Annual bookings guidance of INR 14,000 crore
Management reiterated confidence in achieving INR 14,000 crore in bookings for FY24 despite Q1 weakness.
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Annual delivery target of 12.5 million sq ft
Company targets delivering 12.5 million sq ft in FY24, with 39% already achieved in Q1.
Business development target of INR 15,000 crore GDV
Company aims to add projects with INR 15,000 crore in expected booking value for FY24; 43% achieved in Q1.
PAT margin target of 12-15%
Management aims for long-term PAT margins in the 12-15% range, translating to ~20% return on equity.
FY25 booking value guidance of INR 27,000 crore
Management is confident of meeting or exceeding the annual booking guidance of INR 27,000 crore, supported by a strong Q1 start and robust launch pipeline.
FY25 collections guidance of INR 15,000 crore
Collections are expected to ramp up in H2, with average quarterly collections of INR 3,750 crore needed to meet the target. Q1 collections were INR 3,012 crore.
Q2 FY25 business development to be strong
Management expects Q2 to be another good quarter for business development additions, with a strong pipeline across top four markets.
Ashok Vihar launch expected by Q4 FY25
The Ashok Vihar project in NCR is delayed due to tree removal approvals, but management hopes to launch by Q4 FY25 if possible.
FY26 bookings target of INR 32,500 crore
Management reiterated confidence in achieving the full-year bookings guidance of INR 32,500 crore.
FY26 collections guidance of INR 21,000 crore
Collections are expected to grow to INR 21,000 crore for the full year, supported by strong execution.
FY26 launch pipeline of INR 40,000 crore
The company plans to launch projects worth INR 40,000 crore in FY26, with INR 8,500 crore already launched in Q1.
Business development to replace sales value
Management expects business development additions to be roughly in line with sales, funded by operating cash flow.
Exceed annual booking guidance of INR 14,000 crore
Management is confident of surpassing the INR 14,000 crore booking value guidance for FY24, driven by a robust H2 launch pipeline.
Achieve cash collections of INR 10,000 crore in FY24
Cash collections guidance of INR 10,000 crore is on track, with H1 collections at INR 4,332 crore.
Business development of INR 15,000 crore estimated booking value in FY24
Year-to-date business development stands at INR 7,175 crore, in line with the full-year guidance of INR 15,000 crore.
Launch of marquee projects in H2 FY24
Key launches include Ashok Vihar (Delhi), Carmichael Road (Mumbai), and Kandivali (Mumbai), targeted for Q3/Q4.
Annual bookings guidance likely to be surpassed
Management indicated they are on track to exceed the annual bookings guidance, given strong H1 performance and a robust H2 launch pipeline.
Target EBITDA margin of 25-30%
Management reiterated their target of achieving 25-30% EBITDA margins on new projects, with underwriting based on current prices without assuming price inflation.
Target net profit margin of ~15% through cycle
Management guided for a net profit margin of around 15% through the cycle, though it may be higher in the near term due to margin expansion.
Planned launches for H2 FY25 include Worli, Golf Course Road, Noida Sector 44
Management outlined a strong launch pipeline for the second half, including projects in Worli (Q4), Golf Course Road in Gurgaon, and Sector 44 in Noida.
FY26 booking value guidance of INR 32,500 crore
Management expects to beat the annual booking guidance, with strong H2 pipeline.
FY26 collection guidance of INR 21,000 crore
Collections expected to be back-ended with heavy Q4 due to OC milestones.
20% ROE target by FY28
Company targets 20% return on equity by FY28, driven by outright project completions.
Business development GDV of INR 20,000 crore for FY26
81% already achieved in H1; upside risk to guidance.
Annual bookings guidance of ₹14,000 crore expected to be exceeded
Management confident of surpassing the full-year bookings target of ₹14,000 crore, given the strong momentum and pipeline.
Cash collections guidance of ₹10,000 crore on track
Company remains on track to achieve ₹10,000 crore in cash collections for FY24, with strong collections in Q3.
Medium-term pre-sales growth of ~20% annually
Management expects sustainable growth of around 20% per annum over the medium term, though near-term may be higher.
Gearing ratio target of 0.5x to 1x
Company aims to maintain net debt-to-equity between 0.5:1 and 1:1, but may temporarily exceed for opportunities.
FY25 booking value guidance of ₹27,000 crore
Management is confident of meeting and exceeding the annual booking value guidance of ₹27,000 crore, with 71% already achieved in nine months.
Business development guidance of ₹20,000 crore for FY25
Year-to-date, 12 new projects added with estimated booking value potential of ₹23,450 crore, exceeding the annual guidance.
Q4 FY25 launch pipeline includes multiple large projects
Planned launches include Hyderabad, Noida Sector 44, Gurgaon Sohna Road, Bangalore (66-acre parcel), Pune Hinjewadi, Indore, Kolkata, and Mumbai (multiple projects).
Net debt upper cap of ₹10,000 crore
Management intends to keep net debt below ₹10,000 crore to manage risk, with current net debt-to-equity at 0.23 providing headroom.
FY26 booking value guidance of INR 32,500 crore expected to be beaten
Achieved 74% of guidance in 9M; management confident of exceeding the target.
FY26 collections guidance of INR 21,000 crore expected to be met
9M collections at 57% of guidance; Q4 deliveries skewed, but spillover possible.
FY26 deliveries expected to exceed 10 million sq ft guidance
9M deliveries at ~5 million sq ft; Q4 expected to surpass the annual target.
FY27 healthy growth expected across key metrics
Management expects continued growth in booking value, collections, and cash flows.
FY25 residential bookings target of INR 27,000 crore
Management expects over 20% growth in bookings driven by new launches and strong customer sales.
FY25 collections guidance of INR 15,000 crore
Collections expected to grow significantly due to high-quality sales in FY24 and construction-linked payment plans.
Medium-term booking growth of 20% per annum
Aspiration to grow bookings at 20% CAGR over the medium term, subject to market conditions.
Net debt to equity ratio maintained between 0.5x and 1x
Company aims to keep gearing within this range, with net debt not exceeding INR 10,000 crore.
FY26 residential bookings target of over INR 32,500 crore
20% growth over FY25 guidance, supported by launches exceeding INR 40,000 crore and strong sustenance sales.
FY26 customer collections guidance of INR 21,000 crore
40% higher than FY25 guidance and 20% higher than FY25 actuals.
Business development guidance of INR 20,000 crore for FY26
Management expects to significantly surpass this, calling it a 'low-ball' number.
Net debt cap of INR 10,000 crore
Absolute net debt ceiling to guide capital deployment, replacing net gearing target.
FY27 residential bookings guidance of INR 39,000 crore
Management expects 20% growth in bookings to INR 39,000 crore, driven by a strong launch pipeline and 35% higher opening inventory.
FY27 collections guidance of INR 24,000 crore
Collections are expected to grow 20% to over INR 24,000 crore, supported by strong construction spend and delivery momentum.
FY28 ROE target of 20%
Management targets a 20% return on equity by FY28, driven by faster execution and project deliveries leading to rapid OCF growth.
FY27 business development guidance of INR 20,000 crore GDV
Management guided for INR 20,000 crore of business development in FY27, but may exceed if opportunities arise, balancing growth and free cash flow.