A very good evening to everyone and thank you for joining us today for our company's earning conference call for the first quarter of FY27. I will keep my remarks brief and focused on the key developments of the quarter.

We have made a good start to FY27. Pre-sales for the quarter grew 20% year-on-year.

Collections grew 17% year-on-year. With the strong pre-sales of the last few quarters, we expect collections to accelerate further through the year.

The segment mix of our pre-sales remains well balanced: Uber luxury contributed 29%, premium luxury contributed 50%, and aspirational luxury contributed 21% of the quarter's pre-sales. This mix carries a high embedded EBITDA margin.

The embedded EBITDA margin on the both our FY26 and Q1 of FY27 pre-sales stands in the range of 35% to 40%, which will flow through to the reported profitability as the projects reach revenue recognition. On reported financials, EBITDA grew 40% year-on-year with the EBITDA margin expanding by 9.5% points to 35%, and the PAT grew 26% year-on-year with the PAT margin expanding by 4.2% points to 22%.

On the cash flow front, our net cash flow surplus grew 79% year-on-year. In spite continuing to invest in business development, our net debt-to-equity remains negligible at 0.07x and our ratings, AA long-term rating from India Ratings, a Fitch Group, remains among the strongest in Indian real estate.

We have consistently maintained that we run the business on cash flow, not accounting revenue. We have been sharing our total GDV numbers in our investor communication, but this year we have broken down our total GDV into three components: launched, and to be launched, and the third is upcoming for launch GDV, in order to help investors understand our business better.

Launched GDV indicates the projects that have received the relevant approval and it's already launched. To be launched GDV indicates projects that are under the approval process.

The upcoming for launch GDV indicates projects that are in the planning and designing stage. Our existing GDV gives us several years of launch visibility without considering any new acquisitions.

Now, at the outset, we would also like to take this opportunity to update you on our Dubai project. As we have shared earlier, we have all the required regulatory approval in place and the project is launch-ready.

Only the timing of the launch has been recalibrated due to the ongoing situation. Finally, on sustainability, our GRESB score of 99 out of 100 with a green 5-star rating and our S&P Global DJSI ESG score of 78 out of 100 keeps us rated among the best in global real estate, well ahead of the benchmark average of 68 and 30, respectively.

I shall now hand over the call to Prashant Chaubey to take you through the financial performance of Q1 FY27. Over to you, Prashant.

Thank you, sir. Good evening, everyone.

I trust you have had the opportunity to go through our latest results and the investor presentation, which are published on our company website and the stock exchanges. I would like to take this opportunity to share a brief update on the financial and operational performance of the first quarter of FY27.

The key details of operational and financial highlights are as follows: We sold ₹787 crore worth of area in quarter one of FY27, which is a 20% growth over quarter one of FY26 pre-sales of ₹657 crore. The segment mix remained well balanced.

Collections for quarter one of FY27 stood at ₹409 crore, a growth of 17% over ₹351 crore in quarter one of FY26. On the profit and loss front, operating revenue stood at ₹191 crore for quarter one of FY27, as against ₹188 crore in the same period last financial year.

EBITDA stood strong at ₹67 crore in quarter one of FY27, 40% growth over quarter one of FY26. EBITDA margin stood at 35%.

Net profit of ₹42 crore, which is 26% growth over quarter one FY26, and net profit margin stood at 22%. We generated a net cash flow surplus of ₹193 crore during the quarter, a growth of 79% over quarter one FY26, after deploying ₹170 crore towards business development and land-related capital expenditure.

Thank you. With this, we open the floor for questions.

Hi. Thanks for the opportunity.

Kamal ji, just one question on the Dubai launch. While you highlighted that the timeline remains uncertain, is there a possibility this project will get launched in this financial or in FY28?

Good evening, Harsh. Harsh, we are very clear that, as we shared earlier also, all the required regulatory approvals are in place and the projects today remains launch-ready.

Only the timing of the launch has to be obviously recalibrated due to we all know there's a ongoing situation and we don't want to launch in such a situation. Just to recap, our land parcel is one of the most prime in the prime location next to Dubai Mall in Burj Khalifa community, Downtown Dubai.

That is one very big advantage. We are almost launch-ready and whenever the market is there, we will immediately launch.

Our land cost to GDV is very healthy and there is no debt on the project. We maintain that our earlier communication once again that project continue to remain highly profitable irrespective of the situation what we are.

Just to bring it to your knowledge, our investment in Dubai as on today on the project is close to not more than ₹200-₹225 crore. From that kind of investment, we are looking at such a large surplus cash flow which will be coming out.

We are definitely looking at this cash flow whenever it comes to bring it to India for growth of the company overall.

Understood, sir. That's clear.

Coming to your launch pipeline, like you highlighted that you have broken down the GDV in three parts. To be launched GDV is close to ₹16,000 crore.

Can you please break down what quantum can be launched in FY27 and FY28, and which would be the key projects here?

To be launched GDV if you go, that includes obviously ₹9,000 crore coming from Dubai projects. If you remove that ₹9,000 crore, to be launched GDV is close to ₹8,370 or ₹7,100 crore, sorry.

Sorry, ₹7,100 crore close to. Which is like ODC, the additional tower in ODC, our Andheri redevelopment project near Western Express Highway, then what we are looking at Sunteck Park, Mira Road 2.

Mira Road 1 is already ongoing, we'll be looking to launch the new project which we have acquired last year. The Vasai, there will be one tower.

What we recently launched two towers, and we are targeting to launch one more tower this year. Then Naigaon, we are looking to launch again one or two towers.

Again, we launched last year, again we are planning to launch this year again. Looking at all these things, if you see, this is all put together is close to ₹7,100 crore.

Sure. I believe this entire inventory will come into launch in this financial year.

Anything additionally that will be added to this launch pipeline, and what can we look for for the next year?

Uncertainty is definitely only related to we can talk about Dubai, because we don't know that how long this situation will be there. Otherwise, all the other projects pipeline what we are looking to launch this year is close to ₹7,000 crore what they're looking to launch.

Understood. Sir, one last question.

What is the growth guidance for the pre-sales for this financial and maybe for FY28 also if you can just throw some light?

Looking at the project pipeline, Harsh, we are very confident that we'll maintain, although this quarter we have done 20% growth in pre-sales, but we are confident overall in the full year we will match what we are given the guidance of 25% to 30% growth in our pre-sales considering the full year of '27. We'll be at least 25% to 30% higher than the last year.

With

the strong pipeline, we are really very confident about it.

Sure. Any new business development—

Sure. Thanks.

Yes. Thank you for the opportunity and good evening, sir.

A couple of questions. First on the sales mix.

This quarter we have seen a good increase in the sales coming from affordable segment, as well as on the premium side, the ODC, SBR, etc. On the aspirational luxury specifically, what led to this growth and similarly some views on the premium luxury segment as well?

Aspirational luxury, in fact, obviously we are seeing the markets getting improved because of the reason I feel is aspirational luxury is slightly we feel is picking up because of the lower interest rate and gives also some kind of recovery somehow we are seeing and basically we see that coming from Naigaon and Kalyan, both. Both are now giving, and we are very bullish on now Kalyan picking up more strongly.

Obviously we have a large GDV there, we want to monetize as early as possible. That two projects, obviously both are in aspirational luxury, only those two.

It has come from both the projects. When it comes to premium luxury, obviously SunteckCity and Sunteck Sky Park in Mira Road and the Sunteck Beach Residences, SBR.

All three contributed for this ₹391 crore. Coming quarter we are again very confident because we'll be launching in this segment Sunteck Sky Park 2, which is the next acquisition what we have done, and also the Tower 2 in SunteckCity, which will be coming.

Due to this, we see the growth picking up, and that's why we are confident that we will be able to achieve 25% to 30% growth in our pre-sales for the FY27.

Just a follow-up. Launch that we had this quarter was just the SBR and nothing in the aspirational segment, right?

This quarter we didn't do any launch. In spite of this, we could do good aspirational luxury sales.

Perfect. Secondly, regarding the collections, how are we looking at the collections overall for this full year?

Can you give any guidance? Related to that, anything on the RERA approval for the Nepean Sea project?

Proportionately, obviously, the collection has to grow, and that I made the same remark in my opening speech. Obviously the bigger collection will start happening once we start the construction of Nepean Sea Road.

That will definitely give us a big collection. If you see trailing [12?]

months, our collections are close to ₹1,500 crore, which is again stronger than the past 12 months. This will continue to become stronger and stronger, looking at the last few quarters what we have been doing the pre-sales.

Sir, would you like to attach some number to it for this year?

You'll see a similar growth, I would say 25%, 30% growth in the pre-sales also. Yeah.

Perfect. Thank you so much.

Thank you, Rishith.

Thank you for the opportunity, sir, and congratulations on a good set of numbers. Sir, my first question is how is our business development pipeline looking like?

In Q1, we had a BD spend of about ₹170 crore. For the full year, what is the amount estimated?

Prashant, would you like to share?

Yeah. Hi, Vasudev.

The ₹170 crore that we spent in quarter one is mainly for Nepean Sea, Mira Road 2, and certain redevelopment projects. That is where we have spent the ₹170 crore.

With this spend obviously some has gone into redevelopment and some we have initially given as a token money. You will see some good acquisition BD announcements for sure.

If you see last year also, it was our highest spend on BD what we did, more than ₹800 crore in FY26. We are looking to, in fact, surpass this number looking at our strong balance sheet and the markets and what we are already under negotiation or in the advanced stage.

We are looking to spend definitely this year also much more than the last year for doing BD, more BD.

Okay. Sure, sir.

Secondly, what projects are we looking to deliver in FY27? How is the delivery pipeline looking like?

This year we are confident one, we will be delivering our project Sunteck OneWorld. Maybe some more new floors 4th Avenue, and there are some more new floors which will be done on the 1st Avenue.

Plus some additional floors even in Pinnacle. All this will be constructed and delivered within this year, and this will give us a additional sales as well from these projects.

This will be a strong cash flow because once we launch, these are the additional floors, this will be completed in three to six months. We are looking to monetize all this inventory in this current year itself.

This will be substantial, very large delivery.

Sure, sir. That's it from my side.

I will join back the queue.

Hi. Thanks for the opportunity.

Sir, the first question is on the resolution that board has approved about the fundraising of around let's say 2,000 plus CR through debt and equity. Is it just an enabling resolution [Hindi

background speech?]

Hello? Huh, sorry.

Sorry. Sorry,

sorry.

Yeah. Is it just an enabling resolution, or are we planning for some fundraising in the near term?

This is obviously an enabling resolution, and if you see every year we take this enabling resolution. There is as on today, if you ask me, there is absolutely no planning of any fundraising.

Got it, sir. Sir, just for the clarification, one part on the Dubai project, you said that it's ready for the launch.

There is no approval or anything which is pending, right?

Yes.

Sir. Just wanted to check on the presentation part.

Because in the presentation, the table that we have given, in which it has been included in the to be launched GDV, which is of around 16,100 CR. When we read the thing below the same, to be launched GDV, it indicates projects which are under approval process.

Has there been any change in the presentation part or there is some approval which is pending? Both things are actually conflicting.

No. I appreciate.

I think we'll have to edit that. I agree.

I appreciate your comment. You're totally right.

We should add like it indicates project which are to be in the approval process or approved which are to be launched. You're correct.

I think we'll have to edit that.

Got it, sir. Sir, on the commercial revenue part, we are seeing this FY29 going up to 450 crore in the presentation part.

What's the status of the construction for the 5th Avenue ODC as of now and by when it is expected to get delivered? So

5th Avenue construction has already started, residential. Residential has already started, we are looking to deliver that in three years from now.

You're asking about commercial. Commercial, we are looking to start very soon.

Once we start there, we are targeting, because it will be a bare shell commercial. We're looking to complete that in 24 months, 24 to 30 months.

Got it, sir. That's it from my side.

Thank you so much.

Thank you.

Thank you all for taking the time out of your busy schedule to join us today for the call. In case any of your queries have been left unanswered, please feel free to reach out to us.

We truly value your continued support and look forward to strengthening this relationship. Thank you.