Aditya Birla Real Estate Ltd — Q4 FY26
Aditya Birla Real Estate delivered an exceptional Q4 FY26 with pre-sales of ₹4,288 crore (up 69% QoQ) and area sold of 3 million sq ft (up 75% QoQ), driven by strong new launche...
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.
46%Questions answered4Evaded / deflected12Questions auditedContradictedNumbers vs filing
Evasive
High priority
Sustenance sales outlook for FY27 on remaining inventory of 7,300 cr.
Asked by Karan Kana, Ambbit Capital
Management explicitly declined to provide any sales guidance for FY27.
refused guidanceno number given
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Question
sustaining sales seem quite healthy for the fourth quarter almost at 20%. For the 7,300 crores of inventory that you have remaining, what kind of sustained sales do you foresee going into FI27?
K (Management)
We had a very good traction in our Bangalore project... we are refraining from giving any guidance because it's very difficult to actually predict what kind of sales we can estimate.
Partial answer
High priority
Mumbai luxury market outlook and launch timeline risks.
Asked by Karan Kana, Ambbit Capital
Management gave qualitative optimism but no specific approval stage details or quantified risk.
vague timelineno specific approval stages
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Question
how are you looking at the luxury market in MMR overall and how do you plan to manage launch timelines... at what stages of approval are all these projects currently at?
K (Management)
We have had a fairly good year last year with respect to Mumbai... the only challenge is that we are working very hard to get the approval. It may be we may just get RA at the end of Q2 and we may launch it either in Q2 or maybe early Q3.
Evasive
High priority
Bangalore BD targets for FY27 given no major launches.
Asked by Karan Kana, Ambbit Capital
Management gave no quantitative BD target, only qualitative optimism.
no specific BD targetvague optimism
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Question
you don't have any major launches slated for FI27. So how should we think about the BD that you're targeting in this market going into FI27?
K (Management)
We are also very aggressively looking at BDS... our largely our total focus this year will be concentrated on building our BD portfolio. And we are quite optimistic about that.
Partial answer
High priority
Quantify launch timing in H1/H2 FY27 and key approval dependencies.
Asked by J Sha, HDFC Securities
Management gave launch windows but did not specify which approvals are pending.
no specific approval dependencies
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Question
can you quantify the launch timing like in terms of H1 and H2 FI27 which approvals remain key dependencies?
K (Management)
It may be we may just get RA at the end of Q2 and we may launch it either in Q2 or maybe early Q3... Then we have got a new project... that will be Q4.
Partial answer
High priority
Active BD discussions by geography and asset-light vs outright mix.
Asked by J Sha, HDFC Securities
Management gave an aggregate BD pipeline number but no geographic or deal-type split.
no detailed breakdownonly aggregate number
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Question
can you share the current active BD discussions like by geography... and the preferred asset light versus outright acquisition.
K (Management)
I can't just share this with you in great details but I can generally give you the trend... roughly about 60,000 crores of projects we are at this point of kind of pursuing.
Answered
Medium priority
Target steady-state operating cash flow conversion from pre-sales.
Asked by J Sha, HDFC Securities
Management provided a specific collection percentage and historical growth rate.
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Question
what are we seeing in terms of target steady state operating cash flows conversion from pre-sales over the next couple of years.
K (Management)
We attempt to collect at least 65 to 70% by the time we finish the structure of the building... We grew by more than 23% from last year's collection to last year.
Answered
Medium priority
Reason for no last phase of Maya launch this year.
Asked by Pritesh Sait, Access Capital
Management clearly explained the strategy to delay for better pricing.
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Question
I don't see last phase of Maya coming this year. Any specific reason why?
K (Management)
We are now focusing on execution... we can get a healthy margin... we really would like to now maximize the revenue from our final phase.
Evasive
High priority
Can new BD opportunities be launched this year and is 10,000 cr launch guidance valid?
Asked by Pritesh Sait, Access Capital
Management explicitly refused to provide any launch guidance for FY27.
refused guidanceno number given
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Question
any of the potential business development opportunities you think can be launched this year by Q3 Q4... this 10,000 cr kind of launch guidance should be the number to look at?
K (Management)
I would really refrain from giving any guidance... any guidance that I give will be could be misplaced because of the sheer uncertainty of when these launches can take place.
Evasive
Medium priority
GDV potential and plan for Telga and Kalyan land parcels.
Asked by Akshai Takur, Helios Capital
Management declined to provide any quantitative potential, citing early stage.
too earlyno numbers given
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Question
can you give any guidance on the GDP potential or what is the plan in terms of numbers for Tala and for Kalyan as well?
K (Management)
It's in a very preliminary stage... nothing is really clearly laid out as of now... too early to give any kind of clear details and numbers on this.
Answered
High priority
Cash from ITC deal timing and status.
Asked by Vun Julasara, 361 Capital
Management gave a clear timeline (this quarter) and status update.
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Question
could you just update us on the cash from the ITC deal? When is it expected? And what is the current status on that?
K (Management)
The discussions with ITC are progressing well... we expect to conclude the transaction in this quarter.
Partial answer
Medium priority
Construction spend and capex for BD in FY27.
Asked by Vun Julasara, 361 Capital
Management gave construction spend but no specific capex for BD, only qualitative assurance.
no specific BD capex number
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Question
how is it looking like for the FI27 and how much capex do we plan to spend on the BDS this year?
K (Management)
Construction spend this year in 27 should be close to 1,000 crores... we have adequate cash to make acquisitions.
Partial answer
Medium priority
Reason for no significant BD last year - IRR or other issues?
Asked by Vun Julasara, 361 Capital
Management gave hurdle rates but attributed lack of BD to timing, not a clear single reason.
no specific reasonblamed timing
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Question
since this year we have not done any significant BD... is it the IRRs or the expectation that is not allowing us to approach the BD?
K (Management)
It's a combination... we look for healthy IRRs... for outright we look at at least 16% and if it is a JD upwards of 18 19%... but that's not really the hurdle.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Q4 collections almost 1,000 crores | ₹1,000 cr | ₹82.61 cr | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.