Q1 2027 Puravankara Ltd Earnings Call

August 17, 2026

Speaker #1: Ladies and gentlemen, good day and welcome to the Q1 FY27 earnings conference call for Puravankara Limited. 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 earnings conference call for Puravankara Limited. 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 touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Savita Singh. Thank you, and over to you, ma'am.

Operator: Ladies and gentlemen, good day and welcome to the Q1 FY 2027 Earnings Conference Call for Puravankara Limited. 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 touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Savita Singh. Thank you, and over to you, ma'am.

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

Speaker #1: I now hand the conference over to Ms. Savita Sen. Thank you, and over to you, ma'am.

Speaker #2: Thank you, Aviraj. Good morning, everyone. I, Savita Sen, on behalf of Dollard Capital, welcome you all to the Q1 FY27 earnings conference call of Puravankara Limited.

Savita Singh: Thank you, Abhirup. Good morning, everyone. I, Savita Singh, on behalf of Dolat Capital, welcome you all to the Q1 FY27 earnings conference call of Puravankara Limited. I would like to thank the management for giving us this opportunity to host the call. Today from the management team, we have with us Mr. Ashish Puravankara, Managing Director, Mr. Mallanna Sasalu, CEO, South, Mr. Rajat Rastogi, CEO, West and Commercial Assets, and Mr. Neeraj Gautam, CFO. I now hand over the call to the management team for their opening remarks. Over to you, sir.

Savita Singh: Thank you, Abhirup. Good morning, everyone. I, Savita Singh, on behalf of Dolat Capital, welcome you all to the Q1 FY 2027 Earnings Conference Call of Puravankara Limited. I would like to thank the management for giving us this opportunity to host the call. Today from the management team, we have with us Mr. Ashish Puravankara, Managing Director, Mr. Mallanna Sasalu, CEO, South, Mr. Rajat Rastogi, CEO, West and Commercial Assets, and Mr. Neeraj Gautam, CFO. I now hand over the call to the management team for their opening remarks. Over to you, sir.

Speaker #2: I would like to thank the management for giving us this opportunity to host the call. Today, from the management team, we have with us Mr. Ashish Puravankara, Managing Director.

Speaker #2: Mr. Mallana Saslu, CEO, South; Mr. Rajat Rastogi, CEO, West and Commercial Assets; and Mr. Neeraj Gautam, CFO. I now hand over the call to the management team for their opening remarks.

Speaker #2: Over to you, sir.

Neeraj Gautam: Good morning, everyone. I am Neeraj Gautam, CFO of Puravankara Limited, and I welcome you to Puravankara Limited's earnings conference call to discuss our performance for the first quarter of financial year 2027. Our financial results, investor presentation, and press release have been filed with stock exchanges and are available on the company's website as well. Before I begin, I would like to remind everyone that some of the statements made during today's call may be forward-looking in nature. Please refer to the applicable disclaimer in our investor presentation.

Speaker #3: Good morning, everyone. I am Neeraj Gautam, CFO of Puravankara Limited, and I welcome you to Puravankara Limited's earnings conference call to discuss our performance for the first quarter of financial year 2027.

Speaker #3: Our financial results, investor presentation, and press release have been filed with the stock exchanges and are available on the company's website as well. Before I begin, I would like to remind everyone that some of the statements made during today's call may be forward-looking in nature.

Speaker #3: Please refer to the applicable disclaimer in our investor presentation.

Speaker #4: Hello.

Operator: Hello? Hello? We have the management line disconnected. Please stay connected while we reconnect the management. Not in the audit. Okay, I will get you connected back. There are actual speakers speaking, so that would create your disconnect in your audio.

Speaker #1: Hello.

Speaker #4: We have the management line disconnected. Please stay connected while we reconnect the management.

Speaker #3: And one of the audits—okay, I'll just get you connected back. There are actually speakers speaking, so that would create concern disconnecting your line.

Speaker #2: The conference is now being recorded.

Operator: The conference is now in record mode.

Speaker #1: We have the management line reconnected. Sir, you may go ahead with your comments.

Operator: We have the management line reconnected, so you may go ahead with your comments.

Neeraj Gautam: I regret a little bit of disconnect on the technical glitch. I repeat once again, if there is any idea we would like to take away from Q1, it is that Puravankara has entered FY27 with a stronger operating rhythm. Pre-sales and collection grew, realization improved, deliveries accelerated, and financial performance moved in the right direction. At the same time, we invested selectively in future growth and advanced our capital recycling agenda. The quarter therefore represents more than a set of higher numbers. It reflects better alignment between sales execution, cash flow, and financial outcomes. I would speak a bit about the economy. India remains one of the few large economies where domestic demand and investment provide a meaningful buffer against global volatility. Consumption, public infrastructure, services, and manufacturing continues to support activity, even as geopolitical tensions, energy prices, and weather-related risks warrant vigilance.

Speaker #4: I regret a little bit of disconnect on the technical glitch. I would, I repeat once again, if there is any idea we would like to take away.

Speaker #4: The takeaway from Q1 is that Puravankara has entered FY27 with a stronger operating rhythm; pre-sales and collections grew, realizations improved, deliveries accelerated, and financial performance moved forward.

Speaker #4: In the right direction. At the same time, we invested selectively in future growth and advanced our capital recycling agenda. The quarter, therefore, represents more than a set of higher numbers.

Neeraj Gautam: The quarter therefore represents more than a set of higher numbers. It reflects better alignment between sales execution, cash flow, and financial outcomes. I would speak a bit about the economy. India remains one of the few large economies where domestic demand and investment provide a meaningful buffer against global volatility. Consumption, public infrastructure, services, and manufacturing continues to support activity, even as geopolitical tensions, energy prices, and weather-related risks warrant vigilance.

Speaker #4: It reflects better alignment between sales, execution, cash flow, and financial outcomes. I would like to speak a bit about the economy. India remains one of the few large economies where domestic demand and investment provide a meaningful buffer against global volatility.

Speaker #4: Consumption, public infrastructure, services, and manufacturing continue to support activity. Even as geopolitical tensions, energy prices, and weather-related risks warrant resilience, in August the Reserve Bank of India retained its neutral stance, maintained the repo rate at 5.25%, and projected end-FY27 GDP growth of 6.7% and CPI inflation of 5.0%.

Neeraj Gautam: In August, the Reserve Bank of India retained its neutral stance, maintained the repo rate at 5.25%, and projected FY27 GDP growth of 6.7%, and CPI inflation of 5.0%. For real estate, this is not a fresh stimulus. It is something equally valuable at this stage of the cycle, a more stable planning environment for home buyers, developers, and the lenders. Coming to our operational performance for the quarter, against the industry backdrop, Puravankara delivered pre-sales of INR 1,439 crore, an increase of 28% year on year. Sales volume grew 9% to 1.36 million square feet, while average realization rose 18% to INR 10,589 per square foot. This balance matters. It shows that growth was not dependent on a single lever. We sold more space and achieved higher value supported by quality of our locations, product positioning, and mix.

Speaker #4: For real estate, this is not a fresh stimulus. It is something equally valuable at this stage of the cycle—a more stable planning environment for home buyers, developers, and the lenders.

Speaker #4: Coming to our operational performance for the quarter, against the industry backdrop, Puravankara delivered pre-sales of INR 1,439 crore, an increase of 28% year on year.

Speaker #4: Sales volume grew 9% to 1.36 million square feet, while average realization rose 18% to INR 10,589 per square foot. This balance, this balance matters.

Speaker #4: It shows that growth was not dependent on a single lever. We sold more space and achieved higher value, supported by the quality of our locations, product positioning, and mix.

Speaker #4: Collections grew even faster, rising 40% to ₹1,199 crore. We also handed over 745 homes, representing 0.95 million square feet. These are important markers of operating quality: pre-sales created the order book, collections turned that order book into liquidity, and handovers converted construction progress into completed homes and recognized financial performance.

Neeraj Gautam: Collection grew even faster, rising 40% to INR 1,199 crore. We also handed over 745 homes representing 0.95 million square feet. These are important markers of operating quality. Pre-sales created the order book. Collections turned that order book into liquidity, and handovers converted construction progress into completed homes and recognized financial performance. Our focus is to preserve this operating chain, maintain sales velocity without compromising price discipline, keep construction moving, collect on schedule and delivery with consistency. When those elements reinforce one another, growth becomes more predictable, customer confidence deepens, and the economies of business improve. Coming to our financial performance, the stronger operating rhythm is visible on our financial results. The total income increased 63% year on year to INR 877 crore, primarily supported by higher handovers. EBITDA margin expanded to 25% from 15% in Q1 FY26.

Speaker #4: Our focus is to preserve this operating chain, maintain sales velocity without compromising price discipline, keep construction moving, collect on schedule, and deliver with consistency.

Speaker #4: When those elements reinforce one another, growth becomes more predictable, customer confidence deepens, and the economics of business improve. Coming to our financial performance, the stronger operating rhythm is visible in our financial results.

Speaker #4: The total income increased 63% year on year to INR 877 crore, primarily supported by higher handovers. EBITDA margin expanded to 25% from 15% in Q1 FY26.

Speaker #4: The profit after tax was positive, at INR 25 crore, compared with a loss of INR 69 crore in the corresponding quarter last year. One quarter does not define an earnings trajectory, particularly in a business where revenue recognition depends on completion, handovers, and project mix.

Neeraj Gautam: The profit after tax was positive INR 25 crore compared with a loss of INR 69 crore in the corresponding quarter last year. One quarter does not define an earning trajectory, particularly in a business where revenue recognition depends on completion, handovers, and project mix. The significance of Q1 lies in the direction of travel and the operating ingredients behind it: higher sales, stronger collection, and more deliveries and better profitability. We will continue to assess performance across this complete set of indicators rather than through any one single reported number. Coming to our balances and capital allocation. As on 30 June 2026, our net debt stood at INR 2,836 crore, and the net debt to equity was 1.57 times. Gross debt declined by INR 74 crore during the quarter. Cash and bank balances were INR 1,106 crore, and our average cost of debt was 11.12%.

Speaker #4: The significance of Q1 lies in the direction of travel and the operating ingredients behind it: higher sales, stronger collections, more deliveries, and better profitability.

Speaker #4: We will continue to assess performance across this complete set of indicators, rather than focus on any one single reported number. Coming to our balance sheet and capital allocation, as on 30 June 2026, our net debt stood at INR 2,836 crore and net debt-to-equity was 1.57 times.

Neeraj Gautam: We will continue to assess performance across this complete set of indicators rather than through any one single reported number. Coming to our balances and capital allocation. As on 30 June 2026, our net debt stood at INR 2,836 crore, and the net debt to equity was 1.57 times. Gross debt declined by INR 74 crore during the quarter. Cash and bank balances were INR 1,106 crore, and our average cost of debt was 11.12%.

Speaker #4: Gross debt declined by INR 74 crore during the quarter. Cash and bank balances were INR 1,106 crore, and our average cost of debt was 11.12%.

Speaker #4: These figures keep the balance sheet efficient, firmly at the center of our priorities. We are clear about the work ahead—leverage and the cost of borrowing remain active management priorities.

Neeraj Gautam: These figures keep balanced efficient firmly at the center of our priorities. We are clear about the work ahead. Leverage and the cost of borrowing remain active management priorities. The principal levers are operational and we are addressing them directly. Our approach has four parts: grow collection, fund construction to project move towards delivery, refinance where there is a clear economic benefit, and recycle capital from a mature or non-core asset. We will also evaluate new opportunities through the lens of upfront cash commitment, project level cash flows, and return on capital. The proposed Purva Zentech transaction illustrates capital recycling in action during the quarter. We entered into a definitive agreement with ICICI Prudential AMC at an enterprise value of approximately INR 625 crore, subject to customary adjustment and closing conditions upon completion.

Speaker #4: The principal levers are operational, and we are addressing them directly. Our approach has four parts: grow collection, fund construction to project move towards delivery, refinance where there is a clear economic benefit, and recycle capital from a mature or non-core asset.

Speaker #4: We will also evaluate new opportunities through the lens of upfront cash commitment, project-level cash flows, and return on capital. The proposed Purva Genetic transaction illustrates capital recycling in action during the quarter.

Speaker #4: We entered into a definitive agreement with ICC Potential AMC at an enterprise value of approximately INR 625 crore. Subject to customary adjustments and closing conditions, upon completion, the transaction is expected to release capital and enhance our financial flexibility, allowing us to direct resources toward areas where we see strong strategic economic value.

Neeraj Gautam: The transaction is expected to release the capital and enhance our financial flexibility, allowing us to direct resource towards the areas where we see the strong strategic economic value. Coming to our growth pipeline and business development. During the quarter, we added four opportunities across Bengaluru, expanding approximately 41.93 acres with development potential of 4.23 million square feet with estimated GDV of INR 5,200 crore. The additions include joint development agreements at Sarjapur and Doddagubbi, together with land acquisition at Sanna Anamanakere in the North Bengaluru airport corridor and Mandur in East Bengaluru. Each strengthens our presence in the micro market and meaningful infrastructure employment for residential demand rights. The JDA structure also gives us capital-efficient route to participate in that growth. Now, how we are looking ahead. We reiterate our FY27 pre-sales guidance of INR 11,200 crore.

Speaker #4: Moving to our growth pipeline and business development, during the quarter we added four opportunities across Bangalore, spanning approximately 41.93 acres with a development potential of 4.23 million square feet and an estimated GDV of ₹5,200 crore.

Speaker #4: The additions include joint development agreements at Sarjapur and Dodagubbi, together with land acquisition at Sana Anamanekere in the North Bangalore Airport corridor and Mandur in East Bangalore.

Speaker #4: These strengthen our presence in the micro market and are meaningful if infrastructure, employment, or residential demand rises. The JDA structure also gives us a capital-efficient route to participate in that growth.

Speaker #4: Now, as to how we are looking ahead: we have reiterated our FY27 pre-sales guidance of INR 11,200 crore. Q1 establishes the base, but delivery will depend on the sequencing of launches, the timely receipt of approvals, and consistent execution across the remaining quarters.

Neeraj Gautam: Q1 establishes the base, but delivery will depend on the sequencing of launches, the timely receipt of approvals, and consistent execution across the remaining quarters. Our confidence is anchored in the identified launch pipeline, available inventory, and the depth of demand in our core markets. We intend to pursue the guidance without compromising pricing discipline and our capital acquisition standards. Our agenda for the rest of FY27 is therefore straightforward. Translate the pipeline into launches, translate pre-sale into collections, translate construction into handovers, and translate operating progress into stronger cash flows and balance sheet efficiency. Puravankara has the brand market presence and development capability to build at scale. The task now is to make that growth increasingly valuable. Our ambition is not merely to sell more, it is to convert growth into cash, earning and deliver returns for all stakeholders. Thank you for joining us today.

Speaker #4: Our confidence is anchored in the identified launch pipeline, available inventory, and the depth of demand in our core markets. We intend to pursue the guidance without compromising pricing discipline and our capital allocation standards.

Speaker #4: Our agenda for the rest of FY27 is, therefore, straightforward: translate the pipeline into launches, translate pre-sales into collections, translate construction into handovers, and translate operating progress into stronger cash flows and balance sheet efficiency.

Neeraj Gautam: Our agenda for the rest of FY27 is therefore straightforward. Translate the pipeline into launches, translate pre-sale into collections, translate construction into handovers, and translate operating progress into stronger cash flows and balance sheet efficiency. Puravankara has the brand market presence and development capability to build at scale. The task now is to make that growth increasingly valuable. Our ambition is not merely to sell more, it is to convert growth into cash, earning and deliver returns for all stakeholders. Thank you for joining us today. With that, we are now open for call for questions. Thank you.

Speaker #4: Puravankara has the brand, market presence, and development capability to build at scale. The task now is to make that growth increasingly valuable. Our ambition is not merely to sell more.

Speaker #4: It is to convert growth into cash, earnings, and durable returns for all stakeholders. Thank you for joining us today. With that, we are now open for questions.

Neeraj Gautam: With that, we are now open for call for questions. Thank you.

Speaker #4: Thank you.

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

Operator: Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Deepak Purswani from Swan Investments. Please go ahead.

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

Speaker #1: Ladies and gentlemen, we'll wait for a moment while the question queue assembles. The first question is from Deepak Purswani from SWAN Investments.

Speaker #1: Please go ahead.

Speaker #2: Yeah. Hi, good morning, team. Congratulations on a good financial performance. I just wanted to check on a couple of things. Firstly, in the cash flow statement, there is a line item—land payment to the extent of ₹574 crore.

Deepak Purswani: Yeah. Hi, good morning, team. Congratulations for good financial performance. Just wanted to check on a couple of things. Firstly, in the cash flow statement, there is a line item, land payment to the extent of INR 574 crore. While I do understand there has been some business development in Q1, just wanted to get the sense from the year perspective, how should we see this line item going ahead?

Speaker #2: While I do understand there has been some business development in Q1, I just wanted to get a sense, from the year perspective, how should we look at this line item going ahead?

Speaker #4: You see, as far as this land payment is concerned, as I mentioned in my earnings call, we have completed four acquisitions during the quarter.

Neeraj Gautam: See, as far as this land payment is concerned, as I mentioned in my earning call, we have completed four acquisitions during the quarter within Bengaluru, which is about 43 acres and 4.23 million square feet of development with a GDV of INR 5,200 crore. As you noticed that we have not increased any gross debt for that. The cash and cash equivalent, which is lying on 31 March 2026, we have utilized the money, and this amount has been paid to completing these four acquisitions during the quarter. As going forward basis, as I mentioned, and I think the rest of our colleagues will mention, that we will be strategically acquiring land banks.

Speaker #4: We are in Bangalore, which is about 43 acres and 4.23 million square feet of development, with a GDP of 5,200 crore. As you may have noticed, we have not increased any gross debt for that.

Speaker #4: The cash and cash equivalents, which were lying as of 30th and 31st March 2026, we have utilized that money, and this amount has been paid towards completing these four acquisitions.

Speaker #4: During the quarter, and as going going for going forward basis, as you as we as I mentioned and I think the rest of our the the colleagues will mention, that we'll be strategically acquiring land banks?

Speaker #2: Yeah.

Deepak Purswani: Yeah. Okay. From the outlook perspective, how should we see this amount for the already committed land and any future acquisition?

Speaker #4: Okay.

Speaker #2: But from the outflow perspective, how should we see this amount—for the already committed land and any future acquisition?

Speaker #4: No, all I'm saying is that whatever the land commitment has done, whether whatever we need money for the development of those lands, whatever land we have acquired, there is no amount remaining unpaid towards acquisition of land.

Neeraj Gautam: No. All I'm saying is that whatever the land commitment has done, whatever we need money for the development of those lands, whatever land we have acquired, there's no amount remain unpaid towards acquisition of land. All the acquisition has been fully paid as far as land cost is concerned. However, the money which we require for development of those land and that will be done as a cost of construction and development, not as a land payment per se. However, if we choose to do any new acquisition, which is beneficial for the company, then there'll be some land payment.

Speaker #4: All the acquisition has been fully paid as far as land cost is concerned. However, the money which we require for the development of those lands will be needed as a cost of construction and development.

Speaker #4: Not as a land payment per se. However, if we choose to do any new acquisition which is beneficial for the company, then there will be some land payment.

Speaker #2: Okay. And secondly, just wanted to check it out on the ICC approved transaction. since now this transaction has been culminated now, how should we see, cash flow coming in and, should we expect the land, debt coming down to the extent of 500 crore with this with this transaction?

Deepak Purswani: Okay. Secondly, just wanted to check it out on the ICICI Prudential transaction. Since now this transaction has been culminated, how should we see cash flow coming in and should we expect the land debt coming down to the extent of INR 500 crore with this transaction and going ahead?

Speaker #2: And then, and then going ahead.

Speaker #4: So, that transaction, as we have given an update to the stock exchanges, we have signed the definitive agreement with IC Potential.

Neeraj Gautam: That transaction, as we have given update to the stock exchanges, we have signed the definitive agreement with the ICICI Prudential, and we are in the process of completing the customary condition precedent of the transaction. We are expecting that this should be happening during this month. As soon as that we complete, the consideration mentioned will be received and the debt, about INR 250 crore debt sitting on that particular asset, that will be repaid out of the proceeds of that. The balanced cash flow, we will evaluate judiciously where to deploy, whether we should reduce the debt, whether we invest in the whenever, not to increase any debt and any business development issue and where we or we can use money as in working capital. Which is the most optimum for the business needs, accordingly, we'll take the decision on that.

Speaker #4: And we are in the process of completing the customary conditions precedent of the transaction, and we are expecting that this should happen during this month.

Speaker #4: As soon as that be complete, the the consideration mentioned will be received. And the the the debt about 200, 50 crore debt sitting on that particular asset, that will be repaid out of the proceeds of that.

Speaker #4: And the balanced cash flow, we will evaluate judiciously where to deploy, whether we should reduce the debt, whether we invest in the — whenever, not to increase any debt, and any business development needs to be — and where we, or we can use this money as in working capital.

Neeraj Gautam: The balanced cash flow, we will evaluate judiciously where to deploy, whether we should reduce the debt, whether we invest in the whenever, not to increase any debt and any business development issue and where we or we can use money as in working capital. Which is the most optimum for the business needs, accordingly, we'll take the decision on that.

Speaker #4: Which is the most, you know, optimum for the business—needs accordingly, we'll take the decision on that.

Speaker #2: Okay. At least ₹250-odd crore, which was lying in the SC, debt will go away from our books.

Deepak Purswani: Okay. At least INR 250 crore which was lying in the SPV, that will go away from our books.

Speaker #4: That will, that definitely, that is because it's part of that asset.

Neeraj Gautam: That will. That definitely. That is because it is part of that asset.

Speaker #2: That's over.

Deepak Purswani: That is all right now. Okay. Coming to the launch pipeline, I think few of the projects, that is Purva Westend, Hennur Road, and Cityspire, Winworth, Kochi. These have been now pushed to Q2 FY27. Just wanted to get the sense, was there any approval-related issue or if you can just share your perspective on these projects.

Speaker #4: Okay. Okay.

Speaker #2: And, coming to the launch pipeline, I think a few of the projects—that is, West End, Henry Road, City Star, and Windward, Kochi—have now been pushed to Q2 FY27.

Speaker #2: Just wanted to get the sense—I mean, was there any approval-related issue? Or if you can, just share your perspective on these projects.

Speaker #4: Yeah, West End Malana here. West End is already, you know, we already got the RERA approval, and we have launched the project, and we have received a good number of EOIs on that project.

Mallanna Sasalu: Yeah. Purva Westend, Mallanna Sasalu here. Purva Westend is already, we have already got the RERA approval, and we have launched the project, and we have received good number of EOIs on that project. Hennur Road, because of what is going on in Karnataka at this point of time in terms of the change in power and change in the ministries and change in officers has led to a little bit of delay in getting the approvals. Now, I think we have the clarity with all the ministries that are already being sworn in, ministers being sworn in, and I think this week onwards that we should be having a little bit more clarity. In Cityspire in Winworth, it is just the last step, only the RERA approval is pending, so we are quite confident that it is going to be launched in this quarter as well.

Speaker #4: And Hennur Road, because of what is going on in Karnataka at this point of time, in terms of the change in power and change in the ministries and change in officers, has led to a little bit of delay in getting the approvals.

Speaker #4: Now I think we have the clarity with the all the ministries that are that are that are already being sworn in. Ministers being sworn in and, I think this week onwards that we should be having a little bit more clarity.

Mallanna Sasalu: Now, I think we have the clarity with all the ministries that are already being sworn in, ministers being sworn in, and I think this week onwards that we should be having a little bit more clarity. In Cityspire in Winworth, it is just the last step, only the RERA approval is pending, so we are quite confident that it is going to be launched in this quarter as well. There is no anxiety in terms of the launches. It is just a little bit of delay. As far as the business is concerned, we will make sure that there are no impediments for getting the approvals or for the launch.

Speaker #4: In City Spire in Windworth and it's just the last step, only the RERA approval is pending. And so we are quite confident that, you know, it's going to be launched in this, quarter as well.

Speaker #4: So, there is no anxiety in terms of the launches. It's just a little bit of delay, and as far as the business is concerned, we've made sure that there are no impediments for getting the approvals or for the launch.

Mallanna Sasalu: There is no anxiety in terms of the launches. It is just a little bit of delay. As far as the business is concerned, we will make sure that there are no impediments for getting the approvals or for the launch.

Speaker #2: Okay. And there are some other large projects which are expected to be launched in the coming quarter, like Grand Hills, Balundur, Malasundra, and Kanakapura.

Deepak Purswani: Okay. There are some other large projects which are expected to be launched in the coming quarter, like Puravankara Grand Hills, Ballari, Mallasandra, and Kanakapura in Bangalore, and then Winworth 3 in Kochi. If you can share your perspective, where we are in terms of the launch pipeline there. Is everything on track and approval process is on track? If you can share your perspective on that one.

Speaker #2: In Bangalore, and then Windward 3 in Kochi. If you can share your perspective, I mean, where we are in terms of the launch pipeline there—if everything is on track and the approval process is on track.

Speaker #2: If you can share your perspective on that part.

Speaker #4: They are all on track. You know, they you know, it's in fact they are ahead of the ahead of the curve at this point of time.

Mallanna Sasalu: They are all on track. In fact, they are ahead of the curve at this point of time. The only challenge was, as I said, that there were some delays from the government side in having the meetings and concluding the approvals. Otherwise, all the projects that you mentioned, that is the Puravankara Grand Hills and Ballari and Hennur Road and Winworth 3. Winworth 3 I already spoke about, that it is already in the last step, that is just the RERA approval is pending, and maybe this week we should be able to get that. So all projects are in line, and there is nothing to worry about.

Speaker #4: The only challenge was, as I said, that there were some delays from the government side in having the meetings and concluding the approvals.

Speaker #4: otherwise, you know, the all the projects that you mentioned, that is the Grand Hills and Balagere and Hennur Road and, Windward 3. Windward 3 I already spoke about that it's already in the last step that is just the RERA approval is pending and maybe this week we should be able to get that.

Speaker #4: So all projects are, you know, in line, and there is nothing to worry about.

Speaker #2: Okay. And on the Mumbai portfolio front, similarly, if you can share your perspective in terms of the timeline of the projects—that is, Miami, Deccan, Apna Ghar, and Chembur projects.

Deepak Purswani: Okay. On the Mumbai portfolio front, similarly, if you can share your perspective in terms of the timeline of the project that is Purva Miami, Deccan, Apnagar, and Chembur project. Are we on track in terms of launching, or where we are in the approval process at the current juncture?

Speaker #2: Are we on track in terms of the launch, or where are we in the approval process at the current juncture?

Speaker #4: Project is there. Project. Yeah. Hi, good morning. So, Miami—we got the RERA. We've already received RERA in the month of June. So, I think Miami is already on for sale.

Mallanna Sasalu: Rajat is there.

Rajat Rastogi: Hi, Rajat.

Deepak Purswani: Hi, Rajat.

Mallanna Sasalu: Yeah.

Rajat Rastogi: Hi, good morning. Purva Miami, we got the RERA. We have already received RERA in the month of June, so I think Purva Miami is already on for sale. Pali Hill, we have received 100% vacation now, so we will apply for RERA by end of September, and subsequently, we are looking at a launch in between October and November. So that is also on track. Apnagar 3 is sent for approvals, and so is Deonar Bagh, so we are looking at a launch in Q4. So all the four projects that we had planned are absolutely on track, and we should have these launches between Q3 and Q4.

Speaker #4: Pali Hill, we have received 100% vacation now. So we'll apply for RERA by the end of September, and subsequently we're looking at a launch between October and November.

Speaker #4: So that's also on track. Apnagar 3 is sent for approvals, and so is the Onarbas. So we're looking at a launch in Q4.

Speaker #4: So, all the four projects that we have planned are pro—we are absolutely on track, and we should have these launches between quarter three and quarter four.

Speaker #2: Okay. And finally, just wanted to double check on the guidance, friends, on the presale guidance of ₹11,200 crore and debt reduction of ₹700 crore.

Deepak Purswani: Okay. Finally, just wanted to double-check on the guidance fronts, on the pre-sale guidance of INR 11,200 crore and debt reduction of INR 700 crore. How we are seeing this internally, and how are we seeing the demand environment in each of the major micro market, that is Bangalore and Mumbai at current juncture? If you can share the perspective, please.

Speaker #2: How are we seeing this internally, and how are we viewing the demand environment in each of the major micro markets—that is, Bangalore and Mumbai—at the current juncture? If you can share your perspective, please.

Speaker #4: Yeah. We gave the guidance at ₹11,200 crores. And we've just spent one quarter so far, and maybe another month after that, so we continue to hold the same numbers.

Mallanna Sasalu: Yeah. We gave the guidance at INR 11,200 crore, and we've just spent one quarter so far and maybe another month after that. We continue to hold the same numbers because, as I said that, the pro launches that did not happen in Q1 have moved to Q2, maybe one or two projects. Otherwise, everything is on track, and we should be able to reach the numbers of the guidance that what we have given.

Speaker #4: Because, as I said, you know, whether the pro launches that did not happen in the first quarter have moved to the second quarter—maybe one or two projects.

Speaker #4: Otherwise, everything is on track and we should be able to reach the numbers in the guidance that they've given.

Speaker #2: And what about the debt reduction of ₹700 crore, which we were targeting at the beginning of the year?

Deepak Purswani: What about the debt reduction of INR 700 crore, which we were targeting at the beginning of the year?

Speaker #4: I I I our guidance remains, hold. I if you look at the Q1, though we have, added four new projects. And despite that we have reduced the gross debt by 74 crore.

Neeraj Gautam: Our guidance remains hold. If you look at Q1, though we have added four new projects, and despite that, we have reduced the gross debt by INR 74 crore. We hold our guidance. We have just finished Q1, and we hold our guidance as a debt reduction as well.

Speaker #4: And we hold our guidance. We have just finished Q1, and we hold our guidance as well as the debt reduction.

Speaker #2: On this issue, it's a little bit dynamic, right? You know, basically what happens is that there will always be opportunities for us to put money on.

Mallanna Sasalu: On this issue, it's a little bit dynamic. Basically, what happens is that there will always be opportunities for us to put money on. So it's just versus opportunities that we are pursuing. The cash flows are quite strong, but the opportunities to pursue versus reduction of the debt. So from time to time, I think that we will evaluate that, but at this point of time, as Neeraj said, we continue to hold the line that we will reduce the debt by INR 700 crore.

Speaker #2: So it's just versus opportunities that we are pursuing. The cash flows are quite strong, but the opportunities to pursue versus reduction of the debt.

Speaker #2: So, from time to time, I think that we will evaluate that, but at this point in time, as Neeraj said, we continue to hold the line that we will reduce the debt by ₹700 crore.

Speaker #1: Okay. And finally, if

Deepak Purswani: Okay. If you can share the perspective on the demand environment in major micro market, that is Bengaluru and Mumbai region.

Speaker #2: You can share the perspective on the demand environment in major micro markets, that is, the Bangalore and Mumbai regions.

Speaker #4: I'll just talk about the South. So far, we have not seen any kind of slowdown or anything like that. The business is steady.

Mallanna Sasalu: I will just talk about the South. So far, we have not seen any kind of slowdown or anything like that. Business is steady. As I always keep saying that this may not be 2024, 2025 kind of growth at what we are seeing. But for the listed players, for the products which are well-priced, and the products which are well-designed and which reaches customers, they are all doing very well. So we have not seen any slowdown, whether it is sustenance or the projects that we have launched so far.

Speaker #4: as as I always keep saying that this may not be you know 24 25 kind of growth that what we are seeing but for the listed players for the products which are well priced and the products which are well designed and which reach which which need which reaches customers and they're all doing very well.

Speaker #4: So, we have not seen any slowdown, whether it's in sustenance or in the projects that we have launched so far.

Speaker #2: You know, I agree with Mala. I think the situation is similar in Mumbai and Pune. I think the top branded players continue to gain larger market share.

Rajat Rastogi: Ravi, I agree with Mallanna Sasalu. I think so is the situation in Mumbai and Pune. I think the top branded players continue to gain larger market share. I think that is evident from the numbers over quarter. I think all the price points are doing well at this point of time. In fact, our project, Purva Miami in Breach Candy, has received a lot of encouraging response from the ultra-luxury segment as well. So from an overall holistic point of view, I think the demand remains sustained. We see that, in fact, the demand is going to grow up further in the festival period, the way it is going right now. I think the branded players will continue to gain a larger market share with regards to their products and pricing.

Speaker #2: I think that's evident from the numbers of the quarter. I think all the price points are doing well at this point of time. In fact, our project, Purva Miami Breach Candy, has received a lot of encouraging response from the ultra luxury segment as well.

Speaker #2: So, from an overall holistic point of view, I think the demand remains sustained. We see that, in fact, the demand is going to grow further during the festival period.

Speaker #2: The way it is going right now, and yeah, I think the branded players will continue to gain a larger market share with regard to their products and pricing.

Speaker #2: Yeah. Okay. Thank you, and wish you all the best, team.

Deepak Purswani: Okay. Thank you, and wish you all the best, team.

Speaker #4: Thank you.

Speaker #1: Thank you. Participants, in order to ask a question, you may press star and one at this time. The next question is from the line of Akshay, an individual investor.

Neeraj Gautam: Thank you.

Operator: Thank you. Participants, in order to ask a question, you may press star and 1 at this time. The next question is from the line of Akshay, an individual investor. Please go ahead. Akshay, your line has been unmuted. Please go ahead with your question.

Speaker #1: Please go ahead. Akshay, your line has been unmuted. Please go ahead with your question.

Speaker #2: Hello. Hello.

Neeraj Gautam: Hello? Hello. Go ahead, please. Sir, my question was regarding the margins. What margins are we targeting for the next 2 years? Also if you could provide the split between the redevelopment projects, the new developments that we are doing and the joint ventures that we are in. As we reported, EBITDA margin this quarter 25% and we will continue to hold the margin guidance between 25% to 30% as an overall portfolio level. Depending upon the product mix between the plotted project or the JDA project and the outright land project, redevelopment project margins are slightly different depending upon the nature of the product. However, on overall basis, on a weighted average basis, we continue to hold the EBITDA margin of 30%, in the range of 30%, 25% to 30% range. Okay. Also, I wanted to know the pre-sales guidance, if you could provide that.

[Shareholder] (Private Investor): Hello?

Speaker #4: Where is yeah.

Neeraj Gautam: Hello. Go ahead, please.

Speaker #2: Sir, my question was regarding the margins. What margins are we targeting for the next two years? Also, if you could provide the split between the redevelopment projects, the new developments that we are doing, and the joint ventures that we are in.

[Shareholder] (Private Investor): Sir, my question was regarding the margins. What margins are we targeting for the next 2 years? Also if you could provide the split between the redevelopment projects, the new developments that we are doing and the joint ventures that we are in.

Speaker #4: So, as we reported, EBITDA margin in this quarter was 25%, and we will continue to hold the margin guidance between 25% to 30% at an overall portfolio level.

Neeraj Gautam: As we reported, EBITDA margin this quarter 25% and we will continue to hold the margin guidance between 25% to 30% as an overall portfolio level. Depending upon the product mix between the plotted project or the JDA project and the outright land project, redevelopment project margins are slightly different depending upon the nature of the product. However, on overall basis, on a weighted average basis, we continue to hold the EBITDA margin of 30%, in the range of 30%, 25% to 30% range.

Speaker #4: And and and depending depending depending upon the product mix between the you know the plotted project or the GDA project and the own outright lend project redevelopment project margins are slightly different depend upon the nature of the product however on overall basis when when a weighted average basis we continue to hold the EBITDA margin of 30% in the range of 30%.

Speaker #4: 25 to 30% range.

Speaker #2: Okay. And also, I wanted to know, on the presale guidance, if you could provide that.

[Shareholder] (Private Investor): Okay. Also, I wanted to know the pre-sales guidance, if you could provide that.

Speaker #4: We have, as I think we mentioned in the last quarter as well as in this quarter, that Malana has retreated. We continue to hold guidance of ₹11,200 crore of sales for the financial year FY27.

Neeraj Gautam: We have, as I think we have mentioned in the last quarter as well, in this quarter that Mallanna Sasalu has reiterated, we continue to hold guidance of INR 11,200 crore of the sales for the financial year FY27. Okay. Okay, sir. That is it on my side. Thank you. Thank you.

Speaker #2: Okay. Okay, so that's it. Thank you.

[Shareholder] (Private Investor): Okay. Okay, sir. That is it on my side. Thank you.

Speaker #4: Thank you. Thank you.

Speaker #1: Thank you. The next question is from the line of Varun Kothari from White Knight Advisors. Please go ahead.

Neeraj Gautam: Thank you.

Operator: Thank you. The next question is from the line of Varun Kothari from White Knight Advisors. Please go ahead.

Speaker #2: Hi sir, thank you for the opportunity. I was just curious to know how we are planning to reduce the debt in the next three years?

Varun Kothari: Hi, sir. Thank you for the opportunity. Sir, I was just curious to know how are we planning to reduce the debt in next 3 years?

Speaker #4: yeah yeah this is a this is a question that you know that comes quite regularly. So it's a question of as I was saying in the previous question that it's a question of opportunities pursuing the opportunities versus reducing the debt.

Neeraj Gautam: Yeah. This is a question that comes quite regularly. It's a question of, as I was saying in a previous question, it's a question of pursuing the opportunities versus reducing the debt. If you really look at what has happened in the last 1.5 to 2 years, we've reached a portfolio size of around INR 68,500 crore, that is because of the investments that we are making. The free cash flows, either we can invest into the best opportunities available, or we can reduce the debt. We are quite comfortable with the debt position we have. In fact, we've given a detailed report on how the debt has been put together. It has been deployed against the portfolio size and against the business.

Speaker #4: And so, if you really look at what has happened in the last one and a half to two years, we've reached a portfolio size of around ₹58,500 crore.

Speaker #4: that is because of the investments that what we are making. The free cash flows either we can invest invest into into the into the available opportunities the best opportunities available or we can reduce the debt.

Neeraj Gautam: The free cash flows, either we can invest into the best opportunities available, or we can reduce the debt. We are quite comfortable with the debt position we have. In fact, we've given a detailed report on how the debt has been put together. It has been deployed against the portfolio size and against the business. We do not have any such guidance towards saying that we are going to become zero debt in the next 2 years or 3 years, and we think that the debt is important part of the business. As we grow, this money will be required.

Speaker #4: And so we are quite comfortable with the debt position we have, and in fact, we've given a detailed report on how the debt has been put together.

Speaker #4: It's the has been has been deployed. Against the portfolio size and against the business. So so we do not have any such guidance towards saying that we are going to become zero debt in the next two years or three years and we think that the debt is important part of the business as we grow the this this money will be required.

Neeraj Gautam: We do not have any such guidance towards saying that we are going to become zero debt in the next 2 years or 3 years, and we think that the debt is important part of the business. As we grow, this money will be required.

Speaker #2: Fair enough, that answers my question. Now, my next question is: will we be able to achieve our presales guidelines of more than ₹11,000 crore this year?

Varun Kothari: Fair enough. That answers my question. Now, next question is, will we be able to achieve our pre-sales guidelines of more than INR 11,000 crores this year?

Speaker #4: Yes I think we have given that guidance and so we are so far we are holding that line because we just spent one quarter and the quarter is that whatever as per our AOP plan that we internally we've had and we are we are we are we have met that.

Neeraj Gautam: Yes, I think we have given that guidance, and so far we are holding that line, because we have just spent one quarter. The quarter is that whatever as per our AOP plans that internally we've had, and we have met that, so we continue to hold that line.

Speaker #4: And so, we continue to hold that line.

Speaker #2: Okay, thank you. That will be all.

Speaker #4: Thanks.

Varun Kothari: Okay. Thank you. That will be all.

Speaker #1: Thank you. Before we take the next question, we would like to remind participants that you may press star one to ask a question.

Neeraj Gautam: Thanks.

Operator: Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Rahul Shah from Eternal Capital. Please go ahead.

Speaker #1: The next question is from the line of Rahul Shah from Eternal Capital. Please go ahead.

Speaker #2: Yes, hi. So, thank you so much for the opportunity, sir, and congratulations on a good set of numbers and the consistent performance quarter on quarter.

Rahul Shah: Yes. Hi. Thank you so much for the opportunity, sir, and congratulations on a good set of numbers and the consistent performance quarter on quarter. Just wanted to get an idea. What was the contribution from the Estrela projects for this quarter? If I could just know the number on that front, and then I will take my second question.

Speaker #2: And so just wanted to get an idea. So what was the contribution from the Estrella projects for this quarter and if I could just know the number on that front and then then I'll take my my second question.

Speaker #4: Estrella: Okay, okay. Mira, do you want to go ahead?

Speaker #2: Yeah, that's right. Go ahead, go ahead. I don't remember the exact number, so I was saying.

Neeraj Gautam: Estrela. Okay, Neeraj, you want to go ahead? Rajat, go ahead. I do not remember the exact numbers, so I was saying that. Okay. Estrela in the quarter contributed close to around INR 200 crores overall as raw sales numbers. I think at portfolio level, we have done almost around INR 800 odd crores of sales since launch.

Speaker #4: Okay. So Estrella in the quarter contributed close to around 200 crores. overall as a as a gross sales numbers and I think as a as a portfolio level we have done almost around 800 odd crores of sales since launch.

Speaker #2: Got it, sir. What was the highest revenue contributor—gross sales contributor—from a project's point of view? If you could just note down the top three, that would be really helpful.

Rahul Shah: Got it, sir.

Neeraj Gautam: Yeah.

Rahul Shah: What was the highest revenue contributor, gross sales contributor from a projects point of view? If you could just note down the top three, that would be really helpful.

Speaker #4: So that would be the top three projects. Not these people, not like South, Northern Lights, and Purva, you know, Profit and Equinox. And if I go for the West, it's Estrella.

Neeraj Gautam: So that would be the top three projects. If I look at South, Northern Lights and Provident Equinox. And if I go for the West, it is Estrela. In fact, Estrela, we got the number, Rajat. It is 272 crores. Sorry. No, Rajat is right. Oh, that is right. It is the entire West commercial number. Okay. 200 crores. 200 crores. Yeah. That is right.

Rajat Rastogi: So that would be the top three projects.

Neeraj Gautam: If I look at South, Northern Lights and Provident Equinox. And if I go for the West, it is Estrela.

Speaker #4: So in fact, Estrella, we got the number. Rajat, it's ₹272 crores. Sorry, that's right. In that West In Commercial number. Okay, perfect. ₹200 crores.

Rajat Rastogi: In fact, Estrela, we got the number, Rajat. It is 272 crores. Sorry.

Neeraj Gautam: No, Rajat is right. Oh, that is right. It is the entire West commercial number.

Speaker #4: 200 crores. That is

Rajat Rastogi: Okay. 200 crores. 200 crores. Yeah. That is right.

Speaker #2: So just to clarify, the 250 is 272, right?

Rahul Shah: Just to clarify, the 250 is 272, right?

Speaker #4: No no no no. What what I'll say saying is are if you look at our you know investor permit slide number nine that during this quarter contribution from the west end commercial business is 300 and 393 crore that includes 200 crore sales from the Estrella.

Neeraj Gautam: No, what I am saying is, if you look at investor presentation, slide number 9, that during this quarter, contribution from the West commercial business is 393 crore. That includes 200 crore sales from Estrela. That number readily was not available with me, hence Rajat has confirmed the number, 200 crore from Purva Estrela, but that is part of overall 393 crore, which came from our West commercial business. Our South business contributed 1,046 crore, and thereby total sales for the quarter, we achieved 1,439 crore.

Speaker #4: I did not have that number readily available with me. Hence, Rajat has confirmed the number—₹200 crore—from Prova Estrella, but that is part of the overall ₹393 crore, which came from our Western commercial business.

Speaker #4: Our South business contributed ₹851 crore and ₹1,046 crore, and thereby, total sales for the quarter we achieved ₹1,439 crore.

Speaker #2: Okay, noted. Perfect. And if I can just squeeze one more in: I just wanted to understand, are we in line with the projects' launch timeline for this year, and are we expecting any delays because of the rising costs or anything?

Rahul Shah: Okay, noted. Perfect. And if I can just squeeze one more in. Just wanted to understand, are we in line with the projects launch timeline for this year? And are we expecting any delays because of the rising costs or anything?

Speaker #2: How are you looking at it?

Speaker #4: I'm saying that the rise in project launches is not a function of rising costs. I know one of the other participants also asked this question—whether we'll be able to meet our guidance or not of ₹11,200 crore.

Rajat Rastogi: How are you looking at it?

Neeraj Gautam: I am saying project launch is not a function of rising cost. Even I know one of the other participants also asked this question, whether we will be able to meet our guidance or not of INR 11,200 crore. All we are saying is we are not giving guidance just as a number. We are giving guidance as a project-wide. If you go to our slide number 16 of our investor presentation, we have given project-wide guidance, how many projects we are going to launch in South, how many projects we are going to launch in West, and each project is being tracked meticulously by both of our business leaders, both our CEOs.

Speaker #4: All I all we are saying is we are not giving guidance just as a number. We are giving guidance as a project wide if you go to our slide number 16 of our investor presentation we have given project wise guidance how many projects we are going to launch in south how many projects we're going to launch in west and each project is being tracked meticulously by both of our the business leaders both of our CEOs and is some of the project we have already received approval like earlier Malana has mentioned for CTS Spire in Cochin and West 10 in Bangalore we have already received the West received the RA also and CTS Spire received all the approvals so we are just awaiting RA similarly for west Rajat has confirmed that Miami have already received the RA and just we are awaiting to launch this project and hence what I would like we would like to retrieve that our guidance is well thought through project by project breakup in symmetrically being tracked and hence we are confident we will going to achieve these numbers in addition to that the launches that what we have what with the guidance that we have given is around 27,300 crores what may happen in the real world is that some projects may be coming in Q2 may go to Q3 Q3 may go to Q4 and some may even slip even otherwise that you know we got another 10,000 crore rupees of sustenance project that are going on across the country so with all of that put together and it is we have thought through this number and the guidance has been given on that basis.

Neeraj Gautam: In some of the projects, we have already received approval, like earlier Mallanna Sasalu has mentioned, for Cityspire in Kochi and Purva Westend in Bangalore, Purva Westend has received RERA also, and Cityspire received all the approvals, so we are just awaiting RERA. Similarly, for West, Rajat Rastogi has confirmed that Purva Miami have already received the RERA, and just we are waiting to launch this project. Hence, what we would like to recreate that our guidance is well thought through, project-by-project breakup, things meticulously being tracked, and hence we are confident we are going to achieve these numbers.

Rajat Rastogi: In addition to that, the launches that what with the guidance that we have given is around INR 27,300 crore. What may happen in the real world is that some projects may be coming in Q2, may go to Q3 may go to Q4, and some may even slip. Even otherwise, that we have got another INR 10,000 crore of sustenance projects that are going on across the country. With all of that put together, and we have thought through this number and the guidance has been given on that basis. Noted, sir. Thank you so much. That actually clarified a lot. All the best to you.

Speaker #2: Noted, sir. Thank you so much. That actually clarified a lot. All the best to you.

Speaker #4: Thank you.

Speaker #1: Thank you. Ladies and gentlemen, in order to ask a question, you may press star and one at this time. The next question is from the line of Akshay A., an individual investor.

Neeraj Gautam: Thank you.

Operator: Thank you. Ladies and gentlemen, in order to ask a question, you may press star and 1 at this time. The next question is from the line of Akshay, an individual investor. Please go ahead.

Speaker #1: Please go ahead.

Speaker #2: Yeah. Hi, sir. Thanks for the opportunity. I just wanted to know, are we planning any new commercial projects in the coming years, apart from the two that we already have?

[Company Representative]: Yeah, hi, sir. Thanks for the opportunity. I just wanted to know, are we planning any new commercial projects in coming years apart from the two that we have already?

[Shareholder] (Private Investor): Yeah, hi, sir. Thanks for the opportunity. I just wanted to know, are we planning any new commercial projects in coming years apart from the two that we have already?

Speaker #4: Yeah, I think we are scheduled to start a new commercial project on the recently acquired land in Hebbal, Bangalore. Hopefully, by the end of quarter four, we will start construction at the site.

Rajat Rastogi: Yeah, I think we are scheduled to start a new commercial project for the recently acquired land in Hebbal in Bangalore. Hopefully by end of Q4, we will start construction at the site. That's going to be approximately 1.3 million square feet.

Speaker #4: That's going to be approximately 1.3 million square feet.

Speaker #2: Okay. And the second thing I wanted to know, are we looking at any new opportunities in the Mumbai region, like going more deep into this?

[Company Representative]: Okay. Secondly, I wanted to know, are we looking at any new opportunities in the Mumbai region, like going more deep into this area?

[Shareholder] (Private Investor): Okay. Secondly, I wanted to know, are we looking at any new opportunities in the Mumbai region, like going more deep into this area?

Speaker #2: Area.

Speaker #4: Yeah, obviously we are expanding quite aggressively in the Mumbai region. If you look at our Mumbai landscape now, I think we have almost ₹25,000 crore of GDP value.

Rajat Rastogi: Yeah, obviously we are expanding quite aggressively in the Mumbai region. If you look at our Mumbai landscape now, I think we have almost INR 25,000 crores of GDV value spread across all price points from South Bombay to Thane to even Dombivli for that matter. We continue to grow across our redevelopment portfolio and also looking at opportunities in JDAs and even in pocket development for that matter. So, we are very bullish about the Mumbai market, not only from the fact that we are getting great response, also from the fact that from a redevelopment story, I think today we continue to get the best assets to evaluate. I think basis that when they meet our strategic guidelines, we enter those assets. So you will see a lot of traction coming in the redevelopment space in Mumbai in the next coming quarters.

Speaker #4: Spread across all price points from South Bombay to Thane, to even Dombivali, for that matter. And we continue to grow across our redevelopment portfolio and are also looking at opportunities in JDAs and even in pocket development, for that matter.

Speaker #4: So we're very bullish about the Mumbai market. not only from the fact fact that that we've getting great response also from the fact that the from the redevelopment story I think today we keep on we continue to get the best assets to evaluate and I think basis that when they meet our our strategic guidelines we we we enter those assets.

Rajat Rastogi: So, we are very bullish about the Mumbai market, not only from the fact that we are getting great response, also from the fact that from a redevelopment story, I think today we continue to get the best assets to evaluate. I think basis that when they meet our strategic guidelines, we enter those assets. So you will see a lot of traction coming in the redevelopment space in Mumbai in the next coming quarters.

Speaker #4: So, you will see a lot of traction coming in the redevelopment space in Mumbai in the next few quarters.

Speaker #2: Okay, okay. Thank you so much. That was helpful.

[Company Representative]: Okay. Thank you so much. That was helpful.

[Shareholder] (Private Investor): Okay. Thank you so much. That was helpful.

Speaker #1: Thank you. The next question is from the line of Deepak Parswani from Swan Investments. Please go ahead.

Operator: Thank you. The next question is from the line of Deepak Purswani from Swan Investments. Please go ahead.

Speaker #2: Yeah, thank you for the follow-up opportunity. Just wanted to check in on the Purva Aero City project. If you can, please update us on the commercial development of this project, which is 2.2 million square feet.

Deepak Purswani: Yeah, thank you for the follow-up opportunity. Just wanted to check on Purva Aerocity project. If you can just please update on the commercial development of this project of 2.2 million square feet. I think we are in the process of getting the OC approval for this project. What is the lease status at this point of time, and what is the expected lease for this project?

Speaker #2: I think we are in the process of getting the OC approval for this project. What is the lead status at this point in time, and what is the expected lease for this project?

Speaker #4: So, I'm glad to share that, for Aero City, we received the OC in the month of May. The project has already received— we've got OC for 1.3 million square feet.

Rajat Rastogi: Well, I am glad to share that Aerocity will receive the OC in May. The project has already received, we have got OC for 1.3 million square feet. The balance 9 lakh square feet we have not started construction, which we will start in a phased manner over a period of time. We are getting a lot of good response from GCCs and other large players. We have filled in RFP to close to approximately 2.5 million per square feet now. We have not been able to lease per se, but I think we have a very, very good traction right now for the coming quarters to lease a substantial area in Aerocity.

Speaker #4: The balance 9 lakh square feet we have not started construction, which we will start in a phased manner over a period of time. We continue— we're getting a lot of good response from GCCs and other large players.

Speaker #4: We've been filling RFPs. We filled in RFPs to close to approximately around 2.5 million per square ft now. we've not been able to lease per se but I think we have a we have a very very good traction right now for the coming quarters to to lease a substantial area in Aero City.

Speaker #2: And what is the expected lease rate we are anticipating here?

Deepak Purswani: What is the expected lease rate we are anticipating here?

Speaker #4: We should be getting somewhere around an NOI of between 60 to 65 rupees.

Rajat Rastogi: We should be getting somewhere around NOI between INR 60 to INR 65.

Speaker #2: Okay. And what about the phase two? I mean, when should we expect the remaining phase of 0.9 million square feet to be handed over or completed?

Deepak Purswani: Okay. What about the phase 2? I mean, when should we expect remaining phase of 0.9 million square feet to get handover or completed?

Speaker #4: As a part of the strategy, we would like to start phase two once we have released at least 70 to 80% of phase one.

Rajat Rastogi: As a part of the strategy, we would like to start phase 2 once we have leased out at least 70% to 80% of phase 1, which I think can happen in the next few quarters. We already have approved plans for the next phase. It is just a matter of important for us to lease 70%, 80% of this asset and then we will go for phase 2.

Speaker #4: Which I think can happen in the next few quarters. We already have approved plans for the next phase, so it's just a matter of first—it's important for us to lease 70-80% of this asset and then go for phase two.

Speaker #2: Okay. And secondly, any thoughts on the monetization of this asset, or will we look to hold this asset? Or how should we see it from a future perspective?

Deepak Purswani: Okay. Secondly, any thoughts on the monetization of this asset, or we will look to hold this asset, or how should we see from a future perspective?

Speaker #4: So see strategically if you see the location of this asset is right at the future center growth center of Bangalore right and we we look at this asset as as as a overall larger landscape for us in in North Bangalore.

Rajat Rastogi: See, strategically, if you see the location of this asset is right at the future growth center of Bangalore. We look at this asset as an overall larger landscape for us in North Bangalore. Right now, I think for us, the focus is to lease this asset, get good clients, top-notch MNC and GCCs over here, and probably at the right time, probably we will look at monetizing if that is required.

Speaker #4: So right now, I think for us the focus is to lease this asset, get good clients—top-notch MNCs and GCCs—over here, and probably at the right time, we’ll look at monetizing if that’s required.

Speaker #2: Okay. Thank you, and I wish you the best.

Deepak Purswani: Okay. Thank you, and wish you all the best.

Speaker #1: Thank you. The next question is from the line of Rohit Joshi, an individual investor. Please go ahead.

Operator: Thank you. The next question is from the line of Rohit Joshi, an individual investor. Please go ahead.

Rohit Joshi: Hello.

Speaker #2: Hello.

Speaker #4: Go ahead guys.

Speaker #2: Thank you. Thank you for giving me the opportunity. So actually, in the last call also, you hinted a bit that you are entering into the senior living space.

Rajat Rastogi: Go ahead, please.

Rohit Joshi: Hi, sir. Thank you. Thank you for giving me the opportunity. Actually, in the last conference call also, you hinted a bit on that you are entering into the senior living space. Just wanted to get an update on that.

Speaker #2: So, just wanted to get an update on that.

Speaker #4: Okay.

Neeraj Gautam: Rajit?

Speaker #2: Yeah I I don't I don't don't think Rohit we have spoken about a senior living as of now. What I remember what Rajat mentioned that he's continue to evaluate that the the new new commercial business lines like data center warehousing etc.

Rajat Rastogi: Mallanna, you want to answer that?

Neeraj Gautam: Yeah. I don't think, Rohit, we have spoken about senior living

Rajat Rastogi: Yeah

Neeraj Gautam: as of now. What I remember what Rajat mentioned, that he's continued to evaluate the new commercial business lines like data center, warehousing, et cetera. If a good opportunity comes, we are into that business. We are open to explore it. But I don't think we have said that we are starting or we are doing something about senior living at this point of time.

Speaker #2: If a good opportunity comes, we are into that business; we are open to exploring it. But I don't think we have said that we are starting or that we are doing something about senior living at this point of time.

Speaker #4: Okay. Okay. Got it sir.

Speaker #2: And sir, apart from senior living, what other geographies are we looking to expand into? Like, what are the states? Other geography—probably Rajat can answer.

Rohit Joshi: Okay. Got it, sir. Apart from senior living also, what other geographies are we looking to expand, like what are the states?

Speaker #2: We are exploring, besides the South and the West, we are also exploring good opportunities in the NCR. Probably Rajat can elaborate on that.

Neeraj Gautam: Other geography, probably Rajat can answer. We are exploring besides the South and the West. We are also exploring good opportunity in the NCR. Probably Rajat can elaborate that.

Speaker #4: Okay. Yeah, I think we have been evaluating the growth possibilities in the NCR market, more focused on Noida as an NCR market right now.

Rohit Joshi: Okay. Okay, sir.

Rajat Rastogi: Yeah. I think we are evaluating the growth possibilities in NCR market. More focused on Noida as an NCR market right now. We see great potential in the market for branded players like Puravankara entering. We are hopeful that in next coming quarters, we should be able to at least get some traction in terms of the land development in Noida market.

Speaker #4: We see great potential in the market for branded players like Puravankara entering. So, we are hopeful that in the coming quarters, we should be able to at least get some traction in terms of land development in the Noida market.

Speaker #2: Okay. Okay, sir. Thank you. Thank you so much for that, sir.

Rohit Joshi: Okay, sir. Thank you so much for that, sir.

Speaker #1: Thank you. Participants who wish to ask questions may press star and one at this time. Ladies and gentlemen, to ask a question, you may press star and one now.

Operator: Thank you. Participants who wish to ask questions may press star and one at this time. Ladies and gentlemen, to ask a question, you may press star and one now. Participants who wish to ask questions may press star and one at this time. Ladies and gentlemen, in order to ask a question, you may press star and one now. As there are no further questions from the participants, I would now like to hand the conference over to the management for closing comments.

Speaker #1: Participants who wish to ask questions may press star and one at this time. Ladies and gentlemen, in order to ask a question, you may press star and one now.

Speaker #1: As there are no further questions from the participants, I would now like to hand the conference over to the management for closing comments.

Speaker #2: Thank you, everybody, for joining today's call, and I hope my colleague and I have been able to answer all your questions. Besides that, if you have any further questions, please write to us. My colleagues and I will be available to reply and answer all your questions.

Neeraj Gautam: Thank you everybody for joining today's call, and I hope me and my colleague have been able to answer all your questions. Besides that, if you have any further questions, please write to us. Me and my colleagues will be available to reply and answer all your questions. Thank you so much.

Speaker #2: Thank you so much.

Speaker #1: Thank you. On behalf of Daulat Capital Markets Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.

Operator: Thank you. On behalf of Dolat Capital Market Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.

Neeraj Gautam: Thank you.

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Q1 2027 Puravankara Ltd Earnings Call

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