Q1 2027 Man Infraconstruction Ltd Earnings Call

August 21, 2026

Speaker #1: More than 10, 12 people have joined. Just wait for 2 minutes.

Yasish Parekh: More than 10, 12 people have joined. Just wait for 2 minutes.

Manan Shah: More than 10, 12 people have joined. Just wait for 2 minutes.

Speaker #2: Yeah, yeah, sure.

[Company Representative] (Go India Advisors): Yeah, sure. Hi, Manan. Good afternoon. Can you hear us? Sir, you are on mute, Manan, sir.

Speaker #1: Hi Manan, good afternoon. Can you hear us?

Speaker #2: Mm-hm.

Speaker #1: Sir, you are on mute, Manan Sir.

Manan Shah: Oh, God!

Speaker #2: Of course.

Speaker #1: We are have us?

[Company Representative] (Go India Advisors): Yeah. Manan, thank you for sparing some time to do this call. I think you will have to shift a little bit to the back, so that we can see you. This is better. Perfect. Rajat, let us start. Ankur, you can start the video recording, sorry, and let me know once we are ready.

Speaker #2: Yeah, yeah, yeah.

Speaker #1: Come on, everyone.

Speaker #2: Oh.

Speaker #1: अरे, एक काम करें, हाँ, कैमरा बंद कर दो।

Speaker #2: Manan, thank you for sparing some time to do this call. But I think you'll have to shift a little bit to the back, so that we can see you, because थोड़ा सा आपका कट रहा है फोटो।

Speaker #1: नहीं, नहीं, ये ठीक है। इंटेग्रिटी।

Speaker #2: Yeah, yeah, this is better.

Speaker #1: हाँ, परफेक्ट है।

Speaker #2: Perfect, perfect. So, Rohit, let's start. Okay, Anukat, you can start the video recording—sorry. And let me know once we're ready.

Speaker #3: This meeting is being recorded.

Vimal Modi: This meeting is being recorded.

Operator: This meeting is being recorded.

Speaker #1: Yes.

Speaker #2: Are you back? So, yeah, good afternoon, everyone, and thank you for joining us today. On behalf of GoIndia Advisors, I'd like to welcome you all to this virtual analyst meet of Man Infraconstruction Limited to discuss the company's Q1 performance and growth outlook.

[Company Representative] (Go India Advisors): Good afternoon, everyone, and thank you for joining us today. On behalf of Go India Advisors, I would like to welcome you all to this virtual analyst meet of Man Infraconstruction Limited to discuss the company's Q1 performance and the growth outlook. Before we begin, a quick note that this call is being recorded. I would also like to remind participants that some of the statements made during this call may be forward-looking, and actual results could differ from these statements. The format for today's session, we will have a short presentation from the management covering the company's performance and the growth story. Following which we will start with the Q&A. Anyone who has a question can raise the hand functionality or use the chat box to submit their questions. Now I will hand over the call to Mr. Yasish Parekh from MICL. Over to you, sir.

Speaker #2: Before we begin, a quick note that this call is being recorded. I'd also like to remind participants that some of the statements made during this call may be forward-looking, and actual results could differ from these statements.

Speaker #2: For my part, for today's session, we'll have a short presentation from the management covering the company's performance and the growth story, following which we'll start with the Q&A.

Speaker #2: So, anyone who has a question can use the raise hand functionality or use the chat box to submit their questions. Now, I'll hand over the call to Mr. Yashesh Parekh.

Speaker #2: From MICL, so over to you, sir.

Speaker #1: Thank you, Rajesh, and thank you, GoIndia, for hosting MICL. So, we have today with us Mr. Manan Shah, the Managing Director of MICL Group.

Yasish Parekh: Thank you, Rajat, and thank you Go India for hosting MICL. We have today with us Mr. Manan Shah, the Managing Director of MICL Group. We also have with us Mr. Ashok Mehta, the Director and Group CFO. Before starting the discussion, I would like to inform that we will keep this discussion strategic in nature, and any kind of questions you have which are data related or data specific, you can get back to me post the con call. I would like to hand over to Mr. Manan Shah for his discussion. Thank you.

Yashesh Parekh: Thank you, Rajat, and thank you Go India for hosting MICL. We have today with us Mr. Manan Shah, the Managing Director of MICL Group. We also have with us Mr. Ashok Mehta, the Director and Group CFO. Before starting the discussion, I would like to inform that we will keep this discussion strategic in nature, and any kind of questions you have which are data related or data specific, you can get back to me post the con call. I would like to hand over to Mr. Manan Shah for his discussion. Thank you.

Speaker #1: We also have with us Mr. Ashok Mehta, the Director and Group CFO. Before starting the discussion, I would like to inform you that we will keep this discussion strategic in nature, and any kind of questions you have which are data-related or data-specific, you can get back to me post the con call.

Speaker #1: I would like to hand over to Mr. Manan Shah for his discussion. Thank you.

Speaker #4: Good afternoon, everyone, and thank you for joining us today for one of the first Zoom discussions that we're having for the conference call for the first quarter of FY27.

Manan Shah: Good afternoon, everyone, and thank you for joining us today for one of the first Zoom discussions that we are having for the conference call for the first quarter of FY27. I would like to start and mention that the first quarter of FY27 started on a very strong note. MICL Group has delivered across various parameters regarding the project execution, new launches, and also securing approvals for many of its upcoming projects. The company has also delivered a strong quarter on financial performance, I shall elaborate that in the upcoming speech, and while continuing to strengthen its balance sheet as well. Let me first begin by sharing in some key highlights of the quarter. I would be addressing this as per our India and overseas portfolio.

Speaker #4: I would like to start and mention that the first quarter of FY27 started on a very strong note, and, you know, MICL Group has delivered across various parameters regarding project execution, new launches, and also securing approvals for many of its upcoming projects.

Speaker #4: The company has also delivered a strong quarter on financial performance; I shall elaborate on that in the upcoming speech, while continuing to strengthen its balance sheet as well.

Speaker #4: So, let me first begin by sharing some key highlights of the quarter. I will be addressing this as per our India and overseas portfolio. In India, MICL's real estate portfolio is spread across Mumbai, spanning the Western suburbs, Central suburbs, Eastern suburbs, and South Mumbai as well.

Manan Shah: In India, MICL's real estate portfolio is spread across Mumbai, spanning across western suburb, central suburb, eastern suburb, and South Mumbai as well. Starting off with our western suburb portfolio. With our Mira Bhayander project, we have now expanded deeply into the Mira Bhayander location by delivering the first project, which we did a couple of years back, which was Aaradhya HighPark. Soon we had launched the phase 2, which is called as the Aaradhya Parkwood. In Aaradhya Parkwood, we have achieved a significant milestone in this quarter, where 50% of the project of Aaradhya Parkwood, which is Tower C and Tower D, has received its occupation certificate. This project is near Dahisar Check Naka.

Speaker #4: So, starting off with our Western Suburb portfolio, with our Meera Bhayander project, we have now expanded deeply into the Meera Bhayander location by delivering the first project, which we did a couple of years back, which was Aradhya High Park.

Speaker #4: Then soon we had launched the Phase 2, which is called the Aradhya Parkwood, and, in Aradhya Parkwood we have achieved a significant milestone, in this quarter, where 50% of the project, of Aradhya Parkwood, which is Tower C and Tower D, has received its occupation certificate.

Speaker #4: And this project is near Dahisar Check Naka, and it's a 35-storey residential tower. There were four towers in total, out of which two have been delivered now.

Manan Shah: It's a 35 stories residential tower, where there were four towers in total, out of which two have been delivered now. Aaradhya Parkwood's development comprises of, in total 5.3 lakh square feet carpet area, and it's spread over 1,000 units. The sales potential was around INR 925 crores. We have witnessed exceptional response over these past couple of years, where 90% of the inventory in this project has already been sold, which was driven through thoughtful designs and strong trust which the customer holds in our brand. The construction of the balance two towers is underway, and we shall be completing the project by next year end. This marks a significant milestone for us at Mira Bhayander, where the first six towers at the phase 1 was delivered, which was Aaradhya HighPark, and now two more towers have been delivered at Aaradhya Parkwood.

Speaker #4: Aradhya Parkwood's development comprises, in total, 5.3 lakh square feet of carpet area, and it's spread over 1,000 units. The sales potential was around ₹925 crores.

Speaker #4: And we have witnessed exceptional response over these past couple of years, where 90% of the inventory in this project has already been sold. This was driven through thoughtful designs and the strong trust which the customer holds in our brand.

Speaker #4: The construction of the balance 2 towers is underway, and we shall be completing the project by next year end. So this marks a significant milestone for us at Meera Bhayender, where the first 6 towers at Phase 1 were delivered, which was Aradhya High Park. Now, 2 more towers have been delivered at Aradhya Parkwood, and the rest, the final 2 towers, shall be delivered by next year.

Manan Shah: The rest, the final two towers, shall be delivered by next year. 90% inventory of the overall sales has been achieved of all four towers. Moving on towards our Vile Parle project, which is Jade Park, one of the first and flagship projects of SV Road, Vile Parle, to become a gated community and get approvals under the cluster redevelopment policy. This is spread across 3.5 lakh square feet of carpet area. Here also, we are happy to announce that we have already sold more than 60% inventory of the total project. This project is under execution as per its schedule, and it's moving steadily. By next year this time, we would be completing almost 100% RCC of Jade Park project. The customers' response has been very strong, and the momentum is constant regarding the Jade Park project at Vile Parle.

Speaker #4: And 90% inventory of the overall sales has been achieved for all four towers. Moving on to our Villepalle project, which is Jade Park—one of the first and flagship projects on SV Road, Villepalle, to become a gated community and get approvals under the cluster redevelopment policy.

Speaker #4: This is spread across 3.5 lakh square feet of carpet area, and here also we are happy to announce that we have already sold more than 60% of the total project inventory.

Speaker #4: This project is under execution as per its schedule, and it's moving steadily. By next year, at this time, we would be completing almost 100% RCC of the Jade Park project, and the customer response has been very, very strong.

Speaker #4: And the momentum is constant regarding the Jade Park project at Villepalle. Moving forward towards our Bandra portfolio, another important highlight of the quarter was that we successfully launched our ultra-luxury portfolio project, called Marina Vista, which is located at Pali Hill.

Manan Shah: Moving forward towards our Bandra portfolio. Another important highlight of the quarter which happened was we successfully launched our ultra-luxury portfolio project called Marina Vista, which is located at Pali Hill. This would also be part of our MS Collection, which is the ultra-luxury portfolio of Man Infraconstruction Limited's real estate project division. This project received an overwhelming response at launch. Within a short period of time after we received RERA, the project has already sold 30% of its total inventory. We just launched this project in June, so in just two months' time, we've received 30% bookings, and the total potential of this project is approximately around INR 500 crores. Marina Vista makes MICL's second project launch in Bandra market, after it was followed by our BKC project, which was called Artek Park, which was earlier launched this year in the start of 2026.

Speaker #4: And this would also be part of our MS Collection, which is the ultra-luxury portfolio of Man Infraconstruction Limited's real estate project division. This project received an overwhelming response at launch and within a short period of time after we received RERA, the project has already sold 30% of its total inventory.

Speaker #4: We just launched this project in June, so in just two months' time, we've received 30% bookings, and the total potential of this project is approximately around ₹500 crore.

Speaker #4: Marina Vista makes MICL's second project launch in the Bandra market, after it was followed by our BKC project, which is called Artec Park. This was earlier launched this year, at the start of 2026, and we have also received a good response from the home buyers at this project as well.

Manan Shah: And we have also received a good response from the home buyers at this project as well, where we have sold more than 25% of the total inventory at the BKC project as well. Such sales velocities demonstrate that the constant demand has been there in the market, and the trust which the home buyers have been placing onto us. We believe that the Bandra micro market is commanding a good momentum by the customers, and we want to continue increasing our portfolio in this location. After the encouraging response, I will just check, sir. Sorry, you can continue. Can you just mute everyone so that people do not unmute? Just a second. I will do that. We shall go forward. Yeah. Sure.

Speaker #4: Where we have sold more than 25% of the total inventory at the BKC project as well. Such sales velocities, you know, demonstrates that the constant demand is being there in the market, and the trust which the home buyers have been placing onto us.

Speaker #4: So, we believe that the Bandra micro market is commanding good momentum from customers, and we want to continue increasing our portfolio in this location.

Speaker #4: So, you know, after the encouraging response, I'm gaining one game for one idea.

Speaker #1: I'll just check, sir. Sorry, you can continue.

Speaker #4: Can you mute everyone so that people cannot unmute?

Speaker #1: Just a second, I'll do that.

Speaker #4: We shall go forward.

Speaker #1: Yeah, yeah, sure, sure, sure.

Speaker #4: So, as I was stating, Bandra has been a location where we've received a good response, starting from BKC and Pali Hill, where MICL's brand journey continued forward. In this quarter, we even secured a brand-new project at Mount Mary, and we've already received IOA for the same, which is Intimation of Approval for the project.

Manan Shah: So as I was stating that Bandra has been a location where we have received good response starting from BKC and Pali Hill, where MICL's brand journey continued forward, and in this quarter, we even secured a brand-new project at Mount Mary, and we have already received IOD for the same, which is intimation of approval for the project. The project is called Berkeley House, which is again an ultra-luxury project under the MS Collection of MICL Group, and which is located off Bandstand at Mount Mary. This project has a significant potential with over INR 1,000 crores of GDV. This approval marks an important milestone for the company, where we would be soon start to demolish the existing building, and the members have started to vacate already. That is the current update for Berkeley House. This project is going to be an add-on to the portfolio of Bandra.

Speaker #4: The project is called Berkeley House, which is, again, an ultra-luxury project under the MS Collection of MICL Group, and which is located off Pan Stand at Mount Mary.

Speaker #4: And this project has significant potential with a GDV of over ₹1,000 crore. This approval marks an important milestone for the company, as we will soon start to demolish the existing building, and the members have already begun to vacate.

Speaker #4: That's the current update for Berkeley House. This project is going to be an add-on to the portfolio of Bandra. So, right from Pali Hill to Mount Mary to BKC, MICL has got its flags established at all of these locations.

Manan Shah: So right from Pali Hill to Mount Mary to BKC, MICL has got its flags established at all of these locations. Moving forward from western suburb to eastern suburbs, our portfolio currently is in Mulund West, where again, we had delivered phase one, Atmosphere, a couple of years back. Then we had launched a project called Atmosphere O2, and we also launched, in this quarter, a new project called O2 Highstreet, which is a commercial building. This is the last phase of the Atmosphere project in the Mulund West location. The project located at prime location on the Goregaon Mulund Link Road. It is also providing an excellent highway connectivity, and we have witnessed success in the recent deliveries named the project where the project was called Gateway, and yet again, we are coming up with another tower, called as the O2 Highstreet.

Speaker #4: Moving forward from Western Suburb to Eastern Suburbs, our portfolio currently is in Mulund West, where again we had delivered Phase 1, Atmosphere, a couple of years back. Then we had launched a project called Atmosphere O2, and we also launched in this quarter a new project called O2 High Street, which is a commercial building.

Speaker #4: And this is the last phase of the Atmosphere project in the in the Mullun West location. The project located at the prime location on the Goregaon Mullun Link Road, you know, it's also providing an excellent highway connectivity.

Speaker #4: And, we have witnessed success in the recent deliveries, named the project where the project was called Gateway, and we yet again we are coming up with another tower, called as the O2 High Street.

Speaker #4: Our other ongoing project, which is part of the same gated community, is the final tower of Atmosphere, called Tower G. It has a potential of 3.2 lakh square feet of carpet area.

Manan Shah: Our other ongoing project, which is part of the same gated community, which is the final tower of Atmosphere, which is called as Tower G. It is having a potential of 3.2 lakh square feet carpet area. This project also is significantly sold by, and we have achieved 75% of the total sales potential already. The project execution is going as per schedule, and we are likely to deliver this project by December 2027. Moving forward towards the central suburb portfolio. We are currently operating at Ghatkopar. The project is called as Aaradhya One Park, where the total potential is 5.3 lakh square feet of carpet area. Again, in such a short span of time, the company has achieved more than 60% of the total sales.

Speaker #4: And this project is also significantly sold, with 75% of the total sales potential already achieved. The project execution is proceeding as per schedule, and we are likely to deliver this project by December 2027.

Speaker #4: Moving forward towards the Central Suburb portfolio, we are currently operating at Ghatkopar. The project is called Aaradhya One Park, where the total potential is 5.3 lakh square feet of carpet area. Again, in such a short span of time, the company has achieved more than 60% of the total sales.

Speaker #4: And, the project comprises 11 towers in total, and we are expecting to deliver this project before the end of this financial year—that's March 2027.

Manan Shah: The project comprises of 11 towers in total, and we are expecting to deliver this project before the end of this financial year. That is March 2027. The buildings, the structure is already completed. The finishing is going on currently. The podiums, the clubs are getting completed. We are seeing an excellent upward trajectory of customers walking in now because this is, again, one of the only central suburb Ghatkopar gated community, which is being offered exclusively by MICL. Over the past few years, MICL has also made its significant entry towards South Mumbai, where we had launched Aaradhya Avaan project, which is at Tardeo. This would be one of the tallest towers of the country, surging over 306 meters tall. It is having a potential of 6.5 lakh square feet carpet area.

Speaker #4: The buildings—the structure—is already completed; the finishing is going on currently. The podiums and the clubs are getting completed, and we are seeing an excellent upward trajectory of customers walking in now, because this is, again, one of the only central suburb Ghatkopar gated communities, which has been offered exclusively by MICL.

Speaker #4: So, over the past few years, MICL has also made its significant entry towards South Mumbai, where we had launched the Aaradhya Awaan project, which is at Thar Dev. This would be one of the tallest towers in the country.

Speaker #4: surging over 306 and it is having a potential of 6.5 lakh square feet carpet area. And we launched this project a year and a half back, and this is also one of the fastest selling projects in South Mumbai, and being one of the tallest skyscrapers, where we have achieved more than 60% of the total sales already.

Manan Shah: We launched this project a year and a half back, and this is also one of the fastest-selling projects in South Mumbai, and being one of the tallest skyscrapers, where we have achieved more than 60% of the total sales already. Here, this project, we would be splitting into two phases, where we would be delivering half of the building, which we are calling it as phase one, comprising up to approximately around 32 habitable floors, which we would be delivering as soon as March 2028. As per the RERA timelines, we had committed customers December 2030, and we are very proud to say that this project would not just be one of the tallest skyscrapers in the country, but one of the fastest constructed skyscrapers of the country as well, where we would be delivering this project nearly two years prior to schedule than what is committed.

Speaker #4: Here, this project we would be splitting into two phases, where we would be delivering half of the building, which is the we are calling it as Phase 1, comprising up to approximately around 32 habitable floors.

Speaker #4: Which we would be delivering as soon as March 2028. As per the RERA timelines, we had committed to customers December 2030, and we are very proud to say that this project would not just be one of the tallest skyscrapers in the country, but one of the fastest constructed skyscrapers of the country as well.

Speaker #4: We would be delivering this project nearly two years ahead of schedule, compared to what was committed. We also acquired another project in South Mumbai, at the Thar Dev location, which is currently codenamed Thar Dev 2.0.

Manan Shah: We also acquired another project at South Mumbai, at Tardeo location. It is currently code-named as Tardeo 2.0. The name shall be unveiled soon as we reach closer to launch. This is also going to be one of our exclusive ultra-luxury skyscrapers of our portfolio, where the potential is more than INR 2,000 crores of GDV. We are happy to announce that we have also received the IOD for this project as well. Members have started vacating already, and soon demolition of the existing structure shall happen. The launch is expected to happen in the first quarter of FY28, but the way the things have progressed, we are happy to announce that we would be launching this project within this financial year itself only.

Speaker #4: The name shall be unveiled soon as we reach closer to launch, and this is also going to be one of our exclusive ultra-luxury skyscrapers in our portfolio, where the potential is more than ₹2,000 crore of GDV. We are happy to announce that we have also received the IOA for this project as well.

Speaker #4: Members have started vacating already, and soon demolition of the existing structure shall happen. The launch is expected to happen in the first quarter of FY28, but the way things have progressed, we are happy to announce that we will be launching this project within this financial year itself.

Speaker #4: Looking forward, we are also entering one of the most exciting phases in MICL's growth journey, as one of the largest launches by the MICL Group is planned for this year.

Manan Shah: Looking forward, we are also entering one of the most exciting phases in the MICL growth journey, where one of the largest launches of MICL Group is planned this year. This comprises of nearly 1.1 million square feet, 11 lakh square foot of carpet area, and over INR 6,600 crores of estimated GDV in total. We have already launched two projects, one at Pali Hill and other one at Mulund, and few more to follow this year, which consists of Mount Mary and Tardeo 2.0 as well. Alongside this, we would also be launching our Marine Drive project in this financial year. Over and above this, what we intend to do is that each of these developments, which is Berkeley House at Mount Mary, Tardeo 2.0, Marine Lines, they are strategically located that it will continuously help MICL grow and fulfill the demands which we have experienced.

Speaker #4: This comprises nearly 1.1 million square feet—11 lakh square feet of carpet area—and over ₹6,600 crores of estimated GDV in total. We have already launched two projects, one at Pali Hill and another at Mulund, and a few more are to follow this year, which consist of Mount Mary and Thar Dev 2.0 as well.

Speaker #4: Alongside this, we would also be launching our Marine Drive project, in this financial year. Over and about this, what we intend to do is that each of these developments which is Berkeley House at Mount Meri, Thar Dev 2.0, Marine Lines, they are strategically located that it will continuously help MICL grow and, you know, fulfill the demands which we have experienced, the demand is very, very strong from the home buyers, especially towards these micro market pockets, and we've also seen a sense of trust which the customers have always shown in an under construction property by MICL.

Manan Shah: The demand is very strong from the home buyers, especially towards these micro market pockets, and we've also seen a sense of trust, which the customers have always shown in an under-construction property by MICL. The current launch pipeline provides significant sales visibility for us in the upcoming years, which is going to lay a strong foundation for our next phase of growth. Similarly to our robust launch pipeline, we have also delivered over 1 million square feet carpet area that has been planned. A couple of our ongoing projects, which is like Aaradhya One Park at Ghatkopar and Aaradhya Parkwood at Dahisar, with its remaining two towers, are rapidly getting constructed, and we hope to finish both of these projects well before the schedule has been planned.

Speaker #4: The current launch pipeline provides significant sales visibility for us in the upcoming years, which is going to lay a strong foundation for our next phase of growth.

Speaker #4: Similarly to our robust launch pipeline, we have also delivered over 1 million square feet of carpet area that has been planned.

Speaker #4: A couple of our ongoing projects, which is like Aaradhya One Park at Ghatkopar and Aaradhya Parkwood at Dahisar, with its remaining two towers, are rapidly getting constructed, and we hope to finish both of these projects well before the schedule is being planned.

Speaker #4: Both of these projects have already achieved significant sales, like I mentioned before, and they are on the verge of healthy collections. Over the coming quarters, we will also see improved cash flow coming in from these projects.

Manan Shah: Both of these projects have already achieved significant sales, like I mentioned before, and they are on the verge of healthy collections. Over the coming quarters, we will also see an improved cash flow coming in from these projects. Coming to our sales performance, we have already done more than pre-sales of 85,000 square feet in this quarter, which translates to around INR 290 crores across the portfolio. The mega launches are planned in the upcoming quarters, where we would be launching, like I said, 1.1 million square feet of carpet area, which is contributing to around INR 6,600 crores of overall group level GDV. Now let me jump into the financial performances. During the first quarter, the consolidated revenue from operations grew by 8% year on year to INR 218 crores, and the profit after tax attributable to shareholders grew by 29% year on year to INR 72 crores.

Speaker #4: Coming to our sales performance, we have already done pre-sales of more than 85,000 square feet in this quarter, which translates to around ₹290 crore across the portfolio.

Speaker #4: And the mega launches are planned in the upcoming quarters, where we would be launching, like I said, 1.1 million square feet of carpet area, which is contributing to around ₹6,600 crore of overall group-level GDV.

Speaker #4: Now let me jump into the financial performances. During the first quarter, the consolidated revenue from operations grew by 8% year on year, to 218 crores, and the profit after tax attributable to shareholders grew by 29% year on year, to 72 crores.

Speaker #4: These numbers reflect healthy profitability across our business, and our balance sheet, at a consolidated level, continues to remain one of the biggest strengths. As of June 2026, our cash and cash equivalents surged to ₹768 crore, compared to ₹686 crore at the end of the previous financial year.

Manan Shah: These numbers reflect healthy profitability across our business, and our balance sheet at a consolidated level continues to remain one of the biggest strengths. As of June 2026, our cash and cash equivalents surged to INR 768 crores compared to INR 686 crores at the end of the previous financial year. This increase has been achieved despite continued investments towards newly acquired projects as well. At the same time, our total borrowing remained modest at INR 78 crores, with liquidity of INR 768 crores against such limited debt. MICL continues to remain a net debt-free company, providing us significant financial flexibility to pursue future growth opportunities at much ease. As we shared during our Vision 2031 presentation earlier this year, we remain committed to building a development portfolio with a gross development value of over INR 35,000 crores by 2031.

Speaker #4: This increase has been achieved despite continued investments towards newly acquired projects as well. At the same time, our total borrowing remained modest at ₹78 crore, with liquidity of ₹768 crore against such limited debt.

Speaker #4: MICL continues to remain a net debt-free company, providing us significant financial flexibility to pursue future growth opportunities with much ease. As we shared during our Vision 2031 presentation earlier this year, we remain committed to building a development portfolio with a gross development value of over ₹35,000 crore by 2031.

Speaker #4: We continue to evaluate several attractive opportunities across Mumbai and the USA, marking marquee projects, and we continue our advanced stages of negotiations and due diligence with various landowners and societies.

Manan Shah: We continue to evaluate several attractive opportunities across Mumbai and USA, marking marquee projects, and we continue our advanced stages of negotiations and due diligence with various landowners and societies. We are confident that this GDV will further strengthen our development pipeline and increase our existing portfolio. Based on the progress we are making, we remain optimistic about achieving our long-term vision well ahead of the schedule. Coming to our outlook of FY27, we continue to maintain our guidance of delivering over 25% growth in profit after tax over FY26. We believe we are well positioned to deliver this and strive and achieve this at the right time with our stated guidance. From a sales perspective, as we had communicated earlier, we continue to target cumulative pre-sales of INR 5,000 crores over the next two years, driven by our robust launches of pipeline and the projects that we've acquired.

Speaker #4: We are confident that this GDV will further strengthen our development pipeline and increase our existing portfolio. Based on the progress we are making, we remain optimistic about achieving our long-term vision well ahead of schedule.

Speaker #4: Coming to our outlook for FY27, we continue to maintain our guidance of delivering over 25% growth in profit after tax over FY26. We believe we are well positioned to deliver this, and we strive to achieve this at the right time, in line with our stated guidance.

Speaker #4: From a sales perspective, as we had communicated earlier, we continue to target cumulative pre-sales of ₹5,000 crore over the next two years, driven by our robust pipeline of launches and the projects that we've acquired.

Speaker #4: The demand across all our ongoing projects is continuous and strong, and we are executing across Mumbai's various premium residential markets. We believe that this journey has just begun.

Manan Shah: The demand across all our ongoing projects is continuous, strong, and we are executing across Mumbai's various premium residential markets, and we believe that this journey has just begun. We are confident that our overall GDV of INR 35,000 crore at group level by 2031 shall be achieved much, much prior. As we always have delivered our residential and commercial projects also before time, we are confident on delivering you this GDV before time. To conclude, we believe that the growth story of MICL is just now begin, and I will now hand over the call to the moderator, and we will be happy to take your questions further. Thank you.

Speaker #4: So we are confident that our overall GDV of ₹35,000 crore at the group level by 2031 shall be achieved much, much prior, as we have always delivered our residential and commercial projects before time.

Speaker #4: We are confident of delivering this GDV to you ahead of schedule. To conclude, we believe that the growth story of MICL has just now begun. I will now hand over the call to the moderator, and we will be happy to take your questions.

Speaker #4: Thank you.

Speaker #1: So, yeah, thank you, Manan sir, for your opening remarks. We already have a few questions. For the first one, we'd like to unmute, and you can go ahead with your question.

[Company Representative] (Go India Advisors): Thank you, Manan Sir, for your opening remarks. We already have a few questions. First, Vansh, we would like to unmute and you can go ahead with your questions. Vansh.

Yashesh Parekh: Thank you, Manan Sir, for your opening remarks. We already have a few questions. First, Vansh, we would like to unmute and you can go ahead with your questions. Vansh.

Speaker #1: Yeah, Wansh.

Speaker #2: Yeah, hi. Am I audible? Hello? Hello. Yeah, hi Manan sir, good afternoon. So, my first question is...

Vansh: Yeah, hi. Am I audible? Hello? Hello? Yeah. Hi, Manan, sir. Good afternoon. My first question is-

Vansh Pansari: Yeah, hi. Am I audible? Hello? Hello? Yeah. Hi, Manan, sir. Good afternoon. My first question is-

[Company Representative] (Go India Advisors): Yeah, you are audible, Vansh. Sorry, I missed it.

Manan Shah: Yeah, you are audible, Vansh. Sorry, I missed it.

Speaker #1: Yeah, you are audible. Wansh, sorry, I missed that.

Speaker #2: Okay, okay, okay, nice. Yeah, so my first question is, like, as we've moved on from affordable housing to luxury housing now, now our portfolio comprises of many luxury projects, so my question is, like, going forward, as of now, all our luxury projects are in joint ventures, so going forward, going forward, will all the luxury projects will be in joint ventures, or we'll have some of our own projects too, like, as 100% stake?

Vansh: Okay, nice. My first question is, as we have moved on from affordable housing to luxury housing now, our portfolio comprises of many luxury projects. My question is, going forward, as of now, all our luxury projects are in joint ventures. Going forward, will all the luxury projects be in joint ventures, or will we have some of our own projects too, as 100% stake?

Vansh Pansari: Okay, nice. My first question is, as we have moved on from affordable housing to luxury housing now, our portfolio comprises of many luxury projects. My question is, going forward, as of now, all our luxury projects are in joint ventures. Going forward, will all the luxury projects be in joint ventures, or will we have some of our own projects too, as 100% stake?

Speaker #3: See, the whole philosophy of the company is not just for the luxury projects. If you see, we have landowners as our partners, sometimes we have investors as our partners, and sometimes we have friends and family as our partners.

Manan Shah: See, the whole philosophy of the company is not just for the luxury projects. If you see, we have landowners as our partners, sometimes we have investors as our partners, sometimes we have friends and family as our partners. The whole logic is rather than deploying all the cash flow to one project, we dilute some equity and de-risk ourself in every kind of a project, and we increase our portfolio strength. We do not like taking debt. If you see right now also, the INR 78 crore that you see, majority of that is the contribution from partners in the form of debt. It is not an actual borrowing which has been done. It is the money which has been utilized for the cash flow of the project. It is not an external borrowing from institutional vendors, ideally.

Speaker #3: So, the whole logic is, rather than deploying all the cash flow into one project, we dilute some equity and de-risk ourselves in every kind of project, and we increase our portfolio strength.

Speaker #3: And we do not like taking debt. So if you see, right now also, the 78 crores that you see—majority of that is a contribution from partners in the form of debt.

Speaker #3: It is not an actual borrowing which is being done. It is the money which is being utilized for the cash flow of the project.

Speaker #3: It's not an external borrowing from institutional vendors, ideally. So, what is the whole purpose of doing it in a joint venture? It allows us to secure and acquire a lot more projects, and right now, if you see, there are a lot of redevelopment projects which are happening in the city, where every developer is bidding.

Manan Shah: What is the whole purpose of doing it in a joint venture? It allows us to secure and acquire a lot more projects. Right now, if you see, there are a lot of redevelopment projects which are happening in the city where every developer has been bidding. We have a simple fundamental that rather than fighting and reducing the margins on the project, I would rather make my competitor as my partner and increase my margins and do the project together, and enjoy a better branding, both of us. But yes, for the future, every project of ours may not have partners as well. If we feel there is a need of a partner or if we feel that it is a business call where we would want to introduce someone, we would be keeping that flexibility.

Speaker #3: So, we have a simple fundamental that, rather than fighting and reducing the margins on the project, I would rather make my competitor my partner, increase my margins, do the project together, and enjoy better branding for both of us.

Speaker #3: But yes, for the future, every project of ours may not have partners as well. If we feel there's a need for a partner, or if we feel that it's a business call where we would want to introduce someone, we would be keeping that flexibility.

Speaker #2: Okay, thank you. Thank you so much. That was helpful. Second question is, currently all our projects are in the MMR region. So going forward, as you stated that your vision is to cross ₹36,000 crore of gross development value by 2031, do you wish to step into any other city apart from the MMR region, like Pune or Delhi or any other city?

Vansh: Okay. Thank you so much. That was helpful. Second question is, currently all our projects are in the MMR region. Going forward, as you stated that your Vision 2031 is to cross INR 36,000 crore of gross development value by 2031, do you wish to step into any another city apart from the MMR region, like Pune or Delhi or any other city?

Vansh Pansari: Okay. Thank you so much. That was helpful. Second question is, currently all our projects are in the MMR region. Going forward, as you stated that your Vision 2031 is to cross INR 36,000 crore of gross development value by 2031, do you wish to step into any another city apart from the MMR region, like Pune or Delhi or any other city?

Speaker #3: See, currently for the next couple of years, our intention is not to step out, for two major reasons. One reason is that the margin that we make per square foot in Mumbai sometimes is not even the sale price in these cities.

Manan Shah: See, currently for the next couple of years, our intention is not to step out for two major reasons. One reason, the margin that we make per square feet in Mumbai sometimes is not even the sale price in these cities. Very limited projects. In fact, one of the projects in Delhi, or two projects in Delhi have just been getting highlighted. But if you see and compare the pricing with the rest of the city in the Delhi region or Pune region, that is not even quantifying to the per square feet profit margin which we would be making in our Berkeley House project or maybe Aaradhya Avaan project, for example. So the intention is to not just churn volumes. The intention is basically to have significant bottom line.

Speaker #3: You know, there are very limited projects, in fact. One of the projects in Delhi, or two projects in Delhi, have just been getting highlighted. But if you see and compare the pricing with the rest of the city in the Delhi region or Pune region, that is not even quantifying to the per square foot profit margin which we would be making in our Berkeley House project, or maybe, you know, Awan project for example.

Speaker #3: So the intention is to not just churn volumes. The intention is basically to have a significant bottom line. Like this year's projection, we have also given a 25% growth, which we are seeing comfortably happening at the bottom line level. That would be possible only if I have a good ticket size product with a healthy margin. Eventually, I have seen the other cities drying up soon whenever there is a cycle change, you know, in the economy happening, where the market's been slow. For instance, for the last couple of months, you've been seeing the US and the UAE stuck in the war situation with Iran. Because of that, what is happening is the global pipeline dries up, the funds start pulling out the money outside the country, and eventually these other cities apart from Mumbai, I've always seen, are affected.

Manan Shah: Like this year's projection also, we have given a 25% growth we are seeing comfortable happening at the bottom line level. That would be possible only if I have a good ticket size product with a healthy margin. Eventually, I have seen the other cities drying up soon whenever there is a cycle change of economy happening where the market's been slow. For instance, for the last couple of months you've been seeing the US and the UAE stuck into the war situation with Iran. Because of that, what is happening is the global pipeline dries up, the funds starts pulling out the money outside the country, and eventually these other cities, apart from Mumbai, I've always seen affected.

Speaker #3: But Mumbai is one of the significant pioneers since the inception of, in fact, I would say, Bharat converting to India in 1947, where Mumbai has always been a hot favorite city for the past many, many decades.

Manan Shah: But Mumbai is one of the significant pioneers since the inception of, in fact, I would say Bharat converting to India in 1947, where Mumbai has always been a hot favorite city for the past many, many decades. So we are very confident and robust about Mumbai, and currently we have no intention of moving outside the city.

Speaker #3: So we are very confident and robust about Mumbai, and currently, we have no intention of moving outside the city.

[Company Representative] (Go India Advisors): Vansh, do you have any follow-up, or shall we take the next one?

Yashesh Parekh: Vansh, do you have any follow-up, or shall we take the next one?

Speaker #1: Wansh, do you have any follow-up, or shall we take the next one?

Speaker #2: Can I have one last follow-up?

Vansh: Can I have one last follow-up?

Vansh Pansari: Can I have one last follow-up?

Speaker #1: Yeah, yeah, sure. Please go ahead. Yeah, yeah.

[Company Representative] (Go India Advisors): Yeah, sure. Please do it. Yeah.

Yashesh Parekh: Yeah, sure. Please do it. Yeah.

Speaker #2: Yeah, Wansh sir, any commentary on the EPC part? Like, any projects or tenders are we bidding on?

Vansh: Yeah. Manan, sir, any commentary on the EPC part, like any projects or tenders are we bidding on?

Vansh Pansari: Yeah. Manan, sir, any commentary on the EPC part, like any projects or tenders are we bidding on?

Speaker #3: We shall soon—we are almost on the final verge of negotiations for one of the significantly large orders for EPC. It's under discussion.

Manan Shah: We shall soon. We are almost on the final verge of negotiations for one of the significantly large order for EPC. It is under discussion. Hopefully in the next two quarters, we will be announcing some great numbers on the EPC side as well. To give you a forward note on the EPC sector, we are very strong on the port side. It is almost on the verge to get completed. If you see the overall in-house portfolio that we have, it is going to be a total construction worth around INR 9,500 to 10,000 crores of construction area that we will be executing it in-house. Whether I give an order to my in-house company or that individual company executes the order and saves that money of the EPC margin, eventually the money is going to be earned by MICL Group.

Speaker #3: And hopefully, in the next two quarters, we'll be announcing some great numbers on the EPC side as well. To give you a forward note on the EPC sector, we are very strong on the port side.

Speaker #3: It's almost on the verge to get completed. But if you see the overall in-house portfolio that we have it's going to be a total construction worth around nine and a half ten thousand crores.

Speaker #3: Of the construction area, we would be executing it in-house. So, whether I give an order to my in-house company or that individual company executes the order and saves that money of the EPC margin, eventually the money is going to be earned by MICLU.

Speaker #3: So, we have a ₹9,000–10,000 crore future order book of our own residential and commercial portfolio that we have been doing under the real estate sector.

Manan Shah: We have a 9,000 to 10,000 crore of future order book of our own residential and commercial portfolio that we have been doing under the real estate sector.

Speaker #2: Okay, okay. Thank you so much. That was helpful. Thank you for taking my question.

Vansh: Okay. Thank you, Suman. That was helpful. Thank you for taking my question.

Vansh Pansari: Okay. Thank you, Suman. That was helpful. Thank you for taking my question.

Speaker #1: So, sir, before we take the next question from Mithen, we have one from Kedar as well. He's asking that for the next couple of years, we had set a target of ₹5,000 crore of sales.

[Company Representative] (Go India Advisors): Sir, before we take the next question from Mithunesh, we have one from Kedar as well. He is asking that for the next couple of years, we had set a target of INR 5,000 crore of sales. But, for the Q1 sales, Q1 FY27, we had INR 290 crore of sales, which is actually much lower than what we achieved in FY26 as well. How do you see, are we still confident in terms of achieving the sales over the next couple of years, the target that we have set of INR 5,000 crore?

Yashesh Parekh: Sir, before we take the next question from Mithunesh, we have one from Kedar as well. He is asking that for the next couple of years, we had set a target of INR 5,000 crore of sales. But, for the Q1 sales, Q1 FY27, we had INR 290 crore of sales, which is actually much lower than what we achieved in FY26 as well. How do you see, are we still confident in terms of achieving the sales over the next couple of years, the target that we have set of INR 5,000 crore?

Speaker #1: But for the Q1 sales, Q1 FY27, we had 290 crores of sales, which is actually much lower than what we achieved in FY26 as well.

Speaker #1: So how do you see, you know, are we still confident in terms of achieving the sales over the next couple of years—the target that we have set of ₹5,000 crores?

Speaker #3: Unfortunately, the problem with real estate is that people try to quantify the projected numbers divided by the number of months, and a lot of times people expect that I would be doing the same sales every month, like it's a Netflix subscription.

Manan Shah: Unfortunately, the problem of real estate is that people try to quantify the projected number divided by number of months, and a lot of times people expect that I would be doing same sales every month like it is a Netflix subscription. What happens is, in real estate, whenever I launch a project, at times I am doing INR 1,000 crore of pre-sales in one month also. Basically, in the first quarter, I have not yet launched my Marine Lines project, which is a INR 3,000-plus crore of GDV, my Berkeley House project, which is a INR 1,000 crore-plus of GDV project. Plus, what we are going to achieve is significant sales in my ready-to-move-in projects, which is Ghatkopar and Dahisar project. With these projects coming in on board, with Pali Hill just been launched, and if you see in two months we have achieved 30%, with Artek we have achieved 25%. These have just begun.

Speaker #3: What happens is, in real estate, whenever I launch a project, at times I am doing ₹1,000 crore of pre-sales in one month also. So basically, in the first quarter, I have not yet launched my Marine Lines project, which is a ₹3,000-plus crore of GDV.

Speaker #3: My Berkeley House project which is a thousand crore plus of GDV project plus what we are going to achieve is significant sales in my ready to move in projects which is Ghatkupur and Dhaisar project.

Speaker #3: With these projects coming on board, with Pali Hill just being launched, and if you see, in two months we've achieved 30%. With Artek, we've achieved 25%.

Speaker #3: These are just the beginning. By December, you will see a significant turnaround with two project launches, and by March also, you would see that. That is the reason I had given a cumulative number of ₹5,000 crore to ₹5,500 crore of pre-sales in the next two years’ time.

Manan Shah: By December, you will see a significant turnaround with two project launches, and by March also you would see. That is the reason I had given a cumulative number of INR 5,500 to INR 5,000 crore of pre-sales in the next two years' time. Do not quantify that, just dividing it into 24 months or this thing. We are confident on achieving. In fact, we might even surpass the INR 5,000 crore numbers if the markets are going to be strong. We are just waiting for the right time for the projects to be launched, and they are all due. We have received the IODs also for two of our significant projects. In fact, Tardeo 2.0 also is a project which is about INR 2,000 crore of GDV. If you do the math, and even if you consider just 50% of sales in next two years, you have your number.

Speaker #3: So do not quantify that just by dividing it into 24 months or this thing. We are confident in achieving it; in fact, we might even surpass the ₹5,000 crore number if the markets are going to be strong.

Speaker #3: We're just waiting for the right time for the projects to be launched, and they are all due. We have received the IODs also for two of our significant projects.

Speaker #3: In fact, Ardev 2.0 is also a project with about ₹2,000 crore of GDV. So if you do the math, and even if you consider just 50% of sales in the next two years, you have your number.

Speaker #2: Okay.

Speaker #1: Hello. Can I talk? Can I talk to you, sir? Hello. Am I audible, sir? Hello. Hello. Yeah, thank you very much, sir.

[Company Representative] (Go India Advisors): Okay.

Yashesh Parekh: Okay.

Dnyaneshwar: Hello. Can I talk to you, sir? Hello, am I audible, sir? Hello?

[Analyst]: Hello. Can I talk to you, sir? Hello, am I audible, sir? Hello?

Manan Shah: Yeah, you are.

Dnyaneshwar: Hello.

[Analyst]: Hello.

[Company Representative] (Go India Advisors): Yeah.

Dnyaneshwar: Yeah. Thank you very much, sir. First of all-

[Analyst]: Yeah. Thank you very much, sir. First of all-

Speaker #2: But I would suggest, if you can, please wait for your opportunity, sir.

[Company Representative] (Go India Advisors): Sir, but I would suggest if you can wait for your opportunity, sir.

Yashesh Parekh: Sir, but I would suggest if you can wait for your opportunity, sir.

Speaker #1: I already sent that question. Yes, please reply to this question. I sent my question in the chat box. Thank you very much, sir.

Dnyaneshwar: I already sent a question. Just reply this question. At the chat box, I have written my question. Thank you very much, sir.

[Analyst]: I already sent a question. Just reply this question. At the chat box, I have written my question. Thank you very much, sir.

Speaker #2: Yeah, yeah, please go ahead, sir. Please go ahead.

[Company Representative] (Go India Advisors): Yeah. Please go ahead, sir. Please go ahead.

Yashesh Parekh: Yeah. Please go ahead, sir. Please go ahead.

Speaker #1: Yeah, I have sent a question in the chat box. Please reply to those questions. If you don't, I'll just repeat them again.

Dnyaneshwar: Yeah. I have sent a question in chat box. Please reply those questions. If you not receive, I will just repeat again. If you want to

[Analyst]: Yeah. I have sent a question in chat box. Please reply those questions. If you not receive, I will just repeat again. If you want to

Speaker #1: If you want to.

Speaker #3: Yeah, if you can ask, it'll be easier for the audience to hear.

Manan Shah: Yeah, if you can ask, it will be more easier for the audience here.

Yashesh Parekh: Yeah, if you can ask, it will be more easier for the audience here.

Speaker #1: Okay. How much area in profit for the coming financial year? Sharing ratio for all the products—like, how much you project you have?

Dnyaneshwar: Okay. First of all, how much area is contributing for coming financial year? Sharing ratio for all the products. Like how much you project you have. What is your thought for coming financial year? Rest for thank you very much for allowing me to speak. Thank you, sir.

[Analyst]: Okay. First of all, how much area is contributing for coming financial year? Sharing ratio for all the products. Like how much you project you have. What is your thought for coming financial year? Rest for thank you very much for allowing me to speak. Thank you, sir.

Speaker #1: So what is your thought for the coming financial year? Rest, thank you very much for allowing me to speak. Thank you, sir.

Speaker #3: Yeah.

Speaker #2: So, he's asking how much more area is contributing for the coming financial years—in terms of launches and sales.

[Company Representative] (Go India Advisors): Yeah. He is asking how much more area is contributing for the coming financial years, in terms of launches and sales.

Yashesh Parekh: Yeah. He is asking how much more area is contributing for the coming financial years, in terms of launches and sales.

Speaker #3: Yeah.

Speaker #2: The profit-sharing ratio as well. Yeah.

Manan Shah: Yeah.

[Company Representative] (Go India Advisors): The profit-sharing ratio as well. Yeah.

Yashesh Parekh: The profit-sharing ratio as well. Yeah.

Speaker #3: Mr. Dnyaneshwar, can we get back to this question after the concourse? That would be helpful.

Manan Shah: Mr. Dnyaneshwar, can we get back to this question after the con call? That would be helpful.

Speaker #1: Yes, sir. No problem, sir. As you wish, sir.

Dnyaneshwar: Yes, sir. No problem, sir. As you wish, sir.

Dnyaneshwar Dabhole: Yes, sir. No problem, sir. As you wish, sir.

Speaker #3: Thank you. Thank you sir.

Manan Shah: Thank you, sir.

Speaker #2: Sure. Now, sir, the next question we'll take is from Mithen. Mithenji, you can unmute yourself and then go ahead. Sure.

[Company Representative] (Go India Advisors): Sure. The next question we will take from Mithun Shah. Mithunji, you can unmute yourself and then you can go ahead. Sure.

Yashesh Parekh: Sure. The next question we will take from Mithun Shah. Mithunji, you can unmute yourself and then you can go ahead. Sure.

Speaker #4: Sure. Thank you for giving the opportunity. And Jay Jinendra Jay Gurudev Mananbhai the the question which I would like to highlight you know is regarding this US operations you know this Miami Florida what is indicated in the presentation so if you can please highlight regarding this property development I mean what exactly are we doing with that the business contours over there as such?

Mithun Shah: Sure. Thank you for giving the opportunity. The question which I would like to highlight is regarding this US operations, this Miami, Florida, what is indicated in the presentation. If you can please highlight regarding this property development. What exactly are we doing with the business contours over there as such?

Speaker #3: So, we have currently completed one large villa in Miami. We are also starting construction on our branded residences by Ritz-Carlton. That's a residential property.

Manan Shah: We have currently completed one large villa in Miami. We are also starting construction for our branded residences by Ritz-Carlton. That is a residential property. We have also just invested in another significantly large residential tower on the ocean. The operations from US has basically begun a year and a half back, where we have completed the first two villas, out of which one is already sold, the other one is standing over there. That is currently on hold. We are not currently selling the second villa. We would be selling that villa maybe by next year March or something. That is currently been retained as an iconic show house so that we can showcase our portfolio. That is the reason you are not seeing the sale of the second villa happening at Florida. The third villa is just constructed.

Speaker #3: And we've also just invested in another significantly large residential tower on the ocean. The operations from US has basically begun a year and a half back where we have completed the first two villas out of which one is already sold the other one is standing over there that's currently on hold we are not currently selling the second villa we would be selling that villa maybe by next year March or something that's currently been retained as an iconic show house so that we can showcase our portfolio that's the reason you're not seeing the sale of the second villa happening at Florida the third villa is just constructed we are expecting a sales value of around nearly 15 million dollars for that particular villa very beautifully constructed part of our ultra luxury portfolio of Miami so that is up for sale there are viewings which are happening by customers and soon we shall have some concrete offers for the same as soon as that is done we would be selling that villa as well regarding the Ritz-Carlton property we've done nearly pre-sales of around 25 million dollars up till now for that project and the momentum is strong we have launched that project in the market and that project is expected to be completed by 2030 December so once we've received significant sales then we can begin the construction for that property as well we have some substantial liquidity in the US which will be utilized in the existing cash flows of these projects currently no further liquidity we intend to repatriate to Miami but by 2031 we shall have 100% principal you know been accrued back with some significant profit as well and of course the intention is not just to hold that money the intention is to keep on replowing that money back into the US market and grow that money but we are receiving some significant opportunities also right now like we've just invested I think around five million dollars in one of the the oceanfront properties as well.

Manan Shah: We are expecting a sales value of around nearly $15 million for that particular villa. Very beautifully constructed, part of our ultra-luxury portfolio of Miami. That is up for sale. There are viewings which are happening by customers and soon we shall have some concrete offers for the same. As soon as that is done, we would be selling that villa as well. Regarding the Ritz-Carlton property, we have done nearly pre-sales of around $25 million up till now for that project, and the momentum is strong. We have launched that project in the market, and that project is expected to be completed by 2030, December. Once we have received significant sales, then we can begin the construction for that property as well. We have some substantial liquidity in the US, which will be utilized in the existing cash flows of these projects.

Manan Shah: Currently, no further liquidity we intend to repatriate to Miami. But by 2031, we shall have 100% principal being accrued back with some significant profit as well. Of course, the intention is not just to hold that money. The intention is to keep on replowing that money back into the US market and grow that money. But we are receiving some significant opportunities also right now, like we have just invested, I think around $5 million in one of the oceanfront properties as well.

Speaker #4: I mean the reason you know why I've been asking is that you know predominantly if you see all the real estate players or EPC players in India you know they would diversify in you know different geographies having a predominant in say say like like in our case it is MMRD area in terms of real estate they preferably go you know try to diversify in different geographies within India itself I mean what made this decision to you know tap into US geography especially Miami Florida and how is the cash flow over there and our how the margins you know with respect to what we would basically be that we are doing doing it in Mumbai as such you know if you can yeah kindly elaborate regarding and what is typically the forex hedging policy as such you know if you can just elaborate on that.

Mithun Shah: The reason why I have been asking is that predominantly, if you see all real estate players or EPC players in India, they would diversify in different geographies, having a predominant in, say, like in our case, it is MMR area in terms of real estate. You preferably try to diversify in different geographies within India itself. What made this decision to tap into US geography, especially Miami, Florida, and how is the cash flow over there? How would the margins with respect to what we would basically be doing it in Mumbai as such? If you can, yeah, kindly elaborate on that. What is typically the Forex hedging policy as such? If you can just elaborate on that.

Speaker #3: See, the most important factor to be understood is when MIC started repatriating money from India to Miami, the dollar used to be at 75.

Manan Shah: See, the most important factor to be understood is when MICL started repatriating money from India to Miami, the dollar used to be INR 75.

Speaker #4: Correct.

Speaker #3: Today, the dollar is at $95. By the time I want to bring back the money, even if I had kept the money lying idle over there, no mutual fund or any kind of FD growth rate would have given me this kind of growth which would have been there if I had kept it in the Indian market.

Mithun Shah: Correct.

Manan Shah: Today, the dollar is INR 95.

Mithun Shah: Correct.

Manan Shah: By the time, if I want to bring back the money, even if I would have kept the money lying idle over there, any mutual fund or any kind of FD growth rate would have not given me this kind of a growth, which would have been there in keeping it in Indian market. Second, regarding margins of the project, the margin is equivalent and sometimes even more than the Indian projects. So for us, whether I am doing projects in Mumbai or I am doing projects in Miami, it does not make a difference because the money is growing at an equal or maybe at a better rate. Plus, I am enjoying the benefits of the currency appreciation over there. So on a year-on-year basis, the average growth, if you see, has been 5% to 6% of dollar rate.

Speaker #3: Second, regarding the margins of the project, the margin is equivalent and sometimes even more than the Indian projects. So for us, whether I'm doing projects in Mumbai or I'm doing projects in Miami, it does not make a difference because the money is growing at an equal or maybe at a better rate. Plus, I'm enjoying the benefits of the currency appreciation over there.

Speaker #3: So, on a year-on-year basis, the average growth, if you see, has been five to six percent at the dollar rate. Also, we have de-risked ourselves completely by having local JV partners, who are currently the brand face for selling in Miami.

Manan Shah: And also we have de-risked ourselves completely by having local JV partners who are currently the brand face for selling in Miami. It's not that we are taking the task purely on our head. MICL has a local partner which understands the bylaws also, where the customers trust also. Because of that, we are confident that every egg may not be placed into the same basket. Apart from Mumbai, we are already spread across sectors. You are mentioning MMRDA and all, we are already spread across MADA and SRA and private developments.

Speaker #3: So it's not that we are taking the task purely on our own head. MICL has a local partner, which understands the bylaws and where the customers also have trust. Because of that, we are confident that not every egg is placed in the same basket. Apart from Mumbai, we are already spread across sectors.

Speaker #3: So you were mentioning MMRDA and all—we are already spread across MADA, SRA, and private developments. We have done collector developments also, and opportunity has always been open. And cash flow is also ample, so I don't have to pick and choose whether I can do projects in India or Miami—I can do both the projects, whether it is MMRDA buying of land, redevelopment, or MADA.

Mithun Shah: Correct.

Manan Shah: We have done collector redevelopments also. Opportunity has always been open and cash flow is also ample that I do not have to pick and choose whether I can do projects in India or Miami. I can do both the projects, whether it is MMRDA, buying of land, redevelopment or MADA.

Speaker #4: Got it, got it. And how does the cash flow look like from that region?

Mithun Shah: Got it. How does the cash flow look like from that region?

Speaker #3: Like I said, in the next four years' time, the money—whatever we have transferred, we have transferred approximately, I think, around $35 million up till now—the entire money would be back with our US venture, in our US account, where either if we see a good opportunity, we would further deploy it over there. And if we feel that India is outperforming the US, we would definitely get the money back in the country.

Manan Shah: Like I said, in the next four years' time, the money, whatever we have transferred, we have transferred approximately, I think around $35 million up till now. The entire money would be back with our US venture in a US account, where either if we see a good opportunity, we would further deploy it over there, and if we feel that India is outperforming US, we would definitely get the money back in the country.

Speaker #4: Got it. And just one more question, and then I'll come back into the queue. Last fiscal, we saw a slight negative cash flow compared to the previous years, which were quite healthy.

Mithun Shah: Got it. Just one more question, I will come back in the queue. Last fiscal, we saw a slight negative cash flow compared to the previous years, which are quite healthy as such. Any particular reason for that, how do we see in FY27 going ahead? Will it return back to positive cash flows?

Speaker #4: Is there any particular reason for that, and how do you see FY27 going ahead? Would it return back to positive cash flows?

Speaker #3: The only reason was there was new money invested in the acquisitions of these significant portfolio which I have announced that we would be launching this year and lot of projects were under the initiation of construction which required deployment of further working capital when the market was slow last year slightly in terms of the sales but we have already recovered that and if you see the upward trajectory has already begun for the first quarter if you see the the profit after tax what we've achieved this year and we also have a significant pipeline of launches in this financial year where we are absolutely confident from marine lines to Tardive to Mount Mary to Pali Hill BKC there are so many projects under the launch portfolio and we've always seen healthy results coming in and healthy walk-ins coming in so we are not away from the upward trajectory and last year was a year of acquisitions where and that is the reason you saw a dip in the bottom line coming in but this year the the upward side is already begin.

Manan Shah: The only reason was there was new money invested in the acquisitions of these significant portfolio, which I have announced that we would be launching this year.

Mithun Shah: Understood.

Manan Shah: A lot of projects were under the initiation of construction, which required deployment of further working capital. When the market was slow last year slightly in terms of the sales, we have already recovered that. If you see, the upward trajectory has already begun for the first quarter. If you see the profit after tax, what we have achieved this year. We also have a significant pipeline of launches in this financial year where we are absolutely confident from Marine Lines to Dadar to Mount Mary to Pali Hill, BKC. There are so many projects under the launch portfolio. We have always seen healthy results coming in and healthy walk-ins coming in. So we are not away from the upward trajectory. Last year was a year of acquisitions, that is the reason you saw a dip in the bottom line coming in.

Manan Shah: This year, the upward side has already begun.

Speaker #4: Understood. Thanks. Thank you very much for giving me this opportunity, and thanks for being so candid. I really appreciate it.

Mithun Shah: Understood. Thanks a lot for giving the opportunity and thanks for being so candid.

Manan Shah: Yeah.

Mithun Shah: Really appreciate it.

[Company Representative] (Go India Advisors): Thanks, Mithunesh. Sir, we have one question in the chat box as well from Bimalji. He is asking, would you prefer to remain debt-free, or is there any plan to raise funds through equity offerings for your projects?

Yashesh Parekh: Thanks, Mithunesh. Sir, we have one question in the chat box as well from Bimalji. He is asking, would you prefer to remain debt-free, or is there any plan to raise funds through equity offerings for your projects?

Manan Shah: See, currently we are sitting on a cash flow of more than INR 700 crores at a group level. We do not require debt to acquire any of the projects or refinance any projects, to be honest. Construction finance is negligible, which happens in the landowner's book in our DM projects, which again does not come into our books. So we are very stable and in fact strong. We have excess liquidity, which we are continuously deploying to acquire these projects. The intention is, yes, to remain debt-free, because without adding on to debt, we are able to acquire significantly larger projects and continuously increase portfolio. Compared to last year, if you see, the portfolio has already doubled. The intention is to keep on growing at a 25% to 30% growth rate of adding new projects.

Manan Shah: But maybe by next year things look very positive where we are on the final verge of negotiating with a lot of landowners, a lot of societies in the Mumbai region. And you might see a double portfolio of what you are currently seeing in the next year's book as well. But for that, I do not require any new data. Or fundraising is also not required.

[Company Representative] (Go India Advisors): Okay. Now there is another interesting one. So at this point

Yashesh Parekh: Okay. Now there is another interesting one. So at this point

Manan Shah: Sorry, I would like to add one more thing.

[Company Representative] (Go India Advisors): Sure.

Yashesh Parekh: Sure.

Manan Shah: In the next three years' time, the company would be generating INR 3,000 crore of its cash flow, which again gives me significant money and dry powder to run through and acquire significantly larger projects. So on an average portfolio basis, if I have INR 200 crore with me, I am comfortably adding 2,500 to 3,000 crore of GDV with every INR 200 crore which I have. Which is yielding us a comfortable 20% to 25% of bottom line.

[Company Representative] (Go India Advisors): Correct. Yeah. So, okay, before I take the next one, I will ask Subham Mukherjee if you can, sir, if you can unmute and you can ask your question.

Yashesh Parekh: Correct. Yeah. So, okay, before I take the next one, I will ask Subham Mukherjee if you can, sir, if you can unmute and you can ask your question.

Subham Mukherjee: Sure. First of all, thank you so much for organizing this and congratulations on the quarter. My question is around the projects that are upcoming. These are ultra-luxury products that you are bringing to the market. What kind of margin profiles are you looking at in those projects? Are these going to be substantially different from what you have done before, or ballpark in similar lines?

Manan Shah: No, definitely the margins are much higher compared to a Dahisar project because the ticket size is INR 100,000 per square feet and beyond at, say, Mount Mary and Pali Hill. Dahisar says that somewhere around INR 20,000 to INR 25,000 on a square foot, depending on the inventory to inventory. So, the margin definitely on per square foot basis is sometimes more than the ticket size of a Dahisar inventory. So ultra-luxury portfolio definitely has better margins. When you compare the gated community projects, it is all about volume. So the bottom line in terms of percentage has remained nearly similar in our case because we do EPC also in-house. We save the money by not taking debt and investing it in our own projects. So we save the interest cost also. For us, the bottom line usually remains same.

Manan Shah: It differentiates in the case of a DM project and a redevelopment project. Where in a DM project, we have given a case study in the past where the DM project margins are nearly 2.5x to 3x of the money that we have invested.

Subham Mukherjee: Got it. Also about your upcoming launches this year. We are still targeting Marine Lines this year?

Manan Shah: Yes. Marine Lines, there was a change in FSI, there was a change in the policy, there was a change in plan. We had further acquisitions around the plot, and that is what took time, and it was worth it because it adds significant numbers, in terms of bottom line and top line, and which strengthens the shape of the entire plot as well. By this March, yes, we are definitely targeting to launch Marine Lines.

Subham Mukherjee: Okay, great. One final question around your Goregaon project. We are still targeting it for, say, next year, or is it shelved for now? What is the status of that one?

Manan Shah: No. Goregaon is an SRA project where there are more than 40 societies on the private plot and there is a MADA plot. The total potential, what we have announced is, I think, around 10 to 12 acres, where we are intending to take this 12 acres to 30 acres. Goregaon, if you see, we have not given it in the next upcoming year's projection. Goregaon will take two years from now to stabilize. But Goregaon is a project in itself, which we are anticipating, if everything goes smoothly, we are seeing a 1 crore square feet of portfolio in just Goregaon as a project itself, as construction area. So nearly carpet area, you can consider around 30 lakh square feet. We are seeing an approximate more than INR 10,000 crore of GDV accruing from Goregaon project itself.

Subham Mukherjee: Okay. Interesting. Okay, that is it. If I have more questions, I will come back. Thank you so much.

Manan Shah: Thank you.

[Company Representative] (Go India Advisors): Thank you, Subho. There is one question from Taran as well. He is asking, the price range in South and South Central Bombay ranges somewhere around 45,000 to 75,000 square feet. How much runway do you think is still left in terms of the price appreciation, before it actually starts affecting the sales? That is one question.

Yashesh Parekh: Thank you, Subho. There is one question from Taran as well. He is asking, the price range in South and South Central Bombay ranges somewhere around 45,000 to 75,000 square feet. How much runway do you think is still left in terms of the price appreciation, before it actually starts affecting the sales? That is one question.

Manan Shah: Well, it is an excellent question. In fact, I am happy somebody has asked me this. MICL has a policy of zero price increase calculation. If I have considered Tardeo or Marine Lines or any project, my working states 0% appreciation in price. The day I have launched the project, the same price if I am selling it till OC, still I will be able to maintain a healthy bottom line of more than 20%. We have a very straightforward policy. The pricing goes up, it is a bonus. My calculation has usually been with a 10% to 15% cut on the existing market price, then I want to make 20% as a bottom line. I do not see any impact on our results or profitability, even if the market slows down.

Manan Shah: Because currently what the pricing is, whether it is Ghatkopar or whether it is South Bombay, you have not reached the epitome yet. In fact, I see an upward trajectory of price going up because the costings are going up. With the war situation, the marble pricing has shot up, the tile pricing has shot up, the steel pricing has shot up. Every single raw material is going up by 18% to 15%. So where will the margins come in from? It will be added on to the price, then sooner or later, every developer will have to adopt, unless and until the developer does not wish to make good money. I do not see an impact of the price going reverse from here. I see the price maybe moving upwards or stabilizing at what it is at right now.

[Company Representative] (Go India Advisors): Okay. So next, Vimal Modi. Sir, you can unmute yourself and we will take your questions. Yeah.

Yashesh Parekh: Okay. So next, Vimal Modi. Sir, you can unmute yourself and we will take your questions. Yeah.

Vimal Modi: Hello, Mr. Shah. My name is Vimal Modi. I am from Mumbai, Ghatkopar. It is very heartening to note that we have successfully started execution of infra development in USA. Hearty congratulations for making a mark in the USA, sir.

Manan Shah: Thank you.

Vimal Modi: Likewise, we need altogether a different kind of talent and capabilities to do such work.

Manan Shah: Right.

Vimal Modi: As per my knowledge, based on whatever understanding I have of markets over there, I won't be surprised, if we continue like this, we are going to outperform the Indian operations, maybe within 4 to 5 years. I strongly feel so if we are committed over there. I would like to know the issues related to taxation as far as execution of projects in USA is concerned. I have only one question. Thank you, sir.

[Company Representative] (Go India Advisors): One second.

Yashesh Parekh: One second.

Vimal Modi: Taxation in terms of local taxes over there, as well as taxation in terms of when we get the money back here. All that.

Manan Shah: Yes.

Vimal Modi: Plus Forex fluctuations, Forex appreciation, depreciation, et cetera.

Manan Shah: Got it. So Mr. Modi, what we can do is that since you have the question on the taxation of the state and federal tax over there, is it okay that we can get back to you post the con call?

Vimal Modi: I will look at this.

Manan Shah: You can connect through the Go India, Mr. Rajeev.

Vimal Modi: Okay. Thank you. I will do that.

[Company Representative] (Go India Advisors): I will do that for you, sir. I will connect with you and hopefully I will be able to answer you post this call. Sure.

Yashesh Parekh: I will do that for you, sir. I will connect with you and hopefully I will be able to answer you post this call. Sure.

Manan Shah: Thank you.

Vimal Modi: Thank you.

Vimal Modi: Thank you, Rajeev.

Manan Shah: Thank you, Rajeev.

[Company Representative] (Go India Advisors): Thank you. So next question is from Mr. Ravinder, so he is asking, so we have launched INR 6,600 crores of sales launch pipeline, but how far do we see that getting converted into P&L revenue and then PAT and everything? So if you can elaborate a little.

Yashesh Parekh: Thank you. So next question is from Mr. Ravinder, so he is asking, so we have launched INR 6,600 crores of sales launch pipeline, but how far do we see that getting converted into P&L revenue and then PAT and everything? So if you can elaborate a little.

Manan Shah: See, these projects are spread across another four years, depending on what scale and size of the project it is. Say, for example, if it is Marine Lines, it is going to be a five to six years project. If it is Ghatkopar we are completing almost by this March. The Berkeley House is a project which is a 26-story tall, so we are expecting it to complete in the next three years' time. Pali Hill is, I think, around 15 stories, so Pali Hill would be completed in the next two and a half, three years' time again. So it is purely based on project to project. But when it starts realizing it, you would see it in these newer launches that you see currently will start getting realized. In fact, by next year end, you would start realizing a couple of projects.

Manan Shah: Because some projects are smaller, some projects have already begun in the six months back, like BKC project, where the revenue recognition will already start happening.

[Company Representative] (Go India Advisors): Okay, sure. There is a follow-up as well in terms of the margins that we expect over the next five years. So the GDV that we have is we are targeting INR 35,000 crores. First, are we understating that we will achieve it in five years, or do we see it getting achieved earlier and the margins as well?

Yashesh Parekh: Okay, sure. There is a follow-up as well in terms of the margins that we expect over the next five years. So the GDV that we have is we are targeting INR 35,000 crores. First, are we understating that we will achieve it in five years, or do we see it getting achieved earlier and the margins as well?

Manan Shah: See, INR 35,000 crore is at a group level. A lot of projects we own 30%, a lot of projects we own 50%, a lot of projects we own 70% as well. A couple of them, what happens is, because it's in DM, you will not see the revenue coming into our books. You will just start seeing the profitability. Like Tardeo, Vile Parle, Marine Lines, these three projects are part of DM. In terms of margins, like I said, DM has a 2.5x, 3x returns in an average case scenario basis. The rest of the projects, we are confident on 20% to 25% bottom line.

[Company Representative] (Go India Advisors): Okay. Next we'll take Vansh. Vansh, if you can unmute yourself, then we'll take your questions. Yeah.

Yashesh Parekh: Okay. Next we'll take Vansh. Vansh, if you can unmute yourself, then we'll take your questions. Yeah.

Vansh: Hi again. I have asked you a question on the EPC side. You had said that we are bidding for a port project, if I'm not wrong. I just wanted to know the development value will be around INR 9,000 to 10,000 crore. Am I right?

Vansh Pansari: Hi again. I have asked you a question on the EPC side. You had said that we are bidding for a port project, if I'm not wrong. I just wanted to know the development value will be around INR 9,000 to 10,000 crore. Am I right?

Manan Shah: The port project at Vadhavan, it's in multiple phases. The government has targeted a development over the next 10 to 15 years' time.

Vansh: Okay.

Vansh Pansari: Okay.

Manan Shah: They have targeted a 1 lakh crore plus of development in this port sector. We do not know how many of that portion they would be launching by when, but every year we would be seeing some significant launch in the port sector. But our major focus more than that is also more towards our internal in-house developments, which I mentioned, which is going to be around 9 to 9.5 thousand crore worth.

Vansh: Okay. Just a follow-up. Secondly, as we have a gross development value of INR 500 crore at our Bandra West Pali Hill project, Marina Vista, I wanted to know, we have a 30% stake, so we can consider 35% of INR 500 crore as a sale, right?

Vansh Pansari: Okay. Just a follow-up. Secondly, as we have a gross development value of INR 500 crore at our Bandra West Pali Hill project, Marina Vista, I wanted to know, we have a 30% stake, so we can consider 35% of INR 500 crore as a sale, right?

Manan Shah: 35% of what?

Vansh: INR 500 crore, the gross development value.

Vansh Pansari: INR 500 crore, the gross development value.

Manan Shah: Yes, correct.

Vansh: Okay, that comes up to around INR 175 crore.

Vansh Pansari: Okay, that comes up to around INR 175 crore.

Manan Shah: That is right.

Vansh: Okay, thank you so much.

Vansh Pansari: Okay, thank you so much.

[Company Representative] (Go India Advisors): Thank you. Sir, I think there is a follow-up question from Subham Mukherjee as well. Sir, you can go ahead.

Yashesh Parekh: Thank you. Sir, I think there is a follow-up question from Subham Mukherjee as well. Sir, you can go ahead.

Subham Mukherjee: Sure. One of the strengths of MICL I have seen is fast execution of projects. I am talking in-house projects. Are these all in-house? Some of your projects are quite ambitious, right? One of the tallest towers, and also the upcoming projects, Marine Lines and all. So can you tell us a bit about how you have built your capabilities in-house, or are you using anything else, anything from outside of India to build such projects? Because rarely we see somebody with your kind of a journey building the kind of project that you are building.

Manan Shah: See, MICL has been into contracting since past 60 years. We have built a lot of tall skyscrapers at Pune, at Goregaon, Mulund, and so on. For Aaradhya Avaan, we have got special consultants coming in from abroad. So basically, we have got the guys who has done the wind analysis for Burj Khalifa, which is the tallest tower of the world, to do the wind analysis for our project. We have got Hafeez Contractor, who is one of the topmost architects of the country, and all the best Z+W consultant to do the structure part of it. Regarding technology, we are using Mivan to do Aaradhya Avaan. And since we have got all the plant machinery equipment, labor camps, and everything executed in-house, it helps us build much faster. So as of today, we have already reached 40 stories, and by next year August, I am expecting to complete 100% RCC.

Manan Shah: That is something which would be a significant milestone for this country, in fact, where somebody has executed in 3 years' time, a 306-meter-tall tower, which is nearly 110, 114 story equivalent.

Subham Mukherjee: Yeah. That's wonderful. I mean, very few people appreciate this pace that you are building at as well. And it will be seen with Marine Lines as well, I think.

Manan Shah: Yes. Marine Lines, in fact, is going to be surpassing Aaradhya Avaan also, and that would become the tallest the day it is launched.

Subham Mukherjee: Got it. Okay, wonderful. All the best.

Yashesh Parekh: Got it. Okay, wonderful. All the best.

[Company Representative] (Go India Advisors): Thank you. So, sir, there is one question from Parna as well. She is asking, there have been a lot of questions around the bottom line. So we have scaled from INR 30 crores to INR 300 crores over the last few years. Now, given the strong launch pipeline that we have and over the period of next two to three years, do we see as the bottom line swinging towards the INR 500 crore mark? How do you see the bottom line?

Yashesh Parekh: Thank you. So, sir, there is one question from Parna as well. She is asking, there have been a lot of questions around the bottom line. So we have scaled from INR 30 crores to INR 300 crores over the last few years. Now, given the strong launch pipeline that we have and over the period of next two to three years, do we see as the bottom line swinging towards the INR 500 crore mark? How do you see the bottom line?

Manan Shah: Yes, definitely the ambition is to reach the INR 500 crore mark, but it will take another year plus, where we see the moment we have got these significant cash flows coming in, the quantum of the projects, if you see in the last 2 years, the way we are growing the quality of the project, the size of the project, with Hadkoop delivering and Zaisha delivering. We would definitely want to add such kind of significant marquee projects like Aaradhya Avaan and Marine Lines, where we are already in talks with for the next future icons to come up soon. So, in next 3 years' time to 2 years' time, we are expecting a significant jump in the bottom line. In fact, you will start seeing that jump this year as well.

[Company Representative] (Go India Advisors): Okay. The question was around, would it peak around FY27 and towards FY28? So yeah, I got your point. Next one is from Nirmam. So he is asking: how much money as a percent of the GDV do we actually invest in a DM project?

Yashesh Parekh: Okay. The question was around, would it peak around FY27 and towards FY28? So yeah, I got your point. Next one is from Nirmam. So he is asking: how much money as a percent of the GDV do we actually invest in a DM project?

Manan Shah: It is not even 10%.

[Company Representative] (Go India Advisors): Not even 10%.

Yashesh Parekh: Not even 10%.

Manan Shah: In average case scenario basis.

[Company Representative] (Go India Advisors): Okay. There is another follow-up from Mr. Ravinder. He is asking if as and when the company matures, which of the four income streams, so equity margin, DM fee, EPC, or the project funding interest, becomes the largest contributor towards the earnings? Which one gives us the highest return on capital?

Yashesh Parekh: Okay. There is another follow-up from Mr. Ravinder. He is asking if as and when the company matures, which of the four income streams, so equity margin, DM fee, EPC, or the project funding interest, becomes the largest contributor towards the earnings? Which one gives us the highest return on capital?

Manan Shah: It will definitely be equity because DM projects are rare and significantly lesser in terms of the overall portfolio. That marking methodology will honestly not matter whether the money is coming in from equity, because even DM projects is my equity partnership. It is just the methodology of cost being in the landowner's books and the revenue coming in all to the developer. So, I do not see a competition honestly, per se, between my equity projects and DM projects as who will win the race. Time would say which is yielding me the most returns, that will win the race.

[Company Representative] (Go India Advisors): Sure. So probably I think we will end up with this one. That would be the. Kedar will do regular concalls every quarter. So that is what we have promised. Thank you everyone for taking time out and probably, sir, I will hand it over to you for closing comments if you have any just

Yashesh Parekh: Sure. So probably I think we will end up with this one. That would be the. Kedar will do regular concalls every quarter. So that is what we have promised. Thank you everyone for taking time out and probably, sir, I will hand it over to you for closing comments if you have any just

Yasish Parekh: Thank you everyone for participating in this concall. If you have any questions, you can get back to us, or you can get back to the Go India with one of our IR advisors. Thank you for your participation.

Manan Shah: Thank you everyone for participating in this concall. If you have any questions, you can get back to us, or you can get back to the Go India with one of our IR advisors. Thank you for your participation.

[Company Representative] (Go India Advisors): Thank you, Manan. Thank you, Yasish.

Yashesh Parekh: Thank you, Manan.

Manan Shah: Thank you, Yasish.

Yasish Parekh: Yeah. Thank you, sir.

Yashesh Parekh: Yeah. Thank you, sir.

[Company Representative] (Go India Advisors): Thank you. Thank you everyone for joining. You can now disconnect, everyone. Yeah. Thank you.

Manan Shah: Thank you. Thank you everyone for joining. You can now disconnect, everyone. Yeah. Thank you.

Vimal Modi: The recording has stopped.

Operator: The recording has stopped.

[Company Representative] (Go India Advisors): Yeah. Thank you.

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