Q1 2027 Sri Lotus Developers and Realty Ltd Earnings Call

August 4, 2026

Speaker #1: Ladies and gentlemen, you have been connected for Sri Lotus Developers and Realty Q1 conference call. Please stay connected; the call Ladies and gentlemen, you have been connected for Sri Lotus Developers and Realty Q1 conference call.

Operator: Ladies and gentlemen, you have been connected for Sri Lotus Developers and Realty Limited conference call. Please stay connected. The call will begin shortly. Ladies and gentlemen, good day and welcome to the Sri Lotus Developers and Realty Limited Q1 FY27 earnings conference call. Before we begin, I would like to remind all the participants that this conference call may contain forward-looking statements about the company, which are based on beliefs, opinions, and expectations of the company as on the date of this call. These statements are not a guarantee of future performance and may involve risk and uncertainty that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions at the end of today's presentation.

Operator: Ladies and gentlemen, you have been connected for Sri Lotus Developers and Realty Ltd conference call. Please stay connected. The call will begin shortly. Ladies and gentlemen, good day and welcome to the Sri Lotus Developers and Realty Ltd Q1 FY27 earnings conference call. Before we begin, I would like to remind all the participants that this conference call may contain forward-looking statements about the company, which are based on beliefs, opinions, and expectations of the company as on the date of this call. These statements are not a guarantee of future performance and may involve risk and uncertainty that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions at the end of today's presentation.

Speaker #1: Please stay connected; the call will begin shortly. Ladies and gentlemen, good day and welcome to the Sri Lotus Developers and Realty Q1 FY27 earnings conference call.

Speaker #1: Before we begin, I would like to remind all the participants that this conference call may contain forward-looking statements about the company, which are based on beliefs, opinions, and expectations of the company as of the date of this call.

Speaker #1: These statements are not a guarantee of future performance and may involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions at the end of today's presentation.

Speaker #1: Should you need assistance during the conference call, please signal an operator by pressing star, then zero, on your touch-tone phone. Please note that this conference is being recorded.

Operator: Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I would now like to hand the conference over to Mr. Anand Pandit, Managing Director and Chairman of Sri Lotus Developers and Realty Limited. Thank you, and over to you, sir.

Speaker #1: I would now like to hand the conference over to Mr. Anand Pandit, Managing Director and Chairman of Sri Lotus Developers and Realty. Q1. Thank you, and over to you, sir.

Speaker #2: Good morning, everyone, and a very warm welcome to the Q1 FY27 earnings call of Sri Lotus Developers and Realty. Joining me today are our CEO, Mr. Sanjay Kumar Jain; our CFO, Mr. Rakesh Gupta; and our investor relations advisors from SGA.

Anand Pandit: Good morning, everyone, and a very warm welcome to the Q1 FY27 earnings call of Sri Lotus Developers and Realty Limited. Joining me today are our CEO, Mr. Sanjay Kumar Jain, and our CFO, Mr. Rakesh Gupta, and our investor relations advisors from SGA. Our investor presentation has been uploaded to the stock exchanges and our website, and we hope you have had a chance to go through it. Let me start with a brief overview of the market. Luxury real estate is telling a different story than the rest of the housing market. While most buyers globally are being cautious given interest rates and broader uncertainty, luxury buyers are not. They are driven by long-term wealth creation, family legacy, and lifestyle, not by loan rates. Mumbai is a good example of this.

Speaker #2: Our investor presentation has been uploaded to the stock exchanges and our website, and we hope you have had a chance to go through it.

Speaker #2: Let me start with a brief overview of the market. Luxury real estate is telling a different story than the rest of the housing market.

Speaker #2: While most buyers globally are being cautious, given interest rates and broader uncertainty, luxury buyers are not. They are driven by long-term wealth creation, family legacy, and lifestyle, not by loan rates.

Speaker #2: Mumbai is a good example of this. Even as the overall housing market has moderated, luxury housing demand across the city has grown by more than 11%, led by successful families and professionals upgrading to bigger, better homes.

Anand Pandit: Even as the overall housing market has moderated, luxury housing demand across the city has grown by more than 11%, led by successful families and professionals upgrading to bigger, better homes. At the same time, supply in micro markets like Worli, Bandra, and South Mumbai remain constrained. There is very little fresh land left, so most new luxury supply comes through redevelopment rather than greenfield construction. With major infrastructure, the Coastal Road, Metro Line 3, and the Trans Harbour Link transforming connectivity across the city, we believe Mumbai's luxury real estate market is set up for strong, sustained growth in the years ahead. Turning to our operating and financial performance for the quarter, Q1 FY27 has started on a strong note. Pre-sales stood at INR 409 crores, up by 567% year on year. Collections stood at INR 150 crores, up by 115% year on year.

Speaker #2: At the same time, supply in micro-markets like Worli, Bandra, and South Mumbai remains constrained. There is very little fresh land left, so most new luxury supply comes through redevelopment rather than greenfield construction.

Speaker #2: With major infrastructure projects like the Coastal Road, Metro Line 3, and the Trans-Harbor Link transforming connectivity across the city, we believe Mumbai's luxury real estate market is set up for strong, sustained growth in the years ahead.

Speaker #2: Turning to our operating and financial performance for the quarter, Q1 FY27 has started on a strong note. Presales stood at ₹409 crore, up by 567% year on year.

Speaker #2: Collections stood at ₹150 crores, up by 115% year on year. With several projects having passed plinth level, collections are beginning to flow through—an encouraging sign for the cash flow trajectory of our ongoing portfolio.

Anand Pandit: With several projects have passed plinth level, collections are beginning to flow through, an encouraging sign for the cash flow trajectory of our ongoing portfolio. Profit after tax grew 77% year on year to INR 46 crores at a PAT margin of 34.5%. This performance reflects the differentiated niche nature of our product portfolio, along with the operating margins and cost efficiencies we bring to our construction execution. Our average selling price stood at INR 86,000 per square foot, underscoring the strength of our product across the micro markets we operate in. During the quarter, we launched two new projects, Lotus Trident in Andheri and Lotus Aquaria in Prabhadevi, together representing a combined GDV of INR 1,350 crores. We were also recently appointed developer for a very, very prestigious commercial redevelopment project with an estimated GDV of INR 1,600 crores in Juhu.

Speaker #2: Profit after tax grew 77% year on year to a PAT margin of 34.5%. This performance reflects the differentiated, niche nature of our product portfolio, along with strong operating margins and cost efficiencies.

Speaker #2: We bring that to our construction execution. Our average selling price stood at ₹86,000 per square foot, underscoring the strength of our product across the micro markets we operate in.

Speaker #2: During the quarter, we launched two new projects: Lotus Trident in Andheri and Lotus Aquaria in Prabhadevi, together representing a combined GDV of ₹1,350 crores.

Speaker #2: We were also recently appointed as the developer for a very, very prestigious commercial redevelopment project, with an estimated value of ₹1,600 crore in Johor. Looking ahead, we plan to launch four more projects over the remainder of FY27: Lotus Aurelia, Lotus Sky Plaza, Lotus Portofino, and Lotus Odyssey.

Anand Pandit: Looking ahead, we plan to launch four more projects over the remainder of FY27, Lotus Aurelia, Lotus Sky Plaza, Lotus Portofino, and Lotus Odyssey, with a combined estimated GDV of INR 3,500 to 4,000 crores. Backed by this launch pipeline, strong demand outlook, and the quality of our developments, we remain committed to our FY27 guidance of pre-sales in the range of INR 1,800 to 2,000 crores, along with revenue and PAT growth of 55% to 60%. We remain confident of sustaining strong profitability with EBITDA and PAT margins expected at 35% to 40% and 25% to 30% respectively. Our ongoing and upcoming pipeline comprises 22 projects, 17 residential and five commercials, with an aggregate GDV of approximately INR 17,500 to 18,000 crores. Notably, 17 of these 22 projects are redevelopment-led, reinforcing our core focus and competitive strengths in this segment.

Anand Pandit: Looking ahead, we plan to launch four more projects over the remainder of FY27, Lotus Aurelia, Lotus Sky Plaza, Lotus Portofino, and Lotus Odyssey, with a combined estimated GDV of INR 3,500 to 4,000 crores. Backed by this launch pipeline, strong demand outlook, and the quality of our developments, we remain committed to our FY27 guidance of pre-sales in the range of INR 1,800 to 2,000 crores, along with revenue and PAT growth of 55% to 60%. We remain confident of sustaining strong profitability with EBITDA and PAT margins expected at 35% to 40% and 25% to 30% respectively. Our ongoing and upcoming pipeline comprises 22 projectTechnical Directors, 17 residential and five commercials, with an aggregate GDV of approximately INR 17,500 to 18,000 crores. Notably, 17 of these 22 projects are redevelopment-led, reinforcing our core focus and competitive strengths in this segment.

Speaker #2: With a combined estimated GDP of ₹3,500 to ₹4,000 crores, backed by this launch pipeline, strong demand outlook, and the quality of our developments, we remain committed to our FY27 guidance of presales in the range of ₹1,800 to ₹2,000 crores.

Speaker #2: Along with revenue and PAT growth of 55% to 60%, we remain confident of sustaining strong profitability, with EBITDA and PAT margins expected at 35% to 40% and 25% to 30%, respectively.

Speaker #2: Our ongoing and upcoming pipeline comprises 22 projects—17 residential and 5 commercial—with an aggregate GDV of approximately ₹17,500 to ₹18,000 crore. Notably, 17 of these 22 projects are redevelopment-led, reinforcing our core focus and competitive strength in this segment.

Speaker #2: Alongside our operating momentum we have also been investing in digital and print marketing to accelerate sales as we expand into newer micro markets. Last quarter we launched a campaign showcasing 11 of our projects across Mumbai's coastline a first of its kind initiative in India spanning Warsawa, Johor, Carter Road, Bandstand, Prabhadevi, and Nepenthes Road.

Anand Pandit: Alongside our operating momentum, we have also been investing in digital and print marketing to accelerate sales as we expand into newer micro markets. Last quarter, we launched a campaign showcasing 11 of our projects across Mumbai's coastline. A first of its kind initiative in India, spanning Versova, Juhu, Carter Road, Bandstand, Prabhadevi, and Nariman Point. This continues to build brand recall for Lotus as we take our portfolio into newer parts of the city and complements the inquiry moment we are seeing on our recent launches. Taken together, our operating performance, launch pipeline, and brand-building efforts all point in the same direction, a business that is scaling with discipline. What continues to differentiate Lotus is not merely growth, but the quality of the growth.

Speaker #2: This continues to build brand recall for Lotus as we take our portfolio into newer parts of the city, and complements the inquiry momentum we are seeing on our recent launches.

Speaker #2: Taken together, our operating performance, launch pipeline, and brand-building efforts all point in the same direction—a business that is scaling with discipline. What continues to differentiate Lotus is not merely growth, but the quality of that growth.

Speaker #2: We remain focused on capital discipline, a curated project selection process, premium micro-market positioning, and execution excellence, while maintaining one of the strongest profitability profiles in the industry on a debt-free, net cash balance sheet.

Anand Pandit: We remain focused on capital discipline, curated project selection process, premium micro market positioning, and execution excellence, while maintaining one of the strongest profitability profiles in the industry on a debt-free net cash balance sheet. With that, I will now hand over the call to Mr. Sanjay Kumar Jain, our CEO, to take you through the financial highlights in more detail. Over to you, Sanjay.

Speaker #2: With that, I will now hand over the call to Mr. Sanjay Kumar Jain, our CEO, to take you through the financial highlights in more detail.

Speaker #2: Over to you Sanjay.

Speaker #3: Thank you, Anand sir. Good morning, everyone. Let me take you through the key operational and financial highlights for Q1, financial year 2027.

Sanjay Jain: Thank you, Anand sir. Good morning, everyone. Let me take you through the key operational and financial highlights for Q1 FY27. We have started the year on a strong and encouraging note, with healthy growth across presale, collections, revenue, and profitability. During the quarter, we launched two projects Lotus Trident in Andheri West and Lotus Aquaria in Prabhadevi. Towards the end of June 2026, and we are seeing encouraging inquiry levels across both projects. Our growth pipeline also remains strong over the balance of FY27. We plan to launch four more projects, representing an additional estimated GDV of approximate INR 3,500 to 4,000 crore. In addition, we were appointed as the developer for a landmark commercial cum retail redevelopment project in Juhu, Mumbai, with an estimated GDV of approximate INR 1,600 crore.

Speaker #3: We have started the year on a strong and encouraging note, with healthy growth across presale collections, revenue, and profitability. During the quarter, we launched two projects: Lotus Trident in Andheri West and Lotus Aquaria in Prabhadevi.

Speaker #3: Towards the end of June 2026, we are seeing encouraging inquiry levels across both projects. Our growth pipeline also remains strong over the balance of financial year 2027.

Speaker #3: We plan to launch four more projects, representing an additional estimated GDP of approximately ₹3,500 to ₹4,000 crore. In addition, we were appointed as the developer for a landmark commercial and retail redevelopment project in Juhu, Mumbai, with an estimated GDP of approximately ₹1,600 crore.

Speaker #3: This further strengthens our redevelopment portfolio and reinforces our presence in one of Mumbai's most premium micromarkets. Coming to our Q1 FY27 consolidated financial performance, the numbers reflect the strength and stability of our business model.

Sanjay Jain: This further strengthens our redevelopment portfolio and reinforces our presence in one of Mumbai's most premium micro markets. Coming to our Q1 FY27 consolidated financial performance, the numbers reflect the strength and scalability of our business model. Pre-sale stood at INR 409 crore, registering a strong growth of 567% year-on-year. Collection increased by 115% year-on-year to INR 150 crore, demonstrating healthy execution and cash flow momentum across our portfolio. Revenue grew by 116% year-on-year to INR 132 crore. EBITDA stood at INR 48 crore, growing 63% year-on-year, with a healthy EBITDA margin of 36.4%. Profit after tax increased by 77% year-on-year to INR 46 crore, while our PAT margin remained strong at 34.5%. Our adjusted ROE for the quarter stood at 15.5%.

Speaker #3: Presale stood at rupees 409 crores registering a strong growth of 567% year on a year. Collection increased by 115% year on year to rupees 150 crores demonstrating healthy execution and cash flow moment across our portfolio.

Speaker #3: Revenue grew by 116% year on year to rupees 132 crores. EBITDA stood at rupees 48 crores growing 63% year on year with a healthy EBITDA margin of 36.4%.

Speaker #3: Profit after tax increased by 77% year-on-year to Rs 46 crore, while our PAT margin remained strong at 34.5%. Our adjusted ROE for the quarter stood at 15.5%.

Speaker #3: What is particularly encouraging is that we are delivering this growth while maintaining a strong and disciplined balance sheet. As of June 2026, we had a total cash balance of approximately ₹776 crore against that of ₹153 crore, resulting in a net cash position of ₹623 crore.

Sanjay Jain: What is particularly encouraging is that we are delivering this growth while maintaining a strong and disciplined balance sheet. As of June 2026, we had a total cash balance of approximate INR 776 crore against that of INR 153 crore, resulting a net cash position of INR 623 crore. Our projected free cash flow from the completed and ongoing project at approximate INR 3,245 crore, while upcoming projects are expected to generate approximate INR 5,240 crores, taking the total projected surplus to approximate INR 8,485 crores. This provide us significant financial strength and visibility to support our future growth pipeline while continuing to maintain capital discipline. On the deployment of IPO proceed, we raised approximate INR 792 crore through the fresh issue with net proceed after issue expenses of approximate INR 732 crore.

Speaker #3: Our projected free cash flow from the completed and ongoing projects is approximately ₹3,245 crores, while upcoming projects are expected to generate approximately ₹5,240 crores.

Speaker #3: Taking the total projected surplus to approximately ₹8,485 crores. This provides us significant financial strength and visibility to support our future growth pipeline while continuing to maintain capital discipline.

Speaker #3: On the deployment of IPO proceeds, we raised approximately ₹792 crores through the fresh issue, with net proceeds after issue expenses of approximately ₹732 crores.

Speaker #3: Of the ₹550 crore earmarked for our subsidy towards Amalfi, Arcadian, and Varun, we had deployed ₹271 crore as on 30th June 2026, and the utilization remains in line with our planned deployment schedule.

Sanjay Jain: Of the INR 550 crores earmarked for our subsidiary towards Amalfi, The Arcadian, and Varun, we had deployed INR 271 crore as on 30 June 2026, and the utilization remain in line with our planned deployment schedule. Overall, Q1 FY27 has given a strong start off to the year with a robust launch pipeline, healthy sales momentum, strong profitability, significant projected cash flow, and net cash balance sheet. We believe we are well-positioned to deliver substantial and profitable growth over the coming years. Our focus remain clear: select the right projects, maintain capital discipline, execute with excellence, and create long-term value for all our stakeholders. With that, I would like to open the floor for questions. Thank you.

Speaker #3: Overall, Q1 of fiscal year 2027 has given a strong start to the year with a robust launch pipeline, healthy sales momentum, strong profitability, significant projected cash flow, and a net cash balance sheet. We believe we are well positioned to deliver substantial and profitable growth over the coming years.

Speaker #3: Our focus remains clear: select the right projects, maintain capital discipline, execute with excellence, and create long-term value for all our stakeholders. With that, I would like to open the floor for questions.

Speaker #3: Thank you.

Speaker #1: Thank you very much, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone.

Operator: Thank you very much, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. We have our first question from the line of Varun Shivaram from Choice. Please go ahead.

Speaker #1: If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question.

Speaker #1: Ladies and gentlemen, we will wait for a moment while the question queue assembles. We have a first question from the line of Varun Shivram from Choice. Please go ahead.

Speaker #3: Hi sir am I audible?

Varun Shivaram: Hi, sir. Am I audible?

Speaker #2: Yes Varun.

Sanjay Jain: Yes, Varun.

Speaker #3: Yeah, yeah. Thank you, sir. Thanks for the opportunity, and congrats on a good set of numbers. The first question I had was on the new BD project in Johor. So can you share a few more details on that? What kind of GDV should we expect, and what are the expected completion dates we should be looking at for this project?

Varun Shivaram: Yeah. Thank you, sir. Thanks for the opportunity, and congrats on a good set of numbers. The first question I had was on the new BD project of Juhu. Can you share a few more details on that? What kind of GD should we expect? What is the kind of completion dates we should be looking at for this project?

Speaker #2: Yes, this is a commercial redevelopment project. This is like a shopping center in Johor, and a very prestigious project. We expect a GDV of about ₹1,600 crores, and hopefully we will be starting this project next year after planning, the passing of plans, and other formalities. We expect about three to four years thereafter to complete the project.

Sanjay Jain: Yes. This is a commercial redevelopment project. This is like a shopping center in Juhu, a very prestigious project. We expect GDV about INR 1,600 crores. Hopefully we'll be starting this project next year after passing of plans and other formalities, and about three to four years thereafter to complete the project.

Speaker #3: Understood. Thank you, sir. My second question would be that we've had a very strong presale number of around ₹409 crore. So, with these presale numbers, I believe we can achieve the annual guidance of around ₹2,000 crore.

Varun Shivaram: Understood. Thank you, sir. My second question would be that we've had a very strong presale number of around INR 409 crores. With these presale numbers, I believe that we can achieve the annual guidance for around INR 2,000 crores. Is this achievable? If this is achievable, what makes you think that we'll grow by 55% to 60% for the full year?

Speaker #3: So, is this achievable? And if this is achievable, what makes you think that we'll grow by 55–60% for the full year?

Speaker #2: So Varun, we are launching four new projects during the year, and we are getting good response for our already launched projects, Trident, Aquaria, and Celestia. We have already taken more than ₹400 crore in sales from the last two quarters.

Sanjay Jain: Varun, we are launching four new projects during the year, and we are getting good response for our already launched project, Trident and Aquaria. Celestia, we already had taken more than INR 400 crore sales from last two quarters. We are very confident that we are easily achieve the INR 1,800 crore guidance.

Speaker #2: So we are very confident that we will easily achieve the ₹1,800 crore guideline.

Speaker #3: Understood, sir. Thank you, sir, for the detailed answers, and all the best.

Varun Shivaram: Understood, sir. Thank you, sir, for the detailed answers and all the best.

Speaker #2: Thank you.

Sanjay Jain: Thank you.

Speaker #3: Thank you.

Varun Shivaram: Thank you.

Speaker #1: Thank you. We have a next question from the line of Harsh Pathak from Motilal Oswal Financial Services. Please go ahead.

Operator: Thank you. We have our next question from the line of Harsh Pathak from Motilal Oswal Financial Services. Please go ahead.

Speaker #3: Yeah, hi Anandji and team, good morning. First of all, congratulations on the strong quarterly performance, and also congratulations on the new deal win. So, my first question is on the pipeline for the next three quarters. Like you highlighted, there are four projects coming up.

Harsh Pathak: Yeah. Hi, Anandji and team, good morning. First of all, congratulations on the strong quarterly performance, and also congratulations on the new deal win. My first question is on the pipeline for the next three quarters. Like you highlighted, there are four projects coming up. Can you please indicate which quarters are these projects lined up for, and what is the approximate GDV for this respective project that we can look forward to?

Speaker #3: Can you please indicate which quarters these projects are lined up for? And what is the approximate GDV for these respective projects that we can look forward to?

Speaker #2: So, Harsh, good morning. So, Sanjay Jain here. So, we are launching four new projects. One is the Lotus Sky Plaza, that is in Osivara, and that will be launched either by this half year end or at the start of the third quarter.

Sanjay Jain: Harsh, good morning. Sanjay Jain here. We are launching the four new project. One is the Lotus Sky Plaza that is in the Oshiwara, and that will be launched either this H1 end or start of the Q3. Approximate GDV is around INR 1,500 crore for that. Second project we are launching in the Bandstand, that is Lotus Odyssey, and that will be the GDV of the INR 1,000 crore, and it will be the Q4 of this year. Third project we are intend to launch is in the Versova, that Lotus Portofino, and mostly it will be launched within three to four months, and this is the GDV of around INR 500 crore. Fourth project we are intend to launch is the Lotus Aurelia, that is in the Napean Sea Road, and that will be also around INR 600 to 700 crore GDV.

Speaker #2: So, approximate GDV is around ₹1,500 crores for that. The second project we are launching is at Band Stand, which is Lotus Odyssey, and that will have a GDV of ₹1,000 crores, and it will be in the fourth quarter of this year.

Speaker #2: third project we are intend to launch is that in the Versova that Lotus Proto you know and mostly it will be launches within three to four months and this is the GDV of around 500 crores.

Speaker #2: And the fourth project we intend to launch is the Lotus or Rila, which is on Nepensi Road. That will also be around ₹600 to ₹700 crores GDV.

Speaker #3: Sure, understood. Also, this new project that we are running in Johor—can you please, you know, give some specifics on where this project is? And would we be reserving some portion for the rental portfolio, or would we be taking it up entirely for strata sale?

Harsh Pathak: Sure. Understood. Also, this new project that we have won in Juhu, can you please give some specifics where this project is? Would we be reserving some portion for the rental portfolio or we'll be taking it up entirely for strata sale?

Speaker #2: So Harsh, this is right in Johor, you know, in the middle of Johor. The project is an existing shopping center and commercial offices. It's more than 5,000 square meters of plot, which is one of the largest in Johor. So what we'll be doing is, this would be a redevelopment project, so we'll be rehousing those establishments there again, and the remaining portion we'll be using for our commercial pipeline.

Sanjay Jain: Harsh, this is right in Juhu, in the middle of Juhu, the project is. It's existing shopping center and commercial offices. It's more than 5,000 square meter of plot, which is one of the largest in Juhu. What we'll be doing is, this would be a redevelopment project, we'll be rehousing those establishment there again, and remaining portion we'll be using for our commercial pipeline. Right now we are not sure that we want to keep it for rental because it's a very high-value ticket size there. Maybe we might think about some other area for our rental annuity income, but not this particular project.

Speaker #2: Right now, we are not sure that we want to keep it for rental because it's a very high-value ticket size there. So maybe we might think about some other area for our rental annuity income, but not this particular project.

Speaker #3: Understood. And with the total capital outlay, what is the profitability we have assumed in this?

Harsh Pathak: Understood. What will the total capital outlay, what is the profitability we have assumed in this?

Speaker #2: As we have mentioned, our EBITDA would be in the range of about 40%, and net profit is about 25 to 30%.

Sanjay Jain: As we have mentioned that our EBITDA would be in the range of about 40% and net profit about 25% to 30%. I'm sure we'll be able to achieve that or beat that in this project.

Speaker #2: I'm sure we'll be able to achieve that, or even beat that, in this project.

Speaker #3: Surely. And my last question is on the Gift City project. What are the updates there, and when are we looking at the further steps on this project?

Harsh Pathak: Sure. My last question is on the GIFT City project. What are the updates there, and when are we looking on the further steps on this project?

Speaker #2: The GIFT City project is going very well. Actually, about 300 acres of land have been included into the GIFT area, so that is how we got included into the GIFT area.

Sanjay Jain: GIFT City project is going very well. Actually, that particular about 300 acres of land, they have included into GIFT Area. That is why we got included into GIFT Area. We wanted a mixed use. Government is right now changing that. That process is going on so that we can achieve our mixed use, that is commercial, retail, and residential. We are expecting that by the end of this year, we'll get our all approvals in place. Immediately after that, we'll be starting the project.

Speaker #2: We wanted a mixed use, so the government is right now changing that. That process is going on so that we can achieve our mixed use, that is: commercial, retail, and residential.

Speaker #2: So, we are expecting that by the end of this year, we'll get all our approvals in place. Immediately after that, we'll be starting the project.

Speaker #3: Understood. Okay. Thanks a lot, Anandji and Sanjay, for taking my questions.

Harsh Pathak: Understood. Okay. Thanks a lot, Anand and Sanjay, for taking my questions.

Speaker #2: Thank you very much.

Sanjay Jain: Thank you.

Speaker #1: Thank you. A reminder to all participants: if you wish to ask any questions, you may press star and one on your touch-tone phone. Anyone who has a question may press star and one on their phones.

Operator: Thank you. A reminder to all participants, if you wish to ask any questions, you may press star and one on your touch-tone phone. Anyone who has a question may press star and one on their phone. The next question is from the line of Akhil from Monarch Networth Capital. Please go ahead.

Speaker #1: The next question is from the line of Akhil from Monarch Network Capital. Please go ahead.

Speaker #4: Sir, congratulations on the stellar set of numbers. I see the collections have also improved this quarter. So, just two questions from my end.

[Company Representative] (Monarch Networth Capital): Sir, congratulations on the stellar set of numbers. I see the collections have also improved this quarter. Sir, just two questions from my end. One, we have a guidance of around 55% to 60% revenue growth and INR 1,800 to 2,000 crores of pre-sales. What's our goal for cash collections this year? If you can also give some new insights on how the EBITDA margin we can expect going forward. Will it further improve from here from 36% to 38%? Is this the kind of sustainable level of margins we should keep in mind?

[Analyst] (Monarch Networth Capital): Sir, congratulations on the stellar set of numbers. I see the collections have also improved this quarter. Sir, just two questions from my end. One, we have a guidance of around 55% to 60% revenue growth and INR 1,800 to 2,000 crores of pre-sales. What's our goal for cash collections this year? If you can also give some new insights on how the EBITDA margin we can expect going forward. Will it further improve from here from 36% to 38%? Is this the kind of sustainable level of margins we should keep in mind?

Speaker #4: One we have a guidance of around 50 to 65 55 to 60% revenue growth and 1,800 crores 50,000 crores of resales. What what's our our goal for cash collections this year and if you can also give some some you know insights on how the EBITDA margin we can expect going forward will it further improve from here from 36% to 38% or is this is this the kind of sustainable level of margin we should keep in mind?

Speaker #2: So, Akhil, good morning. Regarding the cash collection—because most of the projects last year and this quarter are in the basement or the plinth stage...

Sanjay Jain: Akhil, good morning. Regarding the cash collection, because most of the projects last year and this quarter is in the basement or in the plinth stage. At the end of this financial year, our three project, Arcadian will be completed 90% of the total project cost. Varun will be also completed 90%. Amalfi will be around 60% to 70%. The cash collection will be improved because all the payment will be due. This year we intend to collect around INR 1,000 crore. Regarding EBITDA margin, we are on the same range what we have guided, approximately 33% to 36%.

Speaker #2: At the end of this financial year, our three projects Aquaria will get completed approximately 90%—sorry, Arcadian will be completed 90% of the total project cost.

Speaker #2: Varun will also be completed at 90%. Amalfi will be around 60% to 70%. So then the cash collection will improve because the billing will be, and all the payment will be due.

Speaker #2: So this year we intend to collect around ₹1,000 crore. Regarding EBITDA margin, we are in the same range, what we have guided—approximately 33% to 36%.

Speaker #4: Understood sir. Thank you.

[Company Representative] (Monarch Networth Capital): Understood, sir. Thank you.

[Analyst] (Monarch Networth Capital): Understood, sir. Thank you.

Speaker #1: Thank you. We have our next question from the line of Manish Otwal from Nirmal Bank Securities. Please go ahead.

Operator: Thank you. We have our next question from the line of Manish Ostwal from Nirmal Bang Securities. Please go ahead.

Speaker #3: Yes sir, thank you for the opportunity. I have a couple of questions. First, on the micro market where we are operating: over the last one year, how much price hike have you seen in your existing projects or launch projects? Can you just give a direction about that? Secondly, in our sales strategy, when we launch the project, how does the sales strategy work? Like, do we sell 30% inventory at the launch and then over the next one year, how does our strategy on sales work? And third, regarding premium portfolio pricing versus peers like Lodha and Oberoi in our market, how much of a premium are we operating at, or are we in line with these operators? Thank you.

Manish Ostwal: Yes, sir. Thank you for the opportunity. I have a couple of questions. First, on the micro market where we operate in. Over the last 1 year, how much price hike you have seen in your existing projects or launch projects? Can you just give a direction about that? Secondly, in our sales strategy when we launch the project, how the sales strategy works, like 30% inventory we sell at the launch, then next year, 1 year, how our strategy on sales works? Third, premium portfolio pricing versus peers like Lodha and Oberoi in our markets, how much premium we are operating or whether we are in line with these operators. Thank you.

Speaker #2: So, you have, I think, two or three questions. As far as the price rise is concerned, it's about 5% to 10%. We have seen the price rise.

Sanjay Jain: You have, I think, 2 or 3 questions. As far as price rise is concerned, it is about 5% to 10% we have seen the price rise. As far as sale is concerned, since we are in ultra-luxury, it is difficult to predict how the sale will happen. Generally what we do is about 20% to 30%, we sell it during the launch time. Then slowly as we come out of the plan, slowly, gradually it starts picking it up. Within the span of 3 years, generally, as a thumb rule, we complete the project. Every year we sell offload about 30% of the stock. Regarding the pricing related to other developers, normally where in micro market, we are getting 10% to 15% higher than the other developers.

Speaker #2: As far as sales are concerned, you know, since we are in ultra-luxury, it's difficult to predict how the sales will happen, you know.

Speaker #2: But generally, what we do is, about 20% to 30% we sell during the launch time. And then, slowly, as we come out of the plan, gradually it starts picking up.

Speaker #2: So within the span of three years, generally, you know, as a thumb rule, we complete the project. So every year we sell or offload about 30% of the stock.

Speaker #3: So, regarding the pricing related to other developers, normally in our micro market we are getting 10% to 15% higher than the other developers.

Speaker #3: And last, sir, on the balance sheet leverage, what is our view? How do we want to use our balance sheet leverage for future growth?

Manish Ostwal: Last, sir, on the balance sheet leverage, what is our view? How we want to use our balance sheet for leverage for future growth?

Speaker #2: So Manish, we have a total of around ₹18,000 crores GDV. ₹18,000 crores GDV, and we have a net worth of around ₹1,900 crores net worth. So, normally in redevelopment, approximately 10% of the GDV is our investment, and we have sufficient balance and future profit will also come.

Sanjay Jain: Manish, we have total around INR 18,000 crore GDV, and we have the net worth of around INR 1,900 crore net worth. Normally in the redevelopment, approximately 10% of the GDV is our investment, and we have the sufficient balance and the future profit also will come. We are confident that we are able to use this fund and we will execute. For the future also, for every year, we are getting good balance sheet addition in the net worth.

Speaker #2: So we are confident that we are able to use this fund and we will execute. And for the future also, for every year we are getting good balance sheet addition in the network.

Speaker #3: All right, sir. Thank you very much. Wish you all the best for the remaining part of the quarter.

Manish Ostwal: All right, sir. Thank you very much. Wish you all the best for remaining part of the quarters.

Speaker #2: Thank ank you.

Sanjay Jain: Thank you.

Speaker #1: Thank you. We have our next question from the line of Raj Lakhani from Systematics Group. Please go ahead.

Operator: Thank you. We have our next question from the line of Raj Lakhaney from Systematix Group. Please go ahead.

Speaker #3: Yes, sir. Thank you for the opportunity. Sir, could you please share the latest update on the progress of Lotus Varun and the other tests? I just wanted to know how much construction work has been completed for Varun.

Raj Lakhaney: Yes, sir. Thank you for the opportunity. Sir, could you please share the latest update on the progress of Lotus, Varun, and Apratist? I just wanted to know how much construction work has been completed for Varun.

Raj Lakhani: Yes, sir. Thank you for the opportunity. Sir, could you please share the latest update on the progress of Lotus, Varun, and Apratist? I just wanted to know how much construction work has been completed for Varun.

Speaker #2: Hi Raj. Regarding that, Varun, we have just completed the plinth level now. We have around 20 slabs, so we are confident that before January we will complete the RCC work, and 90% of the work will be completed by March.

Sanjay Jain: Hi, Raj. Regarding that Varun, we have just completed the plinth level. Now, we have around 20 slabs are there, we are confident before January we'll complete the RCC work, and 90% of the work will be completed till March.

Speaker #3: Okay, Sir. Thank you so much.

Raj Lakhaney: Okay, sir. Thank you so much.

Raj Lakhani: Okay, sir. Thank you so much.

Speaker #1: Thank you. I remind all participants that if you wish to ask any questions, you may press star and one. The next question is from the line of Aniket Madhvani from Step Trade Capital.

Operator: Thank you. A reminder to all participants, if you wish to ask any questions, you may press star and one. The next question is from the line of Aniket Madhvani from StepTrade Capital. Please go ahead. Aniket? Aniket, are you there? As there is no response, we'll move on to the next participant. Next question is from line of Prabal Gandhi from InCred AMC. Please go ahead.

Speaker #1: Please go ahead. Aniket? Aniket, are you there? As there is no response, we'll move on to the next participant. Next question is from the line of Prabhal Gandhi from InCred AMC.

Speaker #1: Please go ahead.

Speaker #4: Hi am I audible?

Prabal Gandhi: Hi, am I audible?

Speaker #2: Yes. Yes sir.

Sanjay Jain: Yes.

Rakesh Gupta: Yes.

Speaker #4: Hi, sir. Thank you for the opportunity, and congratulations on the quarter. My first question: as of March end, the GDV was about ₹17,000 crore. Now, as of June end, how much is this including the Jho project that we have won?

Prabal Gandhi: Hi, sir. Thank you for the opportunity and congratulations on the quarter. My first question was, as of March end, our GDV was about INR 17,000 crore. Now, as of June end, how much is this, including the Juhu project that we've won?

Speaker #2: So, Prabhal, in the age on March, around ₹16,500 crores or ₹16,700 crores was the GDV, and the additional ₹1,600 crores GDV will be added in this.

Sanjay Jain: Prabal, as on March, around INR 16,500 crore or INR 16,700 crore was the GDV, and the additional INR 1,600 crore GDV will be added in this. It will be around INR 18,000 crore will be the GDV.

Speaker #2: So it will be around 1,800 to 1,8000 crores; that will be the GDV.

Speaker #4: Perfect. And for the current quarter, how much was the pre-sales from the launch sales and how much was the sustenance number?

Prabal Gandhi: Okay. For the current quarter, how much was the pre-sales from the launches and how much was the sustenance number?

Speaker #2: So we are getting a good response from Trident. So we have already done this quarter, ₹150 crores in sales from Trident.

Sanjay Jain: We are getting good response from the Trident. We have already done this quarter, INR 150 crore sales from the Trident.

Speaker #4: Okay, so meaning, out of ₹410 crore of pre-sales, about ₹150 crore was because of launches?

Prabal Gandhi: Does it mean out of INR 410 crore of pre-sales, about INR 150 crore was because of launches?

Speaker #2: So, no, no, no. So, sorry. So, I am saying that between July to September, we are getting a good response from Trident, and we have already, within one month, achieved ₹150 crores in pre-sales from Trident. And regarding this June quarter, Rakesh will give that, yeah.

Sanjay Jain: No. Sorry. I am saying between the July to September, we are getting good response from Trident, and already within one month, we have achieved INR 150 crore pre-sale from the Trident. Regarding this June quarter, Rakesh will give that. Yes.

Speaker #3: So, for the June quarter, the primary number came from the recent launch which we did in the last financial year. So, around ₹350 crore plus was from that existing launch which we did in FY26.

Rakesh Gupta: For the June quarter, the primary number came from the same launches which we did in the last financial year. Around INR 350 plus crore was from that existing launch, which we done in FY26. Remaining from the

Speaker #3: And the remaining from the.

Speaker #4: Understood. So, ₹350 crore was for sustenance, and the remaining ₹60 crore was because of the new launches.

Prabal Gandhi: Understood. Is it so INR 350 crore was sustenance and remaining INR 60 crore was because of the new launches?

Speaker #3: No, no, the reverse way. So, new launches were only two projects in this quarter, which is around ₹25 crores, and the balance was from existing local launches which were done in FY26 and prior.

Rakesh Gupta: No. Reverse way. New launch was only two projects in this quarter, which is around INR 25 crore, and balance was from existing open launch, which was done in FY26 and prior.

Speaker #4: Understood, sir. Secondly, when I look at your presentation, I see that there are multiple projects within the residential as well as within the commercial segments, which are stated to commence in FY27 itself.

Prabal Gandhi: Understood. Sir, secondly, when I see your presentation, there are multiple projects within the residential as well as within the commercial, which are stated to commence in FY27 itself. In the previous participant question, you mentioned that in this year, we are only planning four launches additionally. Why is there a discrepancy there?

Speaker #4: but in the in the previous participant question you mentioned that in this year we are only planning four launches. Additionally so why why is there a discrepancy there?

Speaker #2: So, there are six projects. This year we are launching six projects. Out of six projects, two projects are commercial and four are residential. And we are talking about the total construction activity for all the residential and commercial projects.

Sanjay Jain: In this year, we are launching six projects. Out of six projects, two projects are commercial, four are residential. We are talking about the total construction activities for all the residential and commercial projects. We are ongoing project of the residential also, and commercial ongoing project is only two. The other is the residential projects.

Speaker #2: So, we have ongoing residential projects as well, and for commercial projects, only two are ongoing. The others are residential projects.

Speaker #4: Okay. So, additionally, for these four projects which are expected to come, two will be in commercial and two will be in residential sites.

Prabal Gandhi: Okay. Additionally, these four projects which are expected to come, two will be in commercial and two will be in residential side?

Speaker #3: So, out of the list given in the presentation, four projects will be launched in the next nine months, and for the remaining, we will be starting construction activity, but the launch will happen maybe in the next quarter or the quarter after that.

Rakesh Gupta: Out of the list given in the presentation, four projects will be launched in the next nine months, and the remaining we will be starting construction activity, but the launch will happen in maybe next quarter or the next to next quarter. That is what we are guiding right now.

Speaker #3: So that is what we are guiding right now.

Speaker #4: Okay. Understood. And secondly sir so they there have been articles that in the in the Versova area the luxury redevelopment is seeing a lot of demand.

Prabal Gandhi: Okay, understood. Secondly, sir, there have been articles that in the Versova area, the luxury redevelopment is seeing lot of demand, and given our balance sheet strength and the collections that we are seeing, are we planning to back some project there?

Speaker #4: And given our balance sheet strength and the collections that we are seeing, are we planning to back some projects there?

Speaker #2: We already have three projects there. And all three are on the ocean—you know, sea-front projects. And we are getting excellent response there.

Rakesh Gupta: We already have three projects there, and all three are on the ocean. Seafront projects. We are getting excellent response there. We are in talks with some of the societies there, more societies. Yes, what you are saying is correct. Versova is getting good momentum.

Sanjay Jain: We already have three projects there, and all three are on the ocean. Seafront projects. We are getting excellent response there. We are in talks with some of the societies there, more societies. Yes, what you are saying is correct. Versova is getting good momentum.

Speaker #2: And we are in talks with some of the societies there, more societies, and yes, what you are saying is correct. Versova is getting good momentum.

Speaker #4: Understood. And sir, with respect to promoter equity—so our take is about 82%. How do we see the timeline for reducing that to 75% or below?

Prabal Gandhi: Understood. Sir, with respect to promoter equity, so far our stake is about 82%. How do we see the timeline for reducing that to 75% or below?

Speaker #2: So we have got a total of three years. One year has passed, so we still have two years to go. And within that time, I think we'll be able to dilute that.

Rakesh Gupta: We have got a total of three years. One year has passed, so we have still two years to go. Within that time, I think we'll be able to dilute that.

Sanjay Jain: We have got a total of three years. One year has passed, so we have still two years to go. Within that time, I think we'll be able to dilute that.

Speaker #4: Are there any ranges that you are looking at, or any discussions that you have started with investors?

Prabal Gandhi: Any range that you are looking at or any discussions that you have started with investors?

Speaker #2: No, not at all. Not at all. It's very premature at this point in time, I think.

Rakesh Gupta: No, not at all. It's very premature at this point of time, I think.

Sanjay Jain: No, not at all. It's very premature at this point of time, I think.

Speaker #4: Understood. Thank you, sir, and all the best.

Prabal Gandhi: Understood. Thank you, sir, and all the best.

Speaker #2: Thank you.

Rakesh Gupta: Thank you.

Sanjay Jain: Thank you.

Speaker #1: Thank you. We have our next question from the line of Sahil Vedya from Sacman Capital. Please go ahead.

Operator: Thank you. We have our next question from the line of Sahil Vaidya from Sacman Capital. Please go ahead.

Speaker #4: Good afternoon, sir. My question is about your Aquaria Prabhadevi project, where the estimated GDV is ₹800 crore. What is the tenant's share, and can you break down the three component parts for the company?

Sahil Vaidya: Yeah, good afternoon, sir. My question is in your Aquaria Prabhadevi project, the estimated GDV is INR 800 crore. What is the tenant share and the fee component part from the company?

Speaker #3: So this Rs 800 crores is company part only, but we disclose as a GDV is our sellable portion only, because the area of the tenants is given free to these existing tenants.

Rakesh Gupta: This INR 800 crore is company part only. What we disclose as a GDV is our sellable portion only, because the area of the tenants are given free to these existing tenants, so it is not included.

Speaker #3: So it is not included.

Speaker #4: Okay, okay, okay. And so, regarding pricing per square foot, you have launched the Aquaria project?

Sahil Vaidya: Okay, great. Sir, what's the pricing per square foot you have launched the Aquaria project?

Speaker #2: So, it has started at around 85,000 rupees per square foot.

Rakesh Gupta: It is started around INR 85,000 per square feet.

Sanjay Jain: It is started around INR 85,000 per square feet.

Sahil Vaidya: Okay. That's all from my side. Thank you.

Speaker #4: Okay, that's all from my side. Thank you.

Speaker #1: Thank you. We have our next question from the line of Darshan Parikh from PGE Industries. Please go ahead.

Operator: Thank you. We have our next question from the line of Darshan Parekh from PG Industries. Please go ahead.

Speaker #3: Yeah. Hi. Am I audible?

Darshan Parekh: Yeah, hi. Am I audible?

Speaker #2: Yes yes.

Rakesh Gupta: Yes, Darshan.

Anand Pandit: Yes, Darshan.

Speaker #3: Hi, so first of all, thank you guys for giving me the chance, and congratulations on a very good number in the quarter. I just have two or three questions from your presentation.

Darshan Parekh: Hi. First of all, thank you guys for giving me the chance, and congratulations on a very good number in the quarter. I just have two questions from your presentation. One of the brand equity slide where you have an average appreciation of Lotus which is given to the customers as well as end users. Do you see the influx of the new amount of supply coming into the market affecting this average appreciation, and do you think this affects anything of your projects in the future? The second question I have is primarily also to the residential projects that are upcoming. You have a Q2 project of Lotus Monarch in June, which is a very high 2.40 lakh square feet. Just any more information on these two things. That's it. Thank you so much.

Speaker #3: So, one of the brand equity slides shows the average appreciation of Lotus, which is given to the customers as well as end users.

Speaker #3: Do you see the influx of the new amount of supply coming into the market affecting this average appreciation, and do you think this affects anything for your projects in the future?

Speaker #3: And yeah, the second question I have is primarily also regarding the upcoming residential projects. You have a Q2 project, Lotus Monarch, scheduled for June, which is quite large at 2.40 lakh square feet.

Speaker #3: Just any more information on these two things? That's it. Thank you so much.

Speaker #2: Okay. So as far as appreciation is concerned, that honestly is not our business. But yes, we are seeing good demand in the ultra-luxury segment because what is happening is that people who want to shift to their new houses, they want to shift to the better, better product.

Rakesh Gupta: Okay. As far as appreciation is concerned, that honestly is not our business. Yes, we are seeing good demand in the ultra-luxury, because what is happening that people who want to shift to their new houses, they want to shift to the better product. Our product right now, majority of our product is attracting B&G, Blue-Green theory, where from the project we can see water that is seafront or garden. This is always scarce in Mumbai or anywhere. We see that by the time we complete our project, yes, there would be a considerable appreciation. As far as second project is concerned, Lotus Monarch is concerned, there is some paperwork going on, and there are many stakeholders included in that. Right now we are in process of getting it concluded.

Anand Pandit: Okay. As far as appreciation is concerned, that honestly is not our business. Yes, we are seeing good demand in the ultra-luxury, because what is happening that people who want to shift to their new houses, they want to shift to the better product. Our product right now, majority of our product is attracting B&G, Blue-Green theory, where from the project we can see water that is seafront or garden. This is always scarce in Mumbai or anywhere. We see that by the time we complete our project, yes, there would be a considerable appreciation. As far as second project is concerned, Lotus Monarch is concerned, there is some paperwork going on, and there are many stakeholders included in that. Right now we are in process of getting it concluded.

Speaker #2: And our product right now, the majority of our product is attracting B and G, blue and green theory. Where we can, from the project, we can see water, that is, sea front or garden.

Speaker #2: So there is always care in Mumbai or anywhere. So we see that by the time we complete our project, yes, there would be a considerable appreciation.

Speaker #2: As far as the second project, Lotus Monarch, is concerned, there is some paperwork going on and there are many stakeholders involved in that.

Speaker #2: So, right now, we are in the process of getting it concluded.

Speaker #3: Okay. Thank you. Thank you. Thank you for the chance.

Darshan Parekh: Okay. Thank you. Thanks for the insight.

Speaker #2: Thanks.

Speaker #1: Thank you. We have our next question from the line of Harsh Pathak from Motilal Oswal Financial Services. Please go ahead.

Operator: Thank you. We have our next question from the line of Harsh Pathak from Motilal Oswal Financial Services. Please go ahead.

Speaker #3: Yeah, hi. Thanks for the follow-up. I just wanted to know, on the operational side, like you know, we won this Juhu project on the commercial redevelopment front.

Harsh Pathak: Yeah, hi. Thanks for the follow-up. I just wanted to know on the operational side, we won this Juhu project on the commercial redevelopment front. I believe the kind of tenant profile and the people we'll be dealing is different from the residential redevelopment. What had set us apart, and can you walk us through the process and how we finally backed the project?

Speaker #3: So, I believe the kind of tenant profile and the people we would be dealing with is different from residential redevelopment. So, what sets us apart, and can you walk us through the process and how we finally, you know, backed the project?

Speaker #2: First of all, what is happening in Mumbai particularly is a concept of 'walk to work.' People want their workplace to be nearby their residences. So, people who are buying our product in Juhu as residential clients—significant numbers of them—are wanting to have their own offices, or back offices, or their family offices, very nearby.

Rakesh Gupta: First of all, what is happening in Mumbai particularly is a concept of walk to work. People want their workplace nearby their residences. People who are buying our product in Juhu as residential clients, significant of them are wanting to have their own offices or back office or their family offices very nearby. Client profile would be, I would guess, more or less similar for this project.

Anand Pandit: First of all, what is happening in Mumbai particularly is a concept of walk to work. People want their workplace nearby their residences. People who are buying our product in Juhu as residential clients, significant of them are wanting to have their own offices or back office or their family offices very nearby. Client profile would be, I would guess, more or less similar for this project.

Speaker #2: So, the client profile would be, I would guess, more or less similar for this project.

Speaker #3: Understood. Understood. And sir, since now we have also started incurring expenses on the sales and marketing front, what are they currently as a percentage of pre-sales, and what is our medium-term target?

Harsh Pathak: Understood. Sir, since now we have also started incurring expenses on the sales and marketing front, what are they currently as a percentage of pre-sales, and what is our medium-term target?

Speaker #2: So I would, I mean, there were two or three reasons why we started this, our marketing activity. Number one, we got listed last year, so for the benefit of our investors also, larger awareness should be there.

Rakesh Gupta: There are two, three reasons why we started this our marketing activity.

Anand Pandit: There are two, three reasons why we started this our marketing activity. Number one, we got listed last year. In the benefit of our investor also, larger awareness should be there. That is why we started our campaign. That's one. Second, we are entering into fresh new micro markets of Mumbai. There our visibility was required, and that is how we started. Third, as far as balance sheet impact is concerned, I would guess net-net it won't impact us. Of course, our expense would be, I would say about 1% approximately, but that also we'll be able to recover because what happens that during this advertisement, there will be many clients we will be getting directly where we will not be spending any money on brokerage. That is how we feel that we'll not have any net impact.

Anand Pandit: Number one, we got listed last year. In the benefit of our investor also, larger awareness should be there. That is why we started our campaign. That's one. Second, we are entering into fresh new micro markets of Mumbai. There our visibility was required, and that is how we started. Third, as far as balance sheet impact is concerned, I would guess net-net it won't impact us. Of course, our expense would be, I would say about 1% approximately, but that also we'll be able to recover because what happens that during this advertisement, there will be many clients we will be getting directly where we will not be spending any money on brokerage. That is how we feel that we'll not have any net impact.

Speaker #2: So that is why we started our campaign. That's one. Second, we are entering into fresh, new micro-markets of Mumbai. So there, our visibility was required, and that is how we started.

Speaker #2: And third, as far as balance sheet impact is concerned, I would guess net-net it won't impact us. Of course, our expense would be, I would say, about 1% approximately.

Speaker #2: But that also will be able to recover, because what happens is that during this advertising, there would be many clients we will be getting directly, where we will not be spending any money on brokerage.

Speaker #2: So that is how we feel—that will not have any net impact.

Speaker #3: Understood, Ananjit. Thanks a lot for taking my questions.

Harsh Pathak: Understood, Anuj. Thanks a lot for taking my questions.

Speaker #2: Thank you Harsh.

Anand Pandit: Thank you.

Speaker #1: Thank you. We have our next question from the line of Sahil Vaidya from Sacman Capital. Please go ahead.

Operator: Thank you. We have our next question from the line of Sahil Vaidya from Sacman Capital. Please go ahead.

Speaker #4: Thank you for the follow-up. So, my question is in the presentation.

Sahil Vaidya: Thank you for the follow-up. My question is in the presentation.

Speaker #1: Sorry to interrupt, Sahil. Can you please be a little louder?

Operator: Sorry to interrupt, Sahil. Can you please be a little louder?

Speaker #4: Can you hear me now?

Sahil Vaidya: Can you hear me now?

Speaker #1: No.

Operator: No.

Speaker #2: Yep, that's a little better. But if you could be a little louder, that would be great.

Anand Pandit: Yes. Little better. If you can be a little louder, it would be great.

Speaker #4: Yep. Can you hear me now? Hello.

Sahil Vaidya: Can you hear me now? Hello.

Speaker #2: Yes. Okay. Yeah.

Anand Pandit: Yes. Okay. Yeah.

Speaker #4: Yeah. So yeah my question is so in the presentation you have given the estimated carpet area for each of the projects. So like is it your total share or it's that does that include the tenant component also?

Sahil Vaidya: Yeah. My question is, in the presentation you have given the estimated carpet area for each of the projects. Is it your total share or does that include the tenant component also? If it is included, what is the average percentage the tenants have the share?

Speaker #4: And if it is included, what is the average percentage that tenants have as their share?

Speaker #3: So, in the presentation, we actually gave both the numbers: one is our total carpet area for the project, as well as our sellable carpet area for the project.

Rakesh Gupta: In presentation, we actually gave both the numbers. One is our total carpet area for the project as well as our sellable carpet area for the project. The sellable part is after removing the area which we are giving free to our existing tenants.

Speaker #3: So, the sellable part is after removing the area which we are giving free to our existing tenants.

Speaker #4: Oh, okay. Okay, great. Yeah, that's all from my side. Thank you.

Sahil Vaidya: Okay. Yeah. That's all from my side. Thank you.

Speaker #3: Thank you.

Rakesh Gupta: Thank you.

Speaker #1: Thank you. That was the last question of the day, and I now hand the conference over to the management for closing comments.

Operator: Thank you. That was the last question of the day. I now hand the conference over to the management for closing comments.

Speaker #2: We thank everyone for joining the call today. This quarter reflects the resilience of our business model in a real estate landscape that continues to reward the right positioning. India's luxury segment has held firm even as the broader market has moderated, and Mumbai’s infrastructure-led connectivity gains and limited land supply keep it among the most compelling growth opportunities within it.

Anand Pandit: We thank everyone for joining the call today. This quarter reflects the resilience of our business model in a real estate landscape that continues to reward the right positioning. India's luxury segment has held firm even as the broader market has moderated, and Mumbai's infrastructure-led connectivity gains and limited land supply keep it among the most compelling growth opportunities within it. Lotus doesn't compete on volume. We compete on the quality, design, and exclusivity of our product in micro markets where new supply is genuinely scarce. That focus, backed by rigorous governance, transparent disclosures, and a net debt-free balance sheet, is what allows us to pair strong growth with industry-leading margins. It's a positioning we intend to protect as we scale. We thank you for your continued engagement and confidence. For any further queries, please reach out to SGA, our investor relations advisors.

Speaker #2: Lotus doesn't compete on volume. We compete on the quality, design, and exclusivity of our product in micro-markets where new supply is genuinely scarce.

Speaker #2: That focus, backed by rigorous governance, transparent disclosures, and a net debt-free balance sheet, is what allows us to pair strong growth with industry-leading margins.

Speaker #2: And it's a position we intend to protect as we scale. We thank you for your continued engagement and confidence. For any further queries, please reach out to SGA, our investor relations advisors. Thank you and have a wonderful day.

Anand Pandit: Thank you. Have a wonderful day.

Speaker #1: Thank you, everyone. On behalf of Sri Lotus Developers and Realty Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.

Operator: Thank you, everyone. On behalf of Sri Lotus Developers and Realty Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.

Anand Pandit: Thank you.

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Q1 2027 Sri Lotus Developers and Realty Ltd Earnings Call

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