Q1 2027 Eldeco Housing and Industries Ltd Earnings Call

August 13, 2026

Speaker #1: Ladies and gentlemen, good day and welcome to the Eldeco Housing and Industries Ltd. Q1 FY27 earnings conference call, hosted by Ernst & Young. As a reminder, all participants' 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 Eldeco Housing and Industries Limited Q1 FY27 earnings conference call hosted by Ernst & Young. As a reminder, all participants' lines will be in 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 call is being recorded. I now hand over the conference to Mr. Abhishek Bhatt from EY. Thank you, and over to you, sir.

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

Speaker #1: I now hand over the conference to Mr. Abhishek Bhat from EY. Thank you, and over to you, sir.

Speaker #2: Thank you. Thank you, everyone, for joining us on the call today. Before we begin, I would like to remind everyone that today's discussion may contain forward-looking statements.

Abhishek Bhatt: Thank you. Thank you everyone for joining us on the call today. Before we begin, I would like to remind everyone that today's discussion may contain forward-looking statements that involve certain risks, uncertainties, and other factors. These statements should be considered in conjunction with the risks and assumptions discussed in the company's public disclosures, which could cause actual results, performance, or outcomes to differ materially from those expressed or implied in such statements. Please note that the financial results and investor presentation have been filed with the stock exchanges and are also available on the company's website. Should you require a copy, please feel free to write to us, and we will be happy to share it. Joining us on the call today are members of senior management team of Eldeco Housing and Industries Limited, including Mr. Manish Jaiswal, Mr. Vaibhav Singh, and Mr. Rajiv Khurana.

Speaker #2: That involves certain risks, uncertainties, and other factors. These statements should be considered in conjunction with the risks and assumptions discussed in the company's public disclosures.

Speaker #2: Which could cause actual results, performance, or outcomes to differ materially from those expressed or implied in such statements. Please note that the financial results and investor presentation have been filed with the stock exchanges and are also available on the company's website.

Abhishek Bhatt: Please note that the financial results and investor presentation have been filed with the stock exchanges and are also available on the company's website. Should you require a copy, please feel free to write to us, and we will be happy to share it. Joining us on the call today are members of senior management team of Eldeco Housing and Industries Limited, including Mr. Manish Jaiswal, Mr. Vaibhav Singh, and Mr. Rajiv Khurana.

Speaker #2: Should you require a copy, please feel free to write to us, and we will be happy to share it. Joining us on the call today are members of the senior management team of Eldeco Housing and Industries Limited, including Mr. Manish Jaiswal, Mr. Weber Singh, and Mr. Rajiv Khurana.

Speaker #2: Mr. Pankaj Bajaj is unable to join today's call due to an unforeseen personal exigency and extends his regrets. We will begin with the management's opening remarks, followed by a question and answer session.

Abhishek Bhatt: Mr. Pankaj Bajaj is unable to join today's call due to an unforeseen personal exigency and extends his regrets. We will begin with the management's opening remarks, followed by question and answer session. With that, I would like to hand over the call to Mr. Vaibhav Singh for his opening remarks. Over to you, sir.

Speaker #2: With that, I would like to hand over the call to Mr. Weber Singh for his opening remarks. Over to you, sir.

Speaker #3: Thanks, Abhishek. Good evening, ladies and gentlemen. At the outset, I would like to tender a brief apology on behalf of Mr. Pankaj Bajaj, who has been stuck with a personal medical emergency over the last 48 hours. It is very unfortunate that he cannot lead us on this call today.

Vaibhav Singh: Thanks, Abhishek. Good evening, ladies and gentlemen. At the outset, I would like to tender a brief apology from Mr. Pankaj Bajaj, who is stuck with a personal medical emergency over the last 48 hours, and it is very unfortunate that he cannot lead us on this call today. So kindly excuse him and Manish, myself, Vaibhav, and Rajiv will try and take you through the highlights of the quarter and also help answer all of the questions that you have. In case if there is some information that is still pending, then we can always come back to you through a set of questions that you might have that can be answered later on. With that said, I would like to once again welcome all of you to this call. Thank you for joining us.

Speaker #3: So kindly excuse him, and Manish, myself, Weber, and Rajiv will try and, you know, take you through the highlights of the quarter and also help answer all of the questions that you have. In case there is some information that is still pending, then we can always come back to you through a set of questions that you might have, which can be answered later on.

Speaker #3: So, with that said, I would like to once again welcome all of you to this call. Thank you for joining us. The first quarter of FY27 marked a strong start to the year for Eldeco Housing and Industries Limited, with collections outpacing bookings, execution activity remaining steady, and profitability improving meaningfully on a year-on-year basis.

Vaibhav Singh: The first quarter of FY27 marked a strong start to the year for Eldeco Housing and Industries Limited, with collections outpacing bookings, execution activity remaining steady, and profitability improving meaningfully on a year-on-year basis. While bookings normalized after the exceptional launch-led performance seen in Q4 of FY26, customer engagement across projects remains healthy, supported by our execution track record and strong positioning in the Lucknow market. Further, the new launches and additions of land parcels during the quarter strengthen the future growth visibility for your company, providing a solid foundation for the remainder of FY27. I will take you through some of those developments through the course of the call. Coming to the operational performance, booking value for the first quarter of FY27 stood at INR 105.7 crore, with a total area booked of 1.26 lakh square feet.

Speaker #3: While bookings normalized after the exceptional launch-led performance seen in the fourth quarter of FY26, customer engagement across projects remains healthy, supported by our execution track record and strong positioning in the Lucknow market.

Speaker #3: Further, the new launches and additions of land parcels during the quarter strengthen the future growth visibility for your company, providing a solid foundation for the remainder of FY27.

Speaker #3: I will take you through some of those developments during the course of the call. Coming to operational performance, booking value for the first quarter of FY27 stood at ₹105.7 crore, with a total area booked of 1.26 lakh square feet. A key highlight of the quarter was the strong momentum in our collections.

Vaibhav Singh: A key highlight of the quarter was the strong momentum in our collections. Collections stood at INR 131.2 crore, exhibiting a growth of 68%+ year-on-year. Like we have been mentioning in the calls over the last year or so, execution has remained a key focus area. Construction spend stood at INR 57.8 crore during the first quarter, up 47.2% year-on-year, reflecting continued progress across our ongoing projects. During the first quarter of FY27, we delivered 52 homes with an aggregate area of 49,400 odd square feet. On the new launch front, we successfully launched Eldeco Imperia Avenue and achieved sales of 44 units with a booking value of approximately INR 14.6 crore. We also launched the third tower or the last tower at Eldeco Trinity called Faith, and this is an important milestone for this project. More importantly, we continue to strengthen our future development pipeline.

Speaker #3: Collections stood at ₹131.2 crore, exhibiting a growth of over 68% year on year. Like we've been mentioning in the call, execution has remained a key focus area.

Speaker #3: Construction spend stood at ₹57.8 crore during the first quarter, up 47.2% year on year, reflecting continued progress across our ongoing projects. During the first quarter of FY27, we delivered 52 homes with an aggregate area of approximately 49,400 square feet.

Speaker #3: On the new launch front, we successfully launched Eldeco Imperia Avenue and achieved sales of 44 units, with a booking value of approximately ₹14.6 crore.

Speaker #3: We also launched the third tower, or the last tower, at Eldeco Trinity, called Faith, and this is an important milestone for this project. More importantly, we continue to strengthen our future development pipeline. During the quarter, the company executed a legally binding contract for more than 50 acres of contiguous land in a prime location in Lucknow.

Vaibhav Singh: During the quarter, the company executed a legally binding contract for more than 50 acres of contiguous land in a prime location in Lucknow. In addition, land aggregation approximating 15 acres was also completed, and these additions enhance our long-term growth visibility and provide multiple future monetization opportunities. Coming to financial performance, total income for the first quarter of FY27 stood at INR 50.3 crore, reflecting a growth of 62.7% year-on-year. EBITDA came in at INR 18.7 crore which is up 240 odd percent year-on-year, and a healthy margin of 37.1%. The profit after tax came in at INR 15.1 crore, up 380 odd percent year-on-year, and a PAT margin of 30%.

Speaker #3: In addition, land aggregation approximating 15 acres was also completed, and these additions enhance our long-term growth visibility and provide multiple future monetization opportunities. Coming to financial performance, total income for the first quarter of FY27 stood at ₹50.3 crores, reflecting a growth of 62.7% year on year.

Speaker #3: EBITDA came in at ₹18.7 crore, which is up 240-odd percent year on year, with a healthy margin of 37.1%. The profit after tax came in at ₹15.1 crore, up 380-odd percent year on year, and a PAT margin of 30%.

Speaker #3: Going forward, our focus remains on sustaining execution momentum across our ongoing projects, progressing our forthcoming projects towards launch readiness—most of which look on track—and converting the expanded land pipeline into value-accretive development opportunities.

Vaibhav Singh: Going forward, our focus remains on sustaining execution momentum across our ongoing projects, progressing our forthcoming projects towards launch readiness, most of which looks on track, and converting the expanded land pipeline into value accretive development opportunities. With a keen focus on disciplined execution, improved profitability, and a visible development pipeline, we believe that Eldeco Housing and Industries Limited is well-positioned for sustained growth while continuing to create long-term value for all stakeholders. With those as my opening comments, I thank all of you once again for your continued support, seek the leave for Mr. Bajaj to not be available for this call, and now throw open the floor for questions. Thank you so much.

Speaker #3: With a keen focus on disciplined execution, improved profitability, and a visible development pipeline, we believe that Eldeco Housing and Industries Limited is well positioned for sustained growth, while continuing to create long-term value for all stakeholders.

Speaker #3: With those as my opening comments, I thank all of you once again for your continued support. Seek your note regarding the leave for Mr. Bajaj, who will not be available for this call. I now throw open the floor for questions.

Speaker #3: Thank you so much.

Speaker #1: 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 their 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 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 hands-free while asking a question. Ladies and gentlemen, please wait for a moment while the question queue assembles. The first question is from the line of Nachiket from NK. Please proceed with your question.

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

Speaker #1: Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Nachiket from NK.

Speaker #1: Please proceed with your question.

Speaker #2: Yes, good evening, sir. I wanted to ask, we are diversifying with projects such as the T Courtyard, and I see it in the pipeline.

[Analyst] (NK): Yes. Good evening, sir. I wanted to ask, we are diversifying with projects such as Eldeco City Courtyard, and I see it in the pipeline. What is the reasoning or rationale behind this? Is there a larger opportunity to increase commercial and mixed use as a proportion of the business?

Nachiket Parvatikar: Yes. Good evening, sir. I wanted to ask, we are diversifying with projects such as Eldeco City Courtyard, and I see it in the pipeline. What is the reasoning or rationale behind this? Is there a larger opportunity to increase commercial and mixed use as a proportion of the business?

Speaker #2: So, what is the reasoning or rationale behind this? Is there a larger opportunity to increase commercial and mixed-use as a proportion of the business?

Speaker #3: So thank you for that question. You know, actually, Eldeco City Courtyard is part of the Eldeco City Integrated Township. So, you know, each of these townships is designed to deliver a fully integrated experience to all residents and also fulfill development control norms in that region.

Vaibhav Singh: Thank you for that question. Eldeco City Courtyard is part of the Eldeco City integrated township. Each of these townships is designed to deliver a fully integrated experience to all residents and also fulfill development control norms in that region. We have designed a small commercial development within the Eldeco City township, and therefore, as you might see in the forthcoming projects, it constitutes a very small proportion of the saleable area. We have already seen, as we mentioned in our opening comments about Eldeco Imperia Avenue, that there is a good reception to such a product, which is how we have envisaged this product within our portfolio.

Speaker #3: So we've designed a small, you know, commercial development within the Eldeco City Township, and therefore, as you might see in the forthcoming projects, it constitutes a very small proportion of the saleable area. And we've already seen, as we mentioned in our opening comments about Imperia Avenue, that, you know, there's a good reception to such a product.

Speaker #3: This is how we have envisaged this product within our portfolio.

Speaker #2: Okay, great. EBITDA stood at around 37% in Q1, which is encouraging. What were the key drivers that resulted in this, and do you expect this trend to continue going forward?

[Analyst] (NK): Okay, great. There is an encouraging EBITDA margin around 37% in Q1. What could be the key drivers which resulted in this, and will this trend continue going forward?

Nachiket Parvatikar: Okay, great. There is an encouraging EBITDA margin around 37% in Q1. What could be the key drivers which resulted in this, and will this trend continue going forward?

Speaker #3: Well, our trend is to always, you know, optimize margins in the kind of format that we are delivering. So, as you might appreciate, the two predominant, you know, formats are horizontal, you know, township flat developments, or vertical high-rise developments.

Vaibhav Singh: Well, our trend is to always optimize margins in the kind of format that we are delivering. As you might appreciate, the two predominant formats are horizontal township flat developments or vertical high-rise developments.

Speaker #3: So it just so happens that the year on year results are skewed in either direction, where a quarter one of 2026 was actually predominantly headlined by a vertical development with slightly lower margins and the the dominant portion of our revenues for quarter one of 2027 are derived from Imperia, which is a high margin horizontal development, and that is the reason for this you know bump up in the margins.

[Analyst] (NK): Right.

Nachiket Parvatikar: Right.

Vaibhav Singh: It just so happened that the year-on-year results are skewed in either direction.

Vaibhav Singh: Where Q1 of 2026 was

[Analyst] (NK): Okay

Nachiket Parvatikar: Okay

Vaibhav Singh: actually predominantly headlined by a vertical development with slightly lower margins. The dominant portion of our revenues for Q1 of 2027 are derived from Imperia, which is a high-margin horizontal development. That is the reason for this bump up in the margins.

Speaker #3: We are you know as we look forward towards how the market's been behaving and how we are thinking of building out the pipeline, we are finding a lot of opportunity on the horizontal development side, and some of those are available in our land banks for forthcoming projects, including a large deal that we bought under contract, which is again going to be a a large 50 acre horizontal development.

Vaibhav Singh: As we look forward towards how the market's been behaving and how we are thinking of building out the pipeline.

[Analyst] (NK): Right

Nachiket Parvatikar: Right

Vaibhav Singh: We are finding a lot of opportunity on the horizontal development side, and some of those are available in our land banks for forthcoming projects, including a large deal that we bought under contract, which is again going to be a large 50-acre horizontal development. Those are bound to deliver higher margins and the management is cognizant of trying to maintain a reasonable balance between vertical and horizontal developments on an opportunistic basis, and we will continue doing that.

Speaker #3: Those are bound to deliver higher margins, and you know, the management is cognizant of trying to maintain a reasonable balance between vertical and horizontal developments on an opportunistic basis, and we'll continue doing that.

Speaker #2: Great, sir. So you know could you just highlight or lay out as to how has been the rental rate trend of rental rates in our geography?

[Analyst] (NK): Great, sir. Could you just highlight or lay out as to how has been the trend of rental rates in our geography? Because that will, of course, over the long term lead to a natural EBITDA margin expansion.

Nachiket Parvatikar: Great, sir. Could you just highlight or lay out as to how has been the trend of rental rates in our geography? Because that will, of course, over the long term lead to a natural EBITDA margin expansion.

Speaker #2: Because you know that will, of course, over the long term, lead to a natural EBITDA margin expansion.

Speaker #3: I'm sorry, could you just help shed some light on what you mean by rental rates?

Vaibhav Singh: I am sorry, could you just help throw some light on what you mean by rental rates?

Speaker #2: Sorry, commercial rental on the commercials. Commercial.

[Analyst] (NK): Sorry, commercial. Rental on the commercials. Commercial.

Nachiket Parvatikar: Sorry, commercial. Rental on the commercials. Commercial.

Speaker #3: Yeah, so are you talking about generally in the city or are you specifically alluding to yeah, so generally in the city, you know what's happening is that Lucknow is a city which is under you know a tremendous kind of wave of development, wave of development, and while Gomtinagar and Shahidpat continue to occupy top of mind investor interest and you know occupier interest, the rates have been steady.

Vaibhav Singh: Yeah. Are you talking about generally in the city, or are you specifically-

[Analyst] (NK): Generally

Nachiket Parvatikar: Generally

Vaibhav Singh: alluding to. Yeah. Generally in the city, what is happening is that Lucknow is a city which is under a tremendous kind of wave of development.

[Analyst] (NK): Right.

Nachiket Parvatikar: Right.

Vaibhav Singh: Wave of development. While Gomti Nagar and Shaheed Path continue to occupy top-of-mind investor interest and occupier interest, the rates have been steady.

[Analyst] (NK): Okay.

Nachiket Parvatikar: Okay.

Speaker #3: I would not like to compare them to tier one markets in NCR, Bangalore and Bombay, but one must acknowledge and understand that you know a lot of the a lot of the supply was unorganized, which is now finding its home into more organized commercial developments.

Vaibhav Singh: I would not like to compare them to tier 1 markets in NCR, Bangalore, and Bombay.

[Analyst] (NK): Right

Nachiket Parvatikar: Right

Vaibhav Singh: acknowledge and understand that a lot of the supply was unorganized, which is now finding its home into more organized commercial developments.

Speaker #3: Rates have been steady, showing an upward incline. I don't have exact rates; there are transactions that we keep tracking. A few of those headlines are available with us, but I would not like to digress into that area without the privilege of well-verified information.

[Analyst] (NK): That's true.

Nachiket Parvatikar: That's true.

Vaibhav Singh: Rates have been steady, showing an upward incline. I do not have exact rates. There are transactions that we keep tracking. A few of those headlines are available with us, but I would not like to digress into that area without the privilege of well-verified information. I am going to refrain from making a comment on that.

Speaker #3: So, I'm going to refrain from making a comment on that.

Speaker #2: Okay. So, I was asking from the perspective that you are, of course, at the forefront of this transformation. So, with an increasing trend of rental rates, we would stand to benefit in the longer term.

[Analyst] (NK): Oh, okay. I was asking from a perspective that you are, of course, at the forefront of this transformation. On an increasing trend of rental rates, we would stand to benefit in the longer term.

Nachiket Parvatikar: Oh, okay. I was asking from a perspective that you are, of course, at the forefront of this transformation. On an increasing trend of rental rates, we would stand to benefit in the longer term.

Speaker #3: You know what is also happening well that's a great analogy but what is happening is rental rates are looking up like I mentioned but what is happening more so is that housing is housing itself is undergoing transformation a lot of new areas opening up a lot of inbound migration with the opening of the Kanpur Lucknow Expressway there is again a lot of interest there is a lot of interest in the Lucknow housing market so while there should be a direct correlation between commercial rentals and that being a reflection of economic activity in the city and prosperity which should dictate you know residential rates as well I think the residential rates have a self-sustaining kind of ecosystem within which they are performing reasonably well.

Vaibhav Singh: Well, that's a great analogy, but what is happening is rental rates are looking up, like I mentioned, but what is happening more so is that housing itself is undergoing transformation. A lot of new areas opening up.

Vaibhav Singh: A lot of inbound migration. With the opening of the Kanpur-Lucknow Expressway, there is again a lot of interest. There is a lot of interest in the Lucknow housing market. While there could be a direct correlation between commercial rentals and that being a reflection of economic activity in the city and prosperity, which should dictate residential rates as well, I think the residential rates have a self-sustaining kind of ecosystem within which they are performing reasonably well.

Speaker #2: Got it, sir. Okay, thank you. I'll get back in.

[Analyst] (NK): Got it. Okay. Thank you. I'll get back in queue.

Nachiket Parvatikar: Got it. Okay. Thank you. I'll get back in queue.

Speaker #1: Thank you. The next question is from the line of Kunit Singh from Countercyclical Premise. Please proceed with your question.

Operator: Thank you. The next question is from the line of Gunit Singh from Countercyclical Premiums. Please proceed with your question.

Speaker #2: Good evening, sir. Thank you for this opportunity. So, how much of the expected revenues out of Imperia Phase Two have already been booked?

Gunit Singh Narang: Good evening, sir. Thank you for this opportunity. How much of the expected revenues out of Imperia Phase 2 have already been booked? I think the GDV is around INR 300 crore. Till Q1, how much have you already recognized?

Speaker #2: So, I think the GDV is around ₹300 crore. So, till Q1, how much have you already recognized?

Speaker #3: So, I'm glad that you're tracking the numbers so carefully. So, approximately ₹170 to ₹180 crore—it depends on where we can finally land the inventory, and at what rate.

Vaibhav Singh: Well, I am glad that you are tracking the numbers so carefully. Approximately INR 170 to 180 crore, depends on where we can land the inventory, finally, at what rate. That much of the inventory is available.

Speaker #3: That's how much of the inventory is available.

Speaker #2: Got it. So, do we expect this ₹180 crore worth of inventory to be recognized in the current financial year, in the coming three quarters?

Gunit Singh Narang: Got it. Do we expect this INR 180 crore worth of inventory to be recognized in the current financial years, in the coming three quarters?

Speaker #3: Predominantly, yes. But again, I don't want to be a soothsayer here and predict how soon the sales will happen. But predominantly, we will be able to.

Vaibhav Singh: Predominantly, yes. I do not want to be a soothsayer and predict how soon the sales will happen. Predominantly, we will be able to realize the inventory.

Speaker #3: Realize the.

Speaker #2: Got it. And how much legacy inventory do we have of ready units which have not been sold as of date?

Gunit Singh Narang: Got it. How much of legacy inventory do we have of ready units which have not been sold as on date?

Speaker #3: Around ₹75 crore of inventory is available in our legacy projects, and, you know, it's a concerted push internally for us to try and monetize that as well.

Vaibhav Singh: Around 75 crore of inventory is available in our legacy projects, and it is a concerted push internally for us to try and monetize that as well.

Speaker #2: Got it. So, out of the ₹75 crore, I mean, how much can we realistically monetize or recognize in the current financial year? Or generally, if, say, we have about 100 units of legacy inventory, how much do we recognize in any given financial year?

Gunit Singh Narang: Got it. Out of the 75 crore, how much can we realistically monetize or recognize in the current financial year? Generally, if, say, we have about 100 units of legacy inventory, how much do we recognize in any given financial year?

Speaker #3: I think there has been an internal, kind of, you know, push towards this, and, you know, since these are legacy projects, they are not really kind of at the top of mind for brokers, for the whole channel, etc., etc.

Vaibhav Singh: I think there has been an internal kind of push towards this, and since these are legacy projects, they are not really at top of mind for brokers, for the whole channel, et cetera. But having said that, our endeavor now is to bring most of these projects to closure. I think it would be safe to assume that we will try for as much as possible, but it is safe to presume, let us say 40% to 60% of this inventory getting liquidated in the current year.

Speaker #3: But having said that, our endeavor now is to kind of bring most of these projects to closure. So I think it would be safe to assume that we'll try for as much as possible, but it's safe to presume, let's say, 40% to 60% of this inventory getting liquidated in the current year.

Speaker #2: That's great. So, our project Latitude 27 is scheduled for November 2027 to get the completion certificate. So, I think it has about seven or eight towers, if I'm not wrong.

Gunit Singh Narang: That is great. Our project Eldeco Latitude 27 is scheduled for November 2027 to get the completion certificate. I think it has about seven or eight towers, if I am not wrong. Do you plan to get the completion certificate of the towers and hand of possession, say, tower-wise, if the tower is complete? Or do you plan to do the handover of possession once the entire project itself is completed out?

Speaker #2: So do you plan to I mean get the completion certificate of the towers and hand over possession say tower wise if the tower is complete or do you plan to launch the I mean do you plan to do the take handover of possession once the entire project itself is completed?

Speaker #3: No, again I must compliment the depth with which you have analyzed the portfolio. I think we are exactly on the same page as what you just mentioned.

Vaibhav Singh: No, again, I must compliment the depth with which you have analyzed the portfolio. I think we are exactly on the same page as what you just mentioned. There is an internal kind of endeavor to try and bring the completed towers to a stage of revenue recognition, hopefully within FY27, if not immediately after that, around April or May of 2027.

Speaker #3: There is an internal, you know, kind of endeavor to try and bring the completed towers to a stage of revenue recognition, hopefully within FY27.

Speaker #3: If not immediately after that, then around April or May of 2027.

Speaker #2: Got it. So I think the GDV for that is about ₹275 to ₹300 crore. So that should be divided amongst eight towers, right? So I mean, how much of this can we realistically, conservatively expect to, I mean, push into FY27?

Gunit Singh Narang: Got it. I think the GDV for that is about INR 275 to 300 crore. That should be divided amongst eight towers, right? How much of this can we realistically, conservatively expect to push into FY27?

Vaibhav Singh: Again, I would not like to make a commitment, but the idea is our internal estimates give us to believe that between March and May, somewhere we will be able to recognize approximately 15% to 20% of this.

Speaker #3: Again, I would not like to make a commitment, but the idea is, our internal estimates lead us to believe that somewhere between March and May, we will be able to recognize approximately 15 to 20% of this.

Speaker #2: Between March and May of 2027, you're saying?

Gunit Singh Narang: Between March and May of 2027, you are saying?

Speaker #3: That's right.

Vaibhav Singh: That is right.

Speaker #2: Got it. So that is basically FY28 itself. I mean, I want to understand how much of this can—

Gunit Singh Narang: Got it. That is basically FY28 itself. I want to understand-

Vaibhav Singh: If we-

Gunit Singh Narang: How much of this can

Speaker #3: If we are able to push things through, it might happen in March, in which case it gets recorded in FY27. If it goes to April or May, then it becomes FY28.

Vaibhav Singh: If we are able to push things through, it might happen in March, in which case it gets recorded in FY27. If it goes to April or May, then it becomes FY28. A lot of this is a function, as you might understand, of what happened in the Middle East, for instance, four months, a lot of commodity pressure, a lot of labor displacement, this, that, and all projects have received four-month extension under RERA. If something like that happens, we do not know, but we are attempting to bring some part of this in March of FY27.

Speaker #3: A lot of this is a function, as you might understand, of what happened in the Middle East. For instance, you know, four months—a lot of commodity pressure, a lot of labor displacement, this, that, and all projects in have received a four-month extension under RERA.

Speaker #3: So, you know, if something like that happens, we don't know. But we are attempting to bring some part of this in March of '27.

Speaker #2: Got it, that's great. And coming to the Q1 numbers, so how much of this ₹49 crore was from Imperia Phase One and how much was from legacy projects sold? And if I'm not wrong, for Imperia Phase Two, you had, in earlier calls, guided that the EBITDA margins are about 40% or so, because most of the fixed costs, like the clubhouse and everything, were done in Imperia Phase One.

Gunit Singh Narang: Got it. That is great. Coming to Q1 numbers, how much of this INR 49 crore was Imperia Phase 1, and how much were legacy projects sold? If I am not wrong, for Imperia Phase 2, you had, in the earlier calls, guided that the margins are about 40% or so, because most of the fixed costs, like the clubhouse and everything, was done in Imperia Phase 1. I want to understand the margin trajectory as well for the current financial year.

Speaker #2: So I want to understand the margin trajectory as well for the current financial year.

Speaker #3: So, about 85% of the revenue for the current quarter is attributable to Imperia Phase Two. We've delivered margins of approximately 60% on that—gross margins.

Vaibhav Singh: About 85% of the revenue for the current quarter is attributable to Eldeco Imperia Phase 2. We have delivered margins of approximately 60% on that.

Gunit Singh Narang: Awesome.

Vaibhav Singh: Gross margins.

Speaker #2: Got it. All right. So, I think that answers my questions. Thank you very much, and I wish you all the best. Enjoy the rest of the interview.

Gunit Singh Narang: Got it. All right. I think that answers my questions. Thank you very much, and I wish you all the best. I join that with you.

Speaker #3: Thank you.

Vaibhav Singh: Thank you.

Speaker #1: Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and one at this time. Thank you. The next question is from the line of Priyam Shah.

Operator: Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and 1 at this time. Thank you. The next question is from the line of Priyam Shah from Value Equity. Please proceed with your question.

Speaker #1: From Value Equity, please proceed with your question.

Speaker #2: So, thanks for taking my question. This is with regards to the pipeline of 3.4 million square feet that we have. If you could just guide us on how much of the pipeline or the projects we will be planning to launch over the next one to one and a half years, and how much of the pipeline can realistically be brought to the market?

Priyam Shah: Sir, thanks for taking my question. Sir, this is with regards to the pipeline of 3.4 million square feet that we have. If you can just guide us how much of the pipeline or the projects that we would be planning to launch over the next 1 or 1 and a half year, and how much of the pipeline can be realistically brought to the market in this current financial year, FY27?

Speaker #2: In this current financial year, FY27.

Speaker #3: So, you know, by design, we have always been presenting our quarterly updates in three distinct sections: one is ongoing projects, one is forthcoming projects, and one is land banks for forthcoming projects.

Vaibhav Singh: By design, we have been always presenting our quarterly updates in three distinct sections. One is ongoing projects, one is forthcoming projects, and one is land bank for forthcoming projects. As you correctly pointed out, I take your attention to the forthcoming project section. Within that, if you glance through the numbers of the 3.4 million breakup, a dominant portion is serial numbers 4 through 7. Almost all of this, I am tempted to say 100% of this, but almost all of this will be launched within FY27.

Speaker #3: So, as you correctly pointed out, I take your attention to the forthcoming project section. And within that, if you glance through the numbers of the ₹3.4 million breakup, a dominant portion is serial numbers four through seven.

Speaker #3: And almost all of this—I’m tempted to say 100% of this—but almost all of this will be launched within FY27.

Speaker #2: So that's nice to know. And...

Priyam Shah: Oh, that is nice to know. Just explain-

Speaker #3: The only reason why I'm not—the only reason why we are not, you know, explicitly saying 100% is because, as you see, some of that is under approvals, and sometimes approvals can be a bit, you know, up and down.

Vaibhav Singh: The only reason why we are not explicitly saying 100% is because as you see, some of that is under approvals and sometimes approvals can be a bit up and down. But from our vantage point, what we believe is that 100% of this inventory is going to be launched within FY27.

Speaker #3: But from our vantage point, what we believe is that 100% of this inventory is going to be launched within FY27.

Speaker #2: That's really commendable, sir. And just one last follow-up regarding this. As we have launched a part of, you know, the saleable area for Solano Gardens...

Priyam Shah: That's really commendable, sir. Just a last follow-up with regards to this one. As we have launched a part of saleable area for Solano Gardens. If you can let me know, when would be the next phase is likely to be launched?

Speaker #2: So if you can let me know what would be the when would be the next next phase is likely to be launched?

Speaker #3: So, Solano Gardens, as you see in forthcoming projects, there is a certain land area of 9.5 acres on which we are looking to deliver a group housing project.

Vaibhav Singh: Solano Gardens, as you see in forthcoming projects, there is a certain land area of 9.5 acres on which we are looking to deliver a group housing project. Apart from that, there is a certain tail unsold inventory left within the horizontal format. Finally, we've also added, as an extension, 5 acres, which really gets delivered very efficiently, both in terms of planning and financially, to the project. Those are the three different stages of Solano. I think Solano has already done a great service to the company and the shareholders. Between these three elements, I think the Solano sales keep happening consistently month on month, week on week. On the remainder of the inventory, I think a lot of that should get liquidated within this year.

Speaker #3: Apart from that, there is a certain tail of unsold inventory left within the horizontal format. And finally, we've also added as an extension five acres, which really gets delivered very efficiently both in terms of planning and financials to the project. So, those are the three different stages of Solano.

Speaker #3: I think Solano has already done a great service to the company and the shareholders, and between these three elements, I think the Solano sales keep happening consistently—month on month, week on week. So, on the remainder of the inventory, I think a lot of that should get liquidated within this year.

Speaker #3: Apart from that, even the group housing, hopefully, depending on how the markets are, should be launched within this year. The extension, we would attempt to do within this year, but again, no commitments on that.

Vaibhav Singh: Apart from that, even the group housing, hopefully, depending on how the markets are, should be launched within this year. The extension we would attempt to do within this year, but again, no commitments on that.

Speaker #2: Also, thank you for your detailed answer. I wish you all the best, sir. Thank you so much.

Priyam Shah: Sure, sir. Thank you for your detailed answer, and I wish you all the best, sir. Thank you so much.

Speaker #3: Thank you.

Vaibhav Singh: Thank you.

Speaker #1: Thank you. The next question is from the line of Manan Patel, an individual investor. Please proceed with your question.

Operator: Thank you. The next question is from the line of Manan Patel, an individual investor. Please proceed with your question.

Speaker #2: Am I audible?

Manan Patel: Am I audible?

Speaker #3: Yes Mr. Patel.

Vaibhav Singh: Yes, Mr. Patel.

Speaker #2: Yeah, thank you. Thank you for the opportunity. So, the first question is regarding Trinity—I'm sorry, I joined the call late, so if you have answered, please feel free to ask me to move on to the next question.

Manan Patel: Thank you. Thank you for the opportunity. Sir, the first question is regarding Trinity. I am sorry, I joined the call late, so if you have answered, please feel free to ask me to move on to the next question. You have said in your presentation that we have successfully launched Faith Tower of Eldeco Trinity. However, if I look at the bookings, last quarter it was 2.23 lakhs area book square feet, and this quarter it is 2.29 lakhs. Only hardly 6,000 square feet sold. Just wanted to understand. I understand the sample flat is also there. Why is the sales not having that kind of traction?

Speaker #2: So, you have said in your presentation that we have successfully launched Faith Tower of Eldeco Trinity. However, if I look at the bookings, last quarter it was 2.23 lakh square feet area booked, and this quarter it is 2.29 lakh.

Speaker #2: So, only about 6,000 square feet sold. So, I just wanted to understand—I understand the sample flat is also there. So why is the sales not having that kind of traction?

Speaker #3: So, I must acknowledge the depth with which you've analyzed the numbers, but what I want to bring to your attention is that we were, you know, fighting against all timelines—including the war dislocation between April and May—to try and get Faith to be launched within June.

Vaibhav Singh: I must acknowledge the depth with which you have analyzed the numbers. What I want to bring to your attention is that we were fighting against all timelines, including the war dislocation between April and May, to try and get Faith to be launched within June. I want to bring to your attention that we have actually launched Faith in the middle of June. The sample was ready around 10 or 15 June, and then we invited the first set of intermediaries and prospective customers in the third and the fourth week of June. We had two or three bookings initially, and we have created a pipeline of about 20 to 25 bookings, which are now in the process of conversion in July and August.

Speaker #3: So, I want to bring to your attention that we've actually launched Faith in the middle of June. The sample was ready around the 10th or 15th of June, and then we invited the first set of intermediaries and prospective customers in the third and the fourth week of June.

Speaker #3: We had two or three bookings initially, and we've created a pipeline of about 20 to 25 bookings, which are now in the process of conversion in July and August.

Speaker #2: Okay. So you mean to say the traction in the sixth week of Q2 is good.

Manan Patel: Okay. You mean to say the traction in the sixth week of Q2 is good?

Speaker #3: So, the traction in Q2 is where the real effect of the launch of Faith will be visible. So, kindly defer to the next board meeting to look at Trinity.

Vaibhav Singh: The traction in Q2 is where the real effect of the launch of Faith will be visible. Kindly defer to the next board meeting to look at Trinity.

Speaker #2: Got it. So the second question is on the presentation again, slide 13. Last quarter, we had area booked of around 13.77 lakh. This quarter, we have area booked of 15.3 lakh.

Manan Patel: Got it. Sir, the second question is on the presentation again, slide 13. Last quarter, we had area booked of around 13.77 lakhs. This quarter, we have area booked 15.3 lakhs. That difference is around 1.6 lakhs, but we say the sale is around 1.25 lakhs. I just wanted to reconcile that number.

Speaker #2: But, we see that this difference is around 1.6 lakhs, but we say the sale is around 1.25 lakhs. So, I just wanted to reconcile that number.

Speaker #3: Right. I'm sorry, I'll have to just request you to repeat which slide you are talking about?

Vaibhav Singh: I will have to request you to repeat. Which slide are you talking about?

Speaker #2: The slide 13 ongoing project.

Manan Patel: Slide 13, Ongoing Projects.

Speaker #3: Right. So I'm requesting my colleague Rajeev to address this question. He'll help you with the numbers.

Vaibhav Singh: Right. I am requesting my colleague, Rajiv, to address this question. He will help you with the numbers.

Speaker #2: Hi, this is Rajeev. Basically, you are comparing booking with the area allotted. Allotment always follows the booking. So sometimes there is a spill of booking, which is basically allotted in this same quarter.

Rajiv Khurana: Hi, this is Rajiv. Basically, you are comparing booking with the area allotted. Allotment almost follows the booking. Sometimes there is a spill-off booking, which basically allotted in this itself quarter. That is the basically difference for that. Where in the first slide, we were talking about the booking. They are not basically comparable things.

Speaker #2: So that is basically the difference for that. So in the first slide, we were talking about the booking. So they are not basically comparable things.

Speaker #2: Okay. So this time, you have replaced 'area booked' with 'area allotted.'

Manan Patel: Okay. This time you have replaced area booked with area allotted.

Speaker #3: 'Area booked'—we had just used the word 'area allotted.' Actually, 'area allotted' is the proper terminology in terms of when we see the cumulative figure.

Rajiv Khurana: Area booked, we had just used the word area allotted. Actually, area allotted is a proper terminology in terms of when we see the cumulative figure. That is the reason.

Speaker #3: So that is the reason.

Speaker #2: So, from now on, should I track area allotted or area booked?

Manan Patel: From now on, I should track area allotted or area booked?

Speaker #3: Yeah. 'Area allotted' basically gives you the figure where the customer is already in the system itself, and 'booking' is more of a pre-sale kind of thing.

Rajiv Khurana: Yeah, area allotted will basically give you the figure where the customer is already in the system itself, and booking is more of a pre-sales kind of a thing.

Speaker #2: Okay.

Manan Patel: Okay.

Speaker #3: Okay.

Rajiv Khurana: Okay.

Speaker #2: Okay, so maybe I'll get back to this offline. And sir,

Manan Patel: Okay.

Rajiv Khurana: Yeah

Manan Patel: I will get back to this offline. And sir,

Speaker #3: No problem.

Rajiv Khurana: No problem.

Speaker #2: So, lastly, we still have a lot of area available to sell, and you said we are still planning to launch, probably, phases of the forthcoming project.

Manan Patel: Lastly, we still have a lot of area available to sell, and you said we are still planning to launch probably phases of the forthcoming project. With this kind of inventory or supply in the system, how much do you plan to or expect to sell in FY27?

Speaker #2: So with this kind of inventory or supply in the system, how much do you plan to or expect to sell in FY27?

Speaker #3: So, without making a prediction on the forward sale number, I would like to first reiterate the strategy around having inventory available and future launches.

Vaibhav Singh: Without making a prediction on the forward sale number, I would like to first reiterate the strategy around having inventory available and future launches. What the organization prefers to do from a strategy perspective and a risk mitigation perspective is to focus on the initial launch period of every project and try and deliver in an optimal fashion, a large portion of the inventory and get it booked in the initial period. After that, in all the projects, a little bit of the tail inventory is left, which cumulatively might look large, but it is actually completely de-risked because most of the financial implications for the project are already sorted. Now we have the luxury of selling it at terms and at prices which are more in sync with the present-day rates in the market.

Speaker #3: So, you know, what the organization prefers to do from a strategy perspective and a risk mitigation perspective is to focus on the initial launch period of every project and try to deliver in an optimal fashion a large portion of the inventory and get it booked in the initial period.

Speaker #3: And after that, in all the projects, a little bit of the tail inventory is left, which cumulatively might look large, but it's actually completely de-risked because most of the financial implications for the project are already sorted. Now, we have the luxury of, you know, kind of selling it at terms and at prices which are more in sync with the present day rates in the market.

Speaker #3: As regards launching for the future, you know, success in previous projects and all of the free cash available allows for a robust, you know, land banking opportunity to be completed basis. Which, again, the idea is not to hold the land on the books for too long, but to bring it to development to be capital efficient. And, which is why the new launches are planned. Again, the way we try and solve for this is create an attractive opportunity at the start while keeping a close watch on margins, and try and liquidate investments in land at the earliest possible opportunity.

Vaibhav Singh: As regards launching for the future, success in previous projects and all of the free cash available allows for a robust land banking opportunity to be completed, basis which, again, the idea is not to hold the land on the books for too long, but to bring it to development to be capital efficient, and which is why the new launches are planned. Again, the way we try and solve for this is create an attractive opportunity at the start while keeping a close watch on margins and try and liquidate investments in land at the earliest possible opportunity.

Speaker #2: Okay, got it. And sir, the last question is — I must really appreciate the kind of work you all have been doing and the kind of numbers you all have been delivering.

Manan Patel: Okay. Got it. And sir, the last question is, I must really appreciate the kind of work you all have been doing and the kind of numbers you all have been delivering. It is amazing to see that. However, unfortunately, the market is not able to appreciate that. I just wanted to hear your thoughts on capital allocation, as in, why do not we use instruments like buyback? Now open market buybacks are also open from SEBI perspective. So why do not we use those instruments? We have a good, strong balance sheet as well. So why do not we use those kind of instruments to buyback our stock while it is so cheap?

Speaker #2: So it's amazing to see that. However, unfortunately, the market is not able to appreciate that. So I just wanted to hear your thoughts on capital allocation, as in, why don't we use instruments like buyback? Now, open market buybacks are also open from a SEBI perspective.

Speaker #2: So why don't we use those instruments? We have cash, we have a good, strong balance sheet as well. So why don't we use those kinds of instruments to sort of buy back our stock while it's so cheap?

Speaker #3: So, I totally appreciate your sentiment, but would not like to, you know, get into these aspects of how to get some market to appreciate our core ethos. Our approach is to put our heads down and work hard.

Vaibhav Singh: I totally appreciate your sentiment, but would not like to get into these aspects of how to get the market to appreciate. Our core resource is to put our heads down and work hard. We will continue to do that. For us, it is music to our ears when we hear investors and owners of the business like yourself complimenting us for the work that we are doing. The markets will wake up and take notice sooner than later. I would like to close this question by stating that all the steps that you have mentioned are under active consideration of the management. I am not going to make any comment on those, but be rest assured that our objective is to also bring shareholder delight apart from only bringing customer delight.

Speaker #3: We will continue to do that. For us, it's music to our ears when we hear investors and owners of the business like yourself complimenting us for the work that we are doing.

Speaker #3: The markets will wake up and take notice sooner rather than later. But I would like to close this question by stating that all the steps you mentioned are under active consideration by the management.

Speaker #3: I am not going to make any comments on those. But rest assured that you know our objective is also to bring shareholder delight, in addition to bringing customer delight.

Speaker #3: And I think a lot of that will flow from the hard work that we put on the ground, and we recognize that a lot of times the market needs certain fill-ups and a certain bit of education on what's really happening at the company.

Vaibhav Singh: I think a lot of that will flow from the hard work that we put on the ground. We recognize that a lot of times the market needs certain fillips and a certain bit of education on what is really happening at the company. We take cognizance of that. We are seized of all the methodologies that you mentioned, including but not limited to open market buybacks, et cetera. Wherever we feel that capital is best deployed in order to optimize the capital structure, we will undertake those activities. If not, we will continue to use the capital for expanding the future development and hopefully the future value that can then translate into share prices on the markets.

Speaker #3: We take cognizance of that. We are seized of all the methodologies that you've mentioned, including but not limited to open market buybacks, etc. So, wherever we feel that capital is best deployed in order to, you know, optimize the capital structure, we will undertake those activities.

Speaker #3: If not, we will continue to, you know, use the capital for expanding future development, and hopefully, the future value that can then translate into share prices on the markets.

Speaker #2: Great, sir. And sir, one last comment or sort of thought. So one reason the market may not be valuing this company is the terminal value, because probably we are limited to Lucknow.

Manan Patel: Great, sir. And sir, one last comment or thought. One reason for market may not be valuing this company is the terminal value because probably we are limited to Lucknow. If you can throw some kind of insight on how we plan to do because Lucknow is obviously a big market and we still can do a lot there. But then, if you have an insight or if you throw some kind of trajectory five years out, what we plan to do with this company, that would give another bit of fillip to the market and that is it and wish you all the best.

Speaker #2: So if you can throw some kind of insight on how we plan to do, because Lucknow is obviously a big market and we still can do a lot there.

Speaker #2: But then, if you have an insight, or if you could throw some kind of trajectory five years out—what we plan to do with this company—that would give another bit of fillip to the market, and that is it. I wish you all the best.

Speaker #3: Thank you for your comment.

Vaibhav Singh: Thank you for your comment.

Speaker #1: Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Prateek Shah from Investing Alpha.

Operator: Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask questions. The next question is from the line of Pratik Shah from Investing Alpha. Please proceed with your question.

Speaker #1: Please proceed with your question.

Speaker #4: Hello. Yes. Hi. Thank you for the opportunity. Some of my first question is like with multiple projects approaching on advanced stages of construction including the latitude 27 and other ongoing development.

Pratik Shah: Hello. Yes, hi. Thank you for the opportunity. Samrat, first question is like with multiple projects approaching on advanced stages of construction, including the Eldeco Latitude 27 and other ongoing developments, can you provide some light on how revenue could evolve over FY27 and FY28 from the base of FY26 INR 175 crore of top line?

Speaker #4: Can you provide some insight on how revenue could evolve over FY27 and FY28 from the base of the FY26 top line of ₹175 crore?

Speaker #3: Well, I think we've tried to be as transparent in our information as possible, with respect to the ongoing projects and forthcoming projects. I would again refrain from making forward-looking statements, but all I can say is that FY28 onwards is going to be a pivotal change in the trajectory of this company.

Vaibhav Singh: Well, I think we have tried to be as transparent in our information as possible in the ongoing projects and forthcoming projects. I would again refrain from making forward-looking statements, but all I can say is that FY28 onwards is going to be a pivotal change in the trajectory of this company in terms of pre-sales as well as sales. Sales, as you might imagine, is more a function of how the accounting world wants to think of sales. So I think now that we are reaching a certain stage of size and maturity, starting FY28, I think the same number is going to show a significant change in its trajectory. FY27 will show a reasonably strong growth from FY26. But I think FY28, FY29, I can not comment on five-year numbers. We do not know. Nowadays, I have been hearing that three years is the new long-term that people want to plan for.

Speaker #3: In terms of presales as well as sales, sales, as you might imagine, is, you know, more a function of how the accounting world wants to think of sales.

Speaker #3: So I think now that we are reaching a certain stage of size and maturity, starting FY28, I think the sales number is going to show a significant, you know, change in its trajectory.

Speaker #3: FY27 will show reasonably strong growth from FY26, but I think for FY28 and FY29, I can't comment on five-year numbers. We don't know. Nowadays, I've been hearing that three years is the new long term that people want to plan for.

Speaker #3: I know in real estate it doesn't work like that, but I think all I can say, just to share your, you know, kind of excitement for the future, is that FY28 onwards, I think better things are in store for the organization.

Vaibhav Singh: I know in real estate it does not work like that. But I think all I can say is just to share your excitement for the future is that FY28 onwards, I think better things are in store for the organization.

Speaker #4: Understood, sir. Then one last thing—what is the GDP potential and launch timeline of the newly contracted 50-acre land parcel?

Pratik Shah: Understood, sir. Then one last thing, what is the GDV potential and launch timeline of the newly contracted 50-acre land parcel?

Speaker #3: You know, a lot of that will depend on how we plan this 50 acres. This 50 acres is under contract; it's at a prominent location in the city.

Vaibhav Singh: A lot of that will depend on how we plan this 50 acres. This 50 acres is under contract. It is at a prominent location in the city. There is an internal debate going on in how much of this should be vertical and how much of this should be horizontal. But order of magnitude, this is a very large and a very prime project, and we hope that it will make a distinct change in the trajectory of the financials of this organization.

Speaker #3: There is an internal debate going on about how much of this should be vertical and how much of this should be horizontal. But you know, order of magnitude, this is a very large and a very prime project, and we hope that it will make a distinct change in the trajectory of the financials of this organization.

Speaker #4: Okay, sir. Thank you. That's it from my side.

Pratik Shah: Okay, sir. Thank you. That is it from my side.

Speaker #1: Thank you. The next question is from the line of V.D. Gupta from Malhotra Family Office. Please proceed with your question.

Operator: Thank you. The next question is from the line of V.D. Gupta from Malhotra Family Office. Please proceed with your question.

Speaker #5: Hi sir. Thank you for the opportunity and congratulations on a good set of number. So my question is considering the current ongoing portfolio and forthcoming projects what annual book booking run rate do you believe in is achievable as we did in a like approximately 75 745 crore in FY26.

V.D. Gupta: Hi, sir. Thank you for the opportunity, and congratulations on a good set of numbers. My question is, considering the current ongoing portfolio and forthcoming projects, what annual booking run rate do you believe is achievable as we did in approximately INR 745 crore in FY26?

Speaker #3: Again, Ms. Gupta, it's a corollary to the question that I just answered previously. FY27 would show—again, it's not sales; 745 is the booking value, like you correctly said.

Vaibhav Singh: Ms. Gupta, it's a corollary to the question that I just answered previously. FY27 would show-- it's not sales. INR 745 crore is the booking value, like you correctly said. We hope that that number should show strong growth. Moving forward in FY28, FY29, there should be a much larger uptick. I would refrain from making comments on that quantum.

Speaker #3: So, we hope that number should show strong growth, and moving forward into FY28-29, there should be a much larger uptick. I would refrain from making comments on that quantum.

Speaker #5: Okay. Okay. Okay, sir. Thank you.

V.D. Gupta: Okay. Okay, sir. Thanks a lot.

Speaker #3: I would just encourage all the audience, because I think a lot of us, including us at the management, are interested in planning and budgeting for the future, which includes how to bring land under contract, how to think of revenue, how to build up the organization to be able to execute on that much land and revenue. And I think a lot of that is part hidden, part available in the two slides relating to the ongoing projects and forthcoming projects. There is enough information available in the presentations, which talks about the average realization. The speed with which we execute is evident in the last two or three years' performance.

Vaibhav Singh: I would just encourage

V.D. Gupta: Yeah

Vaibhav Singh: all the audience, because I think a lot of us, including us at the management, are interested in planning and budgeting for the future, which includes how to bring land under contract, how to think of revenue, how to build up the organization to be able to execute on that much of land and revenue. I think a lot of that is part hidden, part available in the two slides relating to the ongoing projects and forthcoming projects. There is enough information available in the presentation, which talks about the average realization. The speed with which we execute is evident in the last two, three years' performance. So applying some of that, I think I would leave it to the imagination of all the audience members on this call to be able to take an educated guess on what the numbers could look like.

Speaker #3: So, applying some of that, I think I would leave it to the imagination of all the audience members on this call to take an educated guess on what the numbers could look like.

Speaker #5: Okay, sir. Thank you, and all the best.

V.D. Gupta: Okay, sir. Thank you, and all the best.

Speaker #1: Thank you. Participants who wish to ask a question, please press star and one at this time. Ladies and gentlemen, that was the last question from the participants.

Operator: Thank you. Participants who wish to ask a question, please press star and one at this time. Ladies and gentlemen, that was the last question from the participant. I now hand over the conference to management for their closing comments. Over to you, sir.

Speaker #1: I now hand over the conference to management for their closing comments. Over to you, sir.

Speaker #3: Thank you so much. I sincerely appreciate all the shareholders who have joined this call today. It is the support that you extend to us that keeps us excited to show up at work every morning and try to deliver to the best of our capability.

Vaibhav Singh: Thank you so much. I sincerely appreciate all the shareholders who have joined this call today. It is the support that you extend to us that keeps us excited to show up at work every morning and try and deliver to the best of our capability. What we can assure you is that Lucknow looks very exciting. We spend a lot more time in Lucknow now, scouting every corner of the city, to see where we can deliver the Eldeco difference in terms of building communities, in terms of delivering value-accretive real estate solutions to our patrons. I would like to thank my colleagues, Manish and Rajiv, for being available for this call. I would once again thank all of you for excusing Mr. Pankaj Bajaj from not attending this call.

Speaker #3: What we can assure you is that Lucknow looks very exciting. We spend a lot more time in Lucknow now, scouting every, you know, every corner of the city to see where we can deliver the Eldeco difference in terms of building communities, in terms of delivering value-accretive real estate solutions to our patrons.

Speaker #3: I would like to thank my colleagues Manish and Rajiv for being available for this call. I would once again like to thank all of you for excusing Mr. Pankaj Bajaj from not attending this call.

Speaker #3: We are more than happy to receive any questions that you might have once you have spent more time analyzing this presentation, and we will try our best to revert to you with the fastest possible turnaround.

Vaibhav Singh: We are more than happy to receive any questions that you might have once you have spent greater time in analyzing this presentation, and we will try our best to revert to you in the fastest possible turnaround. Once again, I thank all of you and hope you enjoy your evening. Thank you, EY team.

Speaker #3: Once again, I thank all of you and hope you enjoy your evening. Thank you, EY team.

Pratik Shah: Thank you.

Rajiv Khurana: Thank you.

Operator: Thank you. On behalf of Eldeco Housing and Industries Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.

Speaker #1: Thank you. On behalf of Eldigo Housing and Industries Limited that concludes this conference. Thank you for joining us and you may now disconnect your lines.

Browse all earnings call transcripts

Q1 2027 Eldeco Housing and Industries Ltd Earnings Call

Request TrialDemo

Eldeco

Earnings