Aditya Birla Real Estate Limited — Q3 FY26
Aditya Birla Real Estate delivered exceptional Q3 FY26 operational performance with pre-sales of ₹2,576 crore (up 276% YoY) and collections of ₹1,290 crore (up 157% YoY), driven...
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.
79%Questions answered0Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Maintain FY26 sales guidance of 8,000 cr despite Miara phase 3 delay?
Asked by Karan Kana, Ambbit Capital
Management did not explicitly reaffirm the 8,000 cr guidance, instead spoke about exceeding last year's pre-sales.
did not reaffirm 8,000 cr numbershifted to 'exceeding last year's pre-sales'
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Question
Katy, in the last call you spoke about maintaining the FI26 sales guidance of 8,000 crores. Given that Miara phase 3 is now pushed to SI27, do you still maintain that outlook?
Katy (management)
We continue with our optimism for the current year and have confidence about exceeding our last year's pre-sales target. We are on track for that. We are queuing up for several launches this quarter.
Answered
High priority
Timelines for Q4 launches and risk of spillover?
Asked by Karan Kana, Ambbit Capital
Management provided specific timeline (first week of February) and expressed confidence.
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Question
On the launches that are slated for fourth quarter, is it possible to share the exact timelines or are there any chances of a spill over in launches of these projects as well?
Katy (management)
We are awaiting the RAA for Sane and Aika new phase as well as for Boiser, which we're pretty confident that all these RAS should come to us in the first week of February. So there is a little chance of these launches not happening.
Partial answer
High priority
Status of new BD announcements and 10-15,000 cr BD guidance?
Asked by Karan Kana, Ambbit Capital
Management reaffirmed guidance but provided no specifics on deals or progress.
no specific deals namedvague timeline
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Question
We were hopeful of new BD announcements in third quarter. Can you update us on status and do we still maintain the 10-15,000 cr BD guidance for the year?
Katy (management)
We are very careful. We have several term sheets done and proposals at a very advanced stage. We're still hoping and pretty confident that we should be able to conclude deals in the region of about 10 to 15,000 crores this year before March.
Partial answer
High priority
Confidence in FY27 growth to 150 billion without BD launches?
Asked by Akash Gupta, Namura
Management listed upcoming projects but did not quantify growth or reaffirm 150 billion target.
did not quantify growthlisted projects without numbers
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Question
How are we thinking on this FY27 growth? We had directed the market we'll take up from 80 billion to 150 billion in 3 years. Even if we do BD now, how confident are we that we'll be able to launch that in FY27?
Katy (management)
We have a strong BD pipeline. We also have a strong series of projects lined up for next year: new phases of Niara, Sriaya, Puna, Navia, Kane, NAM in Pune, and we may attempt to launch the India Humpai project in Delhi.
Answered
Medium priority
Reason for 11% YoY decline in leasing income?
Asked by Akash Gupta, Namura
Management provided a clear reason: consolidation elimination of own-occupied space.
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Question
Leasing income is down 11% on a year-over-year basis. What's the reason behind that?
Katy (management)
The properties are 100% occupied. There's a small reduction because some of the space occupied by our own company gets eliminated in consolidation. We have expanded some of our office space.
Answered
Medium priority
Commercial portfolio ramp-up plans and rental target?
Asked by Hush Patak, MK Global
Management gave specific rental target and update on progress.
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Question
How are we thinking of the ramp up of the commercial portfolio? We have planned 1 million sq ft at Niara. What are other developments and rental target?
Katy (management)
We are looking for a partner. We are progressing with design for Niara commercial project. We are looking to expand rental income from current 144 crores to at least 1,000 crores in the next four to five years.
Answered
High priority
Progress on ITC deal and expected cash flow?
Asked by Hush Patak, MK Global
Management provided specific timeline (next two months) and status update.
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Question
What is the progress on the ITC deal? When can we expect conclusion and receipt of cash flows?
Katy (management)
We have got CCI approval. We are awaiting transfer of lease of the land. We are very hopeful that in the next two months we should be able to close both issues and receive the money before the end of this year.
Answered
Medium priority
Why increased GDV of Tane project from 1,700 to 2,700 cr?
Asked by Rishit Sha, Access Capital
Management explained increased demand as reason for higher GDV.
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Question
Tane we had initially looking at launch of about 1,700 crores but now we have increased the GDV to about 2,700 crores. Why?
Katy (management)
We are seeing good prospects for Tane. We feel we can consider a higher launch area considering the prospects. The feedback is that we need to launch much more because there's so much demand.
Answered
Medium priority
Why scaled down GDV of Birla Ara and Birla Puna projects?
Asked by Dshit Dhi, Whilestone Financial Advisors
Management provided specific strategic reasons for each project.
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Question
Birla Ara and Birla Puna we have scaled down the GDV which was mentioned in Q2. Why have we reduced the size of those two projects?
Katy (management)
For Ara, we wanted to keep one tower for redesigning to create exceptional returns. For Puna, we want to break it into phases to avoid multiple launches at the same time.
Answered
High priority
Margin profile and cash invested in 70,000 cr GDV projects?
Asked by Taran Agraal, Old Bridge
Management provided specific margin range and cash invested figure.
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Question
If I look at your GDV of 70,000 crores for ongoing projects, what is the margin you're working with and how much cash has already been invested?
Katy (management)
Margins are in the range over 25 to 30%. Some own projects clock more than 40%. We have invested approximately 4,500 to 5,000 crores in land acquisitions and everything.
Partial answer
High priority
Should we still hold 150 billion by FY28 guidance?
Asked by Akash Gupta, Namura
Management reaffirmed guidance but without concrete evidence or updated numbers.
no specific numbersvague confidence
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Question
Should we still hold that guidance of 150 billion by FY28?
Katy (management)
Given our current pipeline, GDV balance to launch, and confidence on continuing strong BD, we are reasonably confident that we'll be able to achieve that target.
Partial answer
Medium priority
Operating cash flow this quarter and outlook for FY27?
Asked by Akash Gupta, Namura
Management provided current cash flow but did not address FY27 outlook.
did not give FY27 outlookonly gave 9-month data
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Question
What was the operating cash flow generation this quarter and how are we thinking about operating cash flow in FY27?
Katy (management)
We've got around 2,347 of collections and our overall project development related costs around 1,300. So we have a very strong cash positive cash flow in the 9 months.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Revenue recognition of 650 crores from Deralat Titia next year | ₹650 cr | ₹81.17 cr | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.