Ajmera Realty & Infra India Limited — Q3 FY26

Ajmera Realty & Infra India Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=JmGSh6mvrcE Published: 3 months ago

0:00 Ladies and gentlemen, Katy and welcome to Ajmera Reality and Intra India Limited QT FI26 earnings conference 0:07 7 seconds call. As a reminder, all participant lines will be in the listenon mode and there will be an opportunity for you to ask questions after the presentation 0:16 16 seconds concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchstone phone. I now 0:24 24 seconds hand the conference over to Mr. Abishek Dakura from Churchgate Partners. Thank you and over to you sir. 0:32 32 seconds Thank you. Good afternoon everyone and a warm welcome to you all. On behalf of the company I would like to thank you all for participating in Ajara reality 0:41 41 seconds and infraindia limited earnings conference call for the quarter end date 31st December 2025. The call will commence with the opening remarks by our 0:49 49 seconds director corporate affairs Mr. Dval Amera and will be followed by the business performance discussion by our CFO Mr. Nitin Bhavisi. We have shared 0:58 58 seconds the operational updates for the quarter on 14th January. The investor presentation and the press release based on the financial results adopted by the 1:06 1 minute, 6 seconds board have been uploaded on the stock exchange website and can be downloaded from our company's website. Please do note that some of the statement in 1:14 1 minute, 14 seconds today's discussion may be forward-looking in nature reflecting the company's outlook and may involve certain risk and uncertaintities that the company may face. 1:23 1 minute, 23 seconds I would now like to hand the call over to our director corporate affairs Mr. 1:27 1 minute, 27 seconds Davales Miraa. Thank you and over to you sir. 1:31 1 minute, 31 seconds Hello good evening all. I hope everyone is doing safe and fine. Uh I just wanted to discuss uh begin our discussion uh 1:38 1 minute, 38 seconds with the overall sector real estate sector perspective. I know we've been seeing a lot of challenging times in the overall market but uh one thing I would 1:46 1 minute, 46 seconds like to say that real estate market is po you know shaping up uh in a stronger way. uh it's been it's been uh obviously 1:54 1 minute, 54 seconds a great roller coaster ride uh for the markets but I think real estate has been uh I mean staying strong uh in the last 2:03 2 minutes, 3 seconds 3 years we've seen that you know there has been a cyclical phase where uh you know we've seen a lot of consolidation happening in FI26 while the pre previous 2:12 2 minutes, 12 seconds years were defined by rapid price appreciation and recorded pre-sales in FI26 is shaping to be characterized by 2:20 2 minutes, 20 seconds steadier volume growth discipline rising and greater selectivity in both demand and supply. And we are observing this uh 2:28 2 minutes, 28 seconds trend all across the segment. Not only in one particular way but we are uh you know maybe in all luxury uh affordable 2:36 2 minutes, 36 seconds mid segment every other uh segment we are seeing this kind of steadiness which is uh coming around all across um in our 2:45 2 minutes, 45 seconds core micro market which is you know the uh the market market of Mumbai uh real uh redevelopment has emerged as a 2:52 2 minutes, 52 seconds primary source of new supply and we are seeing a lot of supply coming in and where today more than about 50 to 60% of 3:00 3 minutes the you know city's housing stock is coming through this and I would just call this as the great redevelopment wave which is just reshaping the urban 3:09 3 minutes, 9 seconds fabric uh you know but uh more importantly right now a lot of societies currently although are going in for redevelopment enters and across but now 3:18 3 minutes, 18 seconds we are uh slowly and very steadily seeing that uh selection of developers 3:25 3 minutes, 25 seconds towards the society and society's selection towards The developers has now started to become very very selective 3:33 3 minutes, 33 seconds and they only want to go with established and rational players and not just go with somebody who is giving them more area more value. On the macro front 3:42 3 minutes, 42 seconds uh you know we are supported by strong structural tailwinds including the RBI's progrowth policy stance GST 3:49 3 minutes, 49 seconds rationalization and ECB no reforms with a 7.3% GDP forecast in this financial 3:56 3 minutes, 56 seconds year. uh uh you know we are seeing uh you know a good uh cash flow stability coming in and liquidity. Obviously the 4:04 4 minutes, 4 seconds external global headwinds have and geopolitical tensions keep on continuing uh to you know suppress uh the overall 4:13 4 minutes, 13 seconds growth across but in this you know at least what we see is that the Indian market has been uh po poised to do 4:20 4 minutes, 20 seconds strong with the internal demand and the internal uh cash flow positionings which are happening. Uh very quickly taking on 4:28 4 minutes, 28 seconds to our performances, Ajara Reality has delivered a stellar performance uh for the 9 month FY26. 4:35 4 minutes, 35 seconds Uh very very happy to say that we have achieved our highest ever sales that is 1431 crores uh uh in till this 9 months 4:45 4 minutes, 45 seconds and overall across and this performance has been driven by overwhelming response from customers for our new launches. Uh 4:52 4 minutes, 52 seconds given this momentum we are poised to surpass our one full year guidance which is 1,600 crores uh very easily and 5:01 5 minutes, 1 second operationally we are seeing uh this quarter that is quarter three uh also very happy to say that this has been our 5:08 5 minutes, 8 seconds highest ever quarter towards collection uh where we've collected more than about 300 plus crores. uh additionally we mark 5:17 5 minutes, 17 seconds as a key milestone uh in completion of our project and when I'm very happy to say that one of our project in uh Ghoper 5:25 5 minutes, 25 seconds Eden has got its occupation certificate and the project was delivered well above or you know the defined timeline and 5:34 5 minutes, 34 seconds we've been very very early towards the delivery. uh during discussing on the progress of our new launches. I'm very happy that we had so far had about uh 5:43 5 minutes, 43 seconds two to three launches. Obviously, Amera Manhattan 2 phase 2 which was a luxury project offering in Vadala uh where we 5:50 5 minutes, 50 seconds we discussed last time has already seen uh you know 40 more than 40% of its inventory being sold. Simultaneously our 5:57 5 minutes, 57 seconds commercial project in Bandra 3315 has seen a great momentum and sold having sold about 17% of its inventory. 6:05 6 minutes, 5 seconds Although the excavation of the project has just started uh you know which is seeing uh you know which for a commercial project has been a great 6:12 6 minutes, 12 seconds demand uh and however uh you know our hero for uh this quarter and this p financial year uh has been our project 6:21 6 minutes, 21 seconds launch at a solace at vicroli where our phase one uh we've seen an exceptional 6:27 6 minutes, 27 seconds demand by enabling us to sell 84% of our inventory in just uh probably 48 to 60 6:35 6 minutes, 35 seconds hours of the launch and we saw that great momentum coming in. So this project was well configured to be a 1 2 6:42 6 minutes, 42 seconds and 3 BHK with prime connectivity and you know great views. uh but what I seriously see that this kind of 6:49 6 minutes, 49 seconds overwhelming response with such challenging times all across the world and uh you know people being little uh 6:56 6 minutes, 56 seconds risky about the market but to see this kind of response was only possible because of two three uh expire you know 7:03 7 minutes, 3 seconds two three points which we assess and primarily one of them being the brand which played the most important role in 7:11 7 minutes, 11 seconds uh you know in getting this kind of attraction towards the location and the project. Uh and this success uh of all 7:19 7 minutes, 19 seconds this is a strong validation that our asset light strategy demonstrated uh our capability to successfully expand into 7:26 7 minutes, 26 seconds new micro markets. Amongst our ongoing projects, our flagship project of Ajara Manet phase one has achieved around 89% 7:35 7 minutes, 35 seconds sales while the construction uh is just getting completed in terms of our RCC uh superructure for both these towers and 7:43 7 minutes, 43 seconds we are very well poised to complete uh you know this project uh in the early part in in the next financial year. The 7:51 7 minutes, 51 seconds next phase of Azera Green infinity that is A and B ring has recorded 79% sales with uh all the finishing works in 8:00 8 minutes progress and very soon to be started handing over possessions. Ameara [clears throat] Vihara Bhandu uh has also reached 81% sales and we are at the 8:08 8 minutes, 8 seconds 15th floor slab for the rehab and about on on the first floor for the sale building in Bangalore. Our mid micro 8:16 8 minutes, 16 seconds market uh housing portfolio also continues to show a very very strong uh performance. Uh Ajara Iris which 8:25 8 minutes, 25 seconds launched recently has also achieved about 76% sales. Ajara Marina launched in quarter 4 of FI25 8:32 8 minutes, 32 seconds has seen a robust demand with 68% sales and foundation works is in progress. We are excited to announce a strategic 8:40 8 minutes, 40 seconds revision to the master plan. uh you know while we do all of this uh you know we are we are very very happy that uh we 8:48 8 minutes, 48 seconds are trying to uh you know regrow within our own uh portfolio and make that portfolio even more valuable and uh 8:56 8 minutes, 56 seconds extremely uh viable more viable than what it is currently and obviously it is uh with this note I'm I'm very very 9:04 9 minutes, 4 seconds happy to announce that uh we have uh you know we are uh doing a strategic revision in our master planning 9:12 9 minutes, 12 seconds uh at our boutique office project in Vadalam uh which has significantly unlocked a great value uh where the 9:20 9 minutes, 20 seconds estimated carpet area which was earlier about 6 lakh square ft has now revised to 16 lakhs that is 16 16 lakh square ft 9:29 9 minutes, 29 seconds resulting in a substantial rise in the gross development value uh from 1,800 crores to 5,300 crores. With this 9:37 9 minutes, 37 seconds revision, our total uh value of project in uh in Vadala itself uh is now uh 9:45 9 minutes, 45 seconds turned out to almost 16,000 crores coming from uh you know unlocking from the Vadala micro market itself which we 9:53 9 minutes, 53 seconds see coming which this coming and getting delivered in reality uh with the project successfuls of Ajara Manhattan 1 10:00 10 minutes Manhattan 2 uh we are seeing the 16,000 crores being unlocked in the next four to 5 years Okay. 10:07 10 minutes, 7 seconds Simultaneously uh you know with our consistent 5x growth strategy, we've secured new business development 10:15 10 minutes, 15 seconds projects worth 2,000 crores. Uh and this additional further fuels our future expansion through asset light developments, reinforcing a commitment 10:24 10 minutes, 24 seconds to capital efficient growth and our focus on executing the planned launch pipeline with an estimated GDP of 1,491 crores uh in FY26. 10:36 10 minutes, 36 seconds Uh with this I would like to now hand over a call to our CFO Mr. Nitan Babisi who will take you through the financial and operational highlights. Thank you. 10:46 10 minutes, 46 seconds Thank you sir. Very good evening you all. Uh and thank you for joining us. 10:51 10 minutes, 51 seconds Before we move on to Q&A session, allow me to summarize the consistent operational and financial performance we 10:58 10 minutes, 58 seconds have delivered for quarter 3 and 9 months FY26. 11:02 11 minutes, 2 seconds Coming to the uh quarter uh operational performance, Alira Realy effectively doubled its sales and collection in 11:10 11 minutes, 10 seconds quarter 3 FY26 to 603 crores and triple 3 crores respectively. This strong 11:18 11 minutes, 18 seconds quarterly performance drew our 9 month FI26 sales to 1,431 11:24 11 minutes, 24 seconds cr registering a robust growth of 72% YI. In terms of volume, 9th month FI 26 11:32 11 minutes, 32 seconds saw a 36% YI increase to 5.56 lakh square while total collection search 70% 11:40 11 minutes, 40 seconds YI to 787 crores mainly driven by strong execution of the projects. On the 11:48 11 minutes, 48 seconds financial performance front in 9 month FY26 our revenue stood at 664 cr registering 11:55 11 minutes, 55 seconds a growth of 11% yi supported by consistent execution across our projects. In terms of pro profitability 12:03 12 minutes, 3 seconds aida and pad remained testable at 196 cr and 99 cr respectively. 12:11 12 minutes, 11 seconds Importantly, we continued to maintain healthy margins with EIT margin stood at 30% and part margin at about 15%. 12:19 12 minutes, 19 seconds The company maintains a robust financial discipline with a total debt of 754 cr 12:26 12 minutes, 26 seconds as of 31st December 2025. Our rate equity ratio stood at 0 58x keeping us 12:33 12 minutes, 33 seconds well positioned to leverage our strong uh launch pipeline and as well to do business development activity 12:40 12 minutes, 40 seconds selectively. Moreover, our weighted average cost of that stood at 11.59% highlighting our enhanced credit profile and discipline financial management. 12:52 12 minutes, 52 seconds Coming to the revenue visibility has which is strengthened significantly driven by exceptional sales from recent launches and steady progress across 13:00 13 minutes ongoing and OC received projects. The total visibility for this stands at 4,98 13:07 13 minutes, 7 seconds cr comprising 99 from uh committed sales and about 4,000 cr from the available inventory. Additionally, our upcoming 13:16 13 minutes, 16 seconds launch pipeline is expected to contribute about 1,500 K taking our overall revenue visibility to about 13:24 13 minutes, 24 seconds 5,600 approximately reflecting our strong growth momentum ahead. In terms 13:31 13 minutes, 31 seconds of the estimation about the cash flow, our OC received and ongoing project portfolio is estimated to generate about 13:39 13 minutes, 39 seconds 2316 cr over the balance life cycle of the projects. 13:44 13 minutes, 44 seconds With this concise summary uh of our business highlights and financial performance, I now invite your questions and look forward to further interaction. 13:53 13 minutes, 53 seconds Thank you everybody. 13:57 13 minutes, 57 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchstone 14:05 14 minutes, 5 seconds telephone. If you wish to remove yourself from the question, you may press star and two. Participants are requested to use handsets while asking a 14:13 14 minutes, 13 seconds question. Ladies and gentlemen, we will wait for a moment while the question cue assembles. 14:32 14 minutes, 32 seconds The first question is from the line of Dakshit Dhoshi from Whiteststone Financial Advisor. Please go ahead. Uh yeah, thanks for the opportunity and 14:40 14 minutes, 40 seconds congratulations for a good pre-sale numbers for this quarter. Uh my first question is regarding the Vala. So uh 14:48 14 minutes, 48 seconds obviously we uh we have changed the plan for boutique office. Uh so if you can uh you know help us understand more uh that 14:56 14 minutes, 56 seconds uh uh how much uh this additional FSI will cost us and uh uh you know uh uh 15:03 15 minutes, 3 seconds will that impact our margins or uh still you feel that our since our own projects we do 40% kind of margin so this will 15:11 15 minutes, 11 seconds remain and uh and obviously because of this change in SSI we have removed this from this year launch pipeline so when 15:20 15 minutes, 20 seconds you are expecting the launch and how much square ft out of this 16 lakh square ft. 15:27 15 minutes, 27 seconds So uh you know while uh our cost obviously will increase proportionate to the area of development which is 15:34 15 minutes, 34 seconds happening uh because even in the earlier case and now case the cost of development and the cost of construction would always be proportionate to the 15:43 15 minutes, 43 seconds area what we are developing. So it doesn't matter uh you know what area it is because land cost technically even earlier than now has been practically as 15:51 15 minutes, 51 seconds good as zero. So our margins definitely in fact will be little more because when we look at such kind of scale in 15:58 15 minutes, 58 seconds operations obviously our uh planning of offices are little on a upscale thing and let's say if I'm trying to sell or 16:07 16 minutes, 7 seconds lease this out at I'm just hypothetically giving a number at or selling it at let's say an x amount this will be x + 5% or 10% uh because of the 16:16 16 minutes, 16 seconds upscale and the largess and the uh you know look and feel of the offices. So definitely it is going to be bigger and 16:24 16 minutes, 24 seconds better and the margin wise also this will be better. Uh secondly yes you're right and with all these opportunities coming in we have shifted our launch 16:32 16 minutes, 32 seconds which was supposed to be this quarter but we are doing it in next quarter sorry next financial year uh uh sometime 16:39 16 minutes, 39 seconds between uh between I we're trying for the first quarter but it should be between 1st or second. 16:48 16 minutes, 48 seconds Okay. So okay so still it will be like H1 of the next financial year. Now now my second question is we have uh uh is 16:57 16 minutes, 57 seconds regarding the kuran. So uh you know we have kept it still in the Q4. So if you can uh you know elaborate uh slightly 17:05 17 minutes, 5 seconds because last quarter when we discussed uh we had not yet applied for the EC. So where are we standing in terms of 17:12 17 minutes, 12 seconds approval have we already applied for the EC? Uh so we have uh already applied for 17:18 17 minutes, 18 seconds the CFO approvals and at the same time uh we have also started getting applying for the uh approvals which are required 17:26 17 minutes, 26 seconds related to the uh revenue department and the collector office department. Uh that is something which we have started. EC 17:33 17 minutes, 33 seconds only comes after we take the CFO approvals. uh with this uh planning and constraints we were uh going in and out 17:41 17 minutes, 41 seconds with the CFO which has now been resolved and we should be moving ahead with all the approval timelines as discussed and 17:47 17 minutes, 47 seconds we will be moving uh for the uh for the launch as well uh for the you know for the project. 17:57 17 minutes, 57 seconds uh but uh just to understand because uh see we have not yet applied for EC and we are already you know January is ended 18:06 18 minutes, 6 seconds so I mean uh don't you think that Q4 is uh it's actually not possible because I think EC will itself will take month and 18:14 18 minutes, 14 seconds then RA and other approvals so yeah you're right it it is kind of a touch and go situation uh for uh for you 18:24 18 minutes, 24 seconds know for Kumar but look in a long-term with a project like this uh and you know for the first uh there are a lot of 18:31 18 minutes, 31 seconds complexities with related to approvals which you know because it is a larger layout because of all the approvals with two different departments one is MCGM 18:40 18 minutes, 40 seconds and the collector office and the revenue department we need to ensure that every details have been taken so that things 18:47 18 minutes, 47 seconds don't uh you know fall into some different trap in in the near future and hence and plus this is our first like 18:55 18 minutes, 55 seconds what do you all the layout approval or first approval which we are taking uh and hence uh it is taking a little while 19:02 19 minutes, 2 seconds but at the same time I'm very happy to say that the work at site has already started uh we have uh commenced the 19:10 19 minutes, 10 seconds development and construction of the police housing block which we were supposed to hand over to the government and that all the respective NOC's with 19:18 19 minutes, 18 seconds related to their EC their uh you know BMC approvals the collector NOC all that has come and all that work has already 19:26 19 minutes, 26 seconds started. So we are not even like saying okay you know we waiting for the sales approval and then only we'll start but we are actually putting in money to 19:35 19 minutes, 35 seconds ensure that whatever liabilities needs to be closed we are closing and moving ahead in that process and uh we have removed the two more 19:44 19 minutes, 44 seconds projects and Kat coper also from the launch pipeline. So if you can elaborate on that. So, Anderi uh and Katoper uh 19:54 19 minutes, 54 seconds unfortunately the society the Anderi one was a society redevelopment which uh you know there which went on uh again for a 20:03 20 minutes, 3 seconds renegotiation with the tenants uh and uh you know there were certain ups and downs which were going on. Finally we 20:11 20 minutes, 11 seconds have uh you know been able to resolve it and now we've reached a stage of finalizing of development agreement. So 20:18 20 minutes, 18 seconds uh yes that has been pushed but that will come down in the next financial year uh for the sales. And as far as uh the hard coper one is concerned again 20:26 20 minutes, 26 seconds there has been certain uh litigation not a litigation but a uh legal uh issue which has come in from the owners from 20:34 20 minutes, 34 seconds the plot uh which we are trying to uh resolve with the trust and the uh you know re charity commissioner's office. 20:43 20 minutes, 43 seconds Hopefully that also should be able to get resolved in the next 2 to 3 months time. 20:49 20 minutes, 49 seconds Okay. And uh so uh just wanted to you know highlight some thoughts. Basically kangjour mark we have not applied for 20:57 20 minutes, 57 seconds ECE. So uh just wanted your thoughts to see uh all these approvals of collector and CFO and uh you know before that last 21:06 21 minutes, 6 seconds call you mentioned we we were taking the uh we took the approval for fire. Uh don't you think all these could have 21:15 21 minutes, 15 seconds been done uh when the Supreme Court order was not uh you know announced and uh we could have done all this process 21:23 21 minutes, 23 seconds uh at that time so that you know once the Supreme Court judgment came we could have moved faster. 21:29 21 minutes, 29 seconds No, you are right. But you know, see what was happening was that while we do the application for the CFO or while we 21:38 21 minutes, 38 seconds do the EC application, firstly EC was not even able to grant when the Supreme 21:44 21 minutes, 44 seconds Court order was in place. So uh we were in the only thing what we could have taken was a CFO uh for our sale building 21:53 21 minutes, 53 seconds project which we which we we uh you know we held it back for a particular strategic reason. Uh other than that 22:01 22 minutes, 1 second there was no other approval which we could have taken when the Supreme Court order because Supreme Court order was related to EC. So EC would have never come anyways. 22:11 22 minutes, 11 seconds Okay. So uh that's it from my side for the first round but uh just wanted your one thought on Kangjour. So basically 22:18 22 minutes, 18 seconds see as an investor community we all know that what you have done in uh Vadala and it's a tried and tested market now for 22:26 22 minutes, 26 seconds you. Uh but as an investors we all are looking forward for the kangjour. So obviously we had uh you know different 22:35 22 minutes, 35 seconds difficulties in different uh areas over last 10 years. uh but now uh you know we have been talking about this from last 22:43 22 minutes, 43 seconds one year and uh I uh I appreciate you have still kept it in the Q4 but it will be really helpful if you can you know uh 22:52 22 minutes, 52 seconds give some realistic number that let's say if uh once you apply for the EC uh how much time it will take and let's say 23:00 23 minutes if it doesn't happen in March but uh late by late on a conservative side what you feel by when we can launch 23:08 23 minutes, 8 seconds so Yes. Uh look, we are still continuing to do this uh uh you know with our timelines what we have projected. Yes, 23:15 23 minutes, 15 seconds we we are uh you know while we appreciate that the market and and specifically a lot of investors are 23:22 23 minutes, 22 seconds looking forward for KJUm project of ours launching but at the same time we also uh remain very uh buoyant about the 23:30 23 minutes, 30 seconds other projects which we are doing which itself has a portfolio of 20 plus,000 crores which is already under execution 23:37 23 minutes, 37 seconds under development uh without any hindrances and project being there. 23:42 23 minutes, 42 seconds Kangjul yes it is also our baby and that is another 30 odd thousand cr project which we want to develop and this kind 23:50 23 minutes, 50 seconds of a land which is potentially very very rare to be made available to a lot of people and we are lucky that we want to 23:57 23 minutes, 57 seconds enhance the maximum value of it. So obviously we are doing ensuring that we do not falter and there should not be any hindrances coming in a longer 24:06 24 minutes, 6 seconds perspective while we may have been slow what we were but if you see how vala has you know progressively executed over the 24:14 24 minutes, 14 seconds last few years and that is how we will see a steady and a larger jump once the project of kjur starts. So while kajjour 24:22 24 minutes, 22 seconds is a project which we continue to ensure that we make it the best but we also remain very focused on the existing ones 24:29 24 minutes, 29 seconds which is a 20 25,000 cr portfolio which we want to make as one of the proper uh highlight thing 24:37 24 minutes, 37 seconds but can we say on a most conservative side also even if it doesn't happen this quarter uh it will happen in Q1. 24:46 24 minutes, 46 seconds Yeah. Yeah of course 100%. 24:48 24 minutes, 48 seconds Okay, fine. That's it from my side for now. Thank you. 24:54 24 minutes, 54 seconds Thank you. The next question is from the line of Karthik Shrias from Unifi Mutual Fund. Please go ahead. 25:01 25 minutes, 1 second Uh hi sir, thanks for the opportunity. 25:04 25 minutes, 4 seconds Um so if you just see the project on Manhattan 2, uh there has been a little slowdown in the number of units uh sold for this quarter. 25:15 25 minutes, 15 seconds So could you please elaborate [clears throat] on that because compared to Q Q2 yeah Q3 has been a little bit of 25:22 25 minutes, 22 seconds low in terms of number of units sold. So we just wanted to grab your thoughts on that. So uh yes uh the Manhattan 2 in Q3 25:32 25 minutes, 32 seconds uh if I look at the number of units which we sold in the last quarter versus this quarter uh there has been a 25:40 25 minutes, 40 seconds slowdown but that is generally the case of a project when we launch and when we have a spot of usually these kind of 25:46 25 minutes, 46 seconds projects have a 10 to 15% of sale velocity when it is launched. But you know when we launched this project we 25:53 25 minutes, 53 seconds sold about almost 40 odd percent uh in the launch pipeline itself uh and uh we got a great uh run and numbers through 26:02 26 minutes, 2 seconds it. uh and obviously then when we came to this quarter we've also increased bit a little bit of price over there and uh 26:10 26 minutes, 10 seconds we and with the uh you know micro market I mean with the market uh being a little dis 26:17 26 minutes, 17 seconds and we also feel that when we have such a great response we should continue to increase the price and make the product 26:24 26 minutes, 24 seconds investment friendly rather than just uh you know looking at a velocity of sales which we are obviously doing it uh uh uh 26:32 26 minutes, 32 seconds you There this kind of a little bit lull which has come but we are very confident that we'll continue to run this momentum and we will see good numbers which we 26:40 26 minutes, 40 seconds are seeing already in this month itself and in the coming uh quarter. So this quarter again we will see a good ride 26:47 26 minutes, 47 seconds but now this will come to a steady uh what do you call the sales velocity and not like a jump what we saw for the 26:56 26 minutes, 56 seconds launch and when I say sales steady velocity we we are looking at at least uh you know 30 odd units a quarter 27:04 27 minutes, 4 seconds roughly 30 odd units a quarter that's the thing you're 27:11 27 minutes, 11 seconds right uh so one more question on um the projected sales that you have given 27:19 27 minutes, 19 seconds guidance uh for FI26 uh you have given a guidance of about 3,750 project additions and uh we are 27:27 27 minutes, 27 seconds still at 2,000 crores. So uh how confident are we to meet the incremental 27:35 27 minutes, 35 seconds project additions for the quarter Q4? uh because so uh yes we are very confident on the 27:43 27 minutes, 43 seconds uh additional project additions uh while uh we we continue to be cautious uh 27:49 27 minutes, 49 seconds about our acquisitions. Uh while when we when we gave this projection obviously we had given with a certain kind of 27:58 27 minutes, 58 seconds properties which we were already under discussion and we were uh you know under uh uh what do you call advanced stages 28:06 28 minutes, 6 seconds but during the course of time things start changing there will be more uh risk analysis which come into place from the lawyer's end and from the other end 28:14 28 minutes, 14 seconds somewhere we have to drop down some and probably add a new uh while which we continue to do but we are in active discussion with two or three properties 28:22 28 minutes, 22 seconds which once we close we will definitely surpass this number what we've given and just to add on to that uh you know 28:30 28 minutes, 30 seconds both these additions which we have done that is on the asset light uh uh propositions both the ones are that of 28:38 28 minutes, 38 seconds the redevelopment nature one in Mumbai and one at Pune location so that leaves us a good amount of scope for us to 28:46 28 minutes, 46 seconds commit our cash flow on the quarter 4 and that is something which we are eyeing to make up our guidance as we have given for the FY26. 28:57 28 minutes, 57 seconds Got it. Sir uh my last question generally how is the market now? Is there a little bit of lull that you see 29:06 29 minutes, 6 seconds in especially now that we are concentrated in Mumbai and our focus is in Mumbai and Bangalore. Do you see how the macro markets have been operating? 29:15 29 minutes, 15 seconds So uh your thoughts on that? 29:19 29 minutes, 19 seconds Look uh I mean overall if I have to give but if I personally look at Azer's quarter performance like last as I said 29:27 29 minutes, 27 seconds the Azera solid project has been a stellar success and we saw a great run of numbers coming in and the sales velocity coming in that uh micro market 29:36 29 minutes, 36 seconds but uh overall we still see even uh over like maybe the last quarter uh overall 29:44 29 minutes, 44 seconds if I have to just give a sense it has been steady but not very uh not uplifting. Uh it has been a steady sales 29:52 29 minutes, 52 seconds all across which when we ask our peers and you know look and you know the market around. Uh but uh we are seeing a 30:00 30 minutes good again a good run coming in from this uh month itself at least in our projects in many many areas. Uh 30:09 30 minutes, 9 seconds obviously the last quarter there had been a lot of vacation time with Diwali and uh Christmas coming in together. A lot of holiday seasons coming in, 30:18 30 minutes, 18 seconds decisions becoming a little slower towards the end of financial year. But I am seeing uh you know again the spot of 30:26 30 minutes, 26 seconds uh not like a great spot but a good steady sales coming uh stagnancy all across our projects in this quarter. 30:35 30 minutes, 35 seconds Got it. Okay. Uh that's it from my side. Uh thanks. Thank you. 30:40 30 minutes, 40 seconds Thank you. The next question is from the line of Bharat S from Quest Investment Advisor. Please go ahead. 30:47 30 minutes, 47 seconds Hi congratulations worldwide and team. 30:50 30 minutes, 50 seconds So sir my question is related to this what have if you can give little more color what has changed these re 30:57 30 minutes, 57 seconds strategizes know what and how do we see in this particular micro market on commercial side and how with such kind 31:05 31 minutes, 5 seconds of I mean uh increase almost tripling almost tripling so what time frame we expect to launch and complete 31:14 31 minutes, 14 seconds and then again the financing part as you rightly said so we plan to post standalone or JV partner or if you can give little more color. 31:25 31 minutes, 25 seconds So uh firstly I'll just give you a little highlight about the Vadala micro market. Uh you know over the last few 31:33 31 minutes, 33 seconds years Vadala has been emerged as the most preferred micro market in across the residential and commercial 31:40 31 minutes, 40 seconds development. The primary reason of its connectivity with the uh eastern freeway with the metro lines coming in the 31:49 31 minutes, 49 seconds eastern express highway the atalul all of those connectivities have been the most important factor uh for for uh 31:58 31 minutes, 58 seconds you know Vala's preference. Number two, uh right opposite our property, uh MMRDA 32:06 32 minutes, 6 seconds is coming up with a uh more than 100 acres of uh BKC2 uh and they have already auctioned the 32:14 32 minutes, 14 seconds land where the land prices itself has been a humongous number. So we see that what MMRD and the government itself is 32:22 32 minutes, 22 seconds seeing this as the next commercial hub and that is the reason why uh we when we got this opportunity and when we looked 32:29 32 minutes, 29 seconds at our planning we thought that when the government itself and the area itself is looking in terms of connectivity with 32:37 32 minutes, 37 seconds such a great preference. Why not we ourselves when we have our own land bank increase our portfolio and make this the 32:44 32 minutes, 44 seconds most and get the highest number highest revenue coming in from the land itself and thereby growing it by more than 20 32:51 32 minutes, 51 seconds 30%. So that's that's what we are doing as far as the uh as far as the completion and the starting of it 32:59 32 minutes, 59 seconds concerned. Yes, we are looking at starting this project between the first and the second quarter of next financial year. Uh and we will obviously do this 33:07 33 minutes, 7 seconds in phases. We are not going to launch the entire 16 lakhs at one go. We will take it five five lakhs or something like that depending upon our planning 33:15 33 minutes, 15 seconds but phase wise and we are very confident that uh the way we've seen a run of our success in terms of our residential 33:23 33 minutes, 23 seconds sales we will also see in our commercial and uh overall this micro market has seen a great progress in terms of its 33:32 33 minutes, 32 seconds luxuriness and it's all terms of its connectivity and we intend to make this project as the most luxurious project of 33:39 33 minutes, 39 seconds that micro market and at eastern suburb and this will eventually become one of the most luxurious project and that is 33:46 33 minutes, 46 seconds what we are putting all our efforts to eventually increase our GDB from at least 20% from what we are today and 33:54 33 minutes, 54 seconds overall through the period of time and this is where where we are aiming to take it so sorry you said that earlier GDB was 34:04 34 minutes, 4 seconds with will increase in proportion of our increase in FSI correct So earlier 34:11 34 minutes, 11 seconds earlier we had a 6 lakh square ft² of of uh commercial offices was giving a GDB of 1,800 odd crores. Now we are looking 34:20 34 minutes, 20 seconds at 16 lakh square ft² which is giving us a GD of 5,300 to 5,500 crores. Correct. 34:27 34 minutes, 27 seconds Will be uh commercial or mix means mixed use or office and how do we and do we 34:35 34 minutes, 35 seconds are so looking for some kind of a JV partner to bring the anchor and what is your thought process on that? We are 34:43 34 minutes, 43 seconds open to we are open to uh discussions however to be honest we've not yet discussed with any of the partners especially for 34:52 34 minutes, 52 seconds Vadala uh but uh obviously you know opportunity is open and once we have a greater I mean when when we have a good 35:00 35 minutes opportunity coming our way we'll definitely which can add value finances is one part but most important is that if it adds value to the entire project 35:09 35 minutes, 9 seconds and bring healthway bring higher GDV to my entire project revenues then definitely we'll look at tax 35:16 35 minutes, 16 seconds and it will be purely a office or office plus uh uh retail how do we think about it 35:24 35 minutes, 24 seconds so it's it's going to be office plus retail retail being very minimalistic but more of offices 35:31 35 minutes, 31 seconds oh thank you and all the best thank you thank you participants who wishes to ask a question may press star and one. 35:43 35 minutes, 43 seconds The next question is from the line of Dshit Dhi from Whiteststone Financial Advisor. Please go ahead. Yeah, thanks for the opportunity again. 35:51 35 minutes, 51 seconds Uh so uh at what price we are selling Manhattan to now? 35:56 35 minutes, 56 seconds We are selling uh around 32,000 rupees a square ft. 36:02 36 minutes, 2 seconds Okay. And uh uh my next question is regarding this uh BD of 2,000 cr. uh if you can elaborate how many square ft and 36:12 36 minutes, 12 seconds which area in Mumbai or and uh is it like a JV uh or society redevelopment. 36:19 36 minutes, 19 seconds So both these projects are asset light. 36:22 36 minutes, 22 seconds It's a redevelopment. It's both are SR project. One in Mumbai and one in Pune location. Mumbai location having the GDP 36:30 36 minutes, 30 seconds of about 1,500 K and Pune location about 500 crores kind of a thing. And uh yeah 36:37 36 minutes, 37 seconds things are very much moving at site kind of a thing. Uh dealing with the slum dwellers and the requisite uh site level 36:45 36 minutes, 45 seconds works kind of a thing. So that is what the acquisition status as of now and uh do you feel both of these project 36:53 36 minutes, 53 seconds can be launched in FI27 or it will be in FI28? 36:58 36 minutes, 58 seconds So that guidance we will put forward while we go for the you know overall FI27 guidance when we roll out FI 26 37:07 37 minutes, 7 seconds March numbers kind of a thing and at that time we will give the launch calendar for entire FI27 considering and 37:15 37 minutes, 15 seconds assessing the status at that point in time and looking at the visibility of launch we can we will come back. 37:22 37 minutes, 22 seconds Okay. And uh in terms of uh the other 55 acre of Kjur so we have been under uh you know design phase and still under 37:31 37 minutes, 31 seconds the planning phase. So have we finalized anything or anything more to share? 37:37 37 minutes, 37 seconds Nothing as of now uh it is all still under discussion and we internally assessing it. Uh we will come back to 37:44 37 minutes, 44 seconds you once everything is finalized but not as of now it has made progress but nothing that where we can declare. 37:52 37 minutes, 52 seconds Okay. And just one last question. Uh so you know uh because of this EC uh EC approval problem in Supreme Court a lot 38:00 38 minutes of the projects in uh MMR got stuck and now uh post this ruling uh everyone is 38:07 38 minutes, 7 seconds start uh getting uh going for approval altogether. So uh everyone will launch 38:14 38 minutes, 14 seconds in next 6 month or so. So uh how do you see that impacting the you know the demand and the comp supply side and the competition? 38:24 38 minutes, 24 seconds So I I mean we as a company are not very uh you know worried about the demand. 38:29 38 minutes, 29 seconds Demand is going to be there. supply is also going to be there and and at the same time we believe that demand also it 38:36 38 minutes, 36 seconds especially for Mumbai as a micro market has significantly risen over the last few years and with the kind of 38:43 38 minutes, 43 seconds connectivity and the government's approach to make Mumbai 1, Mumbai 2, Mumbai 3 and all the connectivity of the 38:51 38 minutes, 51 seconds coastal roads etc. We see that you know there has been an enough and more importance being given to Mumbai where it will grow in a very very large way. 38:59 38 minutes, 59 seconds Overall the real estate volume of uh all across India you know MMR contributes to 39:06 39 minutes, 6 seconds about 20 or 30 odd% across uh India. So I I I believe that this will continue to grow. Uh and coming to this yes supply 39:15 39 minutes, 15 seconds is going to be there but we firmly believe and we've you know cited this with an example about our vicroly project where there are projects in and 39:24 39 minutes, 24 seconds around the micro market. There are projects which are already under construction or probably way more progress than what we are somewhere 39:31 39 minutes, 31 seconds structures have been ready and we are underground or we just breaking ground but we are able to command pricing 20 to 30% higher than what they have been 39:39 39 minutes, 39 seconds actually selling today. So brand plays a very very important role and I continue to say that with all our projects we have seen this this kind of success. So 39:48 39 minutes, 48 seconds we are not too worried about the sales velocity and uh any progress on the leaseold to freehold for Kjura. 39:57 39 minutes, 57 seconds Uh that's still under progress and working work in progress I would say. uh and uh with the ongoing elections and 40:05 40 minutes, 5 seconds all of that things had been a little slowed down but we will we are putting in all our efforts to ensure it happens sooner. 40:12 40 minutes, 12 seconds Okay. And uh you earlier mentioned about the Kjurag approval. So you mentioned that we will need the CFO and collector 40:19 40 minutes, 19 seconds approval. Uh so can that be delayed due to the recent election? 40:24 40 minutes, 24 seconds No no not that that is a routine process. Okay fine that's it. 40:32 40 minutes, 32 seconds Thank you. The next question is from the line of Samir Basarala from Morgan Stanley. Please go ahead. 40:40 40 minutes, 40 seconds Yeah. Hi. Uh good evening everyone. Sami from Sakman Capital now. So 40:46 40 minutes, 46 seconds um now a quick question. Um what's really driving this um FSI increase by 1 million square ft in Vadala? 40:57 40 minutes, 57 seconds um under what what provision or what scheme if you can talk about it. 41:03 41 minutes, 3 seconds So we are uh doing this under 3320B scheme uh which is uh PAB development 41:10 41 minutes, 10 seconds and uh where you are allowed to increase the FSI from an additional one FSI is allowed to be put in and uh that's what 41:20 41 minutes, 20 seconds we've been uh I mean that's how the FSI has been increased from current scheme 41:28 41 minutes, 28 seconds and what could be the potential cost for this uh We still working out numbers but approximately my sense would be around 41:36 41 minutes, 36 seconds the same as what the earlier FSI cost was which is around 4 to 5,000 rupees a square feet roughly give or take. 41:44 41 minutes, 44 seconds Okay, great. And just uh on the Uber luxury uh resi park uh in Vadala what's the potential launch timelines for that? 41:54 41 minutes, 54 seconds Uh well the plans are under progress. uh we are uh you know trying to work this 42:01 42 minutes, 1 second out in a very exclusive way. So my sense is not probably next year I mean not next financial year but beyond that. So 42:09 42 minutes, 9 seconds we are looking at somewhere around FI27 sorry 28. 42:15 42 minutes, 15 seconds Okay. And will it not run into Manhattan 3 as and when that happens? 42:21 42 minutes, 21 seconds Uh sorry can you come again? Now will this will the over luxury not clash with 42:27 42 minutes, 27 seconds Manhattan 3 uh which is remaining.9 million square ft as we in fact uh we 42:35 42 minutes, 35 seconds will we will launch Manhattan 3 before that uh and uh we will also there will be some phases which will be left over 42:42 42 minutes, 42 seconds there but uh see the whole idea is that when we are talking of Uber luxury we also want to ensure the overall uh real 42:51 42 minutes, 51 seconds estate value of that micro market increases so that it becomes as an acceptability level where people are 42:58 42 minutes, 58 seconds ready to give that kind of money with the kind of you know value what we are giving. Uh so we are building that up in 43:06 43 minutes, 6 seconds a way which will uh which where somebody's not going to get a pinch to pay that kind of real estate value. So 43:13 43 minutes, 13 seconds uh I believe uh by the time we reach uh FY28 we should be able to command a good price and give this as a good velocity of sales as well. 43:25 43 minutes, 25 seconds Okay very clear and just moving to Kjur the larger land parcel 55 acres any thoughts on the potential partnerships 43:34 43 minutes, 34 seconds for commercial retail any thoughts that you can share milestones that we should expect? Uh well Samir we are we are in 43:42 43 minutes, 42 seconds talks with a few funds a few u players uh very early in the stage to 43:51 43 minutes, 51 seconds reveal some details but uh we should be uh you know uh coming up with more details once the time is right as of now 43:59 43 minutes, 59 seconds I can't be uh revealing but we are in under active discussions 44:06 44 minutes, 6 seconds uh just to understand dhul that can there be a fiscal 27 event or it's going to go beyond No, no, no. Definitely 110% it's a fiscal 27 event. 44:18 44 minutes, 18 seconds Okay. Okay. Great. Thank you so much. 44:22 44 minutes, 22 seconds Thank you. Participants who wishes to ask a question, please press star and one. 44:31 44 minutes, 31 seconds Anyone who wishes to ask a question may press star and one now. 44:47 44 minutes, 47 seconds The next question is from the line of Dshit Doohi from Whiteststone Financial Advisor. Please go ahead. Uh yeah, thanks for the opportunity. 44:55 44 minutes, 55 seconds Just one question. So uh you know we launched this uh project in Bandra which is a commercial project and typically 45:02 45 minutes, 2 seconds you say that uh commercial projects uh generally get sold near to the completion and not at uh very early 45:09 45 minutes, 9 seconds stage. So considering that thought process uh when we launch the boutique office uh do you uh does the same thing 45:18 45 minutes, 18 seconds applies because then we will uh required a lot of working capital as well. 45:23 45 minutes, 23 seconds Uh no that's usually when we look at boutique offices the concept of boutique office is the smaller size of offices 45:32 45 minutes, 32 seconds which uh you know are progressively sold as they are made. So it is kind of a residential cash flows are you know 45:40 45 minutes, 40 seconds usually linked with uh you know cash flows like the way residential sales are happening. So cash flows come in as per 45:47 45 minutes, 47 seconds the progress. So uh uh we will uh in our boutique in our commercial uh development now in Vadala we are going 45:57 45 minutes, 57 seconds to definitely come up come up with a boutique office concept and a larger office concept. Uh so where the larger 46:04 46 minutes, 4 seconds office uh our whole idea is to retain those asset and probably make this as an 46:10 46 minutes, 10 seconds income generating thing and uh the boutique office will continue to fund the project and maintain the cash flows for the development. 46:24 46 minutes, 24 seconds All right from my side. Thank you. 46:28 46 minutes, 28 seconds Thank you ladies and gentlemen. That was the last question for today. I now hand the conference over to management for closing comments. 46:37 46 minutes, 37 seconds Thank you everybody for your participation and a very insightful interactions uh on the business performance and as well the financial 46:45 46 minutes, 45 seconds performance and we look forward to stay connected. Till then stay safe, stay happy. Thank you. Thank you. 46:54 46 minutes, 54 seconds Thank you. On behalf of Amira Realy and Infrared Limited, that concludes this conference.