Aditya Birla Real Estate Limited — Q2 FY26
Aditya Birla Real Estate reported strong Q2 FY26 bookings of ₹890 crore, up 111% QoQ, driven by flagship projects Birla Niara and Birla Alia.
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
67%Questions answered2Evaded / deflected12Questions audited
Answered
High priority
Status of approvals for Pune project and confidence in H2 launch.
Asked by Akash Gupta, Namura
Management gave a clear status update and timeline for the launch.
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Question
what is the current status of approvals for your project in Paneer and how confident are we that we will be able to launch it in the second half?
Katie (management)
we have already had our hearing at the committee. We're expecting the minutes of meeting any day and we are expecting the RIA to be achieved this quarter itself. So we are all set for the launch in Q4.
Answered
High priority
Operating cash flow negative in H1; collection and cash flow trajectory in H2.
Asked by Akash Gupta, Namura
Management provided specific billing amounts and collection target.
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Question
in the first half our operating cash flow was negative minus4 billion... how are we looking at the collection trajectory and operating cash flow trajectory in the second half.
Katie (management)
we had a billing of about 265 crores... another billing for tower B about roughly 350 crores... we expect a solid cash flow collection about 2,000 crores in this quarter.
Partial answer
Medium priority
Competitive intensity and format for Niara tower C launch.
Asked by Akash Gupta, Namura
Answered confidence and sales but declined to share format details.
format not discloseddeferred to later
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Question
how are we looking at the competitive intensity view and number two if you can give us some visibility on what kind of format are we bringing here and are we confident of getting this done in post itself considering the competence.
Katie (management)
we have sold almost now 113 units out of 148 units and in tower A 400 out of 43... we are all set to launch the tower C as quickly as possible.
Partial answer
High priority
Reason for net debt increase of 2.8 billion despite no new land deals.
Asked by DipLoma, Antique Stock Broking
Explained broadly but did not quantify the FSI premium or other components.
no specific breakdown given
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Question
what led to this increase in net debt by 2.8 billion.
Katie (management)
we had to incur payments for FSI premiums and all of that. So it's part of the ordinary cost and because the payment milestones are linked to the collections there can be a small mismatch.
Evasive
Medium priority
Are relaxed payment terms offered in any projects to boost sales?
Asked by DipLoma, Antique Stock Broking
Acknowledged possibility but gave no concrete examples or extent.
no specificscase to case basis
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Question
are you offering any any relaxed payment terms in any of the projects especially in Niara or in Gurugram to expedite or to improve our sales.
Katie (management)
we continue with our payment plan... if there are some kind of situations where somebody has some issues... we are open to that... case to case basis we may have done it or maybe doing it.
Partial answer
High priority
Number of projects in due diligence and their GDV.
Asked by DipLoma, Antique Stock Broking
Gave aggregate GDV but not number of projects or breakdown.
no count of projectsonly aggregate GDV
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Question
how many projects in business development are currently in the due diligence stage and what would be the GDV of those projects only due diligence page.
Katie (management)
we have about 30,000 crores of projects which are in the advanced status of GTV... some of them are in NOA, some in Gurugram, some in Mumbai, Bangalore and Pune.
Answered
Medium priority
Strategic decision to launch projects in phases vs full launch for price appreciation.
Asked by Pepe Sheet, Access Capital
Management explained the phased approach and flexibility based on demand.
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Question
is it just some strategic decision of launching it in phases to have a better price appreciation in the second phase or if we see better demand we are okay to open up more inventory.
Katie (management)
Depending on the EOIs we get we may perhaps think of launching the entire phase I mean entire project... we have given a muted guidance I think we may go after the full phase.
Answered
Medium priority
Breakup of project development cost between land, approvals, and construction.
Asked by Pepe Sheet, Access Capital
Provided a detailed numerical breakdown of the costs.
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Question
if you can break up the first half number that we have spent on project development that's roughly 1,000 odd crores how would that split between land and approvals and pure construction cost.
Katie (management)
construction cost is 350 crores... design leison and brokerage 150... land purchase around 150 crores... other operational costs around 130 crores... interest around 140 crores.
Partial answer
High priority
Reason for delay in Pune project launch after RERA approval and pricing positioning.
Asked by Amit Shravasa, BNK Securities
Explained delay but did not give specific pricing comparison; deferred pricing details.
pricing details deferred
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Question
this project we got the radar approval in June July yet it has not been launched so far... is there any specific reason for the project getting pushed and how we are positioning the pricing versus networking projects.
Katie (management)
there was the came that came in the name of the previous owner. So there was some challenges there. Now we got that rectified... very soon we will start booking... this quarter itself.
Answered
High priority
Price increase for Worli project and ITC deal timeline.
Asked by Hash Paruk, NK Global
Provided specific price increase amount and ITC deal timeline.
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Question
have we taken some particular price increase or it's just a function of higher floor sales... and in terms of the ITC deal is it on track and by when do we expect that to conclude?
Katie (management)
we have taken a price increase now from now on we taken a price increase it will be more like an average about 1 lakh 10,000... ITC deal is on track... hopefully we will be able to close by in this financial year.
Answered
High priority
Risk of some Q4 launches slipping to Q1 next year.
Asked by Dshid Doshi, Whitestone Financial Advisors
Listed specific projects and confirmed Q4 timeline.
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Question
regarding the other projects do they are also on track for Q4 or is there a possibility of some of them going into Q1 next year?
Katie (management)
in addition to whatever I mentioned we are going to launch plotted in Q4... BA in Gura phase 2 in Q4... new phases of Vir Puna in Q4... PMaya in Bangalore phase 4 in Q4.
Evasive
Medium priority
Expected quarterly collection run rate from Q4 onwards.
Asked by Ronald, ICA Securities
Did not provide a specific run rate; only said growth vs last year.
no specific number givenvague growth statement
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Question
from Q4 onwards should we see the collection run in a quarterly run rate in about 700 to 1,000 or it would still revert back to around 500.
Katie (management)
we expect to grow as compared to the collections which we did last year.