Q1 2027 Indiqube Spaces Ltd Earnings Call

August 13, 2026

Speaker #1: Ladies and gentlemen, good day and welcome to the Q1 FY27 IndiQube Spaces conference call, hosted by JM Financial Services. 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 the Q1 FY27 Indiqube Spaces conference call hosted by JM Financial Services. 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 Mr. Saurabh Gilda from JM Financial Services. 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 is being recorded.

Speaker #1: I now hand the conference over to Mr. Saurabh Gilda from JM Financial Services. Thank you, and over to you, sir.

Speaker #2: Hi. On behalf of JM Financial, I welcome you all to the Q1 FY27 earnings call of IndiQube Spaces Limited. From the management, we have with us Mr. Rishidas, CEO; Ms. Meghna Agarwal, COO; Mr. Pawan Jain, CFO; Mr. Vikas Agarwal, Head of IR; and Mr. Vamshi Chhatrapathy, AVP, Marketing.

Saurabh Gilda: Hi. On behalf of JM Financial, I welcome you all to the Q1 FY27 earnings call of Indiqube Spaces Limited. From the management, we have with us Mr. Rishi Das, CEO; Ms. Meghna Agarwal, COO; Mr. Pawan Jain, CFO; Mr. Vikas Agarwal, Head IR; and Mr. Vamsi Chatrathi, AVP Marketing. We would like to now begin the call with opening remarks from the management, post which we will have the forum open for an interactive question and answer session. Thank you, and over to you, Rishi and Meghna.

Speaker #2: We would now like to begin the call with opening remarks from the management, after which we will open the forum for an interactive question and answer session.

Speaker #2: Thank you, and over to you, Rishi and Meghna.

Speaker #3: Yeah, thank you, Saurabh. Good afternoon, everyone, and thank you for joining us for the IndiQube Spaces Limited Q1 FY27 earnings call. It is my pleasure to welcome our shareholders, analysts, investors, and all participants joining us today.

Rishi Das: Yeah. Thank you, Saurabh. Good afternoon, everyone, and thank you for joining us for the Indiqube Spaces Limited Q1 FY27 earnings call. It is my pleasure to welcome our shareholders, analysts, investors, and all participants joining us today. Our earnings presentation has been uploaded on the stock exchanges and on our website, and we trust you have had the opportunity to go through it. Q1 FY27 marks a very strong start for the year, with Indiqube delivering its highest-ever quarterly revenue of INR 428 crores, representing growth of 37% year-on-year. This strong revenue performance was accompanied by healthy growth across profitability metrics. Our EBITDA increased by 34% to INR 87 crores. EBIT grew from 59% to INR 55 crores, while PAT increased by 91% to INR 35 crores. What is equally encouraging is the quality of this growth, with profitability strengthening as we scale.

Speaker #3: Our earnings presentation has been uploaded on the stock exchanges and on our website, and we trust you have had the opportunity to go through it.

Speaker #3: Q1 2027 marks a very strong start for the year, with IndiQube delivering its highest-ever quarterly revenue of ₹428 crore, representing growth of 37% year on year.

Speaker #3: This strong revenue performance was accompanied by healthy growth across profitability metrics. Our EBITDA increased by 34% to ₹87 crores, EBIT grew by 59% to ₹55 crores, while PAT increased by 91% to ₹35 crores.

Speaker #3: What is equally encouraging is the quality of this growth, with profitability strengthening as we scale. EBIT margin improved to 13% in Q1 FY27 from 11% in Q1 FY26, while PAT margin expanded to 8% from 6% during the same period last year.

Rishi Das: EBIT margin improved to 13% in Q1 FY27 from 11% in Q1 FY26, while PAT margin expanded to 8% from 6% during the same period last year. EBITDA margin remained healthy at 20%. Together, these metrics demonstrate the operating leverage inherent in our platform and our ability to translate growth and scale with stronger profitability. On the operational front, we continue to expand our portfolio at a healthy pace. During the year, we added 1.91 million square feet to our area under management, and we launched 70 new centers. This expansion continues to be guided by our Follow the Talent strategy, under which we build high-density workspace clusters in talent-rich micro markets where enterprises are looking to establish and expand their operations. Importantly, the strength of our platform is also reflected in the quality and composition of our customer base. As of June 2026, we cater to 855 clients.

Speaker #3: EBITDA margin remained healthy at 20%. Together, these metrics demonstrate the operating leverage inherent in our platform and our ability to translate growth and scale into stronger profitability.

Speaker #3: On the operational front, we continue to expand our portfolio at a healthy pace. During the year, we added 1.91 million square feet to our area under management, and we launched 17 new centers.

Speaker #3: This expansion continues to be guided by our follow-the-talent strategy, under which we build high-density workspace clusters in talent-rich micromarkets where enterprises are looking to establish and expand their operations.

Speaker #3: Importantly, the strength of our platform is also reflected in the quality and composition of our customer base. So, as of June 2026, we cater to 855 clients, and this was across a good diverse mix of global capability centers, Indian conglomerates, unicorns, and high-growth startups.

Rishi Das: This was across a good diverse mix of Global Capability Centers, Indian conglomerates, unicorns, and high-growth startups. GCCs contributed 53% of our revenue during the quarter, and multi-center clients who have taken more than one centers, that accounted for about 41% of our revenue. Nearly 90% of our occupants come from clients who have taken more than 100 seats. These indicators clearly reflect the large size, long stay, and enterprise-focused nature of our portfolio. They also demonstrate our ability to grow alongside our customers as they expand across cities and micro markets in India. Alongside growth and profitability, sustainability continues to remain a very important pillar of our strategy. Nearly 30 megawatts of solar capacity is already operational, comprising capacity from our solar farms in Karnataka and Maharashtra, as well as rooftop installations across the country.

Speaker #3: GCCs contributed 53% of our revenue during the quarter, and multi-center clients who have taken more than one center accounted for about 41% of our revenue.

Speaker #3: Nearly 90% of our occupants come from clients who have taken more than 100 seats. So, these indicators clearly reflect the large-sized, long-stay, and enterprise-focused nature of our portfolio. They also demonstrate our ability to grow alongside our customers as they expand across cities and micro markets in India.

Speaker #3: Alongside growth and profitability, sustainability continues to remain a very important pillar of our strategy. Nearly 30 megawatts of solar capacity is already operational, comprising capacity from our solar farms in Karnataka and Maharashtra, as well as rooftop installations across the country.

Speaker #3: These initiatives are an important step towards our long-term ambition of transitioning the IndiQube portfolio to 100% green power. So, if we reflect back, the last decade was about building and evolving IndiQube.

Rishi Das: These initiatives are an important step towards our long-term ambition of transitioning the Indiqube portfolio to 100% green power. If we have to reflect back, the last decade was about building and evolving Indiqube. We expanded from Bengaluru to multiple cities, progressed from managed workspaces to an integrated managed spaces platform, broadened the range of services we offer to our customers, and transitioned from being a private company to becoming a listed institution. The next phase for us is about compounding what we have built. We believe the combination of our geographical expansion, deeper customer relationships, a growing contribution from value-added services, strong operating leverage, and our sustainability initiatives create a solid foundation for the next phase of Indiqube growth. With that, I will now hand over to my co-founder, Meghna Agarwal, who will take you through the key business highlights for the quarter.

Speaker #3: We expanded from Bengaluru to multiple cities, progressed from managed workspaces to an integrated managed spaces platform, broadened the range of services we offer to our customers, and transitioned from being a private company to becoming a listed institution.

Speaker #3: The next phase for us is about compounding what we have built. We believe the combination of our geographical expansion, deeper customer relationships, a growing contribution from value-added services, strong operating leverage, and our sustainability initiatives creates a solid foundation for the next phase of IndiQube growth.

Speaker #3: With that, I will now hand over to my co-founder, Meghna Agarwal, who will take you through the key business highlights for the quarter.

Speaker #4: Yeah, thank you, Rishi, and good afternoon, everyone. Firstly, I would encourage everyone to spend some time going through our annual report, which is available on our website.

Meghna Agarwal: Yeah. Thank you, Rishi, and good afternoon, everyone. Firstly, I would encourage everyone to spend some time going through our annual report, which is available on our website. I believe it provides a much better understanding of how we see Indiqube evolving into an integrated managed spaces platform. That evolution is reflected in the breadth of our offerings. The first one is Grow, our core managed workspace proposition. DesignQ, which is a rebranded version of Bespoke. It enables us to participate in the design and creation of workspaces, giving us a larger role in the customer's workplace journey. IndiQare, rebranded version of IndiQube One, allowing us to address broader operations, employee experience, and facility requirements. And importantly, we are also extending the IndiQare proposition into retail. There we see a significant opportunity to manage end-to-end stores and branches. Eco, helping customers build more sustainable and energy-efficient commercial spaces.

Speaker #4: I believe it provides a much better understanding of how we see IndiQube evolving into an integrated managed spaces platform. That evolution is reflected in the breadth of our offerings. The first one is Grow, our core managed workspace proposition. DesignQube, which is the rebranded version of Bespoke, enables us to participate in the design and creation of workspaces, giving us a larger role in the customer's workspace journey.

Speaker #4: IndiCare, the rebranded version of IndiQube One, allows us to address broader operations, employee experience, and facility requirements. Importantly, we are also extending the IndiCare proposition into retail, where we see a significant opportunity to manage end-to-end stores and branches. Eco is helping customers build more sustainable and energy-efficient commercial spaces.

Speaker #4: So, when we look at these offerings together, the opportunity becomes much larger than simply adding more square footage. We have consistently said that we intend to add close to 2 million square feet every year, and we remain committed to that growth trajectory.

Meghna Agarwal: When we look at these offerings together, the opportunity becomes much larger than simply adding more square footage. We have consistently said that we intend to add close to 2 million square feet every year, and we remain committed to that growth trajectory. What is also changing, however, is what we can do with every square foot we add and every customer relationship we build. As DesignQ, IndiQare, and Eco scale up, we expect VAS to become an increasingly important component of our revenue mix. Our VAS contribution has grown from 12% to approximately 15% and is currently around 17% of our total revenue. We expect this contribution to increase further over time. For us, the important point is that these opportunities allow us to create more value from the capabilities and platform we are already building. When we look at these offerings together, the opportunity becomes much larger.

Speaker #4: What is also changing, however, is what we can do with every square foot we add and every customer relationship we build. As DesignQube, IndiCare, and Eco scale up, we expect VAST to become an increasingly important component of our revenue mix.

Speaker #4: A vast contribution has grown from 12% to approximately 15%, and is currently around 17% of our total revenue. We expect this contribution to increase further over time.

Speaker #4: For us, the important point is that these opportunities allow us to create more value from the capabilities and platform we are already building. When we look at these offerings together, the opportunity becomes much larger.

Speaker #4: So, going forward, our growth will come from both expanding our managed workspace footprint and increasing the range of services we provide to each customer.

Meghna Agarwal: Going forward, our growth will come from both expanding our managed workspace footprint and increasing the range of services we provide to each customer. Ultimately, our ambition is to become the total outsourcing solution for commercial spaces. That is the Indiqube platform we all are building. With that, we look forward to addressing your questions during the Q&A session. Thank you.

Speaker #4: Ultimately, our ambition is to become the total outsourcing solution for commercial spaces. That is the IndiQube platform we are all building. With that, we look forward to addressing your questions during the Q&A session.

Speaker #4: Thank you.

Speaker #2: Thank you. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and 1 on their touchtone telephone.

Operator: Thank you. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on their 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 comes from the line of Shamik Ashar with Ambit Capital. Please go ahead.

Speaker #2: If you wish to remove yourself from the question queue, you may press *2. 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 comes from the line of Shamith Ashar with Ambit Capital.

Speaker #2: Please go ahead.

Speaker #5: Yeah, hi. Thanks for the opportunity. I have a couple of questions from my side. You have reiterated your guidance of 2 million square feet of area addition annually.

Shamik Ashar: Yeah, hi. Thanks for the opportunity and a couple of questions from my side. You have reiterated your guidance of 2 million square feet of area addition annually, but if we look at Q1 FY27, there is no change in your operational area additions. How do you think the remaining supply additions will be distributed across Q2 to Q4 to meet this guidance? Are you seeing some sort of a slowdown in supply or increased competition? That is my first question. Secondly, on VAS, you recognized INR 39 crore as one-time VAS revenue this quarter. What led to jump in the one-time revenue, and how do you see this segment on a steady basis for remaining of FY27? My last question is on your solar. I think you can take the two, and then I will take the third one.

Shamit Ashar: Yeah, hi. Thanks for the opportunity and a couple of questions from my side. You have reiterated your guidance of 2 million square feet of area addition annually, but if we look at Q1 FY27, there is no change in your operational area additions. How do you think the remaining supply additions will be distributed across Q2 to Q4 to meet this guidance? Are you seeing some sort of a slowdown in supply or increased competition? That is my first question. Secondly, on VAS, you recognized INR 39 crore as one-time VAS revenue this quarter. What led to jump in the one-time revenue, and how do you see this segment on a steady basis for remaining of FY27? My last question is on your solar. I think you can take the two, and then I will take the third one.

Speaker #5: But if we look at quarter one of FY27, there is no change in your operational area addition. So, how do you think the remaining supply additions will be distributed across Q2 to Q4 to meet this guidance?

Speaker #5: Are you seeing some sort of slowdown in supply or increased competition? That's my first question. Secondly, on VAST, you recognized ₹39 crores as one-time VAST revenues this quarter.

Speaker #5: So, what led to the jump in the one-time revenue? And how do you see this segment on a steady basis for the remainder of FY27?

Speaker #5: And my last question is on your solar. I think you can take the second one, and then I'll take the third one.

Speaker #4: Yes. Okay, thank you, Shamith. I'll try to answer the first two questions, okay? And it will be a mix, so I'll try to kind of combine everything.

Meghna Agarwal: Yes. Okay. Thank you, Shamik. I will try to answer the first two questions, okay? It will be a mix, so I will try to combine everything. When you said why no rent-paying area increase and what is it, right? Just to give you an idea, as you rightly said, that we have added close to 2 million square feet annually, which translates to approximately 44,000 seats per year. We definitely intend to continue operating within the same range forward. If you see in the rent-paying area, our expansion is on annual basis rather than on the quarter and quarter. Because the timing of the new center addition can actually vary significantly from one quarter to another. In H2FY26, we have added approximately 1.14 million square feet. Therefore, the sequential movement in this rent-paying area, in this quarter, you are seeing they are relatively flat.

Speaker #4: So, when you said, "Why no rent-paying area increase and what is it?" right? So, just to give an idea, as you rightly said, we have added close to 2 million square feet annually, which translates to approximately 44,000 seats per year.

Speaker #4: And we definitely intend to continue operating within the same range going forward. But if you see in the rent-paying area, our expansion is on an annual basis rather than quarter on quarter, because the timing of new center additions can actually vary significantly from one quarter to another.

Speaker #4: And in H2 FY26, we have added approximately 1.14 million square feet. So, therefore, the sequential movement in this rent-paying area in this quarter, you are seeing is relatively flat.

Speaker #4: But going forward in the current years and all, you would see the additions in the rent-paying area increasing and reaching close to 2 million square feet.

Meghna Agarwal: That, growing forward in the current year and all, you would see the additions in the rent-paying area increasing and reaching close to 2 million square feet. Overall annual basis, we would be as per our guidance, and we are seeing no slowing here. We already have a headroom of about 3.9 million square feet, which is about 97,000 seats, which is already signed and is in the kitty. In that way, we are absolutely fully covered in that area. Quarter and quarter, as I said, there would be certain changes which we cannot, because of the timings and the ramp-up of the building. Even in the occupancy for those perspectives, we would maintain the 80% to 85% occupancy at the corporate level, 85% to 90% on the mature centers. These are the numbers which you would see on an annual basis.

Speaker #4: On an overall annual basis, we would be as per our guidance, and we are seeing no slowing here. We already have a headroom of about 3.

Speaker #4: We have a headroom of about 3.9 million square feet, which is about 97,000 seats, which is already signed and is in the kitty. So, in that way, we are absolutely fully covered, you know, in that area.

Speaker #4: Quarter on quarter, as I said, there would be certain changes, which we cannot avoid because of the timings and the ramp-off of the building, okay?

Speaker #4: And even in the occupancy for those perspectives, we would maintain the 80 to 85 percent occupancy at the corporate level, and 85 to 90 percent under mature centers.

Speaker #4: So, these are the numbers which you would see on an annual basis. A few percentage points here and there in a quarter would come—this is the way this model performs, okay?

Meghna Agarwal: Few percentage here and there on a quarter would come. This is the way this model performs. This is your first question. The second question was about your VAS. The VAS definitely has contributed and, as I mentioned earlier, is also from 12% to 15% to 17%, and it would always remain integral part of our strategy and client offering. So VAS we track on a consolidated basis. Because for your first-time revenue when you mentioned, it is because of all the three other services, which is your DesignQube, IndiQare, and IndiQube Eco. Although this would be like a one-time affair, we have mentioned in our presentation also that you have to consider the reoccurring kind of a nature, because this kind of a growth would keep coming.

Speaker #4: So, this is your first question. The second question was about your VAST. Now, the VAST has definitely contributed, and as I mentioned earlier, it has also come in at 12 to 15 to 17 percent.

Speaker #4: And it would always remain an integral part of a strategy in client offering. And so, VAST we track on a consolidated basis. For your first-time revenue, when you mentioned it, it is because of all the three other services, which are your DesignQube, IndiCare, and ECO.

Speaker #4: So, although this would be like a one-time affair, but we have mentioned in our presentation also that you have to consider the reoccurring kind of a nature because this kind of a growth would keep coming.

Speaker #4: We expect the contribution of VAST revenue, in fact, to increase further from 17 percent by approximately 2 to 4 percent. These quarterly percentages may fluctuate, but the structural contribution of VAST will increase and you will see this continue over time.

Meghna Agarwal: We expect the contribution of VAS revenue, in fact, to increase further from 17% by 2% to 4% approximately. This quarterly percentage may fluctuate, but the structural computation of VAS will increase, and you will see continuing over time. So structurally, you might see one time going up and down, but overall, the contribution of the VAS you would see is increasing. I hope I have been able to answer those questions.

Speaker #4: So, structurally, you might see one time going up and down, but overall, the contribution of the VAST you would see is increasing. I hope I've been able to answer both the questions.

Speaker #5: Yeah. Yeah. Yeah, yeah. Understood. That was helpful. And second and lastly, on your solar—so can you just lay down how much of capex have you, you know, earmarked for solar till date, and, you know, what kind of IRRs are you expecting from your solar investments?

Shamik Ashar: Yeah. Understood. That was helpful. Lastly, on your solar. Can you just lay down how much of CapEx have you earmarked for solar till date? What kind of IRRs are you expecting from your solar investments? That is it from my end.

Shamit Ashar: Yeah. Understood. That was helpful. Lastly, on your solar. Can you just lay down how much of CapEx have you earmarked for solar till date? What kind of IRRs are you expecting from your solar investments? That is it from my end.

Speaker #5: That's it from my end.

Speaker #2: Yeah. Thank you, Shamith. So, as mentioned, we now have 30 megawatts of operational capacity. And this year, we intend to add another 25 to 30 megawatts of capacity, translating into a requirement of about ₹100 to ₹120 crores in capital expenditure.

Rishi Das: Yeah. Thank you, Shamik. As mentioned, we have now 30 megawatts of operational capacity, and this year, we intend to add another 25 to 30 megawatts worth of capacity, translating into a requirement of about INR 100 to 120 crores capital expenditure. That is there. Our solar IRR has been very healthy. Typically, it has been between 18% going up to 22% kind of an IRR. Wherever we have invested in solar, our paybacks have been extremely good on that. So we will continue to doubling down because as we are expanding and as our clients, a lot of green transition is happening. So they are expecting us to provide a full-blown sustainability solution. So we will add for us, and we will also do a small part for our clients as and when they require a green transition.

Speaker #2: That is there. And our solar IRR has been very healthy. Typically, it has been between 18% going up to 22% kind of an IRR, wherever we have invested in solar.

Speaker #2: Our paybacks have been extremely good on that. So, we will continue doubling down because, as we are expanding and as our clients—since a lot of green transition is happening—they are expecting us to provide a full-blown sustainability solution.

Speaker #2: So, yeah. So we will add for us, and we'll also do a small part for our clients as and when they require green transition.

Speaker #1: Thank you. The next question comes from the line of Yashash Gilganchi with BOB Capital Markets Limited. Please go ahead.

Operator: Thank you. The next question comes from the line of Yashash Gilgianchi with Pop Capital Markets Limited. Please go ahead.

Operator: Thank you. The next question comes from the line of Yashas Gilganchi with BOB Capital Markets Limited. Please go ahead.

Speaker #5: Good afternoon, team. Thank you for taking my questions. I would like to know what proportion of rents was contributed by IT tenants over the quarter, and what percentage of these tenants are DCCs?

Yashash Gilgianchi: Good afternoon, team. Thank you for taking my questions. I would like to know what proportion of rents was contributed by IT tenants over the quarter, and what percentage of these tenants are GCCs?

Yashas Gilganchi: Good afternoon, team. Thank you for taking my questions. I would like to know what proportion of rents was contributed by IT tenants over the quarter, and what percentage of these tenants are GCCs?

Speaker #2: So, thank you. Yes. So, if you look at what our revenue about 52 percent of our revenue is coming from global capability centers. And 28 percent comes from the startups sorry, 23 percent comes from startups and unicorns.

Rishi Das: Thank you, Yash. If you look at our revenue, about 52% of our revenue is coming from Global Capability Centers, and 28% comes from the startups. 23% comes from startups and unicorns. About 28% comes from Indian enterprises. These Indian enterprises basically cover our IT services companies also, the likes, the midcaps and all that, which are Indian origin IT companies. Then we have other companies like, say, Mahindra Logistics or TVS kind of company are also there. Basically, the Indian IT services companies are a part of this 28%. We don't have the exact breakup on this 28%, but you can imagine about 10% to 12% will be that. The large percentage being the Global Capability Centers.

Speaker #2: And about 28 percent comes from Indian enterprises. Now, these Indian enterprises basically cover our IT services companies as well—the likes of the midcaps and all that, which are Indian-origin IT companies.

Speaker #2: And then we have other companies, like, say, Mahindra Logistics or TVS-type companies are also there. So, basically, the Indian IT services companies are a part of this 28%.

Speaker #2: We don't have the exact breakup on this 28, but you can imagine about 10–12 percent will be that, the larger percentage being the global capability centers.

Speaker #5: Okay, understood. I see that interest expense on your outstanding debt seems to have gone up. Please help me understand what drove this increase.

Yashash Gilgianchi: Okay. Understood. I see that interest expense on your outstanding debt seems to have gone up. Please help me understand what drove this increase.

Yashas Gilganchi: Okay. Understood. I see that interest expense on your outstanding debt seems to have gone up. Please help me understand what drove this increase.

Speaker #2: Can you repeat the question, please?

Rishi Das: Can you repeat the question, please?

Speaker #5: I noticed that interest expense on your outstanding debt seems to have gone up. Could you please help me understand what drove the increase?

Yashash Gilgianchi: I noticed that interest expense on your outstanding debt seems to have gone up. Please help me understand what drove the increase.

Yashas Gilganchi: I noticed that interest expense on your outstanding debt seems to have gone up. Please help me understand what drove the increase.

Speaker #4: Interest expense. Hi, Yashash. Vikas here. So, our debt has increased because, as Rishi Sir mentioned, we have increased the solar plant and all.

Meghna Agarwal: Interesting.

Vikas Agarwal: Hi, Yash. Vikas here. Our debt has increased because as Rishi sir told that we have increased the solar plant and all. For that purpose, we have taken the debt for the solar purpose, not for our normal business, leasing business.

Vikas Agrawal: Hi, Yash. Vikas here. Our debt has increased because as Rishi sir told that we have increased the solar plant and all. For that purpose, we have taken the debt for the solar purpose, not for our normal business, leasing business.

Speaker #4: And for that purpose, we have taken the debt for the solar purpose, not for our normal business or leasing business.

Speaker #5: Okay, understood. And just following up on a question my colleague asked earlier, I just want to confirm my understanding. So, even growth in rentable area would be close to 2 million square feet each year, although with a lag.

Yashash Gilgianchi: Okay, understood. Just following up on a question my colleague asked a while earlier. Just to confirm my understanding, even growth in rentable area would be close to 2 million square foot each year, although with a lag. Is my understanding correct?

Yashas Gilganchi: Okay, understood. Just following up on a question my colleague asked a while earlier. Just to confirm my understanding, even growth in rentable area would be close to 2 million square foot each year, although with a lag. Is my understanding correct?

Speaker #5: Is my understanding correct?

Speaker #4: Yes, so rentable area, yeah. So, I think we've just kind of honestly simplified the definition. It is rent-paying area—rentable area. And that is the right matrix to look at.

Yashash Gilgianchi: Yes. So rentable area, I think we have just kind of simplified the definition into rent-paying area, rentable area. That is the right matrix to look at, the right rent-paying area and the rent-yielding area. The rent-paying area could be the rentable area. As I mentioned, it is about 2 million square feet, close to 2 million every year we would be adding.

Meghna Agarwal: Yes. So rentable area, I think we have just kind of simplified the definition into rent-paying area, rentable area. That is the right matrix to look at, the right rent-paying area and the rent-yielding area. The rent-paying area could be the rentable area. As I mentioned, it is about 2 million square feet, close to 2 million every year we would be adding.

Speaker #4: You know, the right rent-paying area and the rent-yielding area. The rent-paying area could be the rentable area. Yeah. As I mentioned, it is about 2 million square feet—close to 2 million. Every year, we would be adding.

Speaker #5: Got it. Thank you very much.

Yashash Gilgianchi: Got it. Thank you very much.

Yashas Gilganchi: Got it. Thank you very much.

Speaker #1: The next question comes from the line of Yog Rajani with Omega Portfolio Advisors. Please go ahead.

Operator: The next question comes from the line of Yog Rajani with Omega Portfolio Advisors. Please go ahead.

Speaker #6: Hi, thank you for taking my question. My first question is, again, regarding the difference between the area under management and the rent-paying area.

Yog Rajani: Hi. Thank you for taking my question. My first question was, again, with regards to the difference between the area under management and the rent-paying area. So we have around, say, 2.8 million square feet of area that would come under rent paying. Could you tell us what the timeline is?

Speaker #6: So, we have around, say, 2.8 million square feet of area that would come under rent-paying. So, could you tell us what timeline?

Speaker #4: So, our current area is 10.61. So, if we go to slide number 15.15 in our presentation—if we go there, you would see the breakup of that 10.61.

Meghna Agarwal: Our current area is 10.61. If we go to slide number 15 in our presentation, if you will go there, you would see the breakup of that 10.61. The 10.61, in that, 7.8 is the rent-paying area, and the 6.74 is the rent-yielding area. The balance is either getting operation and the LOI has been signed. This would get to operation about 12 to 15 months.

Speaker #4: The 10.61 in that 7.8 is the rent-paying area, and the 6.74 is the rent-yielding area. The balance is either getting operational.

Speaker #4: But the LOA has been signed, and this would get to operation in about 12 to 16 months.

Speaker #6: Okay. Would it be possible to get a more granular breakdown in terms of every quarter—how much would be added?

Yog Rajani: Would it be possible to get a more granular breakup in terms of every quarter, how much would be added?

Speaker #4: Every quarter, these are the quarterly numbers. No, so what I've given, what we have provided you—10, okay—the quarter-wise, yeah. So, we have done on the early.

Meghna Agarwal: Every quarter? These are the quarterly numbers. What I have given, what we have provided you then, the quarter wise, yeah. We have done annually. We will take a note of it, probably in future, but as of now, we would have just this number.

Speaker #4: So, yeah, we will take note of it, you know, probably in the future. But as of now, we would just have this number.

Speaker #6: Okay. Fair enough. My next question yeah. So, our steady state occupancy is already at 90 percent. So, going forward, with growth coming in, do we see the same level of profitability to be maintained, or do we see the profitability to be slightly neutral or lower given that newer centers might take a while to break even?

Yog Rajani: Okay, fair enough.

Meghna Agarwal: Yeah.

Yog Rajani: My next question. Our steady-state occupancy is already at 90%. Going forward with growth coming in, do we see the same level of profitability to be maintained, or do we see the profitability to be slightly neutral or lower, given that newer centers might take a while to break even?

Speaker #4: Yeah. I mean, the thing is, we always maintain that there would be a certain range quarter-on-quarter. So, the occupancy at the corporate level would always be in the range of 80 to 85 percent.

Meghna Agarwal: Yeah. The thing is, we have always maintained that there would be a certain range quarter and quarter. The occupancy for the corporate level would be always in the range of between 80% to 85%. Sometime it's both 81%, 82%, sometime it will be 85%, 86%. For the mature centers, which is more than 12 months, it would be in the range of 85% to 90%. Okay? 88% and 90%. Even for that matter, even EBITDA margin would range from 19% to 21%. My EBIT margins would be in the range of 11% to 13%, and my PAT margin would be in the range of 8% to 10%.

Speaker #4: Sometimes it goes 81, 82. Sometimes it will be 85, 86. And for the mature centers, which are more than 12 months, it would be in the range of 85 to 90.

Speaker #4: Okay. Eighty-eight and ninety. And even for that matter, even EBITDA margin would range from 19 to 21 percent. My EBIT margins would be in the range of 11 to 13 percent.

Speaker #4: And my PAC margin would be in the range of 8 to 10 percent. So, annually, you would see this range happening. And whether my occupancy is 1 percent down here and there, my margins would remain exactly in the same range.

Meghna Agarwal: Annually, you would see this range happening, and whether my occupancy is 1% down here and there, my margins would remain exactly in the same range, and you would see that seen in the coming quarters and years.

Speaker #4: And you would see that playing out in the coming quarters and years.

Speaker #6: Yes, my point was more with regard to the growth. So, assuming the steady-state occupancy remains as it is, the new area—the new footprint that we plan to add—would not break even quite soon.

Yog Rajani: My point was more with regards to the growth. Assuming the steady-state occupancy remains what it is, the newer footprint that we plan to add would not break even quite soon. It would take, say, around 36 months to break even. Wouldn't that have an impact on our overall profitability?

Speaker #6: It would take, say, around 36 months to break even. So, wouldn't that have an impact on our overall profitability?

Speaker #4: No. So, our breakeven so, sorry. Okay. So, my our breakeven is not so, first, I'll tell you what. Our new centers typically take 5 to 6 months to reach operating breakeven, which is approximately about 50 to 57 percent of occupancy.

Meghna Agarwal: No. So our breakeven is not. First, I will tell you what. Our new centers typically take five to six months to reach operating breakeven, which is approximately about 50% to 57% of occupancy. From there, the center continues to ramp up, and we typically reach around 90% occupancy within nine to 12 months. This is the number. It is not about 30, 36 months. It is the full CapEx recovery we are talking about, but my breakeven is within five to six months. That is also clear in my slide 17. One seven, if you see, the operational breakeven is only six months, and the steady state is 12 months. Very well we have mentioned in there also. Even with the growth, there will be no effect on the margin. There will be no pressure on the margin, if I may say so in a simpler term.

Speaker #4: And from there, the center continues to ramp up, and we typically reach around 90% occupancy within 9 to 12 months. So, these are the numbers.

Speaker #4: So, it's not about 36 months; it's the full capex recovery we are talking about. But my breakeven is within five to six months. That is also clear in my slide 17—one, seven—if you see, the operational breakeven is only six months.

Speaker #4: And the steady state is 12 months, so very, very well. We have mentioned that in there also. So, even with the growth, there will be no effect on the margins.

Speaker #4: There will be no pressure on the margins, if I may say so, in simpler terms. They will be in the same ranges, which I mentioned before.

Meghna Agarwal: It will be in the same ranges which I mentioned before.

Speaker #6: All right. Thank you.

Rishi Das: All right. Thank you.

Speaker #1: The next question comes from the line of Saurabh Gilta with GM Financial Services. Please go ahead.

Operator: The next question comes from the line of Saurabh Gilda with JM Financial Services. Please go ahead.

Speaker #5: Yeah, hi. My first question is on the recent new center addition that we have done in Noida—congrats on signing the last center. I think it's now the largest in—

Saurabh Gilda: Yeah. Hi. My first question is on the recent new center addition that we have done in Noida. Congrats on signing a large center. I think it is not just largest in NCR, among the largest across our entire portfolio. Just wanted to get a sense in terms of timeline of operational for this center and what is giving you confidence to add such large centers since we have been focusing on decent size centers till now. Just wanted to get a sense how much of this is demand back.

Speaker #5: Among the largest across our entire portfolio. So, I just wanted to get a sense in terms of, you know, the timeline for operationalizing this center and, you know, what's giving you confidence to add such large centers.

Speaker #5: Since we have been, you know, focusing on, you know, decent-sized centers till now, I just wanted to get a sense of how much of this is demand back.

Speaker #6: So, thank you. This will go live by the middle of next year. So, you see that as Q2 FY28, or maybe Q3. That's the timeline in which the building should go operational.

Rishi Das: So thank you. This will go live by middle of next year. You see that Q2 FY28 or maybe Q3, that is the timeline in which the building should go operational. Because we have been present in the NCR, we already have two centers in Noida, and we have few centers in Gurgaon. We have a fair amount of done in that market, and we believe that the timing was right to basically do a large center where we can create basically a very high-quality product and showcase and provide a very Tech Park grade experience for our occupiers. As you know, we are seeing a lot of tides turning in Noida, especially because of the better administration, law and order, as well as the Noida International Airport starting. All these things, I think are culminating, and we are very bullish on that.

Speaker #6: And because we have been present in the NCR, we already have two centers in Noida and we have a few centers in Gurgaon. So, we have a fair amount of reccy done in that market.

Speaker #6: And we believe that the timing was right to basically do a large center where we can create basically a very high-quality product and showcase and provide a very, like, Tech Park-grade experience for our occupiers.

Speaker #6: So, as you know, we are seeing a lot of tides turning in Noida, especially because of better administration, law and order, as well as the Jewar Airport starting—all these things.

Speaker #6: I think our culminating, and we are quite bullish on that. So that gave us the confidence to look at picking up a larger supply and doing a high-quality product, and then taking it up over there.

Rishi Das: That gave us the confidence that let us look at picking up a larger supply and doing a high-quality product and then taking it up over there. Yeah. But it is not like any demand backed or as such, because as you will know, most of the buildings that we pick up, we proactively pick them up. We do not do too much of back-to-back, but once in a while, if there is a customer requirement, we do that. But the large part of our supplies have been because we believe in the market and our philosophy of basically land, expand and build scale. That is what exactly is playing out in Noida where we landed few years back. We basically got the confidence, and now we are in that expand phase. Hopefully you will see the same strategy playing out in other cities also soon.</seg <seg id="3">Just as a follow-up, I know in Bangalore, that market being supply constrained, it is difficult to sign such large centers. But as you expand beyond Bangalore, is that the strategy that you want to follow? The strategy of taking large centers and any new market that you are looking at for similar size centers in near term?

Speaker #6: So, yeah. But it's not like any demand back or anything as such. Because, as you will know, most of the buildings that we pick up, we proactively pick them up.

Speaker #6: We don't do too much of back-to-back, but once in a while, if there is a customer requirement, we do that. But the large part of our supplies has been because we believe in the market and our philosophy of basically land, expand, and build scale.

Speaker #6: That is exactly what is playing out in Noida, where we landed a few years back. We basically got the confidence, and now we are in the expansion phase.

Speaker #6: And hopefully, you will see the same strategy playing out in other cities also soon. So, just as a

Saurabh Gilda: Just as a follow-up, I know in Bangalore, that market being supply constrained, it is difficult to sign such large centers. But as you expand beyond Bangalore, is that the strategy that you want to follow? The strategy of taking large centers and any new market that you are looking at for similar size centers in near term?

Speaker #5: Follow-up: I know in Bangalore, given that market is supply-constrained, it's difficult to sign such large centers. But as you expand beyond Bangalore, is that the strategy you want to follow?

Speaker #5: Is the strategy to focus on taking large centers, and for any new markets, are you looking at similar-sized centers in the near term?

Speaker #6: So, our philosophy has always been to follow the talent strategy, to be honest with you. Because if you are operating in, say, Nariman Point, or a very dense micro market in Bombay, you can't expect to have the same product that we are signing up in Noida.

Rishi Das: Our philosophy always has been Follow the Talent strategy, to be honest with you. Because if you are operating in, say, Nariman Point or a very dense micro market, say in Bombay, you cannot expect to have a product that we are signing up in Noida. There we will be going with a mix of smaller buildings or looking at renovated buildings. But when we are going on, say, a Navi Mumbai kind of location or a Noida Expressway kind of location, these tend to be more tech park-centric, large occupier kind of locations. And the supply also favors picking up larger products. Our strategy will continue to be more micro market centric, depending upon what micro market we are getting in, what is the customer profile, what is the availability of supply real estate in that micro market, and accordingly, we will keep adjusting.

Speaker #6: So, there, we will be going with a mix of smaller buildings or looking at renovated buildings. But when we are going to, say, a Navi Mumbai kind of location or a Noida Expressway kind of location, these tend to be more Tech Park-centric, large occupier kind of locations.

Speaker #6: And the supply also favors picking up larger products. So, our strategy will continue to be more micro market-centric, depending upon what micro market we are getting in, what the customer profile is, and what is the availability of supply or real estate in that micro market.

Speaker #6: And accordingly, we will keep adjusting. We are not married to one size. For example, if you look at it, we have been picking up a lot of supply in tech parks also, of late.

Rishi Das: We are not married to one size. For example, if you look at, we have been picking up, got a lot of supply in tech parks also of late. And our tech park presence has reached almost 20% of our portfolio. So it is a function of what type of demand pattern, what micro market characteristics are, and accordingly, we play it out. Yeah.

Speaker #6: And our Tech Park presence has reached almost 20 percent of our portfolio. So, it is a function of what type of demand pattern, what micro-market characteristics are.

Speaker #6: And accordingly, we play it out. Yeah.

Speaker #5: So, thank you for the elaborate answer. Thanks so much.

Saurabh Gilda: Sure. Thank you for the elaborated answer. Thank you so much.

Speaker #1: A reminder to all participants: you may press star and one to ask a question. The next question comes from the line of Janam Sanghvi with Dhama Capital.

Operator: A reminder to all participants, you may press star and one to ask a question. The next question comes from the line of Jainam Sanghvi with Dhamma Capital. Please go ahead.

Speaker #1: Please go ahead.

Speaker #6: Hey, yeah. Thank you so much for taking my question. I was actually curious about the supply side of things. What is the breakdown of institutional supply and non-institutional supply from Bangalore?

Jainam Sanghvi: Hey. Yeah. Thank you so much for taking my question. I was actually curious on the supply side of things, what is the breakdown of institutional supply and non-institutional supply from Bangalore? You have about 76 centers in Bangalore and also your newer Noida lease. Is that institutional or non-institutional?

Speaker #6: You have about 76 centers in Bangalore and also your newer Noida lease. What is it? Is that institutional or non-institutional? So, it is a non-institutional supply.

Rishi Das: It is a non-institutional supply. Even though the supply size is very large, it is a property owned by a large ultra HNI family group. But if you look at about 20% of our supply is from institutional, which is typically the listed REITs or a large fund kind of a thing. The remaining is from the ultra HNI landlords. Definitely, we are seeing the share of institutional supply is growing in our portfolio. This used to be about 12% a couple of years back, and now it has about 20% of our overall portfolio. Yeah.

Speaker #6: Even though the supply size is very large, it is a property owned by a large ultra-HNI family group. But if you look at it, about 20 percent of our supply is from institutional, which is typically the listed REITs or a large fund kind of thing.

Speaker #6: And the remaining is from the ultra-HNI landlords. And definitely, we are seeing the share of institutional supply growing in our portfolio. This used to be about 12% a couple of years back.

Speaker #6: And now it has about 20 percent of our overall portfolio. Yeah. Okay. And to follow up on that, how does pricing differ between the institutional supply and the HNI supply?

Jainam Sanghvi: Okay. To follow up on that, how does pricing differ between these institutional supply and the HNI supply?

Speaker #6: So, I will say, obviously, it depends upon the quality of the product and, as you can guess, the institutional supply products typically tend to be of a better grade.

Rishi Das: I will say, obviously, it depends upon the quality of the product. As you can guess, the institutional supply product typically tends to be of a better grade. So definitely, their pricings are higher on an average. Their common area maintenance costs tend to be also higher. But at the same time, the profile of the customers that we are able to attract, a large percentage of them are Global Capability Centers. So they tend to pay a higher price as well. So we have not seen, even though we are paying higher in the institutional grade, I think from a margin perspective, we are fairly consistent, whether it is a institutional supply or it is an ultra HNI-driven supply.

Speaker #6: So, definitely, their pricing is higher on average. Their common area maintenance costs also tend to be higher. But at the same time, the profile of the customers that we are able to attract—also, a large percentage of them are global capability centers.

Speaker #6: So, they tend to pay a higher base price as well. So, we are not seeing, like, even though we are paying higher in the institutional grade, I think from a margin perspective, we are fairly consistent.

Speaker #6: Whether it is an institutional supply or an ultra-HNI-driven supply. Okay. Got it. Thank you so much. Thank you, Janam.

Jainam Sanghvi: Okay, got it. Thank you so much.

Rishi Das: Thank you, Jainam.

Speaker #1: The next question comes from the line of Jayakanth Beria with IIFL Capital. Please go ahead.

Operator: The next question comes from the line of Jay Kant Beria with IIFL Capital. Please go ahead.

Speaker #4: Yeah. Hi. Thanks for the opportunity. I just wanted to get some sense of the cash flows for the quarter. So, what's the kind of OCF that we have generated for the quarter?

Jay Kant Beria: Yeah, hi. Thanks for the opportunity. I just wanted to get some sense of the cash flows for the quarter. What is the kind of OCF that we have generated for the quarter, and what has been the CapEx? If you could also provide some sort of CapEx guidance for the balance of the year.

Jay Beria: Yeah, hi. Thanks for the opportunity. I just wanted to get some sense of the cash flows for the quarter. What is the kind of OCF that we have generated for the quarter, and what has been the CapEx? If you could also provide some sort of CapEx guidance for the balance of the year.

Speaker #4: And what has been the CAPEX? And if you could also provide some sort of CAPEX guidance for the balance of the year.

Speaker #7: Thank you for this question. And, you know, let me be super candid with you. For both capex deployment and for cash flow—so, capex deployment, you know, how we define capex, it is a combination of the capex on the interiors.

Meghna Agarwal: Thank you for this question. Let me be super candid with you. For both CapEx deployment and for the cash flow. CapEx deployment, how we define CapEx, it is a combination of the CapEx on interiors. It is designed with project, the solar investment, and vendor payment cycles. All these are reoccurring in nature. Thus, CapEx cannot be viewed as directly proportional to your area addition every period. It is always a combination of these four, five factors which I just mentioned. Both CapEx and cash flow both, internally, we really calculate it, but we prefer not to give the provisional number at this stage, since the number will be subject to the H1 audit and review.

Speaker #7: It is a design-build project. The solar investments and vendor payment cycles, and all these, are recurring in nature. So, thus, you know, capex cannot be viewed as directly proportional to your area addition every period.

Speaker #7: It's always a combination of these four or five factors which I just mentioned. And both capex and cash flow, you know, we internally, we really calculate it, but we prefer not to give the provisional number at this stage.

Speaker #7: Since the number will be subject to the H1 audit and review, and, you know, just to give you a clear picture, rather than giving an estimate and then subsequently changing it, I think our H1 numbers will, you know, be completely detailed out—both capex and cash flow.

Meghna Agarwal: Just to give you a clear picture, rather than giving an estimate and then subsequently change it, I think our H1 numbers, we will completely detail out both CapEx and cash flow. Since it was not audited as of now, I would refrain from talking about the numbers, because it might change here and there a little bit.

Speaker #7: But since it was not audited as of now, so, you know, I would refrain from talking about the numbers because they might change here and there a little bit.

Speaker #4: Sure. Sure. Thank you.

Jay Kant Beria: Sure. Thank you.

Jay Beria: Sure. Thank you.

Speaker #1: The next question comes from the line of Yog Rajani with Omega Portfolio Advisors. Please go ahead.

Operator: The next question comes from the line of Yog Rajani with Omega Portfolio Advisors. Please go ahead.

Speaker #6: Hi, I had another question. Our overall rent-to-revenue is just $2.2 million. Could you give us a bit more detail on that, on a city basis?

Yog Rajani: Hi. I had another question. Our overall revenue to rent ratio is 2.2. Could you give us a bit more detail on it on a city basis? Are there cities that are materially higher and cities that are materially lower, and what would the range be?

Speaker #6: Are there cities that are materially higher and cities that are materially lower? And what would the range be?

Speaker #7: So, rent. So, on a corporate level, you know, we have not done this kind of a study city-wise or building-wise and all.

Meghna Agarwal: Basically, it's on a corporate level, and we have not done this kind of a study city-wise, or building-wise. It is overall corporate level. So, we do not calculate the revenue ratio like that, unfortunately.

Speaker #7: I mean, it is only at the overall corporate level, so we do not calculate the revenue ratio like that, unfortunately.

Speaker #6: All right. Thank you.

Yog Rajani: All right. Thank you.

Speaker #7: Thank you.

Meghna Agarwal: Thank you.

Speaker #1: The next question comes from the line of Vikran Kashyap with Asian Market Securities. Please go ahead.

Operator: The next question comes from the line of Vikrant Kashyap with Asian Markets Securities. Please go ahead.

Speaker #8: Hi. Good afternoon. Congrats on a very strong set of performance this quarter again. My question is, regarding we have last added a lot of area in last half, and even if in this quarter we have added a very significant size.

Vikrant Kashyap: Hi. Good afternoon. Congrats on a very strong set of performance this quarter again. My question is regarding, we have added a lot of area in last half, and even in this quarter we have added a fairly significant size. Meghna, just to understand, in these days, we will add into the operational area. What are the timelines for that, and in which micro markets are they situated?

Speaker #8: Or is it just to understand, in these, we'll add into the operational area. What are the timelines for that, and in which micro markets are they situated?

Speaker #6: So, Vikran, can you repeat the last two or three lines of your question? Sorry.

Rishi Das: Vikrant, can you repeat the last two, three lines of your question? Sorry.

Speaker #8: So, my point—my point was, we have added, I think, 1.14 million square feet last half, and this quarter, we have added significant size into the area.

Vikrant Kashyap: So-

Rishi Das: Sorry for that.

Vikrant Kashyap: My point was, we have added, I think around 1.4 million square feet in last half and this quarter we have added significant size into the agency. My question is, what are the timelines for those that we added in the last half, and in which micro markets they are?

Speaker #8: My question is, what are the timelines for those that we added in the last half? And in which micro markets they are?

Speaker #6: Yeah. So, basically, thank you, Vikran. Most of the supply that we have signed up will get delivered between 12 to 18 months, and you will see an incremental delivery of those projects happening.

Rishi Das: Yeah. Basically, thank you, Vikrant. Most of the supply that we have signed up will get delivered between 12 to 18 months. You will see an incremental delivery of those projects happening. Also, I would like to highlight that the typical pattern, if you see in real estate, in our industry, at least what we have seen, has been that our leasing uptake is higher from, say, February, March, going up till, say, October, because the festive season and all that starts coming in, and then Christmas holidays and all come in, New Year holidays come in. So leasing is slow. Normally, what we try doing is that, most of the delivery of the building, the rent-paying area, that addition happens pretty much at the beginning of, you can say, Jan, Feb kind of a timeframe, so that we get sufficient time to market that inventory.

Speaker #6: Also, I would like to highlight that the typical pattern, if you see in real estate—in our industry, at least what we have seen—has been that our leasing uptake is higher from, say, February or March, going up till, say, October.

Speaker #6: Because the festive season and all that starts coming in, and then Christmas holidays and all. Come in New Year holidays come in. So, leasing is slow.

Speaker #6: So, normally, what we try doing is that most of the delivery of the building, the rent-paying area, that addition happens pretty much at the beginning of, you can say, Jan–Feb kind of a timeframe.

Speaker #6: So that we get sufficient time to market that inventory. So, that is how things have been, and that is the reason you have not seen a lot of addition in our RPA.

Rishi Das: That is how things have been, and that is the reason you are not seeing a lot of addition in our RPA. RPA has remained flat, even though our AUM has increased. So yeah. That has been the cycle, and that's how we try to time it. Having said that, there is no perfect match to that. So, you will keep seeing additions happening. From a micro market point of view, as you will know that a lot of our supply is into the key micro markets, typically the micro markets where occupancy levels are, say, like 85% and above kind of a thing. For example, if you look at Bangalore, a lot of our supplies are on the outer ring road kind of area, which is the best performing large-scale micro market. To give you another example is, say, North Bangalore.

Speaker #6: Like, RPA has remained flat, even though our AUM has increased. So, yeah, that has been the cycle, and that's how we try to time it. Having said that, there is no perfect match to that.

Speaker #6: So, you will keep seeing additions happening. And from a micro-market point of view, as you will know, a lot of our supply is in the key micro-markets.

Speaker #6: Typically, the micro markets where occupancy levels are say, like 85 percent and above kind of a thing. For example, if you look at Bangalore, like we are a lot of our supplies are on the outer ring road, kind of area, which is the best performing large-scale micro market.

Speaker #6: Even though and to give you another example, say, North Bangalore. North Bangalore, we see a lot of over-supplied the vacancy levels are high. A lot of new additions is coming in.

Rishi Das: North Bangalore, we see a lot of oversupply, the vacancy levels are high, a lot of new additions is coming in, so even when we are about more than 6.5 million in Bangalore, our exposure to North Bangalore is not even half a million square feet. So I think we will be quite micro market-focused, because cities are too big. Bombay is a too bigger city, or Delhi or Bangalore is a too bigger city. So most of the supplies we have signed up are all into the key performing micro markets, and that reflects in our occupancy numbers also. If you look at overall occupancy or steady state occupancy, we have been range-bound all throughout. Yeah.

Speaker #6: So, even though we are at more than 6.5 million in Bangalore, our exposure to North Bangalore is not even half a million square feet.

Speaker #6: So, I think we will be quite micro-market focused because cities are too big. Bombay is too big a city. Or Delhi. Or Bangalore is too big a city.

Speaker #6: So, depending on most of the supplies we have signed up, these are all in the key performing micro-markets. And that reflects in our occupancy numbers also.

Speaker #6: If you look at overall occupancy, or steady-state occupancy, we have been range-bound all throughout. Yeah.

Vikrant Kashyap: Thank you. Another thing, when we had interacted in the past, you had highlighted that Hyderabad and Mumbai has kind of an area of interest for you. The traction you have seen between this rental sign-age has been very strong. Are we still looking at expanding our portfolio in these two markets, in these selected ones that you think the market that time?

Speaker #8: Thank you. Another thing—you see, when we had interacted in the past with Mr. Paul, you had highlighted that Hyderabad and Mumbai are kind of areas of interest for you.

Speaker #8: And transactions you have seen between this rental signage have been very strong. So, are we looking at expanding our portfolio in these two markets?

Speaker #6: Yes, you’ve very, very rightly highlighted, Vikran. Because post-COVID, we started expanding in both the cities aggressively, and we are at a good place now.

Rishi Das: Yes. Very rightly highlighted, Vikrant. Because post-COVID, we started expanding in both the cities aggressively, and we are at a good place now, and we are very hopeful that in this financial year, we should be able to sign up larger spaces in both the cities.

Speaker #6: And we are very hopeful that, in this financial year, we should be able to sign up larger spaces in both the cities.

Speaker #8: Thank you. And, Vikran, one question—my last question to you—since we are going very strongly on the VATs. You highlighted that we can expand it by 200 to 400 basis points going ahead.

Vikrant Kashyap: Meghna, one question, my last question to you. Since we are going very strongly on the VAS, and you highlighted that we can expand it by 200 to 400 basis points going ahead. That would have a positive impact on our green deals in the margin that you can say. At this, I think, the total revenue per seat per month that we are taking from our clients every month at certain levels. Do we see most of the margin expansion will come from VAS or the occupancy pickup, and the rent escalation will also factor in margin expansion in H2 FY27 or maybe early 2028? How do you view in that regard?

Speaker #8: So, that would have a positive impact on our doing business in the March–January market. That is what I'd say. So, at this, I think the...

Speaker #8: Total revenue per seat per month that we are taking from our clients—averaging out—do we see most of the margin extension will come from VATs, or will the occupancy pickup and rent escalation also factor into margin extension?

Speaker #8: So, in the second half of 2027, or maybe early 2028, as your new areas start to occupy?

Speaker #2: So, your voice. Let us wrap it, Vikran. But whatever I've understood that you're talking about the margin of the VATs versus our cowork space, right?

Meghna Agarwal: Your voice is a little rougher, Vikrant, but whatever I have understood that you are talking about the margin of the VAS versus our core workspace, right?

Speaker #2: So, the thing is, the VATs that we know, as I mentioned before, we would structurally, it would be increasing. It would be increasing by 2 to 4 percent.

Vikrant Kashyap: Yes.

Meghna Agarwal: The thing is, the VAS revenue, as I mentioned before, structurally, it would be increasing. It would be increasing by 2% to 4%, you would see in the next coming years also. In terms of margin, right now, we think and we believe that with the DesignQube, IndiQube, and IndiQube Eco, the next couple of years is the priority is to focus on the growth and scale, because there is a significant demand opportunity we see. So the focus is to scale and grow more than the margin expansion. So our margin by VAS revenue would be around about 15%. This is going to be like this for the next one or two years at least. Because at the expense of this margin, we would not compromise on our growth. Right now, it is just to kind of tap the demand. That has been the focus.

Speaker #2: You would see in the next coming years also. In terms of margin, right now, we think and we believe that with the design cube indicator and ECHO, the next couple of years is the priority is to focus on the growth and scale because there's a significant demand opportunity we see.

Speaker #2: So, the focus is to scale and grow more than on margin expansion. So, our margin in my VATs revenue would be around, what, 15 percent?

Speaker #2: And this is going to be like this for the next one or two years at least, you know? Because, at the expense of this scale, at the expense of this margin, we will not compromise on our growth.

Speaker #2: Right now, it's just to kind of tap the demand. You know, that has been the focus. So, margin expansion, as I said, we would continue with a similar margin, both put together.

Meghna Agarwal: Margin expansion, as I said, we would continue with the similar margin, both put together. With VAS, only VAS is about 15%.

Speaker #2: And but VATs, only VATs is about 15 percent.

Speaker #8: Thank you. Thank you very much, Mr. President.

Vikrant Kashyap: Thank you very much indeed, Meghna.

Speaker #2: Yes.

Meghna Agarwal: Yeah.

Speaker #6: Thank you.

Rishi Das: Thank you.

Speaker #7: The next question comes from the line of Derya Trivedi with DTJ Investments. Please go ahead.

Operator: The next question comes from the line of Dhairya Trivedi with DTJ Investments. Please go ahead.

Operator: The next question comes from the line of Dhairya Trivedi with DJT Investments. Please go ahead.

Speaker #8: Hi. Thanks for taking my question. And congratulations on the robust set of numbers. If I see over the last 12 months, multiple of our center addition has come from tier 2 downs.

Dhairya Trivedi: Hi. Thanks for taking my question, and congratulations on an almost set of numbers. If I see over the last 12 months, the bulk of our center addition has been from tier 2 towns. If you could give some insight on how these centers are performing compared to the centers in the metros. Subsequently, my next question was around the concentration in the city of Bengaluru. About 63% to 64% of our seats are just in one city. Is there a plan to increase diversification and take up more space in, say, some of the well-performing markets like Hyderabad or Chennai?

Speaker #8: So, if you could give some insight on how these centers are performing compared to the centers in the metros, and subsequently, my next question was around the concentration in the city of Bangalore.

Speaker #8: So, about 63 to 64 percent of our seats are just in one city. So, is there a plan to increase diversification and take up more space in, say, some of the well-performing markets like Hyderabad or Chennai?

Speaker #6: Yeah. So, just basically, the tier 2 cities, I must say that the occupancy the profitability, the unit economics is pretty much similar to tier 1 cities.

Rishi Das: Yeah. Basically, the tier 2 cities, I must say that the occupancy, the profitability, the unit economics is pretty much similar to tier 1 cities. Of course, the scale is very different in these cities. We have not seen any significant deterioration. Of course, the real estate is cheaper also in these cities. Most of the time, the real estate that we pick up here is between INR 50 to INR 70 per square feet. Correspondingly, our seat pricings are also aggressive. We will be offering seats between INR 6,500 to INR 7,500 per seat in those locations. That way, you can say that we are able to acquire real estate at a cheaper price and offer the same thing at a cheaper rate. But there is no margin hit as such. There is nothing very significantly different in these locations. The second question was with regards to the Bengaluru concentration.

Speaker #6: Of course, the scale is very, very different in these cities. So, we have not seen any significant deterioration. Of course, the real estate is cheaper also in these cities.

Speaker #6: Most of the time, the real estate that we pick up here is between ₹50 to ₹70 per square foot. And correspondingly, our seat pricings are also aggressive.

Speaker #6: Like, we will be offering seats between 6,000, 500 to 7,500 rupees per seat. In those locations. So, that way, we are you can say that we are able to acquire real estate at a cheaper price and offer the same thing at a cheaper rate.

Speaker #6: So, but there is no margin hit as such. So, there’s nothing very significantly different in these locations. The second question was with regards to the Bangalore concentration.

Rishi Das: There is nothing very significantly different in these locations. The second question was with regards to the Bengaluru concentration. You are right, that 60% of the area that we have is Bengaluru. But if you look at Chennai, for example, Chennai is about 10% of our portfolio now. NCR and all these are contributing now. We are seeing that this is continuously, the Bengaluru share is coming down. As I mentioned in the earlier question, we have added Noida, we have plans to add larger supplies in Hyderabad, Mumbai.

Speaker #6: So, you are right that 60 percent of the area that we have is Bangalore. But if you look at Chennai, for example, Chennai is about 10 percent of our portfolio now.

Rishi Das: You are right, that 60% of the area that we have is Bengaluru. But if you look at Chennai, for example, Chennai is about 10% of our portfolio now. NCR and all these are contributing now. We are seeing that this is continuously, the Bengaluru share is coming down. As I mentioned in the earlier question, we have added Noida, we have plans to add larger supplies in Hyderabad, Mumbai. These cities, we certainly see that will have an increasing share. Going forward, the growth rate in those cities will be much faster for us. Nevertheless, I always say this, that if you look at the total absorption in India, during the first 6 months of the calendar year, was about 45 million square feet, and the share of Bengaluru was about 12.7 million, about 28%.

Speaker #6: And NCR and all these are contributing now. So, we are seeing that continuously the Bangalore share is coming down. And as I mentioned in the earlier question, we have added Noida.

Speaker #6: We have plans to add larger supplies in Hyderabad, Mumbai. So, these cities we certainly see that will have an increasing share. Going forward, the growth rate in those cities will be much faster.

Rishi Das: These cities, we certainly see that will have an increasing share. Going forward, the growth rate in those cities will be much faster for us. Nevertheless, I always say this, that if you look at the total absorption in India, during the first 6 months of the calendar year, was about 45 million square feet, and the share of Bengaluru was about 12.7 million, about 28%.

Speaker #6: For us. But nevertheless, I always say this that if you look at the total absorption in India, during the first six months of the calendar year, was about 45 million square feet.

Speaker #6: And the share of Bangalore was about 12.7 million, about 28 percent. So, about 28 to 30 percent of the total country's real estate is Bangalore.

Rishi Das: About 28% to 30% of the total country's real estate is Bangalore. If that be the case, then you can imagine, if you looked at the percentage of growth which Bangalore is getting of Global Capability Centers, unicorn startups, those tend to be higher than the national average for us. Bangalore will continue to be a dominant thing for us because of Bangalore being the largest market, fastest growing market. But at the same time, you will see a lot of addition in NCR, in West, as well as in Hyderabad. These three cities will add further, in addition to Chennai and Bangalore, where we have been quite dominant, yeah.

Speaker #6: So, if that is the case, then you can imagine, if you look at the percentage of growth that Bangalore is getting in terms of global capability centers and unicorn startups, those tend to be higher than the national average.

Speaker #6: For us. So, Bangalore will continue to be a dominant thing for us because of Bangalore being the largest market fastest growing market. But at the same time, you will see a lot of addition in NCR, invest, as well as in Hyderabad.

Speaker #6: These three cities will add further in addition to Chennai and Bangalore, where we have been quite dominant there.

Speaker #8: And how is the supply addition coming up in the micro markets of Bangalore, where we operate?

Dhairya Trivedi: How is the supply addition coming up in the micro markets of Bangalore where we operate?

Speaker #6: So, it is quite spread out over here. Like, a lot of supply we have signed up on the Outer Ring Road stretch, which is, if you are familiar, this is between, say, Silk Board going up to Marathahalli.

Rishi Das: Well, it is quite spread out over here. A lot of supply we have signed up on the outer ring road stretch, which is, if you are familiar, this is between, say, Silk Board, going up to Marathahalli, kind of stretch, which is the best IT corridor. We have a lot of supply in those locations. We also have supply in Whitefield, which is there. Pretty much I will say the CBD and the SBD. As I mentioned earlier, we have not picked up a lot of supply in north Bangalore over there. Mostly it is in the southeastern and the northeastern part. That is where bulk of our supplies are coming in.

Speaker #6: Kind of a stretch, which is the best IT corridor. So, we have a lot of supply in those locations. We also have supply in Whitefield, which is there.

Speaker #6: Yeah. So, pretty much I will say the CBD and the SBD. As I mentioned earlier, we are not picked up a lot of supply in North Bangalore.

Speaker #6: Over there. So, mostly it is in the southeastern and the northeast and the northeastern part. That is where bulk of our supplies are coming in.

Speaker #8: Sure. And since our occupancies are already at 86 percent, could you give some insight on, you know, at what levels do occupancies peak out?

Dhairya Trivedi: Sure. Since our occupancies are already at 83%, could you give some insight on at what level do occupancies peak out? Then, the further growth, will it come from revenue growth for every seat, basically?

Speaker #8: And then, I mean, the further growth—will it come from revenue growth for every seat, basically?

Speaker #6: So, as Meghna had mentioned, our steady state center, which are more than 12 months, the occupancy ranges between say 86 going up to 90 percent, 91 percent, like that.

Rishi Das: As Meghna had mentioned, our steady state centers which are more than 12 months, the occupancy ranges between, say, 86% going up to 90%, 91%, like that kind of a range. Forget about future, if you were to look at last three year data, you will see we have been pretty much in that range. The overall occupancy is about 81%, going up to, say, 84%, 85%. Currently it stands at 86%. There will be some fluctuation in that. I think it is better to pick up a range, which is 86% going up to 90% for steady state centers, and 82% going up to, say, 85%, 86% for the overall occupancy.

Speaker #6: Kind of a range. And that is, if you forget about the future and just look at the last three years of data, you will see we have been pretty much in that range.

Speaker #6: And the overall occupancy is about 81%, going up to, say, 84-85%. And currently, it's around 86%. So, there will be some fluctuation in that.

Speaker #6: So, I think it's better to pick up a range which is 86 going up to 90 for steady state centers and 82 going up to, say, 85 or 86 for the overall occupancy.

Speaker #6: So, the way as I mentioned like the high quality supply, the good micro markets that we have, in the coming pipeline, we are very, very hopeful that we should be able to maintain our occupancies in this range.

Rishi Das: As I mentioned, the high quality supply, the good micro markets that we have in the coming pipeline, we are very hopeful that we should be able to maintain our occupancies in this range. So far, we maintain occupancies in this range. We do not see any margin pressure. If 90% becomes 88% or 89%, we do not see that will result in a fall in the EBITDA margins. The good part is that our sensitivity to this is not very high.

Speaker #6: And so far, we maintain occupancies in this range. We don't see any margin pressure. Like, if 90 becomes 88 or 89, we don't see that that will result in a fall in the EBITDA margins.

Speaker #6: The good part is that our sensitivity to this is not very, very high. Yeah.

Speaker #8: Sure. Thank you and all the best.

Dhairya Trivedi: Sure. Thank you, and all the best.

Speaker #6: Thank you.

Rishi Das: Thank you.

Speaker #1: The next question comes from the line of Hitenra Pradhan with Maximal Capital. Please go ahead.

Operator: The next question comes from the line of Hitaindra Pradhan with Maximal Capital. Please go ahead.

Speaker #7: Yeah. Hi, sir. Thanks for the opportunity. I hope I'm audible.

Hitaindra Pradhan: Yeah. Hi, sir. Thanks for the opportunity. I hope I'm audible.

Speaker #6: Yeah.

Rishi Das: Yes.

Speaker #7: I'm referring to slide 19. I see that, you know, the GCCs account for 50% and Indian enterprises account for about, you know, 30%.

Hitaindra Pradhan: I'm referring to slide 19. I see that the GCCs account for 50%, and Indian enterprises account for about 30%. My question is, what kind of growth we are expecting from the GCC side? They are adopting the flex space, going forward, at an industry level and at our company level, and the same goes for the Indian enterprises. For the GCCs, in terms of the geography, maybe you partly answered this, but which specific cities you expect that growth to materialize more? Do we have the supply to cater to that?

Speaker #7: So, my question is, I mean, what kind of growth are we expecting from the GCC side? I mean, are they adopting flex space going forward, both at the industry level and at our company level?

Speaker #7: And the same goes for the Indian enterprises. And for the GCCs, in terms of the geography—maybe you partly answered this—but, you know, which specific cities do you expect that growth to materialize in more?

Speaker #7: And do we have the supply to, you know, get to that?

Speaker #6: Yeah. So, as you actually mentioned in the slide, our area mix by sectors is quite distributed. And I would like to remind you, basically, that if you look at the 2020–21 scenario, when GCCs were not so much in the news, I think the flavor of the season at that time was the startups, the unicorns.

Rishi Das: Yeah. As you rightly mentioned in the slide, our area mix by sectors is quite distributed. I would like to remind, basically that if you look at 2020, 2021 scenario, when GCCs were not so much in the news, I think the flavor of the season at that time were the startups, the unicorns. So they were very dominant. Indian enterprises, which also constitute small parts in that was booming very heavily. The Indian companies, the likes of Mahindra Logistics or TVS, they continue to grow, as per our GDP numbers over there. Certainly, in the last two, three years, we have seen the GCCs have picked up. What used to be about 42% has come now 49%, 50%. But the good part is that this is quite spread out, and this is not just true for us, this is true for the India growth story.

Speaker #6: So, they were very, very dominant. Indian enterprises, which also constitute a small percentage of IT, were doing very well. The Indian companies, the likes of Mahindra Logistics or TVS, continue to grow as per our GDP numbers over there.

Speaker #6: And certainly, in the last two to three years, we have seen the GCCs have picked up. What used to be about 42 percent has now come up to 49 or 50 percent.

Speaker #6: But the good part is that this is quite spread out, and this is not just true for us. This is true for the India growth story.

Speaker #6: So, once something or the other has been cranking for the real estate segment, and that is why you see that India is today now almost touching 1.1 billion square feet.

Rishi Das: So while something or the other has been cranking for the real estate segment. That is why you see India is today now almost touching 1.1 billion square feet. If you look at a 25-year data of commercial real estate in India absorption, the absorptions have been very secular, like typically growth-wise. 6%, 7% real estate growth in India continues to happen. That is how we look at it. We see that certainly the GCCs from 49% today may grow to 54%, 55%, typically, but we do not see that changing very drastically. We want to keep it that way. If you look at the second part of the question, definitely Bangalore being the largest, we have a very substantial amount of GCCs over here.

Speaker #6: So, if you look at a 25-year data of commercial real estate absorption in India, the absorptions have been very, very secular—typically, growth-wise.

Speaker #6: Six to seven percent real estate growth in India continues to happen, and that is how we look at it. So, we see that certainly the GCCs, from 49 percent today, may grow to 54 or 55 percent.

Speaker #6: Typically, but we don't see that changing very, very drastically, and we want to keep it that way. Now, if you look at the second part of the question, definitely Bangalore being the largest, we have a very substantial amount of GCCs over here.

Speaker #6: But the other big city that we see is Hyderabad, where the GCC activity is very, very robust, which we see. So, these are the two cities where we see the bulk of the action happening.

Rishi Das: But the other big city that we see is Hyderabad, where the GCC activity is very robust, which we see. So these are the two cities where we see the bulk of the action happening, and, as I mentioned earlier, we have already signed up Noida. You will see, hopefully, us picking up larger spaces in Mumbai as well as Hyderabad. There the focus will be Global Capability Centers. Plus, we are also doubling down on our institutional supply. That is what I mentioned earlier. Today, our institutional supply is about 20% of our portfolio. A lot of institutional supply gets picked up by Global Capability Centers. So our supply is quite well-aligned, I must say, with the Global Capability Centers.

Speaker #6: And as I mentioned earlier, we have already signed up Noida. You will hopefully see us picking up larger spaces in Mumbai as well as Hyderabad.

Speaker #6: And there, the focus will be Global Capability Centers. Plus, we are also doubling down on our institutional supply. That's what I mentioned earlier. Our institutional supply is about 20% of our portfolio.

Speaker #6: Now, a lot of institutional supply gets picked up by global capability centers. So, our supply is quite well aligned, I must say, with the global capability centers.

Speaker #7: Okay. Okay. Thank you, sir. And the second question is related to slide 16. I mean, the steady state occupancy is 90 percent, and you have guided, like, you know, to expect higher ITs.

Hitaindra Pradhan: Okay. Thank you, sir. The second question is related to slide 15. In the steady state of occupancy is 90%, and you have guided to expect higher ATs sort of occupancy from the mature portfolio. So my question is, sir,

Speaker #7: Sort of occupancy from the mature portfolio. So, my question is, sir, can you give us some color on the renewals that are due this year?

Rishi Das: Yes.

Hitaindra Pradhan: Can you give us some color on the renewal that is due this year? I mean, what happens when there is clients which are up for renewal?

Speaker #7: I mean, what happens when, you know, there are clients who are up for renewal and, you know, if you can give us some sense of, you know, what the renewal rate is there and what sort of, you know, pricing step-up we can expect or whenever those things are triggered.

Rishi Das: Yes.

Hitaindra Pradhan: And if you can give us some sense of what are the renewal rates there and what sort of pricing step up that we can expect or whenever those things are triggered, what happens basically? Was curious to know more about that.

Speaker #7: What happens, basically? You know, I was curious to know more about that.

Rishi Das: So, the good part has been that our attrition, if you see, has been negative. Now, when I say attrition has been negative means basically that if you take on, say 31 December, if there are a certain number of customers, and if some customers leave on 1 January, and some customers decide to grow typically on 1 January. Overall, the customers who are with us on 31 December, the net seats that they have taken vis-à-vis the people leaving, that number is a positive number. The other factor I will highlight is that 41% of our revenue is coming from clients who have taken multiple centers. So there, that is very stable. Our renewal rate has been 90% with the customers over there. Plus, our top five customers contribute only 10% of our revenue. So our client base is very diverse.

Speaker #6: So, the good part has been that our attrition, if you see, has been negative. Now, when I say attrition has been negative, it means basically that if you take, say, 31st December, if there are a certain number of customers, and if some customers leave on 1st January and some customers decide to grow, typically on 1st January, overall, the customers who were with us on 31st December, the net seats that they have taken vis-à-vis the people leaving, that number is a positive number.

Speaker #6: And the other factor I will highlight is that 41% of our revenue is coming from clients who have taken multiple centers. So, that is very stable.

Speaker #6: And our renewal rate has been 90 percent with the customers over there. Plus, our top five customers contribute only 12 percent of our revenue.

Speaker #6: So, our client base is very, very diverse. And most of the properties, with the exception of a single digit number of them, are all multi-tenanted properties.

Rishi Das: Most of the properties, maybe with the exception of a single digit of them, are all multi-tenanted properties. So if one tenant is leaving, that doesn't mean the building is fully becoming vacant. There is another set of clients which are willing to take up that. So, to be very honest with you, we have not seen any significant impact, even post-COVID, happening because of any one client moving out over there.

Speaker #6: So, if one tenant is leaving, that doesn't mean the building is fully becoming vacant. There is another set of clients who are willing to take that up.

Speaker #6: So, we have to be very honest with you. We have not seen any significant impact, even post-COVID, happening because of any one client moving out.

Speaker #7: What is the notice period, sir? I mean, do we get any leeway from the landlord if a client vacates, or do we get this official notice period, and do we kind of fill it up during that period?

Hitaindra Pradhan: What is the notice period, sir? I mean, do we get any leeway from the landlord if a client vacates? Or do we get the sufficient notice period, and we fill it up during that period? I mean

Speaker #7: I mean,

Speaker #6: Our client notice periods are between 60 and up to 90 days. If the clients are smaller-size clients, maybe 60 days; larger ones are 90 days.

Rishi Das: Our client notice periods are between 60 going up to 90 days. If the clients are smaller-sized clients, maybe 60 days, larger ones are 90 days. With landlords, we have straight leases, so there is no occupancy linked back-to-back arrangement with the landlords over there.

Speaker #6: And with landlords, we have strict leases, so there is no occupancy-linked back-to-back arrangement with the landlords over there. Yeah, so that is the notice period.

Hitaindra Pradhan: Sure.

Rishi Das: Yeah. That is the notice period, and I think we have been able to find prospective clients within that time frame most of the time.

Speaker #6: And I think that, as we have been able to find prospective clients within that timeframe, most of the time.

Speaker #7: Thank you, sir. That would be best.

Hitaindra Pradhan: Okay. Thank you, sir. All the best.

Speaker #6: Thank you.

Rishi Das: Thank you.

Speaker #8: Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to the management for the closing remarks.

Operator: Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to the management for the closing remarks.

Speaker #6: So, thank you very much. Thank you, JM. Thank you, Saurav, for organizing this. And I really appreciate all the investors and analysts taking out time to come on the call.

Rishi Das: Thank you very much. Thank you, JM. Thank you, Saurabh, for organizing this. I really appreciate all the investors, analysts, taking out time to come on the call and asking very candid questions. We have tried our level best to answer them. If they have any further questions, they can always write back to us or reach out to our IR, and we will be very happy to basically answer them to the best of our ability. Thank you very much, and look forward to your continued support. Thank you.

Speaker #6: And asking very candid questions. We have tried our level best to answer them. If they have any further questions, they can always write back to us or reach out to our IR, and we'll be very happy to basically answer them to the best of our ability.

Speaker #6: Thank you very much, and I look forward to your continued support. Thank you.

Speaker #1: Thank you. Thank you very much. I appreciate the time. Thank you.

Meghna Agarwal: Thank you.

Rishi Das: Appreciate your time.

Meghna Agarwal: Thank you very much. Appreciate the time. Thank you.

Speaker #8: Thank you, sir. Thank you, ma'am. Ladies and gentlemen on behalf of JM Financial Services, that concludes this conference call. Thank you for joining us and you may now disconnect your lines.

Operator: Thank you, sir. Thank you, ma'am. Ladies and gentlemen, on behalf of JM Financial Services, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.

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Q1 2027 Indiqube Spaces Ltd Earnings Call

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