Q1 2027 Arihant Superstructures Ltd Earnings Call

August 10, 2026

Speaker #1: Ladies and gentlemen, good day and welcome to the Arihant Superstructures Limited Q1 FY27 earnings call. As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes.

Operator: Ladies and gentlemen, good day and welcome to Arihant Superstructures Limited Q1 FY27 earnings call. As a reminder, all participant lines will be in the listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Kunjal Aggarwal from Aryaman Capital Markets Limited. Thank you, and over to you, ma'am.

Speaker #1: Should you need assistance during this conference call, please signal an operator by pressing * then 0 on your touch-tone phone. Please note that this conference is being recorded.

Speaker #1: I now hand the conference over to Ms. Kunjal Agarwal from Arihant Capital Markets Limited. Thank you, and over to you, ma'am.

Speaker #2: Thank you so much. Hello and good morning to everyone. On behalf of Arihant Capital Markets Limited, I thank you all for joining the Q1 FY27 earnings conference call of Arihant Superstructures Limited.

Kunjal Aggarwal: Thank you so much. Hello, and good morning to everyone. On behalf of Aryaman Capital Markets Limited, I thank you all for joining the Q1 FY27 earnings conference call of Arihant Superstructures Limited. Today, from the management, we have with us Mr. Ashok Chhajer, Chairman and Managing Director, and Mr. Udit Kasera, Chief Financial Officer, our company. Without any further delay, I will hand over the call to management for the opening remarks. Hello, sir.

Kunjal Agarwal: Thank you so much. Hello, and good morning to everyone. On behalf of Aryaman Capital Markets Limited, I thank you all for joining the Q1 FY27 earnings conference call of Arihant Superstructures Limited. Today, from the management, we have with us Mr. Ashok Chhajer, Chairman and Managing Director, and Mr. Udit Kasera, Chief Financial Officer, our company. Without any further delay, I will hand over the call to management for the opening remarks. Hello, sir.

Speaker #2: Today, from the management, we have with us Mr. Ashok Chhajer, Chairman and Managing Director, and Mr. Udit Kasera, Chief Financial Officer of the company. So, without any further delay, I will hand over the call to the management for the opening remarks.

Speaker #1: Hello sir.

Speaker #3: Good morning, everyone, and thank you for joining the earnings call. I will take you through some of the industry updates, followed by operational highlights.

Ashok Chhajer: Yeah, good morning. Good morning, everybody, and thank you for joining the earnings call. I will take you through some of the industry updates, followed by operational highlights. We see that the premium segment is looking forward for an uprise going forward also, given the net worth of individuals being increased. When it comes to the larger premium segment, it is bandwidth between below INR 5 crore, which is seeing still a good traction. We have already seen in the sector that things above INR 10, 15, 25, 30 crore in the city of Mumbai are facing up an little slowdown. When it comes to anything which is below INR 5 crore is what is very much keen on spends by individuals. We have seen that the rising household incomes evolving the business aspirations and growing confidence in the long-term ownership has been the driving theme.

Speaker #3: So we see that the premium segment is looking forward to an upsurge going forward also, given that the net worth of individuals has increased. And when it comes to the larger premium segment, it is the bandwidth between below ₹5 crore, which is still seeing good traction.

Speaker #3: We have already seen in the sector that things above 10, 15, 25, 30 crore rupees in the city of Mumbai are facing a bit of a slowdown, but when it comes to anything which is below 5 crores, that is what is very much keen on expenditure by individuals.

Speaker #3: We have seen that the rising household incomes involving business aspirations and growing confidence in the long-term ownership has been the driving theme. In the over last 6 months, overall market has started normalizing, and hence the speed of the sales have been mediocre and not too much high in spite this has been the effect due to the geopolitical tensions, crude oil moments, the foreign currency movement, and also have been impacted by the real estate ventures and projects coming up in larger sizes.

Ashok Chhajer: Over the last 6 months, overall market has started normalizing. Hence, the speed of the sales have been mediocre and not too much high. This has been the effect due to the geopolitical tensions, crude oil movements, the foreign currency movement, and also have been impacted by the real estate ventures and projects coming up in larger sizes. The sector scalability is still increasing overall, which also shows up that implementation is the core key, and that is where there is a shortage of man resources at skill development, right from the workers at the labor at the site, as well as the monitoring engineering team, as well as the salespeople. That becomes a key factor. It may see that many of the project would have been struggling to cope up with these factors to see that there is a complete closure of the project nicely.

Speaker #3: The sector scalability is still increasing overall, which also shows up that implementation is the core key and that is where the there is a shortage of man resources at skill development right from the workers at the laboratory site as well as the monitoring engineering team as well as the salespeople, and that becomes the key factor and it may see that many of the project would have been struggling to cope up with the these factors to see that there is incomplete closure of the project nicely.

Speaker #3: Though in our case, I would be telling you about the number of project completions happened up in the last quarter and earlier also, the new coming to the now coming to the MMR and Mumbai 3.0 market, which is the key market, which is still showing up great positive signs in terms of price rises in terms of traction and sales everything.

Ashok Chhajer: Though in our case, I would be telling you about the number of project completions happened up in the last quarter and earlier also. Now coming to the MMR and Mumbai 3.0 market, which is the key market, which is still showing up great positive signs in terms of price rises, in terms of traction and sales, everything. Over the last 3 years, the Navi Mumbai's market in MMR region has increased from 12% to 17%. That means areas like Thane and Kalyan are getting in heat or losing their market share, and Navi Mumbai is gaining their market share due to the international airport and Atal Setu and new infrastructure developments coming around, as well as the data centers and job creations by the GCCs happening up due to the participants in this region.

Speaker #3: And over the last 3 years, the Navi Mumbai's market in MMR region has increased from 12 to 17%. That means areas like Thane and Kalyan are getting in heat or getting in losing their market share, and Navi Mumbai is getting their market share due to the international airport and Atal Sethu's and new infrastructure developments coming around as well as the data centers and job creations by the GCCs happening up due to the participants in this region.

Speaker #3: Moving to the operational highlights of our strategy, we will continue to exhibit structural resilience as we enter the new fiscal year. Though we have faced increased inputs due to the labor shortages as well as geopolitical reasons, we have revised it out with the balanced inventory to us and seen that our balance sheets will not be hit due to it.

Ashok Chhajer: Moving to the operational highlights of our strategy, we will continue to exhibit structural resilience as we enter the new fiscal year, though we have faced increased inputs due to the labor shortages as well as the geopolitical reasons. We have devised it out with the balance inventory to us and seen that our balance sheets will not be hit due to it. During the quarter, the company achieved a sales booking of 221 units, which is equivalent to 2.31 lakh square feet. That is up by 15% on year-on-year in terms of area, amounting to INR 173 crore and again in value-wise, an increase of 15%. This demonstrates that underlying market demand across our core territories. Our average selling price per square feet has also remained same at INR 7,500 per square feet as in the last quarter of Q1.

Speaker #3: During the quarter, the company achieved sales bookings of 21 units, which is equivalent to 2.31 lakh square feet, and that is up by 15% year-on-year in terms of area, amounting to ₹173 crore and again, in value-wise, an increase of 15%.

Speaker #3: This demonstrates the underlying market demand across our core territories. Our average selling price per square foot has also remained the same at ₹7,500 per square foot, as in the last quarter, Q1, for this first quarter of Q1 FY26.

Ashok Chhajer: For this first quarter of Q1 FY26, the average price unit which has been sold also has stood at INR 78 lakh per unit. We remain focused on gradually improving our average selling price due to the premium products contributing to the total sales value. Going forward also, it would largely increase up in a major fashion. With the completion of the project, which we tell that the business operations are getting completed, we received a occupancy certificate for Arihant 5 Anaika, Arihant 6 Anaika, Arihant Anant, Arihant Aaradhya Phase 1. That means that around 1,495 units have been completed and ready for offering of the possession in the coming quarters and the days. That tells that the operations are smooth and clear. The collections are also for the quarter stood at INR 161 crore registered and yearly growth of 28%.

Speaker #3: The average price per unit which has been sold stood at ₹78 lakhs per unit. We remain focused on gradually improving our average selling price due to premium products contributing to the total sales value going forward as well.

Speaker #3: It would largely increase up in a major fashion. With the completion of the project, which we tell that the business operations are getting completed, we received occupancy certificate for Arihant 5 and Arihant 6 and Arihant Anantya phase 1, and that means that around around 1,495 units have been completed and ready for offering of the position in the coming quarters and the days.

Speaker #3: And that shows that the operations are smooth and clear. Collections for the quarter also stood at ₹161 crores, registering a yearly growth of 28%.

Speaker #3: Our GDP has increased GDB has increased gross development value has increased from 6,000 crore to 14,000 crore in the last 5 years. Without any significant fund raise, that is the only fund raise was 36 crore rupees of preferentials.

Ashok Chhajer: Our GDV, gross development value, has increased from INR 6,000 crore to INR 14,000 crore in the last five years without any significant fundraise. That is, the only fundraise was INR 36 crore of preferentially. In spite of that, with the borrowings increasing, the GDV has increased to a larger size, which would contribute in a big way to the company's financials in the coming day. As in short-term evaluation, all what we purchased out very much in time, the lands of World Villas and Town Villas and business development in Thane, as well as in Shilphata, that already has seen an uprise of land prices going to almost 3x. That tells that the investments were very well right in time, and the scalability could be done due to those strategic decisions, in spite of not appearing to increase the debt to the company.

Speaker #3: And in spite of that, with the borrowings increasing, the GDB has increased to a larger size, which would contribute in a big way to the company's financials in the coming days.

Speaker #3: And as in short-term evaluation, all what we purchased out very much in time the lands of World Villas and Town Villas and business development in Thane as well as in Shilpata, that already has seen up an uprise of land prices going to tells that the investments were very well in right in time and the scalability could be done due to those strategic decisions in spite of not fearing to increase the debt to the company because the debt increase in debt versus to the GDB and the financials has a great alpha in the coming days.

Ashok Chhajer: The increasing debt versus to the GDV and the financials has a great alpha in the coming days. We are happy to share that ASL is already transiting and emerging as an diversified developer rather than only pure residential. Our investments in annuity assets is closing down for the second hotel also with Sandey near Imagicaa. The earlier one, which has been concluded, is the five-star hotel at World Villas. The greatest point for this would be that the land prices for this has been to an extent of contribution of INR 25-27 crore for World Villas and for the ITC hotel. Around INR 7 to 8 crore as contribution towards the second hotel, though it were captive because the lands were already there in the kitty of the company.

Speaker #3: And we are too happy to share that ASL is already transitioning and emerging as a diversified developer rather than only pure residential. Our investments in net assets are closing down for the second hotel also, with Sunday at near Ayimajika.

Speaker #3: The earlier one, which has been concluded, is the 5-star hotel at World Villas. The greatest point for this would be that the land prices for this have been to an extent of a contribution of ₹25–27 crore for World Villas and for the ITC hotel.

Speaker #3: And around Rs 7 to 8 crore has been contributed towards the second hotel. Though it was captive because the lands were already in the kitty of the company, and the similar product with the same average room and the same room rent, when it is there in the city, the land prices or the input cost for developing these hospitality sector projects goes to almost 5x.

Ashok Chhajer: The similar product with the same room rent when it is there in the city, the land prices or the input cost for developing this hospitality sector goes to almost 5x. Here is the edge that these hotels would do better and with the occupancy rate in and around still picking up to 70% to 75% with the Radisson at both the locations. We see that the hospitality in the three to four years would couple up more better in terms of leisure destinations and MICE and wedding event destinations. Through all the strategy initiatives, we wanted to hold pricing rather than chasing volumes at the expense of margin. We plan to deliver 2,500 units by the end of financial year 2027. We are confident that we will continue to gain market share basis on our superiority of product and investment in strengthening our brand.

Speaker #3: So, here is the edge—that these hotels would do better, and with the occupancy rate in and around still picking up to 70% to 75%, with the Radissons at both the locations.

Speaker #3: We see that hospitality in the next 3 to 4 years would couple up even better in terms of leisure destinations and MICE and wedding event destinations.

Speaker #3: Through all the strategy initiatives, we wanted to hold pricing rather than chase volumes at the expense of margin. We plan to deliver 2,500 units by the end of financial year 2027.

Speaker #3: We are confident that we will continue to gain market share based on our superiority of product and investment in strengthening our brand. Now, I request VG to give the financial performance.

Ashok Chhajer: I request Rijit to give the financial performances.

Speaker #1: Good morning, everyone. I will brief you about the financial performance for the quarter under review. The consolidated operating revenue for Q1 FY27 stood at Rs 132 crore, reflecting an increase of 9% year-on-year from Rs 121 crore.

[Company Representative] (Arihant Superstructures): Good morning, everyone. I will brief you about the financial performance of the quarter under review. The consolidated operating revenue for Q1 FY27 stood at INR 132 crores, reflecting an increase of 9% YOY from INR 121 crores. The EBITDA stood at INR 28 crores and the EBITDA margin stood at 21%. The PAT for the quarter stood at INR 10 crores with a PAT margin of 7.4%. On the balance sheet, our net debt as on 30 June stands at INR 818 crores and the net worth stands at INR 460 crores. We remain focused and confident on reducing our debt next year onwards as some of our residential projects have started nearing completion, and these reductions will be partially offset by new loans which are being taken for building the annuity assets. With all these updates, we are happy to take questions from the audience.

Udit Kasera: Good morning, everyone. I will brief you about the financial performance of the quarter under review. The consolidated operating revenue for Q1 FY27 stood at INR 132 crores, reflecting an increase of 9% YOY from INR 121 crores. The EBITDA stood at INR 28 crores and the EBITDA margin stood at 21%. The PAT for the quarter stood at INR 10 crores with a PAT margin of 7.4%. On the balance sheet, our net debt as on 30 June stands at INR 818 crores and the net worth stands at INR 460 crores. We remain focused and confident on reducing our debt next year onwards as some of our residential projects have started nearing completion, and these reductions will be partially offset by new loans which are being taken for building the annuity assets. With all these updates, we are happy to take questions from the audience.

Speaker #1: The EBITDA stood at ₹28 crores, and the EBITDA margin stood at 21%. The PAT for the quarter stood at ₹10 crores, with a PAT margin of 7.4%.

Speaker #1: On the balance sheet, our net debt as on 30th June stands at rupees 818 crores and the net worth stands at 460 crores. We remain focused and confident on reducing our debt next year onwards as some of our residential as some of our residential projects have started nearing completion.

Speaker #1: And these reductions will be partially offset by new loans which are being taken for building the annuity assets. With all these updates, we are now happy to take questions from the audience.

Speaker #2: Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touch-tone telephone.

Operator: Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone 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 will wait for a moment while the question queue assembles. The first question is from the line of Aditya Banerjee, an individual investor. Please go ahead.

Speaker #2: 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 #2: Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Aditya Banerjee, an individual investor.

Speaker #2: Please go ahead.

Aditya Banerjee: Hi, sir. Thank you for the opportunity. My first question is that the industry is seeing strong volume growth. How much of the current growth are you comfortable viewing as structural, and what are the underlying demand indicators you're monitoring to assess sustainability?

Speaker #3: So, hi sir. Thank you for the opportunity. My first question is: The industry is seeing strong volume growth. How much of the current growth are you comfortable viewing as structural, and what are the underlying demand indicators you are monitoring to assess sustainability?

Speaker #4: The what we see for the next four quarters also we see the similar behavior as we have seen it up in the past quarters.

Ashok Chhajer: What we see for the next four quarters also, we see the similar behavior as we have seen it up in the past quarters. This is the phase where internally, the projects are shaping up at the initial spaces. Hence, in spite of mixed views and reviews of the real estate sector across the industry, we feel that at our level, we'll be able to achieve a little higher than the past year numbers. Very exponential growth in terms of numbers we'll not be able to witness in this financial year. It would not even deteriorate. We have been able to manage and maintain our indirect expenses also in the tune of the same lines.

Speaker #4: As this is the phase where the where internally the projects are shaping up at the initial spaces. And hence in spite of mixed views and reviews of the real estate sector across the across the industry, we feel that the at our level we'll be able to achieve a little higher than the past year numbers.

Speaker #4: And very, very exponential growth in terms of numbers will not be able to witness in this financial year. But it would not even deteriorate, and we have been able to manage and maintain our indirect expenses also in tune with the same lines.

Speaker #3: Okay, so my second question is: as you discussed efficiency initiatives in the past, could you quantify how much of the cost savings have already been captured, and what further cost-per-turn reduction is realistically achievable over the next 12 to 24 months?

Aditya Banerjee: Okay. Understood. Sir, my second question is that could you quantify how much of the cost savings have already been captured, and what further cost per ton reduction is realistically achievable over the next 20 to 24 months?

Speaker #4: The cost reduction is not possible as we are able to manage our HR cost similar to last year's cost. The construction expenditures are already on the rise due to the geopolitical factors.

Ashok Chhajer: The cost reduction is not possible as we are able to manage our HR costs similar to the last year's cost. The construction expenditures already is on a rise due to the geopolitical features. Given the inventory in hand, we are able to see that those increasing costs of the total project with versus to the inventory in hand can be equalized or they can be neutral also. Hence, there won't be any impact on the balance sheets of the company per se. As you already have seen that today also it is a mixed bag of projects, which are new projects which have higher EBITDAs as well as old projects which have lower EBITDAs. That is why this next three to four quarters, when the older projects would phase out. Till that time, the average numbers would be on the similar line.

Speaker #4: But given the inventory in hand, we are able to see that those increases in cost of the total project with respect to the inventory in hand can be equalized, or they can be mitigated also.

Speaker #4: And hence, there won't be any impact on the balance sheets of the company per se. As you have already seen, today also it is a mixed bag of projects, which are new projects that have higher EBITDAs as well as old projects which have lower EBITDAs.

Speaker #4: So that is why, in these next three to four quarters, when the older projects phase out, the average numbers will remain on similar lines till that time.

Speaker #3: Okay. Okay. So understood. And my the next question is that a given pre-sales of of 1731 million versus reported revenue of 1316 million, what is the expected timeline for converting the current pre-sales into the recognized revenue?

Aditya Banerjee: Okay. I understand. My next question is that given pre-sales of INR 1,731 million versus reported revenue of INR 1,316 million, what is the expected timeline for converting the current pre-sale into the recognized revenue?

Speaker #4: See, it's general behavior that for an ongoing project, we use the percentage completion method. Hence, for all the pre-sales that happen, it takes around 90 days on average for them to get into the mode of revenue recognition.

Ashok Chhajer: See, it's a general behavior that for an ongoing project, we are into percentage completion method. All the pre-sales which happen, it takes around 90 days on an average for them to get into the mode of revenue recognition. We can put up a cycle of 90 days as an average for every pre-sales happening to contribute to the revenue. That is the time taken by an individual in terms of owner's contribution, agreement, registration, NOCs, et cetera.

Speaker #4: So, we can put up a cycle of 90 days as an average for every pre-sale happening to contribute to the revenue. So that is the time taken by an individual in terms of owner's contribution, agreement registration, NOCs, and etc.

Speaker #3: Okay. Okay. Okay, sir. Sir, I have only one last question. Given the current environment, are you seeing attractive opportunities for new acquisitions, or are higher land and construction costs making you more selective?

Aditya Banerjee: Okay. Sir, I have only one last question. Given the current environment, are you seeing attractive opportunities for new acquisitions or are higher land and construction costs making you more selective?

Speaker #4: Going forward for this financial year, we don't have any program for new capital investments for business development, as there is a good, handsome size of projects in hand, which is ₹14,000 crores.

Ashok Chhajer: Going forward for this financial year, we don't have any program for new capital investments for the business development. There is a good handsome size of projects in hand when it is INR 14,000 crore. Given the scalability possible at our end, it still is a cycle of 6 to 7 years to complete up this INR 14,000 crore. Any development which would be asset-light may be what we would look into it, but largely we will focus on implementation of this project and not any new acquisition of the businesses or new projects.

Speaker #4: And given this scalability possible at our end, it still is a cycle of six to seven years to complete this ₹14,000 crore. Hence, any development which would be asset-light may be what we would look into.

Speaker #4: But largely, we will focus on the implementation of this project and not on any new acquisition of businesses or new projects.

Speaker #3: Okay, okay, sir. Thank you so much.

Aditya Banerjee: Okay, sir. Thank you so much.

Speaker #2: Thank you. Ladies and gentlemen, as a reminder, if you wish to ask a question, please press star and one on your touch-tone telephone. The next question is from the line of Advika Gupta, an individual investor.

Operator: Thank you. Ladies and gentlemen, as a reminder, if you wish to ask a question, please press star and one on the telephone.

Aditya Banerjee: Hello.

Operator: The next question is from the line of Advika Gupta, an individual investor. Please go ahead.

Speaker #2: Please go ahead.

Advika Gupta: Hello. Are you audible?

Speaker #5: Hello. Advika what is it?

Speaker #2: Yes.

Speaker #4: Yes.

Ashok Chhajer: Yes.

Speaker #5: Okay, thank you so much. My first question would be that Q1 pre-sales increased 15% to ₹173.1 crore. But, you know, those were ₹221 crore.

Advika Gupta: Thank you so much. My first question would be that Q1 pre-sales increased 15% YOY to INR 173.1 crores. Units sold were 221. How much of the growth came from price increases in premium projects versus genuine volume growth? What were the average realization per square-

Speaker #5: How much of the growth came from price increases in premium projects versus general volume growth? What were the average realizations per square foot?

Ashok Chhajer: I didn't get you.

Speaker #4: Clearly, will you—would you be able to repeat the question?

Advika Gupta: Yes, sir.

Ashok Chhajer: Would you be able to repeat the question?

Speaker #5: Yes, sir. Can you hear me now? Hello.

Advika Gupta: Yes, sir. Can you hear me now? Hello.

Speaker #4: Yes.

Ashok Chhajer: Yes.

Speaker #5: Yes, sir. So my question was: Q1 pre-sales increased 15%, to Rs 273.1 crore, but units sold were only 221. So, I just want to know how much of the growth came from price increases and premium projects versus genuine volume growth.

Advika Gupta: Yes, sir. My question was Q1 pre-sales increased 15% YOY to INR 173.1 crores, units sold were only 221. I just want to know how much of the growth came from price increases and premium projects versus genuine volume growth. What were the average realization per square foot and average ticket size by segment?

Speaker #5: What were the average realizations per square foot and average ticket size by segment?

Speaker #4: Voices.

Ashok Chhajer: Voices.

Operator: Sorry to interrupt. Advika, can you please withdraw the queue? You still press star and one to join the question. Thank you. The next question is from the line of Shilpa from SS Investments. Please go ahead.

Speaker #2: Sorry to interrupt, Advika. Can you please read back the question? You should press star and one to join the question. Thank you. The next question is from the line of Shilpa from SS Investments.

Speaker #2: Please go ahead.

Speaker #5: My audible.

Operator 2: Am I audible?

[Analyst] (SS Investments): Am I audible?

Speaker #3: Yeah, you're audible. We'll try to do it up. It's a little crackling. No problem. We'll try to do it up. Please come.

Ashok Chhajer: Yeah, you're audible. We'll try to do it up. It's a little cracking. No problem. We'll try to do it up. Please come.

Speaker #5: Okay. So as per your presentation, it shows that currently 41% of the project mix comprises luxury. So in the next two years, where can we expect this number to reach?

Operator 2: Okay. As per your presentation, it shows that currently 41% of the project mix comprises of luxury. In the next two years, where can we expect this number to reach?

[Analyst] (SS Investments): Okay. As per your presentation, it shows that currently 41% of the project mix comprises of luxury. In the next two years, where can we expect this number to reach?

Speaker #3: You still will have a mixed bag of it, and going forward, we can say that we would aspire to have 40-45% as the premium segment, around 30-35% as the middle-income group segment, and 20% as affordable housing.

Ashok Chhajer: We still will have a mixed bag of it. Going forward, we can say that we would aspire to have 40% to 45% as premium segment and around 30% to 35% as middle income group segment, and 20% as affordable housing. We'll not leave affordable housing, we'll still continue to do it up.

Speaker #3: So, we will not leave affordable housing. We will still continue to do it up.

Speaker #5: Okay, understood. So, my next question is: Are there any plans to diversify the geographic presence? Because dependence on a single region may create a risk for the business.

Operator 2: Okay, understood. My next question is, are there any plans to diversify the geographic presence because dependence on a single region may create a risk for the business?

[Analyst] (SS Investments): Okay, understood. My next question is, are there any plans to diversify the geographic presence because dependence on a single region may create a risk for the business?

Speaker #3: No, because when we talk about a single region, though it is MMR, MMRE, and Mumbai 3.0 is already a very large envelope—it is double the size of the city of Mumbai. For the sake of new geographical diversification with new cities, there are no plans for it in that way.

Ashok Chhajer: No, because when we talk about single region, though it is MMR, Mumbai 3.0 is already a very large envelope. It is double the size of the city of Mumbai. For the sake of new geographical diversification with new cities, there is no plans for it in that way. We are able to consume and utilize our capital and land resources in this area, and with the more secured, safe, and better prospects for the projects undertaken.

Speaker #3: We are able to consume and utilize our capital and bandwidth resources in this area, and with the more secured, safe, and better prospects for the projects undertaken.

Operator 2: Okay. What are the factors that are differentiating MMR from other key markets like NCR, Bangalore, and Pune?

[Analyst] (SS Investments): Okay. What are the factors that are differentiating MMR from other key markets like NCR, Bangalore, and Pune?

Speaker #5: Okay. And what are the factors that are differentiating MMR from other key markets like NCR, Bangalore, and Pune?

Speaker #3: Well, today also, Mumbai happens to be the core center where the state of Maharashtra is spending the highest in terms of bringing up job creations.

Ashok Chhajer: Well, today also, Mumbai happens to be the core center where the state of Maharashtra is spending the highest in terms of bringing up job creations. Hence, the demand is robust. There is supply also, there is competition, that tells that this is a core market. When we compare it to Pune or Bangalore, it is like the Mumbai 3.0 is just started off and has yet not achieved its saturation peak, whereas the city of Pune and Bangalore already have reached to, or NCR has reached to their peak of saturations in terms of supply, demand.

Speaker #3: And hence the demand is robust. There is supply also. There is competition. But then that that tells that this is the core market and when we compare it to Pune or Bangalore it is like the Mumbai 3.0 is just started off and has yet not achieved its saturation peak in terms whereas the city of Pune and Bangalore already have reached to or NCR has reached to their peak of saturations.

Speaker #3: In terms of supply and demand, okay.

Operator 2: Okay. Got it. The next question is, how do you see the delivery cycle moving here onwards?

[Analyst] (SS Investments): Okay. Got it. The next question is, how do you see the delivery cycle moving here onwards?

Speaker #5: Okay, sir. Got it. So the next question is: how do you see a delivery, like the delivery cycle, moving here onwards?

Speaker #3: Well, from start to completion today, on average, a project takes around four years. In reality, in practicality, some of them may be at three years, and some of them are at five years.

Ashok Chhajer: Well, from start to completion today, average project takes around four years of time, in reality and practicality. Some of them may be at three years, some of them are at five years, depending upon the size of the project. Good thing is that the core focus would be that we do not pile up with any ready stock inventory and keep on selling all our stocks in time.

Speaker #3: Depending upon the size of the project. Good thing is that we are good, and the core focus would be that we do not pile up with any ready stock inventory and keep on selling all our stocks in time.

Speaker #5: Okay. And last question from my side: the average realization was ₹7,769 per square foot in FY26 versus ₹6,080 in FY25.

Operator 2: Okay. Last question from my side is, the average realization was INR 7,769 per square feet in FY26 versus INR 6,080 in FY25. Where can we see this number moving in next two to three years? What would be the factors that would be driving our average realization?

[Analyst] (SS Investments): Okay. Last question from my side is, the average realization was INR 7,769 per square feet in FY26 versus INR 6,080 in FY25. Where can we see this number moving in next two to three years? What would be the factors that would be driving our average realization?

Speaker #5: So, where can we see this number moving in the next two to three years, and what would be the factors that would be driving our average realization?

Speaker #3: Given the whole portfolio with us in our size, if any new addition is firstly of the premium segment, then the average rate would increase.

Ashok Chhajer: Given the whole portfolio with us in our size, if any new addition is firstly of premium segment, then the rate of average would increase, or else it would be something around 10% addition to the current ones with the given mix of products which we are operating today.

Speaker #3: Otherwise, it would be something around a 10% addition to the current ones with the given mix of products that we are operating today.

Speaker #5: Okay. Okay. Understood. Thank you so much for answering, sir, and all the best for the future.

Operator 2: Okay. Understood. Thank you so much for answering, sir, and all the best for the future.

[Analyst] (SS Investments): Okay. Understood. Thank you so much for answering, sir, and all the best for the future.

Speaker #3: Thank you. Welcome.

Ashok Chhajer: Thank you. Welcome.

Speaker #2: Thank you. Ladies and gentlemen, as a reminder, if you wish to ask a question, please press star and one on your touchtone telephone.

Operator: Thank you. Ladies and gentlemen, as a reminder, if you wish to ask a question, please press star and one on your touchtone telephone. Reminder, anyone who wishes to ask a question may press star and one on their touchtone telephone. The next question is from the line of Shiv, an individual investor. Please go ahead.

Speaker #2: Reminder: anyone who wishes to ask a question may press star and one on the touch-tone telephone. The next question is from the line of Shiv, an individual investor. Please go ahead.

Speaker #4: Yes, thanks for the opportunity. I wanted to understand: in the last five years, EBITDA margin has moved in the range of 21 to 23%.

[Company Representative]: Yes, thanks for the opportunity. I wanted to understand, in the last five years, EBITDA margin has moved in the range of 21% to 23%. What would be the trajectory going forward? Where would you expect it to go? Given the changes that are happening in the business, I think you have a hospitality segment as well. Where do you see it moving?

[Shareholder] (Private Investor): Yes, thanks for the opportunity. I wanted to understand, in the last five years, EBITDA margin has moved in the range of 21% to 23%. What would be the trajectory going forward? Where would you expect it to go? Given the changes that are happening in the business, I think you have a hospitality segment as well. Where do you see it moving?

Speaker #4: What would be the, you know, trajectory going forward? Where would you expect it to go, given the changes that are happening in the business?

Speaker #4: I think you have a hospitality segment as well. So, where do you see it, you know, moving?

Speaker #3: Both the businesses have to be evaluated separately because both have different patterns of understanding. Given the real estate sector of sell product of residentials and construct and build, construct and sell, the EBITDA margins would gradually move up around up to 30–35%.

Ashok Chhajer: Both the businesses have to be evaluated separately because both have different pattern of understanding. Given the real estate sector of sell product of residentials and construct and sell, the EBITDA margins would gradually move up to up to 30% to 35%. Something around 30% to 35% would be the EBITDA margins once Town Villas and the villa projects contribute largely.

Speaker #3: And something around 30–35% would be the EBITDA margins, once town villas and the villa projects contribute largely.

Speaker #4: Okay. And what about the hospitality segment? Where would you like to see that?

[Company Representative]: Okay. What about the hospitality segment? Where would you like to see that?

[Shareholder] (Private Investor): Okay. What about the hospitality segment? Where would you like to see that?

Speaker #3: Well that would be in the first two years of phase season investment period. So it would be capital allocation to these products and as and we search that an average core city product of an hotel takes up payback by around 12% 12 years to 15 years.

Ashok Chhajer: Well, that would be in the first 2 years of phase is an investment period. It will be capital allocation to these products. We saw that an average core city product of an hotel takes up payback by around 12 years to 15 years. Here, the projections are to get an payback of period something around eight to nine years as the initial capital cost for the lands are less. It would in terms of value, the hospitality sector would contribute, say third or fourth year from now to an average of INR 50 crore of PAT per year.

Speaker #3: Here, the projections are to get a payback period of something around 8 to 9 years. As the initial capital cost for the land is less, in terms of value, the hospitality sector would contribute, say, in the third or fourth year from now, an average of ₹50 crore of PAT per year.

Speaker #4: Okay. Okay.

[Company Representative]: Okay.

[Shareholder] (Private Investor): Okay.

Speaker #3: So that is the annuity income or a model where ₹50 crore plus would be the contribution from both the hotels.

Ashok Chhajer: That is the net income or model where INR 50 crore plus will be the contribution from both the hotels.

Speaker #4: Okay. And, you know, if the early 20s kind of EBITDA margin goes up by 10 percentage points, that would mean that the town villas and all the villa projects that you have—yes, margins will be significantly higher than your existing, you know, your existing portfolio.

[Company Representative]: Okay. If the early twenties kind of EBITDA margin goes up by 10 percentage points, that would mean that the Town Villas and all the villa projects that you have.

[Shareholder] (Private Investor): Okay. If the early twenties kind of EBITDA margin goes up by 10 percentage points, that would mean that the Town Villas and all the villa projects that you have.

Ashok Chhajer: Yes

[Company Representative]: margins will be significantly higher than your existing portfolio. Is that correct?

[Shareholder] (Private Investor): margins will be significantly higher than your existing portfolio. Is that correct?

Speaker #4: Is that correct? It has to be closer to 40%, maybe, I think, or even more than that.

Ashok Chhajer: Yeah.

[Company Representative]: It has to be closer to 40%, maybe, I think, or even more than that.

[Shareholder] (Private Investor): It has to be closer to 40%, maybe, I think, or even more than that.

Speaker #3: Can we also, depending on the rising market, say that what we see from the current trends is at least achievable? And as you said, yes, it can go further up as well.

Ashok Chhajer: Can be also, depending, because it's in rising market. What we see from the current trends, this much is at least achievable, and as you tell that, yes, it can be further up also. Time would, or the going period, say, when the project gets shaped up towards completion, that will say the trend what's going to happen after that period, which means something after 12 months.

Speaker #3: So time would, or the going period, time say when the time the project gets shaped up towards and completion, that would trend up. That would, say, the trend—what's going to happen after that period, which means something around 12, after 12 months.

Speaker #4: Okay. And where do you see given that I think you're not looking at further acquisition of new projects. I think you're going to sustain the existing projects and take them forward is what you are that's what I understood.

[Company Representative]: Okay. Where do you see, given that I think you're not looking at further acquisition of new projects. I think you're going to sustain the existing projects and take them forward. That's what I understood.

[Shareholder] (Private Investor): Okay. Where do you see, given that I think you're not looking at further acquisition of new projects. I think you're going to sustain the existing projects and take them forward. That's what I understood.

Ashok Chhajer: Yes.

Speaker #4: So, do you see debt-to-equity coming down over the last couple of years?

[Company Representative]: Do you see debt to equity coming down in the last couple of years?

[Shareholder] (Private Investor): Do you see debt to equity coming down in the last couple of years?

Ashok Chhajer: Though the intentions are there. Yeah. Though we tell that, yes, there is a plan for it. The debt to equity ratio will gradually come down because once the projects get matured, the equity gets on the reserves, and capital reserves get on adding up to every quarter-to-quarter or year-to-year basis. We see that if the cash flows are in a higher flow for the project of Arihant Advika Vashi which is nearing completion, that is where we see that the utilization of funds would be for repaying of the debt to a larger level. If that happens up in this 1 year, yes, the debt to equity ratio will go down.

Speaker #3: Yeah. Though we say that yes, there is a plan for it, the debt-to-equity ratio will gradually come down because once the projects get matured, the equity gets added to the reserves, and capital reserves keep getting added every quarter to quarter or year to year basis.

Speaker #3: And we see that if the cash flows are at a higher level for the project of Orient Advika Vashi, which is nearing completion, that is where we see that the utilization of funds would be for repayment of the debt to a larger level.

Speaker #3: And if that happens up in this one year, yes, the debt-to-equity ratio will go down.

Speaker #4: Okay. And you know a lot of yes you know further with the increase in debt the net debt to equity ratio has also gone up last couple of years.

[Company Representative]: Okay. along with

[Shareholder] (Private Investor): Okay. along with

Ashok Chhajer: It will be one of the same velocity.

[Company Representative]: Yes. Further with the increase in debt, the net debt to equity ratio has also gone up last couple of years. I think the ROCE has come down. Last couple of years, the ROCE is down based on your own presentation. That may be some linkage to there, right? Do you see the ROCE going back into the twenties? That's where it used to be till two years back.

[Shareholder] (Private Investor): Yes. Further with the increase in debt, the net debt to equity ratio has also gone up last couple of years. I think the ROCE has come down. Last couple of years, the ROCE is down based on your own presentation. That may be some linkage to there, right? Do you see the ROCE going back into the twenties? That's where it used to be till two years back.

Speaker #4: I think the ROC has come down. Well, the last couple of years the ROC is down, based on your own presentation. So there may be some linkage to the error, right?

Speaker #4: So I think as as you do you see the ROC going back into the 20s as as you you know because that's where it used to be.

Speaker #4: Till two years back.

Speaker #3: Yes, yes, yes. See, when we talk about the projects in hand, the return on capital on a complete project basis, as you see, is quite high and it is on an increasing trajectory.

Ashok Chhajer: Yes. See, when we talk about the projects in hand, the return on capital on a complete project basis, as you see, it's quite higher and it is on an increasing pattern trajectory. It is not on a downward trajectory. When we see that in affordable also, we are able to make up a 10% margin where we hear it around in the conversations and in the sector that affordable people are not able to make money. With respect to our efficiency, we are still able to make some money in the affordable also.

Speaker #3: It is not on a downward trajectory. And when we see that in affordable also, we are able to make up a 10% margin, whereas we hear it around in the conversations and in the sector that in affordable, people are not able to make money.

Speaker #3: But with respect to our efficiency, we are still able to make some money in the affordable also.

Speaker #4: Okay. And of the current, you know, capital employed, how much is into residential projects and the rest in hospitality and other sectors?

[Company Representative]: Okay. Of the current capital employed, how much is into residential projects and the rest in hospitality and other sectors?

[Shareholder] (Private Investor): Okay. Of the current capital employed, how much is into residential projects and the rest in hospitality and other sectors?

Speaker #3: Out of 750.

Ashok Chhajer: Out of seven

Speaker #4: What percentage of capital employed would be there, you know, in...

[Company Representative]: What percentage of the capital employed would be there in-

[Shareholder] (Private Investor): What percentage of the capital employed would be there in-

Speaker #3: Previously, it was 90% to 10%. On the contrary, maybe 90% to 93% today is in residential and 7% is in hospitality till now.

Ashok Chhajer: 90% to 10%. On the contrary, maybe 90% to 93% today is in residential and 7% is in hospitality till now.

Speaker #4: Okay. 7%.

[Company Representative]: Okay, 7%.

[Shareholder] (Private Investor): Okay, 7%.

Speaker #3: So the total capital employed.

Ashok Chhajer: The total capital deployed-

Speaker #4: As you take it forward, I think—because that would increase going forward.

[Company Representative]: That will increase as you take it forward. That would increase going forward?

[Shareholder] (Private Investor): That will increase as you take it forward. That would increase going forward?

Speaker #3: Yeah, it will increase. Today, the capital deployed for the hospitality sector is something around Rs 35 to 40 crore. And going forward, on a quarterly basis, the total investments for these two projects is to the tune of Rs 350 crore.

Ashok Chhajer: Yeah, it will increase. Today, the capital deployed for the hospitality sector is something around INR 35 crore to INR 40 crore. Going forward on every quarter basis, the total investments for these two projects is to a tune of INR 350 crore. With the club, around INR 500 crore. INR 500 crore is the total investment program for the entertainment and hospitality business.

Speaker #3: And with the club, that's around Rs 500 crore. So, Rs 500 crore is the total investment planned for the entertainment and hospitality business.

Speaker #4: Okay.

[Company Representative]: Okay. Got it.

[Shareholder] (Private Investor): Okay. Got it.

Speaker #3: So, for three years, the company will deploy ₹500 crores of capital like that, or by internal resources, for these projects.

Ashok Chhajer: For three years, the company will deploy INR 500 crore of capital by debt or by internal resources for these projects.

Speaker #4: Right, right. Thanks. Those were my questions. You can carry on. Thank you.

[Company Representative]: Right. Well, thanks. Those were my questions. You can carry on. Thank you.

[Shareholder] (Private Investor): Right. Well, thanks. Those were my questions. You can carry on. Thank you.

Speaker #3: Yeah. Once it happens, and when you start, then these project assets' value almost triples up when the operations are in flow. We are tied up with the best of the operators, and then we see no chance of the operations not getting positive.

Ashok Chhajer: Once it happens and when we start, then these assets value almost triple up when the operations are in flow, and we are tied up with the best of the operators. When we see no chance of the operations not getting positive, and as such, there is a no compete market. We are the only ones when it comes to this size of a hotel in the region of Lonavala, Karjat, and Mumbai. We still have a good edge position.

Speaker #3: And as such, there is no competing market. So, we are the only ones when it comes to this size of hotel in the region of Lonavala and Karjat and Mumbai, so we still have a good edge position.

Speaker #4: Okay. Well, all the best to you. Thanks.

[Company Representative]: Great. Well, all the best to you. Thanks.

[Shareholder] (Private Investor): Great. Well, all the best to you. Thanks.

Speaker #3: Thank you.

Ashok Chhajer: Thank you.

Speaker #2: Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and one on your touch-tone telephone. Ladies and gentlemen, as a reminder, if you wish to ask a question, please press star and one on your touch-tone telephone.

Operator: Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and one on the touchtone telephone. Ladies and gentlemen, as a reminder, if you wish to ask a question, please press star and one on the touchtone telephone. The next question is from the line of Advika Gupta, an individual investor. Please go ahead

Speaker #2: The next question is from the line of Advika Gupta, an individual investor. Please go ahead.

Speaker #5: Hi, good afternoon, sir. I have a moderator now.

Advika Gupta: Good afternoon, sir. I'm from RBL Bank.

Speaker #3: Yes.

Ashok Chhajer: Yes.

Advika Gupta: Yes, sir. My question was, Q1 increases in sales of 10% YoY. Volume suddenly jumped one in Q4. Units sold were only 221. I just wanted to know how much of the growth came from pricing increases and premium projects versus general volume growth. What were the average realization per square foot and average ticket size by segment?

Speaker #5: Yes sir. So my question was, in Q2 2023, there was a 16% ROI. But suddenly, in Q1 today, we're only at 2.21. I just wanted to know how much of the growth came from price increases and premium projects versus general volume growth.

Speaker #5: What were the average realization costs, therefore, and the average ticket size by segment?

Speaker #3: Average ticket size today, we already have mentioned that it is something around ₹78 lakhs, and the projections and the numbers which we have, our average ticket size goes to something around ₹95 lakhs to ₹1 crore.

Ashok Chhajer: Average ticket size today, we already have mentioned that it is something around INR 78 lakhs. The projections and the numbers which we have, our average ticket size goes to something around INR 95 lakhs to INR 1 crore. Average ticket size will increase at an flag and site.

Speaker #3: So average ticket size will increase at a flagship site.

Speaker #5: Okay, sir. My next question would be: What is the level of debt you are comfortable carrying through the current growth cycle, and is there any intention to materially increase leverage to accelerate project additions?

Advika Gupta: Okay, sir. My next question would be, what is the level of debt you are comfortable carrying through the current growth cycle? Is there any intention to materially increase leverage to accelerate project additions?

Speaker #3: Can you repeat the question? I think you can, because though your voice is there in terms of sound volume, it's cracking a little, maybe due to some technical error. But please continue with the question.

[Company Representative] (Arihant Superstructures): Can you repeat the question?

Udit Kasera: Can you repeat the question?

Ashok Chhajer: Can you? Though your voice is there in terms of sound volume, but it's cracking a little. Maybe some technical error, please continue. We'll be able to grab your question.

Speaker #5: Sure, sir, this is it. The question was: Sir, what is the level of debt you are comfortable carrying through the current growth cycle, and is there any intention to materially increase leverage to accelerate project additions?

Advika Gupta: Sure, sir. The question was, sir, what is the level of debt you are comfortably carrying through the current growth cycle, and is there any intention to materially increase leverage to accelerate project additions?

Speaker #3: See, when we talk about our total debt today, we know that the asset values which we have can comfortably absorb debt continuity for even 10 years from now. Which means that for the next 10 years, even if the debt remains the same and interest is secured, still the projects are all viable.

Ashok Chhajer: See, when we talk about our total debt today, we know that the asset values which we have can comfortably absorb debt continuity for even 10 years from now, which means that for the next 10 years, even if the debt remains same and interest is accrued, still the projects are all viable. Their feasibility does not go off. That means that the debt to the asset value as well as the project feasibilities, the debt is on a very lower side. When it comes to equity would increase upon gradual basis by the existing capital reserves, by adding on capital and reserves in the coming time also. Any fundraising program will change all the ratios and numbers.

Speaker #3: Their feasibility does not go off. So that tells us that the debt to asset value, as well as the project feasibilities, is on a very lower side.

Speaker #3: But when it comes to equity, equity would increase on a gradual basis by the existing capital reserves, by adding on capital and reserves in the coming time also.

Speaker #3: And any fundraising program will change all the ratios and numbers.

Speaker #5: And it is, sir. My next question is: do you view the current margin compression as largely temporary, or are you promising your projects are actually priced lower than the projects that are currently being delivered?

Advika Gupta: Understood, sir. My next question is, do you view the current margin compression as largely temporary or are the economics of newer projects structurally lower than the projects that are currently being delivered?

Speaker #3: Well, as you see, on a project-to-project basis, the older projects and affordable housing projects which are below 5,000, there the total margins are in single digits.

Ashok Chhajer: Well, as you see on project-to-project basis, the older projects and affordable housing projects which are below INR 5,000, there the total margins are on a single digit, and that is something to a tune of 9% to 10%. The middle income group projects like Arihant Aalishan, et cetera, gives up a margin to 15% PAT margins and 12% to 13% margin for the Aalishan projects similarly. The premium projects would give up a margin of around 20%, as the EBITDAs would rise to 36%, 30% and above. It's a blended one, and hence the blended margins also, we have seen a markup up to 13%, 14% also in the previous years. It has lowered down this quarter to 9% also.

Speaker #3: And that is something to the tune of 9% to 10%. The middle income group projects, like Arihant Alishan, etc., give up a margin to 15%.

Speaker #3: Pat margins and 12% to 13% margin for the Alishan projects, simply similarly. And the premium projects would give up a margin of around 20%, as the EBITDA would rise to 36%, 30%, and above.

Speaker #3: So it's a blended one, and hence the blended margins also—we have seen a markup up to 13–14% also in the previous years.

Speaker #3: It has lowered down this quarter to 9% also. But then, with an average, we feel that we are comfortable and we will be able to give up PAT margins even higher than 20% over a run of two years from now.

Ashok Chhajer: Within average, we feel that we are comfortable and we will be able to give up PAT margins even higher than 20% over a run of two years from now.

Speaker #5: Understood, sir. Thank you so much. I'll get back to this later.

Advika Gupta: Understood, sir. Thank you so much. Have a nice day.

Speaker #2: Thank you. Ladies and gentlemen, as a reminder, if you wish to ask a question, please press star and one on your touch-tone telephone. Ladies and gentlemen, as a reminder, if you wish to ask a question, please press star and one on your touch-tone telephone.

Operator: Thank you. Ladies and gentlemen, as a reminder, if you wish to ask a question, please press star and one on the touchtone telephone. Ladies and gentlemen, as a reminder, if you wish to ask a question, please press star and one on the touchtone telephone. Ladies and gentlemen, that was the last question. I would now like to hand the conference over to the management for closing comments.

Speaker #2: Ladies and gentlemen, that was the last question. I would like to hand the conference over to the management for closing comments.

Speaker #3: Okay.

Ashok Chhajer: A lot of thanks.

Speaker #4: Out of thanks.

Speaker #3: Thank you everyone for joining today's call and spending your valuable time with us. We welcome you to a preview of all our projects within the physical round.

[Company Representative] (Arihant Superstructures): Thank you everyone for joining today's call and spending your valuable time with us.

Udit Kasera: Thank you everyone for joining today's call and spending your valuable time with us.

Ashok Chhajer: We welcome you to a preview of all our projects within physical ground. Please, we would also make up a program for visits collectively and give you an invite for it. On a group or individual level, if somebody is interested, please let us know. That would give you a more better preview of the company and its prospects and the positioning of the company in the Mumbai 3.0 region. Thank you, everybody.

Speaker #3: We will also arrange and schedule a program for visits collectively and send you an invite. If anyone, either as a group or individually, is interested, please let us know.

Speaker #3: That would give you a better preview of the company and its prospects, and the positioning of the company in the Mumbai 3.0 region.

Speaker #3: Thank you everybody.

Operator: Thank you. On behalf of Arihant Superstructures Limited, that concludes this conference. Thank you for joining us and you may now disconnect your line.

Ashok Chhajer: Thanks.

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Q1 2027 Arihant Superstructures Ltd Earnings Call

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