period of time, they would normalize.

Whenever we recognize a lower revenue, however our fixed cost in terms of overheads and also the elevated sales and marketing costs will continue to be there, and hence you can see a lower margin. As the new revenue, that scale of revenue that we will start recognizing, those would normalize.

That's one. Second is also that the projects that we would recognize in future are the ones where we have our own land, and there the margins would still be far superior than typical projects that we do, and those will also start contributing much higher.

Third is we still have some of the old projects where the margin is lower, and still the time we completely recognize those, those will stay down on the overall margins. That, I think, in the next two quarters also those will reduce quite a bit, and the effect of the higher margin projects will start looking up from next two quarters.

Also it will, as I mentioned earlier, it would be an upward curve in terms of overall margins, and it should stabilize over about 20% plus in terms of EBITDA.

You have done exceedingly well in first half in terms of pre-sales, almost ₹5,800 or ₹900 odd crore. Considering seasonality, that's what we see the trend, second half does always better than the first half.

Does it mean that simple arithmetic we will cross ₹12, ₹13,000 of pre-sales in this financial year considering we have seen decent sustenance sales and also we have a healthy launch pipeline? What's your thought on it?

Yes, both factors, like you mentioned, Biplab, can contribute to a good sales number. Hence we would hope and also we will work towards exceeding what we have given as a guidance from a sales point of view.

If all of the factors come through, then definitely we should be seeing much better than what we have guided at the beginning of the year. Both factors, which is sustenance sales being strong and new launches being successful, we should do much better than what we have guided.

Okay. Thank you, and all the best.

Hi, Jagadish. Just a question on your segment sort of financials.

When we look at the numbers, there is an other unallocable expenses which is reasonably large, generally across quarters between 7% to 10%. How should we think of it when we think of EBITDA margins?

The other unallocable expenses, what is the nature of these expenses? Why do they can't be apportioned to either the resi or the contract and manufacturing segment?

That's my first question.

Good evening, Murtuza. These expenses what you're talking about, can you help me what numbers are you looking at?

If I look at the reported financials, for instance, in the second quarter, we have other unallocable expenditure in the consolidated segment report of 977.57 million, right? Which on a net revenue of about 9.6 billion.

It's almost about 10% in the current quarter.

Yeah. That's essentially the overhead expense, which is a fixed expense for us on a quarter-on-quarter, which is essentially including our own staff and overheads, and also part of marketing and incentives that we pay out.

It has two components. One is a fixed component which is for fixed overheads, which is inflationary or probably slightly lower than the growth that we're experiencing.

The second part of it is directly proportional to the sales that we will end up doing.

Shouldn't we allocate the sales-related expenses to part of either real estate or contract and manufacturing, depending on where? I'm just trying to appreciate that when we look at your segment results, which is a few lines above that, it obviously shows a slightly better margin.

Then when you look at the consolidated, which is a combination of the real estate and contract and manufacturing, where the margins may appear even weaker because one takes into consideration the other unallocable expenditure. I'm just trying to understand how do we better appreciate this particular line

item? Yeah.

You are right. In this part, I would like to clarify again.

Sales and marketing expenditure would remain in the real estate segment. This unallocable expenditure is largely the overheads that we spend for.

That should be quite flat or let's say inflationary in nature.

Okay. The second question is generally when I think of your business mix, what proportion of your projects would be through a joint development agreement where there is a share of revenue to the landowner versus projects which are in 100% sort of outright purchase of land and there is no share of payment to the landowner because you've outright purchased it.

Is it a 80-20, is it a 70-30, what's the mix between, generally speaking, not a particular quarter or a particular year?

Sure. Yeah.

On an aggregate level, Murtuza, out of overall sale or the inventory that we have, roughly 82% 82% to 85% is what is our share. In the sense, typically if, as an overall example, 50% is let's say own projects and remaining 50% are joint development projects.

The joint development, let's assume it's a 35% landowner share, then it's roughly 17.5%, about 82.5% is what take it as our share.

In terms of projects, it would be roughly 50-50. Half the projects that you do are through joint development mechanism, half would be 100% kind of owned?

As of the current land bank and the outlook of the projects that we plan to launch, yes, that's the case. At an aggregate level, it is about 82%, 83%.

Fair. I get it.

Got it. Thank you so much, sir.

Thank you, Murtuza.

Hi. Thanks for the opportunity, Jagadish, and congrats on a good sustenance quarter.

Just a couple of questions. One, continuing the previous question on the unallocable expenses.

That has increased considerably versus last year. Last year full year, we had 200-odd crores.

In first half itself, we have done 190. Reasons for that, and when you talk about 30% as the project-level EBITDA margin, should we then exclude another 10% which would be the corporate overheads and hence your EBITDA margin should be around 20% for the resi segment is how should we look at or yeah, some insights on that?

Good question, Pritesh. I do not have the exact details of that.

Can we get back to you?

Sure. No worries.

I'll take it offline. Second question on the launches.

I think when we talked about the contribution of launches in first half, that was 70% of the current sales. We would have done roughly 4,000 crore from the launches, which were around 11,000 crore of total GDV.

We have sold 40%, but in this we had one large project, that was SOBHA One World, which would have, obviously in terms of proportion, would have done lesser. Wanted to understand if there are any such large projects planned in H2 which have a GDV of more than 3,000 crore at the launch time itself, just trying to understand how should we think about the velocity that way?

Yeah.

Right. When we do a launch of the project, we typically do take the entire value of the project as part of the launch value instead of taking what's been released.

Hence, you would tend to see that it is a smaller portion of the overall, and specifically, like you mentioned, it's for a larger project, it is more prominent. The project pipeline that we have which is over ₹3,000 crores, we have one such project in Bangalore, which we plan to launch it in the second half.

That should be also of similar size, similar or slightly lower than the One World project. That's one.

Second, there is one more project in Bangalore which would plan to launch towards the end of the year, that also will not be maybe ₹3,000 crores, but towards ₹2,500 crores plus.

Sure. Two projects of large size in second half?

That's right.

Sure. Okay.

Just one last on the approvals. While I think it's business as usual for most of the cities, but specifically checking for Chennai, after the new government came in, any delays in terms of approvals that you're noticing considering they've just come in and trying to settle down?

What are the timelines for Chennai launch that you're seeing now?

We have very limited presence in Chennai. We are planning to launch one project in this next half.

We have just completed one project in SOBHA Arbor, and most of the approvals, even after the new government has come in, has been quite swift. We have not experienced any kind of delays.

In fact, it's quite quick in terms of transition and business as usual.

Got it. Fair enough.

Okay. That's it from my side.

Thanks, and all the best for the second half. Yeah.

Thank you, Pritesh.

Jagadish, thanks for the follow-up. Sir, just to clarify.

When you said 15% EBITDA margins, was it for FY '27 or second half of FY '27?

Second half of FY '27.

Okay. Another question is, what is the deliveries plan for H2 FY '27, if you can help us quantify in million square feet or in value, how much deliveries we are looking for FY second half?

Overall, our plan for deliveries this year is about 6 million square feet. Which would mean we have already done close to 2.56 million, about another 3.5 million is what we plan to do in the second half.

That means almost ₹10,000 or ₹11,000, it'll be about ₹3,000 to ₹4,000 crores of revenues for second half?

Yes. In that, we will have to take which is our share.

That will be one, and second is while we complete this, does not necessarily translate into handovers, which at which point we actually recognize the revenue. There might be some inconsistencies there, but largely what you're saying are ballpark numbers.

Got it. Just the last thing, if you can, given what is happening on the geopolitics, on interest rate increase, macro, how are you looking at your macro markets?

Surprisingly Gurgaon has been holding up despite everyone, all the analysts calling out that will be the first market to go down, it has been holding up quite well. Developers are reporting good sales, sustenance sales has been strong.

Just wanted to pick your brain, next couple of quarters, three to four quarters, how do you think the macro market will behave?

It's very difficult for me to comment on what exactly is going to happen on macro, but clearly there is certain caution related to what's happening in terms of interest rate increase, and combination of geopolitics and AI. There are several factors which can lead to let's say someone being a little cautious.

When we look at the data in terms of what's the interest levels that we are seeing on a leading indicators basis, which is our inquiries and visits to our marketing offices, they seem to be quite steady, and like you're seeing, sustenance sales seems to be quite good. If there is any further worsening of it, then it might be different, or any positive thing also will turn to be even better for us.

I see it quite positively in the sense that even in spite of these so-called negative sentiments being playing out, most of the leading indicators seem to be quite steady, and what we are seeing on the ground seem to be quite good. Interest levels are high, and that's quite positive, which in fact means that if there is any kind of positive events that can turn out from here on, then things can be even better than what we are seeing today.

You are seeing good demand across your markets like NCR, Bangalore, Mumbai is too small, but the key markets, the demand continues to remain quite strong on the ground for you?

Yes, we see that it's quite good. There might be pockets, some of the projects where we have one project cities, there it might be specific to micro market, specific to project, but otherwise overall, I would still think that the overall demand seems to be quite steady.

Noida project is doing well now? The one which we have launched in 1Q, just about when the geopolitics started, the war started.

Are you seeing good momentum on the sustaining side there?

SOBHA Rivana, it started out well. I would not say that we have seen a rapid start, but post that we launched the project in March of the last financial year, which is in the midst of just the war has begun, and there was quite a bit of caution in the air.

It started out a little slower, but the interest levels are quite good and the demand and the walk-ins that we are seeing is quite robust. Hence, we have started to make good progress at the site as well.

I would see it's an end-user market specifically for that project, and I believe that it's going to be a very steady project in terms of sales and overall completion of the project.

Thank you.

Thank you, Parikshit.

Just one small clarification I wanted. I think I missed that part.

In the second half, what is your pipeline in terms of GDV and million square feet? I missed that part.

Yeah. Biplab, we have about eight projects that are lined up, and roughly about 12 million square feet.

Should at the same average price of about ₹15,000, it's about ₹18,000 crores.

Okay. Thank you.

Thank you, everyone, for joining today's call. Wish you and your families a very happy Vijayadashami.

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